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the russian invasion of ukraine is a watershed for europe. the governing council expresses its full support to the people of ukraine. it will ensure smooth liquidity conditions and implement the sanctions decided by the european union and european governments. the governing council will take whatever action is needed to fulfil the ecb’s mandate to pursue price stability and to safeguard financial stability.

based on its updated assessment and taking into account the uncertain environment, the governing council today revised the purchase schedule for its app for the coming months. monthly net purchases under the app will amount to €40 billion in april, €30 billion in may and €20 billion in june. the calibration of net purchases for the third quarter will be data-dependent and reflect its evolving assessment of the outlook. if the incoming data support the expectation that the medium-term inflation outlook will not weaken even after the end of its net asset purchases, the governing council will conclude net purchases under the app in the third quarter. if the medium-term inflation outlook changes and if financing conditions become inconsistent with further progress towards the 2% target, the governing council stands ready to revise its schedule for net asset purchases in terms of size and/or duration.

in the first quarter of 2022, the governing council is conducting net asset purchases under the pepp at a lower pace than in the previous quarter. it will discontinue net asset purchases under the pepp at the end of march 2022.

the pandemic has shown that, under stressed conditions, flexibility in the design and conduct of asset purchases has helped to counter the impaired transmission of monetary policy and made the governing council’s efforts to achieve its goal more effective. within the governing council’s mandate, under stressed conditions, flexibility will remain an element of monetary policy whenever threats to monetary policy transmission jeopardise the attainment of price stability. in particular, in the event of renewed market fragmentation related to the pandemic, pepp reinvestments can be adjusted flexibly across time, asset classes and jurisdictions at any time. this could include purchasing bonds issued by the hellenic republic over and above rollovers of redemptions in order to avoid an interruption of purchases in that jurisdiction, which could impair the transmission of monetary policy to the greek economy while it is still recovering from the fallout from the pandemic. net purchases under the pepp could also be resumed, if necessary, to counter negative shocks related to the pandemic.

liquidity lines with non-euro area central banks

in view of the highly uncertain environment caused by the russian invasion of ukraine and the risk of regional spillovers that could adversely affect euro area financial markets, the governing council decided to extend the eurosystem repo facility for central banks (eurep) until 15 january 2023. eurep will therefore continue to complement the regular euro liquidity-providing arrangements for non-euro area central banks. together, these form a comprehensive set of backstop facilities to address possible euro liquidity needs in the event of market dysfunctions outside the euro area that could adversely affect the smooth transmission of the ecb’s monetary policy. requests from non-euro area central banks for individual euro liquidity lines will be assessed by the governing council on a case-by-case basis.

the governing council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation stabilises at its 2% target over the medium term.

at today’s meeting the governing council of the ecb took the following monetary policy decisions:

the minimum bid rate on the main refinancing operations of the eurosystem will be increased by 25 basis points to 2.50%, starting from the operation to be settled on 8 march 2006.

the interest rate on the marginal lending facility will be increased by 25 basis points to 3.50%, with effect from 8 march 2006.

the interest rate on the deposit facility will be increased by 25 basis points to 1.50%, with effect from 8 march 2006.

the president of the ecb will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. today.

as decided at the last governing council meeting in september, net purchases will be restarted under the governing council’s asset purchase programme (app) at a monthly pace of €20 billion as from 1 november. the governing council expects them to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ecb interest rates.

at today’s meeting the governing council of the ecb decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.

regarding non-standard monetary policy measures, we have started to expand our monthly purchases under the asset purchase programme to €80 billion. the focus is now on the implementation of the additional non-standard measures decided on 10 march 2016. further information on the implementation aspects of the corporate sector purchase programme will be released after the press conference on the ecb’s website.

at today’s meeting the governing council of the ecb decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. the governing council expects the key ecb interest rates to remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.

regarding non-standard monetary policy measures, the governing council will continue to make net purchases under the asset purchase programme (app) at the current monthly pace of €30 billion until the end of september 2018. the governing council anticipates that, after september 2018, subject to incoming data confirming the governing council’s medium-term inflation outlook, the monthly pace of the net asset purchases will be reduced to €15 billion until the end of december 2018 and that net purchases will then end. the governing council intends to reinvest the principal payments from maturing securities purchased under the app for an extended period of time after the end of the net asset purchases, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

the interest rate on the main refinancing operations of the eurosystem will be increased by 25 basis points to 1.50%, starting from the operation to be settled on 13 july 2011.

the interest rate on the marginal lending facility will be increased by 25 basis points to 2.25%, with effect from 13 july 2011.

the interest rate on the deposit facility will be increased by 25 basis points to 0.75%, with effect from 13 july 2011.

the governing council today decided to lower the deposit facility rate – the rate through which it steers the monetary policy stance – by 25 basis points. based on the governing council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, it is now appropriate to take another step in moderating the degree of monetary policy restriction.

recent inflation data have come in broadly as expected, and the latest ecb staff projections confirm the previous inflation outlook. staff see headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026, as in the june projections. inflation is expected to rise again in the latter part of this year, partly because previous sharp falls in energy prices will drop out of the annual rates. inflation should then decline towards our target over the second half of next year. for core inflation, the projections for 2024 and 2025 have been revised up slightly, as services inflation has been higher than expected. at the same time, staff continue to expect a rapid decline in core inflation, from 2.9% this year to 2.3% in 2025 and 2.0% in 2026.

domestic inflation remains high as wages are still rising at an elevated pace. however, labour cost pressures are moderating, and profits are partially buffering the impact of higher wages on inflation. financing conditions remain restrictive, and economic activity is still subdued, reflecting weak private consumption and investment. staff project that the economy will grow by 0.8% in 2024, rising to 1.3% in 2025 and 1.5% in 2026. this is a slight downward revision compared with the june projections, mainly owing to a weaker contribution from domestic demand over the next few quarters.

the governing council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. it will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. the governing council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. in particular, its interest rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. the governing council is not pre-committing to a particular rate path.

as announced on 13 march 2024, some changes to the operational framework for implementing monetary policy will take effect from 18 september. in particular, the spread between the interest rate on the main refinancing operations and the deposit facility rate will be set at 15 basis points. the spread between the rate on the marginal lending facility and the rate on the main refinancing operations will remain unchanged at 25 basis points.

the governing council decided to lower the deposit facility rate by 25 basis points. the deposit facility rate is the rate through which the governing council steers the monetary policy stance. in addition, as announced on 13 march 2024 following the operational framework review, the spread between the interest rate on the main refinancing operations and the deposit facility rate will be set at 15 basis points. the spread between the rate on the marginal lending facility and the rate on the main refinancing operations will remain unchanged at 25 basis points. accordingly, the deposit facility rate will be decreased to 3.50%. the interest rates on the main refinancing operations and the marginal lending facility will be decreased to 3.65% and 3.90% respectively. the changes will take effect from 18 september 2024.

the eurosystem no longer reinvests all of the principal payments from maturing securities purchased under the pepp, reducing the pepp portfolio by €7.5 billion per month on average. the governing council intends to discontinue reinvestments under the pepp at the end of 2024.

the minimum bid rate on the main refinancing operations of the eurosystem will be raised by 0.25 percentage point to 4.50%, starting from the operation to be settled on 6 september 2000.

the interest rate on the marginal lending facility will be raised by 0.25 percentage point to 5.50%, with effect from 1 september 2000.

the interest rate on the deposit facility will be raised by 0.25 percentage point to 3.50%, with effect from 1 september 2000.

the governing council is of the view that economic growth conditions and prospects in the euro area are very favourable. in order to maintain this benign environment, price stability over the medium term must be ensured. while present conditions are largely influenced by oil price and exchange rate developments and cannot be remedied by monetary policy in the short term, it is imperative that medium-term upward pressure on prices be contained. today's policy decisions support the favourable prospects for high economic growth in the euro area.

in the context of the first pillar of the monetary policy strategy of the ecb, although the measures taken since november 1999 are gradually feeding their way through, the latest available information indicates that m3 growth has continued to deviate on the upside from the reference value of 4½%. at the same time, the expansion of credit to the private sector, at around 10%, suggests that households and firms regard financing conditions in the euro area as being very favourable. in the context of the robust expansion of economic activity, a continuation of ample liquidity conditions would constitute a risk to price stability.

developments in key indicators related to the second pillar point in the same direction. the protracted depreciation of the exchange rate of the euro and the renewed rise in oil prices have increasingly put upward pressure on import prices and consumer prices in the euro area. at the same time, recent data have confirmed that the euro area has entered a period of strong growth and that the outlook remains very positive.

the governing council will continue to ensure that price stability is maintained in the euro area and will remain alert to all emerging risks to price stability. at the same time, it stresses that both sound public finances, in particular strict adherence to the criteria laid down in the stability and growth pact, and the continuation of structural measures to enhance the flexibility of labour and goods markets will be the key to a lasting increase in the growth potential of the euro area.

regarding non-standard monetary policy measures, the governing council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time past the date when it starts raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

regarding non-standard monetary policy measures, the governing council confirms that it will continue to make purchases under the asset purchase programme (app) at the current monthly pace of €80 billion until the end of this month and that, from april 2017, the net asset purchases are intended to continue at a monthly pace of €60 billion until the end of december 2017, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. the net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the app. if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the governing council stands ready to increase the programme in terms of size and/or duration.

the minimum bid rate on the main refinancing operations of the eurosystem will be reduced by 0.25 percentage point to 4.25%, starting from the operation to be settled on 5 september 2001.

the interest rate on the marginal lending facility will be reduced by 0.25 percentage point to 5.25%, with effect from 31 august 2001.

the interest rate on the deposit facility will be reduced by 0.25 percentage point to 3.25%, with effect from 31 august 2001.

the minimum bid rate on the main refinancing operations of the eurosystem will be increased by 25 basis points to 3.50%, starting from the operation to be settled on 13 december 2006.

the interest rate on the marginal lending facility will be increased by 25 basis points to 4.50%, with effect from 13 december 2006.

the interest rate on the deposit facility will be increased by 25 basis points to 2.50%, with effect from 13 december 2006.

regarding non-standard monetary policy measures, the governing council confirms that it will continue to make purchases under the asset purchase programme (app) at the current monthly pace of €80 billion until the end of march 2017 and that, from april 2017, the net asset purchases are intended to continue at a monthly pace of €60 billion until the end of december 2017, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. the net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the app. if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the governing council stands ready to increase the programme in terms of size and/or duration.

the governing council today decided to raise the three key ecb interest rates by 50 basis points and, based on the substantial upward revision to the inflation outlook, expects to raise them further. in particular, the governing council judges that interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive

to ensure a timely return of inflation to the 2% medium-term target. keeping interest rates at restrictive levels will over time reduce inflation by dampening demand and will also guard against the risk of a persistent upward shift in inflation expectations. the governing council’s future policy rate decisions will continue to be data-dependent and follow a meeting-by-meeting approach.

the key ecb interest rates are the governing council’s primary tool for setting the monetary policy stance.

the governing council today also discussed principles for normalising the eurosystem’s monetary policy securities holdings.

from the beginning of march 2023 onwards, the asset purchase programme (app) portfolio will decline at a measured and predictable pace, as the eurosystem will not reinvest all of the

principal payments from maturing securities. the decline will amount to €15 billion per month on average until the end of the second quarter of 2023 and its subsequent pace will be determined over time.

at its february meeting the governing council will announce the detailed parameters for reducing the app holdings.

the governing council will regularly reassess the pace of the app portfolio reduction to ensure it remains consistent with the overall monetary policy strategy and stance, to preserve market functioning, and to maintain firm control over short-term money market conditions. by the end of 2023, the governing council will also review its operational framework for steering short-term interest rates, which will provide information regarding the endpoint of the balance sheet normalisation process.

the governing council decided to raise interest rates today, and expects to raise them significantly further, because inflation remains far too high and is projected to stay above the target for too long. according to eurostat’s flash estimate, inflation was 10.0% in november, slightly lower than the 10.6% recorded in october. the decline resulted mainly from lower energy price inflation. food price inflation and underlying price pressures across the economy have strengthened and will persist for some time.

amid exceptional uncertainty, eurosystem staff have significantly revised up their inflation projections.

they now see average inflation reaching 8.4% in 2022 before decreasing to 6.3% in 2023, with inflation expected to decline markedly

over the course of the year. inflation is then projected to average 3.4% in 2024 and 2.3% in 2025. inflation excluding energy and food is projected to be 3.9% on average in 2022 and to rise to 4.2% in 2023, before falling to 2.8% in 2024 and 2.4% in 2025.

the euro area economy may contract in the current quarter and the next quarter, owing to the energy crisis, high uncertainty, weakening global economic activity and tighter financing conditions. according to the latest eurosystem staff projections, a recession would be relatively short-lived and shallow. growth is nonetheless expected to be subdued next year and has been revised down significantly compared with the previous projections. beyond the near term, growth is projected to recover as the current headwinds fade. overall, the eurosystem staff projections now see the economy growing by 3.4% in 2022, 0.5% in 2023, 1.9% in 2024 and 1.8% in 2025.

key ecb interest rates

the governing council decided to raise the three key ecb interest rates by 50 basis points. accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 2.50%, 2.75% and 2.00% respectively, with effect from 21 december 2022.

asset purchase programme (app) and pandemic emergency purchase programme (pepp)

the governing council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the app until the end of february 2023. subsequently, the app portfolio will decline at a measured and predictable pace, as the eurosystem will not reinvest all of the principal payments from maturing securities. the decline will amount to €15 billion per month on average until the end of the second quarter of 2023 and its subsequent pace will be determined over time.

as concerns the pepp, the governing council intends to reinvest the principal payments from maturing securities purchased under the programme until at least the end of 2024. in any case, the future roll-off of the pepp portfolio will be managed to avoid interference with the appropriate monetary policy stance.

the governing council will continue applying flexibility in reinvesting redemptions coming due in the pepp portfolio, with a view to countering risks to the monetary policy transmission mechanism related to the pandemic.

refinancing operations

as banks are repaying the amounts borrowed under the targeted longer-term refinancing operations, the governing council will regularly assess how targeted lending operations are contributing to its monetary policy stance.

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the governing council stands ready to adjust all of its instruments within its mandate to ensure that inflation returns to its 2% target over the medium term. the transmission protection instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the governing council to more effectively deliver on its price stability mandate.

the president of the ecb will comment on the considerations underlying these decisions at a press conference starting at 14:45 cet today.

the interest rate on the main refinancing operations of the eurosystem will be decreased by 25 basis points to 0.25%, starting from the operation to be settled on 13 november 2013.

the interest rate on the marginal lending facility will be decreased by 25 basis points to 0.75%, with effect from 13 november 2013.

the interest rate on the deposit facility will remain unchanged at 0.00%.

at today’s meeting, which was held in vienna, the governing council of the ecb decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.

regarding non-standard monetary policy measures, on 8 june the eurosystem will start making purchases under its corporate sector purchase programme (cspp). moreover, starting on 22 june, it will conduct the first operation in its new series of targeted longer-term refinancing operations. further information on implementation aspects of the cspp will be released after the press conference on the ecb’s website.

at today’s meeting the governing council of the european central bank (ecb) decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. the governing council expects the key ecb interest rates to remain at their present levels at least through the end of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.

the governing council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time past the date when it starts raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

(1) the envelope for the pandemic emergency purchase programme (pepp) will be increased by €600 billion to a total of €1,350 billion. in response to the pandemic-related downward revision to inflation over the projection horizon, the pepp expansion will further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households. the purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. this allows the governing council to effectively stave off risks to the smooth transmission of monetary policy.

(2) the horizon for net purchases under the pepp will be extended to at least the end of june 2021. in any case, the governing council will conduct net asset purchases under the pepp until it judges that

the coronavirus crisis phase is over.

(3) the maturing principal payments from securities purchased under the pepp will be reinvested until at least the end of 2022. in any case, the future roll-off of the pepp portfolio will be managed to avoid interference with the appropriate monetary stance.

(4) net purchases under the asset purchase programme (app) will continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year. the governing council continues to expect monthly net asset purchases under the app to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ecb interest rates.

russia’s aggression in ukraine is causing enormous suffering. it is also affecting the economy, in europe and beyond. the conflict and the associated uncertainty are weighing heavily on the confidence of businesses and consumers. trade disruptions are leading to new shortages of materials and inputs. surging energy and commodity prices are reducing demand and holding back production. how the economy develops will crucially depend on how the conflict evolves, on the impact of current sanctions and on possible further measures. at the same time, economic activity is still being supported by the reopening of the economy after the crisis phase of the pandemic. inflation has increased significantly and will remain high over the coming months, mainly because of the sharp rise in energy costs. inflation pressures have intensified across many sectors.

at today’s meeting the governing council judged that the incoming data since its last meeting reinforce its expectation that net asset purchases under its asset purchase programme should be concluded in the third quarter. looking ahead, the ecb’s monetary policy will depend on the incoming data and the governing council’s evolving assessment of the outlook. in the current conditions of high uncertainty, the governing council will maintain optionality, gradualism and flexibility in the conduct of monetary policy. the governing council will take whatever action is needed to fulfil the ecb’s mandate to pursue price stability and to contribute to safeguarding financial stability.

monthly net purchases under the app will amount to €40 billion in april, €30 billion in may and €20 billion in june. at today’s meeting the governing council judged that the incoming data since its last meeting reinforce its expectation that net asset purchases under the app should be concluded in the third quarter. the calibration of net purchases for the third quarter will be data-dependent and reflect the governing council’s evolving assessment of the outlook.

any adjustments to the key ecb interest rates will take place some time after the end of the governing council’s net purchases under the app and will be gradual. the path for the key ecb interest rates will continue to be determined by the governing council’s forward guidance and by its strategic commitment to stabilise inflation at 2% over the medium term. accordingly, the governing council expects the key ecb interest rates to remain at their present levels until it sees inflation reaching 2% well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at 2% over the medium term.

the governing council intends to reinvest the principal payments from maturing securities purchased under the pepp until at least the end of 2024. in any case, the future roll-off of the pepp portfolio will be managed to avoid interference with the appropriate monetary policy stance.

the governing council will continue to monitor bank funding conditions and ensure that the maturing of operations under the third series of targeted longer-term refinancing operations (tltro iii) does not hamper the smooth transmission of its monetary policy. the governing council will also regularly assess how targeted lending operations are contributing to its monetary policy stance. as announced, it expects the special conditions applicable under tltro iii to end in june this year. the governing council will also assess the appropriate calibration of its two-tier system for reserve remuneration so that the negative interest rate policy does not limit banks’ intermediation capacity in an environment of ample excess liquidity.

the governing council stands ready to adjust all of its instruments within its mandate, incorporating flexibility if warranted, to ensure that inflation stabilises at its 2% target over the medium term. the pandemic has shown that, under stressed conditions, flexibility in the design and conduct of asset purchases has helped to counter the impaired transmission of monetary policy and made the governing council’s efforts to achieve its goal more effective. within the governing council’s mandate, under stressed conditions, flexibility will remain an element of monetary policy whenever threats to monetary policy transmission jeopardise the attainment of price stability.

at today’s meeting the governing council decided on a comprehensive package of monetary policy measures:

(1) additional longer-term refinancing operations (ltros) will be conducted, temporarily, to provide immediate liquidity support to the euro area financial system. although the governing council does not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop in case of need. they will be carried out through a fixed rate tender procedure with full allotment, with an interest rate that is equal to the average rate on the deposit facility. the ltros will provide liquidity at favourable terms to bridge the period until the tltro iii operation in june 2020.

(2) in tltro iii, considerably more favourable terms will be applied during the period from june 2020 to june 2021 to all tltro iii operations outstanding during that same time. these operations will support bank lending to those affected most by the spread of the coronavirus, in particular small and medium-sized enterprises. throughout this period, the interest rate on these tltro iii operations will be 25 basis points below the average rate applied in the eurosystem’s main refinancing operations. for counterparties that maintain their levels of credit provision, the rate applied in these operations will be lower, and, over the period ending in june 2021, can be as low as 25 basis points below the average interest rate on the deposit facility. moreover, the maximum total amount that counterparties will henceforth be entitled to borrow in tltro iii operations is raised to 50% of their stock of eligible loans as at 28 february 2019. in this context, the governing council will mandate the eurosystem committees to investigate collateral easing measures to ensure that counterparties continue to be able to make full use of the funding support.

(3) a temporary envelope of additional net asset purchases of €120 billion will be added until the end of the year, ensuring a strong contribution from the private sector purchase programmes. in combination with the existing asset purchase programme (app), this will support favourable financing conditions for the real economy in times of heightened uncertainty.

the governing council continues to expect net asset purchases to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ecb interest rates.

(4) the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. the governing council expects the key ecb interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.

further details on the precise terms of the new operations will be published in dedicated press releases this afternoon at 15:30 cet.

at today’s meeting the governing council of the ecb decided that the interest rate on the deposit facility will be decreased by 10 basis points to -0.30%, with effect from 9 december 2015.

the interest rate on the main refinancing operations and the interest rate on the marginal lending facility will remain unchanged at 0.05% and 0.30% respectively.

further monetary policy measures will be communicated by the president of the ecb at a press conference starting at 14:30 cet today.

at today’s meeting, which was held in tallinn, the governing council of the ecb decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. the governing council expects the key ecb interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases.

regarding non-standard monetary policy measures, the governing council confirms that the net asset purchases, at the current monthly pace of €60 billion, are intended to run until the end of december 2017, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. the net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the asset purchase programme. if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the governing council stands ready to increase the programme in terms of size and/or duration.

the minimum bid rate on the main refinancing operations of the eurosystem will be reduced by 0.25 percentage point to 4.50%, starting from the operation to be settled on 15 may 2001.

the interest rate on the marginal lending facility will be reduced by 0.25 percentage point to 5.50%, with effect from 11 may 2001.