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Eurozone: Further and better quality monetary easing PDF Print E-mail
Friday, 11 March 2016

Commenting on today’s ECB announcements Ana Boata, European Economist at Euler Hermes, said: “The ECB has reinforced its monetary policy. As expected, it cut its key interest rates: -5bps to 0% for the refi rate and -10bps to -0.4% for the deposit rate and it expanded its quantitative easing (QE) programme to EUR80bn each month from EUR60bn. 

“Positive news came from the change in the type of assets purchased to investment-grade, non-financial corporation bonds, while expanding the limit of sovereign bond purchases (to 50% per issuer from 33%). Buying corporate debt will ease financing costs for corporates and improve their profitability. In addition, the ECB decided to launch another series of four-year, targeted and longer-term refinancing operations (TLTRO II) starting in June, with the last operation set to mature in 2021.

“This should offer attractive financing conditions for banks (today at 0%) and, in turn, further ease private sector financing conditions as banks will have access to even cheaper liquidity if they increase their loan portfolios.

“ECB President Mario Draghi said that measures on interest rates would progressively give way to non-conventional measures, said to be more efficient. We believe the ECB will act again at the end of 2016 to support inflation recovery. The ECB expects inflation at +0.1% in 2016, +1.3% in 2017 and +1.6% in 2018.”

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