ECB Press Conference – 14 April 2022
ECB President Christine Lagarde explains the Governing Council’s monetary policy decisions and answers questions from journalists at the Governing Council press conference held on 14 April 2022 at 14:30 CET in Frankfurt am Main.
Watch live the ECB Press Conference – 14 April 2022:
ECB Leaves Main Policy Rates On Hold As Expected
- ECB: Any Adjustments To Interest Rates Will Take Place Some Time After End Of ECB’s Net Purchases And Will Be Gradual
- Refinancing Rate Unchanged At 0.00%
- Deposit Rate Unchanged At -0.50%
- Marginal Lending Facility Rate Unchanged At 0.25%
- ECB: APP Monthly Net Purchases Will Amount To €40 Billion In April, €30 Billion In May And €20 Billion In June
- At Today’s Meeting ECB Judged That Incoming Data Since Its Last Meeting Reinforce Its Expectation That Net Asset Purchases Under App Should Be Concluded In Third Quarter
- Calibration Of Net Purchases For Third Quarter Will Be Data-Dependent And Reflect ECB’s Evolving Assessment Of Outlook
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.
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