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Alexander Chute Economist
Tel: 902-424-5810Email: Alexander.Chute@novascotia.ca

December 14, 2017
MONETARY POLICY: EUROPE

At today’s meeting, the Governing Council of the European Central Bank(ECB) announced that the key ECB interest rates are unchanged, and that they are expected to remain at the current level for an extended period of time, well past the horizon of net asset purchases.  Monthly asset purchases will run at the current pace of €60 billion per month until December 2017 and then continue at a pace of €30 billion per month until September 2018.

Euro area real GDP grew 0.6 per cent in Q3 after growth of 0.7 per cent in Q2.  Recent data points to continuing broad-based growth momentum. Private consumption is supported by ongoing employment gains and rising household wealth and business investment is benefiting from very favourable financing conditions, rising profitability and strengthening demand. Exports are being supported by broad-based global expansion. Projection for Euro Area GDP growth are 2.4% in 2017, 2.3% in 2018, 1.9% in 2019 and 1.7% in 2020.

Euro area inflation was 1.5 per cent in November, up from 1.4 per cent in October. Underlying inflation pressures have moderated somewhat but are expected to rise gradually over the medium term, supported by monetary policy measures and further economic expansion reducing slack and rising wage growth. The ECB projections for annual inflation in the Euro Area are 1.5% in 2017, 1.4% in 2018, 1.5% in 2019 and 1.7% in 2020.    

 

Sources:
European Central Bank



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