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

January 25, 2018
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 with the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility at 0.00%, 0.25% and -0.40% respectively. The rates 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 €30 billion per month until September 2018.

Euro area real GDP grew 0.7 per cent in Q3, similar to the previous quarter. The latest data indicate broad-based growth momentum continued in Q4. Monetary policy measures have facilitated deleveraging process. Private consumption is supported by employment gains and growing household wealth. Improvements in housing investment have occurred and business investment has strengthened.

Euro area inflation was 1.4 per cent in December, down from 1.5 per cent in November due to development sin energy prices. Inflation is expected to continue around current levels for next few months. Underlying inflation pressures remain subdued, partially due to special factors, and have not yet shown signs of a sustained upwards trend. Underlying inflation pressure are expected to rise over the medium term due to monetary policy measures and continued economic expansion absorbing economic slack.

 

 

Sources:
European Central Bank



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