EMU ECB Interest Rate Decision
|Latest Release:||04-12-2014 12:45:00|
|Next Release:||07-11-2013 12:45:00|
|Source:||European Central Bank|
The ECB disappointed most market participants last night, causing some increased volatility in Forex markets without creating much strong direction; stock markets reacted negatively with an emphasis on peripheral Europe, with most markets down around 1-3%. Draghi did not disappoint in the size of the ABS program, but rather in skirting around actually revealing any firm figures on the stimulus measures. During the Q & A session Draghi chose to avoid answering direct questions about the amount the ECB would purchase, directing listeners to the press release sent out after the press conference. From the statement:
Programmes will last at least two years
Will enhance transmission of monetary policy, support provision of credit to the euro area economy and, as a result, provide further monetary policy accommodation
Eurosystem collateral framework is guiding principle for eligibility of assets for purchase
Asset purchases to start in fourth quarter 2014, starting with covered bonds in second-half of October
The announcement fell short of announcing specific details, as well as extending the program to 2 years which indicates the rate of purchases may be slower than expected. However, without firm details the announcement left analysts to pick over the details that were announced to try and gauge the scale, such as what would be included under the âsimple and transparentâ securities:
âThe third point is that we want to be as inclusive as possible. But with prudence, so that we have decided to include countries that have a rating below BBB-, like...
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