Monetary policy decisions

The record

Publisher

European Central Bank

Agency

Governing Council

Source

European Central Bank

Kind

Release

Jurisdiction

European Union

Topics

Monetary policy

Importance

Headline, the top of three tiers Kresmion sets by fixed rules from the source's own fields

Published (source time)

2020-03-12 (the source gives a date only)

First seen on Kresmion

2026-10-27 00:06 UTC

The original

Source: European Central Bank (ecb.europa.eu), reproduced as published. The text may be obtained free of charge on the ECB's website.

What changed

ECB monetary policy decisions, meeting of Mar 12, 2020

What changed since Jan 23, 202059.8% of words changed96 words removed, 409 added

removedadded

• At today’s meeting the Governing Council added: decided on a comprehensive package of monetary policy measures: (1) Additional longer-term refinancing operations (LTROs) will be conducted, temporarily, to provide immediate liquidity support to the euro area financial system. Although the Governing Council does not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop in case of need. They will be carried out through a fixed rate tender procedure with full allotment, with an interest rate that is equal to the average rate on the deposit facility. The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO III operation in June 2020. (2) In TLTRO III, considerably more favourable terms will be applied during the period from June 2020 to June 2021 to all TLTRO III operations outstanding during that same time. These operations will support bank lending to those affected most by the spread of the removed: European Central Bank (ECB) decided added: coronavirus, in particular small and medium-sized enterprises. Throughout this period, the interest rate on these TLTRO III operations will be 25 basis points below the average rate applied in the Eurosystem’s main refinancing operations. For counterparties that added: maintain their levels of credit provision, the added: rate applied in these operations will be lower, and, over the period ending in June 2021, can be as low as 25 basis points below the average interest rate on the deposit facility. Moreover, the maximum total amount that counterparties will henceforth be entitled to borrow in TLTRO III operations is raised to 50% of their stock of eligible loans as at 28 February 2019. In this context, the Governing Council will mandate the Eurosystem committees to investigate collateral easing measures to ensure that counterparties continue to be able to make full use of the funding support. (3) A temporary envelope of additional net asset purchases of €120 billion will be added until the end of the year, ensuring a strong contribution from the private sector purchase programmes. In combination with the existing asset purchase programme (APP), this will support favourable financing conditions for the real economy in times of heightened uncertainty. The Governing Council continues to expect net asset purchases to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates. (4) The interest rate on the main refinancing ...
• ... consistently reflected in underlying inflation dynamics. removed: The Governing Council will continue to make net purchases under its asset purchase programme (APP) at a monthly pace added: (5) Reinvestments of removed: €20 billion. The Governing Council expects them to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates. The Governing Council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP added: will continue, in full, for an extended period of time past the date when removed: it added: the Governing Council starts raising the key ECB interest ...
• ... an ample degree of monetary accommodation. removed: The Governing Council also decided to launch a review added: Further details on the precise terms of the removed: ECB’s monetary policy strategy. Further details about the scope and timetable of the review added: new operations will be published in removed: a added: dedicated press removed: release today added: releases this afternoon at 15:30 CET. The President of ...

Kresmion's comparison of the two published texts: a word-by-word diff of the European Central Bank's decision release of Mar 12, 2020 against its decision release of Jan 23, 2020, computed by Kresmion, not by the European Central Bank.

This redline modifies the ECB's published texts: the marks are Kresmion's. Both texts as published are available free of charge on the ECB's website (ecb.europa.eu).

Source: European Central Bank (ecb.europa.eu), reproduced as published. The text may be obtained free of charge on the ECB's website.

• The previous decision release, Jan 23, 2020