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)

2020-12-10 (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 Dec 10, 2020

What changed since Oct 29, 202056.0% of words changed284 words removed, 488 added

removedadded

• In added: view of the removed: current environment added: economic fallout from the resurgence of removed: risks clearly tilted to the removed: downside, added: pandemic, today the Governing Council removed: will carefully assess the incoming information, including the dynamics of the pandemic, prospects for a rollout of vaccines and developments in the exchange rate. The new round of Eurosystem staff macroeconomic projections in December will allow a thorough reassessment of the economic outlook and the balance of risks. On the basis of this updated assessment, the Governing Council will recalibrate added: recalibrated its removed: instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favourable to support the economic recovery and counteract the negative impact of the pandemic on the projected inflation path. This will foster the convergence of inflation towards its aim in a sustained manner, in line with its commitment to symmetry. In the meantime, the Governing Council of the ECB took the following monetary policy removed: decisions: added: instruments as follows: removed: (1) The added: First, the interest rate on the main refinancing ...
• ... deposit facility will remain unchanged at removed: 0.00%, 0.25% added: 0.00 per cent, 0.25 per cent and removed: -0.50% added: -0.50 per cent respectively. The Governing Council expects the ...
• ... level sufficiently close to, but below, removed: 2% added: 2 per cent within its projection horizon, and such ...
• ... consistently reflected in underlying inflation dynamics. removed: (2) The added: Second, the Governing Council removed: will continue its purchases under added: decided to increase the envelope of the pandemic emergency purchase programme (PEPP) removed: with added: by €500 billion to a total removed: envelope of removed: €1,350 added: €1,850 billion. removed: These added: It also extended the horizon for net purchases removed: contribute added: under the PEPP to removed: easing added: at least the removed: overall monetary policy stance, thereby helping to offset added: end of March 2022. In any case, the removed: downward impact of the pandemic on the projected path of inflation. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The Governing Council will conduct net removed: asset purchases removed: under the PEPP until at least the end of June 2021 and, in any case, until it judges that the coronavirus ...
• ... The Governing Council removed: will reinvest added: also decided to extend the added: reinvestment of principal payments from maturing securities purchased ...
• ... until at least the end of removed: 2022. added: 2023. In any case, the future roll-off ...
• ... with the appropriate monetary policy stance. removed: (3) Net added: Third, the Governing Council decided to further recalibrate the conditions of the third series of targeted longer-term refinancing operations (TLTRO III). Specifically, it decided to extend the period over which considerably more favourable terms will apply by twelve months, to June 2022. Three additional operations will also be conducted between June and December 2021. Moreover, the Governing Council decided to raise the total amount that counterparties will be entitled to borrow in TLTRO III operations from 50 per cent to 55 per cent of their stock of eligible loans. In order to provide an incentive for banks to sustain the current level of bank lending, the recalibrated TLTRO III borrowing conditions will be made available only to banks that achieve a new lending performance target. Fourth, the Governing Council decided to extend to June 2022 the duration of the set of collateral easing measures adopted by the Governing Council on 7 and 22 April 2020. The extension of these measures will continue to ensure that banks can make full use of the Eurosystem’s liquidity operations, most notably the recalibrated TLTROs. The Governing Council will reassess the collateral easing measures before June 2022, ensuring that Eurosystem counterparties’ participation in TLTRO III operations is not adversely affected. Fifth, the Governing Council also decided to offer four additional pandemic emergency longer-term refinancing operations (PELTROs) in 2021, which will continue to provide an effective liquidity backstop. Sixth, net purchases under the asset purchase programme ...
• ... at a monthly pace of €20 removed: billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year. added: billion. The Governing Council continues to expect ...
• ... The Governing Council added: also intends to continue reinvesting, in full, ...
• ... an ample degree of monetary accommodation. removed: (4) The added: Seventh, the Eurosystem repo facility for central banks (EUREP) and all temporary swap and repo lines with non-euro area central banks will be extended until March 2022. Finally, the Governing Council added: decided to continue conducting its regular lending operations as fixed rate tender procedures with full allotment at the prevailing conditions for as long as necessary. Separate press releases with further details of the measures taken by the Governing Council will be published this afternoon at 15:30 CET. The monetary policy measures taken today will contribute to preserving favourable financing conditions over the pandemic period, thereby supporting the flow of credit to all sectors of the economy, underpinning economic activity and safeguarding medium-term price stability. At the same time, uncertainty remains high, including with regard to the dynamics of the pandemic and the timing of vaccine roll-outs. We will also continue to removed: provide ample liquidity through added: monitor developments in the exchange rate with regard to their possible implications for the medium-term inflation outlook. The Governing Council therefore continues to stand ready to adjust all of its removed: refinancing operations. In particular, the third series of targeted longer-term refinancing operations (TLTRO III) remains an attractive source of funding for banks, supporting bank lending added: instruments, as appropriate, to removed: firms and households. added: ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry. The President of the ECB will ...

Kresmion's comparison of the two published texts: a word-by-word diff of the European Central Bank's decision release of Dec 10, 2020 against its decision release of Oct 29, 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, Oct 29, 2020