jeudi 19 mars 2015
ECB Economic Bulletin
Posted on 03:22 by nice news
With a view to pursuing the ECB’s price stability mandate, the Governing Council has taken
a number of monetary policy measures to provide a sufficient degree of monetary policy
accommodation. Following the monetary policy initiatives taken by the ECB between June and
September 2014, which included further interest rate cuts, the introduction of targeted longerterm
refinancing operations (TLTROs) and purchases of selected private sector assets (under the
asset-backed securities purchase programme (ABSPP) and the third covered bond purchase
programme (CBPP3)), the Governing Council decided in January 2015 to expand its asset purchase
programme (APP) to encompass, as of March, euro-denominated investment-grade securities
issued by euro area governments and agencies and European institutions. The combined monthly
purchases of public and private sector securities will amount to €60 billion. They are intended to
be carried out until end-September 2016 and will in any case be conducted until the Governing
Council sees a sustained adjustment in the path of inflation which is consistent with its aim of
achieving inflation rates below, but close to, 2% over the medium term.
The asset purchase programme has already produced a substantial easing of broad financial
conditions. In December 2014 and most of January 2015 financial market developments were to a
large extent driven by market expectations regarding the announcement of the APP. In this context,
euro area bond yields declined across instruments, maturities and issuers and in many cases reached
new historical lows. Since the declines in yields on AAA-rated long-term euro area sovereign
bonds coincided with increases in equivalent US bond yields, the decoupling of euro area and
US government bond yields continued. Yields on lower-rat
a number of monetary policy measures to provide a sufficient degree of monetary policy
accommodation. Following the monetary policy initiatives taken by the ECB between June and
September 2014, which included further interest rate cuts, the introduction of targeted longerterm
refinancing operations (TLTROs) and purchases of selected private sector assets (under the
asset-backed securities purchase programme (ABSPP) and the third covered bond purchase
programme (CBPP3)), the Governing Council decided in January 2015 to expand its asset purchase
programme (APP) to encompass, as of March, euro-denominated investment-grade securities
issued by euro area governments and agencies and European institutions. The combined monthly
purchases of public and private sector securities will amount to €60 billion. They are intended to
be carried out until end-September 2016 and will in any case be conducted until the Governing
Council sees a sustained adjustment in the path of inflation which is consistent with its aim of
achieving inflation rates below, but close to, 2% over the medium term.
The asset purchase programme has already produced a substantial easing of broad financial
conditions. In December 2014 and most of January 2015 financial market developments were to a
large extent driven by market expectations regarding the announcement of the APP. In this context,
euro area bond yields declined across instruments, maturities and issuers and in many cases reached
new historical lows. Since the declines in yields on AAA-rated long-term euro area sovereign
bonds coincided with increases in equivalent US bond yields, the decoupling of euro area and
US government bond yields continued. Yields on lower-rat
ECB Economic Bulletin
Categories: ECB Economic Bulletin
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