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Today the ECB delivered a comprehensive policy package consisting of additional LTROs, TLTRO III targeting SMEs, a temporary increase of QE by cumulatively € 120 bn skewed towards CSPP until year-end and some regulatory easing for banks. It refrained from cutting the deposit rate.
The Covid-19 shock is seen as temporary and monetary policy makers look for a V-shaped development, while seeing the risks clearly tilted to the downside.
The Governing Council, however, sees the ball for supporting measures in the field of governments and urged for “ambitious and coordinated fiscal policy response”.
Looking ahead, only in case of a longer lasting crisis the ECB would probably think about additional policy measures.
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ECB DELIVERS BOLD MEASURES BUT SEES THE BALL PRIMARILY IN THE FIELD OF FISCAL POLICY
ECB delivers bold measures but sees the ball primarily in the field of fiscal policy
In Short
Highlights:
TLTRO III targeting SMEs, a temporary increase of QE by cumulatively € 120 bn skewed
towards CSPP until year-end and some regulatory easing for banks. It refrained from cutting
the deposit rate.
development, while seeing the risks clearly tilted to the downside.
governments and urged for “ambitious and coordinated fiscal policy response”.
additional policy measures.
Download the full publication below
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