January 21, 2021

ECB sees current situation broadly in line with its expectations and maintains course

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In Short

ECB sees no reason to change economic assessment: The pandemic situation worsened, and lockdown measures intensified as of late. Still, the ECB sees no reason to alter the outlook it provided at the last meeting in December.
ECB sees current situation broadly in line with its expectations and maintains course
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Highlights:

 
  • As expected, at today’s meeting the Governing Council did not take any policy action and maintained its long-held easing bias. 
  • While short-term risks related to the pandemic were acknowledged the Governing Council still sees the situation broadly in line with the economic scenario painted at the last meeting.
  • The EUR strength remains a matter of concern and the ECB watches exchange rate developments “very carefully”.
  • All in all, further monetary policy action is not on the table for the time being. Instead the importance of fiscal policy action and of the Recovery and Resilience Facility was emphasized. Looking further ahead, the evolution of the pandemic and of lockdown measures beyond Q1/21 is key.

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ECB sees current situation broadly in line with its expectations and maintains course
January 21st, 2021

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