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ECB Changes Interest Rate Guidance

August 26, 2021 by Forex Winner Leave a Comment

ECB Changes Interest Rate Guidance

Source: ECB

Members of the European Central Bank have agreed to revise the interest rate guidance, according to the minutes of the July meeting.

  • Members consented to align interest guidances with the price stability objective in the new monetary policy strategy.
  • Revisions to the forward guidance would influence the understanding of the new strategy which was agreed upon unanimously.
  • The new strategy provided numerical clarifications on the price stability objective, specifying the 2% symmetric inflation target.
  • It also provided a “conditional commitment” that considers the impact of the effective lower bound when setting monetary policy.
  • The forward guidance would indicate that policy rates could be raised only if conditions were “sufficiently robust,” and the council was confident that inflation would reach 2% on a durable basis.
  • Key conditions include inflation hitting the target well in advance of the projection horizon and that underlying inflation was deemed to have made “satisfactory progress.”

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