![ECB: Standby despite the continuing rise in inflation](https://www.ot.gr/wp-content/uploads/2021/11/ecb-1-scaled.jpg)
The ECB has remained firm in its intention not to change course in its monetary policy despite the escalation of inflationary pressures. Yesterday the statistics showed a jump in inflation in the Eurozone to 5.1% in January, against estimates for its decline to 4.4%.
The governing council therefore stated that it is ready to properly adjust all the means at its disposal in order to ensure that inflation will stabilize at the 2% target in the medium term. For now, however, this does not translate into a change in interest rate policy.
Specifically, the announcement states that “the interest rate of the main refinancing operations as well as the interest rates of the marginal financing facility and the deposit acceptance facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively.
To support its symmetric 2% inflation target and in line with its monetary policy strategy, the Governing Council expects the ECB’s key interest rates to remain at current or lower levels until it finds that inflation is very high at 2%. before the end of the projection horizon under consideration and lasting for the remainder of the projection horizon, and considers that the course of the underlying inflation has progressed sufficiently to be compatible with stabilizing inflation at 2% in the medium term. “This may also mean a transitional period in which inflation is moderately above the target.”
Regarding the emergency bond buying program, PEPP reiterated its commitment that this will continue, but will stop, at the end of March.
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