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ECB – all eyes on the June meeting

In Short

An unsurprising wait-and-see message: At today’s policy meeting the Governing Council did not adjust its policy tools and adopted a wait-and-see stance. The April meeting thereby merely bridges the time until the June 10 meeting, At that time the update of the growth and inflation outlook, and other factors, might induce the ECB to become clearer about the exit from the extraordinary Covid-19 measures.

Highlights:

  • At today’s meeting, the Governing Council did not embark on any action, in line with expectations.
  • The assessment of the situation remained broadly unchanged from the March meeting.
  • PEPP purchases will be conducted at a “significantly higher pace than during the first months of the year”, thereby reiterating the message from the March meeting.
  • There was no discussion about the phasing out of the PEPP while exchange rate movements remain on the ECB’s radar screen.
  • All in all, the ECB adopted a wait-and-see stance. All eyes will be on the June 10 meeting when the macro outlook and the pace of PEPP purchases will be adjusted.

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ECB – all eyes on the June meeting
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