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21 Apr 2016
ECB: risks remain titled to the downside - Rabobank
Analysts at Rabobank explained that, as expected, the ECB kept its policy settings unchanged today.
Key Quotes:
"This decision follows the 10 March announcement of five additional easing measures, among which the TLTRO-IIs and the new Corporate Sector Purchase Program.
Given this “no change”, Mr. Draghi took today’s press conference as an opportunity to explain in greater detail why the ECB announced those measures. Although growth is moderate but steady, he noted that risks to the economic outlook remain tilted to the downside as uncertainties persist, particularly in relation to the global economy and geopolitical risks.
In terms of the CSPP, the ECB has been a bit more generous than we had expected, both in terms of information and in terms of the scope of the programme.
Although Mr. Draghi said relatively little about the CSPP in his press conference, details of the purchases were released in a press release following the press briefing."
Key Quotes:
"This decision follows the 10 March announcement of five additional easing measures, among which the TLTRO-IIs and the new Corporate Sector Purchase Program.
Given this “no change”, Mr. Draghi took today’s press conference as an opportunity to explain in greater detail why the ECB announced those measures. Although growth is moderate but steady, he noted that risks to the economic outlook remain tilted to the downside as uncertainties persist, particularly in relation to the global economy and geopolitical risks.
In terms of the CSPP, the ECB has been a bit more generous than we had expected, both in terms of information and in terms of the scope of the programme.
Although Mr. Draghi said relatively little about the CSPP in his press conference, details of the purchases were released in a press release following the press briefing."