|Key figures at a glance|
|Marginal lending facility||0.30 %|
|Main refinancing operations (fixed rate)||0.05 %|
|Deposit facility||− 0.20 %|
|Effective from 10 September 2014|
|Why has the ECB introduced a negative interest rate?|
The Monthly Bulletin provides a detailed overview of recent economic and monetary developments in the euro area in the form of text and statistics.
Its editorial - the key statement - reflects the Governing Council’s monthly assessment of the economy and inflationary threats.
The Bulletin is published one week after the Council’s monetary policy decision.
The ECB has responded forcefully to counter growing risks of a too prolonged period of low inflation. The current set of measures will enhance our monetary policy stance, incentivise bank lending, overcome remaining impairments in our transmission mechanism and underpin the firm anchoring of medium- to longer-term inflation expectations. Tentative evidence suggests that our credit easing package is delivering some tangible first benefits. But we need to remain vigilant as to whether the force of monetary stimulus already in the pipeline remains sufficient to reach our objective. If needed, one option for the ECB to ease the monetary policy stance further would be to extend its asset purchases towards other asset classes. Purchases of different asset classes will affect private sector financing conditions to varying degrees as they will activate different transmission channels and affect different spread components.