The ECB BlogExpanding the pandemic emergency purchase programme
Two main factors called for further policy action, writes Chief Economist Philip R. Lane. First, the pandemic-related negative shock to inflation poses a threat to medium-term price stability. Second, while conditions in financial markets have stabilised substantially, the situation remains fragile.
|Marginal lending facility||0.25 %|
|Main refinancing operations (fixed rate)||0.00 %|
|Deposit facility||− 0.50 %|