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ECB Meeting preview

Global & Regional Focus Notes

07 Δεκεμβρίου 2011

• The ECB is expected to cut its main rate by 25bps to 1% on the backdrop of persistently adverse economic conditions. The ECB will remain on easing bias and it may even lower its policy rate below 1% in the first quarter of 2012 if the economic outlook keeps deteriorating.
• New non-standard liquidity provision measures are expected to be announced to improve the funding conditions of banks, including the introduction of 24-month LTROs and expansion of the list of eligible collateral in the refinancing operations.
• Mr. Draghi gave a hint that the ECB might acquire a more active role in stabilizing government bond markets on the condition that credible commitment to ensure fiscal integration is adopted by the Euro area policymakers.

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