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ECB Leaves Its Monetary Policy Unchanged In January Meeting

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European Central Bank (ECB) left its main refinancing rate unchanged at a record low of 0.00% during its January 2021 meeting and the bank will continue the purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion.

ECB expects the key rates to remain at their present or lower levels until inflation outlook robustly converges to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.

The policymakers reiterated they stand ready to adjust all of the central bank’s instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner.

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