欧洲央行实行负利率新闻发布会.docx

欧洲央行实行负利率新闻发布会.docx

《欧洲央行实行负利率新闻发布会.docx》由会员分享，可在线阅读，更多相关《欧洲央行实行负利率新闻发布会.docx（11页珍藏版）》请在冰豆网上搜索。

欧洲央行实行负利率新闻发布会

Introductorystatementtothepressconference（withQ&A）

MarioDraghi,PresidentoftheECB,

FrankfurtamMain,5June2014

Jumptothetranscriptofthequestionsandanswers

Ladiesandgentlemen,theVice-PresidentandIareverypleasedtowelcomeyoutoourpressconference.Wewillnowreportontheoutcomeoftoday’smeetingoftheGoverningCouncil,whichwasalsoattendedbytheCommissionVice-President,MrRehn.

Inpursuingourpricestabilitymandate,todaywedecidedonacombinationofmeasurestoprovideadditionalmonetarypolicyaccommodationandtosupportlendingtotherealeconomy.ThispackageincludesfurtherreductionsinthekeyECBinterestrates,targetedlonger-termrefinancingoperations,preparatoryworkrelatedtooutrightpurchasesofasset-backedsecuritiesandaprolongationoffixedrate,fullallotmenttenderprocedures.Inaddition,wehavedecidedtosuspendtheweeklyfine-tuningoperationsterilisingtheliquidityinjectedundertheSecuritiesMarketsProgramme.

Thedecisionsarebasedonoureconomicanalysis,takingintoaccountthelatestmacroeconomicprojectionsbyEurosystemstaff,andthesignalscomingfromthemonetaryanalysis.Together,themeasureswillcontributetoareturnofinflationratestolevelscloserto2%.Inflationexpectationsfortheeuroareaoverthemediumtolongtermcontinuetobefirmlyanchoredinlinewithouraimofmaintaininginflationratesbelow,butcloseto,2%.Lookingahead,theGoverningCouncilisstronglydeterminedtosafeguardthisanchoring.Concerningourforwardguidance,thekeyECBinterestrateswillremainatpresentlevelsforanextendedperiodoftimeinviewofthecurrentoutlookforinflation.Thisexpectationisfurtherunderpinnedbyourdecisionstoday.Moreover,ifrequired,wewillactswiftlywithfurthermonetarypolicyeasing.TheGoverningCouncilisunanimousinitscommitmenttousingalsounconventionalinstrumentswithinitsmandateshoulditbecomenecessarytofurtheraddressrisksoftooprolongedaperiodoflowinflation.

Letmenowbrieflydescribetheindividualmeasuresdecidedtoday.Furtherdetailswillbepublishedat3.30p.m.ontheECB’swebsite.

First,wedecidedtolowertheinterestrateonthemainrefinancingoperationsoftheEurosystemby10basispointsto0.15%andtherateonthemarginallendingfacilityby35basispointsto0.40%.Therateonthedepositfacilitywasloweredby10basispointsto-0.10%.Thesechangeswillcomeintoeffecton11June2014.ThenegativeratewillalsoapplytoreserveholdingsinexcessoftheminimumreserverequirementsandcertainotherdepositsheldwiththeEurosystem.

Second,inordertosupportbanklendingtohouseholdsandnon-financialcorporations,excludingloanstohouseholdsforhousepurchase,wewillbeconductingaseriesoftargetedlonger-termrefinancingoperations（TLTROs）.AllTLTROswillmatureinSeptember2018,i.e.inaround4years.Counterpartieswillbeentitledtoborrow,initially,7%ofthetotalamountoftheirloanstotheeuroareanon-financialprivatesector,excludingloanstohouseholdsforhousepurchase,outstandingon30April2014.Lendingtothepublicsectorwillnotbeconsideredinthiscalculation.Thecombinedinitialentitlementamountstosome€400billion.Tothateffect,twosuccessiveTLTROswillbeconductedinSeptemberandDecember2014.Inaddition,fromMarch2015toJune2016,allcounterpartieswillbeabletoborrow,quarterly,uptothreetimestheamountoftheirnetlendingtotheeuroareanon-financialprivatesector,excludingloanstohouseholdsforhousepurchase,overaspecificperiodinexcessofaspecifiedbenchmark.Netlendingwillbemeasuredintermsofnewloansminusredemptions.Loansales,securitisationsandwrite-downsdonotaffectthenetlendingmeasure.TheinterestrateontheTLTROswillbefixedoverthelifeofeachoperation,attherateontheEurosystem’smainrefinancingoperations（MROs）prevailingatthetimeoftake-up,plusafixedspreadof10basispoints.Starting24monthsaftereachTLTRO,counterpartieswillhavetheoptiontomakerepayments.Anumberofprovisionswillaimtoensurethatthefundssupporttherealeconomy.ThosecounterpartiesthathavenotfulfilledcertainconditionsregardingthevolumeoftheirnetlendingtotherealeconomywillberequiredtopaybackborrowingsinSeptember2016.

Inaddition,theGoverningCouncildecidedtoextendtheexistingeligibilityofadditionalassetsascollateral,notablyundertheadditionalcreditclaimsframework,atleastuntilSeptember2018.

Third,theGoverningCouncildecidedtointensifypreparatoryworkrelatedtooutrightpurchasesintheABSmarkettoenhancethefunctioningofthemonetarypolicytransmissionmechanism.Underthisinitiative,theEurosystemwillconsiderpurchasingsimpleandtransparentasset-backedsecuritieswithunderlyingassetsconsistingofclaimsagainsttheeuroareanon-financialprivatesector,takingintoaccountthedesirablechangesintheregulatoryenvironment,andwillworkwithotherrelevantinstitutionstothateffect.

Fourth,inlinewithourforwardguidanceandourdeterminationtomaintainahighdegreeofmonetaryaccommodation,aswellastocontainvolatilityinmoneymarkets,wedecidedtocontinueconductingtheMROsasfixedratetenderprocedureswithfullallotmentforaslongasnecessary,andatleastuntiltheendofthereservemaintenanceperiodendinginDecember2016.Furthermore,wedecidedtoconductthethree-monthlonger-termrefinancingoperations（LTROs）tobeallottedbeforetheendofthereservemaintenanceperiodendinginDecember2016asfixedratetenderprocedureswithfullallotment.Theratesinthesethree-monthoperationswillbefixedattheaveragerateoftheMROsoverthelifeoftherespectiveLTRO.Inaddition,wedecidedtosuspendtheweeklyfine-tuningoperationsterilisingtheliquidityinjectedundertheSecuritiesMarketsProgramme.

Letmenowexplainourassessmentingreaterdetail,startingwiththeeconomicanalysis.RealGDPintheeuroarearoseby0.2%,quarteronquarter,inthefirstquarterofthisyear.Thisconfirmedtheongoinggradualrecovery,whiletheoutcomewassomewhatweakerthanexpected.Mostrecentsurveyresultssignalmoderategrowthalsointhesecondquarterof2014.Lookingahead,domesticdemandshouldcontinuetobesupportedbyanumberoffactors,includingtheaccommodativemonetarypolicystance,ongoingimprovementsinfinancingconditionsworkingtheirwaythroughtotherealeconomy,theprogressmadeinfiscalconsolidationandstructuralreforms,andgainsinrealdisposableincomeresultingfromfallsinenergyprices.Atthesametime,althoughlabourmarketshaveshownsomefurthersignsofimprovement,unemploymentremainshighintheeuroareaand,overall,unutilisedcapacitycontinuestobesizeable.Moreover,theannualrateofchangeofMFIloanstotheprivatesectorremainednegativeinAprilandthenecessarybalancesheetadjustmentsinthepublicandprivatesectorsarelikelytocontinuetoweighonthepaceoftheeconomicrecovery.

ThisassessmentofamoderaterecoveryisalsoreflectedintheJune2014Eurosystemstaffmacroeconomicprojectionsfortheeuroarea,whichforeseeannualrealGDPincreasingby1.0%in2014,1.7%in2015and1.8%in2016.ComparedwiththeMarch2014ECBstaffmacroeconomicprojections,theprojectionforrealGDPgrowthfor2014hasbeenreviseddownwardsandtheprojectionfor2015hasbeenrevisedupwards.

Theriskssurroundingtheeconomicoutlookfortheeuroareacontinuetobeonthedownside.Geopoliticalrisks,aswellasdevelopmentsinemergingmarketeconomiesandglobalfinancialmarkets,mayhavethepotentialtoaffecteconomicconditionsnegatively.Otherdownsiderisksincludeweakerthanexpecteddomesticdemandandinsufficientimplementationofstructuralreformsineuroareacountries,aswellasweakerexportgrowth.

AccordingtoEurostat’sflashestimate,euroareaannualHICPinflationwas0.5%inMay2014,after0.7%inApril.Thisoutcomewaslowerthanexpected.Onthebasisoftheinformationavailabletousattoday’smeeting,annualHICPinflationisexpectedtoremainatlowlevelsoverthecomingmonths,beforeincreasingonlygraduallyduring2015and2016,therebyunderpinningthecasefortoday’sdecisions.Meanwhile,inflationexpectationsfortheeuroareaoverthemediumtolongtermcontinuetobefirmlyanchoredinlinewithouraimofmaintaininginflationratesbelow,butcloseto,2%.Lookingahead,theGoverningCouncilisstronglydeterminedtosafeguardthisanchoring.

OurassessmenthasbeensupportedbytheJune2014Eurosystemstaffmacroeconomicprojectionsfortheeuroarea.TheyforeseeannualHICPinflationat0.7%in2014,1.1%in2015and1.4%in2016.Inthelastquarterof2016,annualHICPinflationisprojectedtobe1.5%.IncomparisonwiththeMarch2014ECBstaffmacroeconomicprojections,theprojectionsforinflationfor2014,2015and2016havebeenreviseddownwards.Itshouldbestressedthattheprojectionsareconditionalonanumberoftechnicalassumptions,includingexchangeratesandoilprices,andthattheuncertaintysurroundingeachprojectionincreaseswiththelengthoftheprojectionhorizon.

TheGoverningCouncilseesbothupsideanddownsideriskstotheoutlookforpricedevelopmentsaslimitedandbroadlybalancedoverthemediumterm.Inthiscontext,wewillcloselymonitorthepossiblerepercussionsofgeopoliticalrisksandexchangeratedevelopments.

Turningtothemonetaryanalysis,dataforApril2014continuetopointtosubduedunderlyinggrowthinbroadmoney（M3）.AnnualgrowthinM3moderatedfurtherto0.8%inApril,from1.0%inMarch.Thegrowthofthenarrowm