The governing council expects the key interest rates of the European Central Bank (ECB) to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases.
According to the ECB's Thursday press release, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.
Regarding non-standard monetary policy measures, the governing council confirms that the net asset purchases, at the current monthly pace of €60 billion, are intended to run until the end of December 2017, or beyond, if necessary.
This is to continue until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. Net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the asset purchase programme. If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the programme in terms of size and/or duration, the press release read.
Asked if the ECB would buy Estonian state bonds, the bank's president, Mario Draghi, commented that this would not be the case, as Estonia's economy was small and very open. Revitalizing other euro zone members' economies would also support the growth of the Estonian economy, Draghi said.
The ECB's governing council usually meets at the bank's headquarters in Frankfurt, but visits other European central banks once a year.
Editor: Dario Cavegn