No Policy Changes For ECB Before June

The European Central Bank will probably first review its monetary policy stance in June but stop short of any decision on winding down its huge stimulus program, ECB rate setter Ewald Nowotny said on Monday.

There are growing calls in Germany to bring the ECB’s 2.3 trillion euro ($2.5 trillion) bond-buying program to an end as inflation there rebounds, far outpacing price growth in weaker economies such as Italy, where anti-euro sentiment is swelling.

Nowotny said that rate setters are likely to wait for the ECB’s June economic forecasts before reassessing their policy stance and even then no decision is likely to be made about “tapering”, or gradually ending, the program aimed at boosting inflation in the euro zone.


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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