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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.