TALLINN, June 8 -- The European Central Bank (ECB) Thursday decided here to maintain the key ECB interest rates at present levels for an extended period of time.
At the ECB governing council meeting, it was decided that the interest rate on the main refinancing operations and those on the marginal lending facility and the deposit facility will remain unchanged at 0.00 percent, 0.25 percent and -0.40 percent respectively.
The governing council expects the key ECB interest rates to well past the horizon of the net asset purchases, said the ECB press release.
Regarding non-standard monetary policy measures, the council confirms that the net asset purchases, at the current monthly pace of 60 billion euros (67 billion U.S. dollars), are intended to run until the end of December 2017, or beyond, if necessary, and in any case until it sees a sustained adjustment in the path of inflation consistent with its inflation aim, it noted.
The net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the asset purchase program. 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 council stands ready to increase the program in terms of size and/or duration, it added.