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4/27/2017, 1:47 PM (Source: TeleTrader)
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ECB keeps QE, interest rates unchanged

The Governing Council of the European Central Bank (ECB) decided on Thursday to leave key interest rates unchanged, according to a statement released on the bank's website.

The panel kept the interest rate on the main refinancing operations at zero, while rates on the marginal lending facility and the deposit facility stood at 0.25% and a negative 0.4%, respectively. The statement said that they are all expected to remain at present or lower levels for an extended period of time and well beyond the horizon of net asset purchases.

Regarding its quantitative easing (QE) program, the ECB said the tapered net asset purchases, now at €60 billion a month, will last until the end of December, or beyond, if necessary. In any case, the measure will be kept in place until there is a "sustained adjustment in the path of inflation" consistent with the ECB's target of close to but below 2%, the bank said. Policymakers confirmed they are determined to boost the QE program in terms of size and duration if the economic outlook becomes less favorable.

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