歐洲央行維持各項利率不變

歐洲央行(ECB)於7月18日決議維持利率水準不變，歐元區三大主要利率分別是隔夜存款利率為3.75%，主要再融資利率(MRO)為4.25%、隔夜貸款利率(MLF)為4.5%。

歐洲央行在聲明中表示，目前收到的資訊支持委員會先前對於中期通膨前景的預期，雖然有部分潛在通膨指標由於一次性的因素，相較5月有所上升，但大多數指標仍保持穩定。歐元區內物價壓力仍然很高，服務通膨上升，整體通膨可能會在明年(2025年)很長一段時間內保持在目標之上。委員會決心確保通膨及時回到2%的中期目標，為實現這個目標，將在必要的時間內保持充分的政策利率限制。

對於先前量化寬鬆(QE)的後續行動，資產購買計畫(APP)投資組合先前購入的有價證券到期本金不再進行投資，APP投資組合正以可衡量與可預測的速度下降(QT/量化緊縮)。針對疫情緊急購買計畫(PEPP)，先前購入的有價證券到期本金每月75億歐元上限不再進行投資，計畫到2024年底到期本金全數不再投資。

Monetary policy decisions

18 July 2024

The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information broadly supports the Governing Council’s previous assessment of the medium-term inflation outlook. While some measures of underlying inflation ticked up in May owing to one-off factors, most measures were either stable or edged down in June. In line with expectations, the inflationary impact of high wage growth has been buffered by profits. Monetary policy is keeping financing conditions restrictive. At the same time, domestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above the target well into next year.

The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. In particular, its interest rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path.

Key ECB interest rates

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 4.25%, 4.50% and 3.75% respectively.

Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)

The APP portfolio is declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.

The Eurosystem no longer reinvests all of the principal payments from maturing securities purchased under the PEPP, reducing the PEPP portfolio by €7.5 billion per month on average. The Governing Council intends to discontinue reinvestments under the PEPP at the end of 2024.

The Governing Council will continue applying flexibility in reinvesting redemptions coming due in the PEPP portfolio, with a view to countering risks to the monetary policy transmission mechanism related to the pandemic.

Refinancing operations

As banks are repaying the amounts borrowed under the targeted longer-term refinancing operations, the Governing Council will regularly assess how targeted lending operations and their ongoing repayment are contributing to its monetary policy stance.