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ECB BULLETIN-ECB "firmly reiterates" its forward guidance
February 13, 2014 / 9:02 AM / 4 years ago

ECB BULLETIN-ECB "firmly reiterates" its forward guidance

FRANKFURT, Feb 13 (Reuters) - The European Central Bank, in its monthly bulletin on Thursday, firmly reiterated its forward guidance on keeping interest rates at present or lower levels for an extended period.

As usual, the editorial of the bank’s bulletin was virtually identical to its main policy statement, read out by ECB President Mario Draghi last Thursday, when the bank kept its main interest rate on hold at 0.25 percent.

“The Governing Council firmly reiterates its forward guidance,” the ECB said. “It continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time.”

In a section in the bulletin on inflation, the ECB said: “The outlook is for continued subdued global inflation in the coming months as spare capacity worldwide remains large.”

“However, the widely expected pick-up in world economic activity over the medium term should support a gradual increase in global inflation towards levels consistent with medium-term inflation expectations,” it added.

Below is a list of articles and special sections the bulletin contains. The articles can often shed light on the ECB’s thinking about key issues and give an insight into the type of analysis the bank uses to support its policy decisions.

* Drivers of recent global inflation developments

* Current account adjustment in the EU Member States of central and eastern Europe

* The Latvian MFI sector and its impact on monetary statistics for the euro area

* The results of the euro area bank lending survey for the fourth quarter of 2013

* Integrated euro area accounts for the third quarter of 2013

* Base effects from the volatile components of the HICP and their impact on HICP inflation in 2014

* Experimental indicators of commercial property prices

* Results of the ECB Survey of Professional Forecasters for the first quarter of 2014

* Developments in youth unemployment in euro area countries since the onset of the crisis

Reporting by Sakari Suoninen

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