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ECB reaffirms ‘ultra-easy policy,’ guidance unchanged

The European Central Bank reaffirmed its ‘ultra-easy’ policy stance on Thursday. The bank kept rates at record lows, confirming that bond purchases would continue at €30 billion ($37.16 billion) a month until the end of September, and said it stood ready to expand or lengthen its asset-purchase program if the inflation outlook worsens. With Thursday’s decision, the ECB’s rate on bank overnight deposits, which is currently its primary interest rate tool, remains at -0.40 percent, Reuters said. The main refinancing rate, which determines the cost of credit in the economy, is unchanged at 0.00 percent while the rate on the marginal lending facility – the emergency overnight borrowing rate for banks – remains at 0.25 percent, Reuters said.