ECB Monthly Bulletin Editorial for December (Text)

The following is the text of the European Central Bank’s December monthly bulletin:

Based on the regular economic and monetary analyses, and in line with its forward guidance, the Governing Council decided at its meeting on 4 December 2014 to keep the key ECB interest rates unchanged. As regards the non-standard monetary policy measures, the Eurosystem has started purchasing covered bonds and asset-backed securities. These purchase programmes will last for at least two years. The second targeted longer-term refinancing operation will be conducted shortly and will be followed by six further operations until June 2016. Taken together, the measures will have a sizeable impact on the Eurosystem’s balance sheet, which is intended to move towards the dimensions it had at the beginning of 2012.