Among other things, the Governing Council decided on Thursday to leave interest rates unchanged. The main refinancing rate remains at 0,00 percent, the top refinancing rate at 0,25 percent, and deposits with the ECB still have to pay penalty interest of 0,50 percent.
This was generally expected. The Governing Council assumes that the key ECB interest rates will remain at their current or a lower level until it is determined that the inflation outlook in its projection period is approaching a level that is sufficiently close, but below two percent , it said in a statement from the central bank. In addition, the ECB confirmed the scope of the so-called “Pandemic Emergency Purchase Program” (PEPP), with which money is pumped into the market during the corona crisis and which currently has a volume of 1,35 trillion euros. It should run until at least the end of June 2021, with an extension being possible: Net capital purchases will be made under the PEPP until it is determined that the phase of the corona crisis is over, according to the central bank.