By the end of September, the European Central Bank will either cut its deposit r...
BENGALURU - By the end of September, the European Central Bank will either cut its deposit rate or ease its forward guidance further by pledging to keep interest rates lower for longer, according to a majority of economists in a Reuters poll.
But despite conviction among economists in the June 18-21 poll lining up with the ECB’s plan for easing this year, the outlook for growth was lowered and inflation is still not expected to rise to the ECB’s target. All but one of 45 economists who answered an extra question on the next policy measure expect the ECB to ease further in addition to extending already-announced long-term cheap loans to banks.
“What changed in terms of communication from Draghi is that things would need to improve substantially, in order to not do more. Really the onus has shifted the other way now, to provide more accommodation,” said Capital Economics’ Kenningham, who has consistently said stopping QE last year was a policy error.
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