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- 4 Reforms announced by European Central Bank
- Reforms:
- A cut in the main interest rate used across the Eurozone from 0.05% to zero.
- A cut in the deposit rate from -0.3% to -0.4%
- Increasing the amount of bonds the ECB is buying, under a process called quantitative easing
- New ultra-cheap four-year loans to banks
- Why is this a significant move? The ECB wants to get money into the financial system by discouraging banks from holding on to deposits and instead lend out money as cheaply as possible to businesses and households. The 19 countries in the Eurozone have had a negative interest rate for deposits since June 2014. But this is the first time the ECB has set the rate at which it lends to banks to zero. By increasing the amount of quantitative easing and the type of bonds it is prepared to buy up, the ECB is also signalling it wants to get more money pumped around the Eurozone financial system.
- Why is this happening? The ECB is keen to stimulate the Eurozone, against the backdrop of an imperilled global economy. Data in February showed Greece fell back into recession and Italy slowed to near stagnation. Germany, the Eurozone’s largest economy, grew by just 0.3%. On top of weak growth, inflation is negative – which can discourage businesses and consumers from spending. Headline Inflation dropped to - 0.2% in February, down from 0.3% in January.
- Do other countries have negative rates? Sweden’s central bank became the first to lend at a negative rate when in February 2015 it announced a negative repo rate – its main lending rate to commercial banks. Other countries that have negative rates for deposits include Japan, Switzerland and Denmark.
- Growth and inflation forecasts cut: The ECB has lowered its growth forecasts. Draghi blames lower global growth prospects, and cautious that risks are now to the downside. Annual real GDP to increase by 1.4% in 2016 [from 1.7% in Dec], 1.7% in 2017 [unchanged from Dec] and 1.8% in 2018. Annual HICP inflation at 0.1% in 2016 [from 1.0% in Dec], 1.3% in 2017 [from 1.6% in Dec] and 1.6% in 2018.
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