The ECB Governing Council took today the following decisions:
1. ECB decided to launch an expanded asset purchase programme:
- the Eurosystem will start to purchase euro-denominated investment-grade securities in March 2015
- issued by euro area governments and agencies and European institutions
- the combined monthly purchases of public and private sector securities will amount to €60 billion
- they are intended to be carried out until end-September 2016
- the purchases of securities issued by euro area governments and agencies will be based on the Eurosystem NCBs’ shares in the ECB’s capital key
2. ECB decided to change the pricing of the six remaining targeted longer-term refinancing operations (TLTROs).
The interest rate applicable to future TLTRO operations will be equal to the rate on the Eurosystem’s main refinancing operations (MRO) prevailing at the time when each TLTRO is conducted.
3. ECB keeps the key interest rates unchanged.
4. Medium-term inflation target: below, but close to, 2%.
Source: Introductory statement to the press conference by Mario Draghi, President of the ECB – https://www.ecb.europa.eu/press/pressconf/2015/html/is150122.en.html