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Bookmark, Email, Print or ShareECB still some distance from the exit strategy
It came as no surprise to markets that the European Central Bank (ECB) left its key interest rates unchanged last week.
Although there were some ripples a few day’s previously following the decision by the Reserve Bank of Australia to raise its key policy rate, we appear to be some considerable distance from any interest rate hike from the ECB or indeed any of the world’s other ‘major’ central banks.
ECB President Jean Claude Trichet indicated that the bank’s thinking hasn’t changed much in the last month noting that “incoming information and analyses since our last meeting in early September have confirmed our previous assessment”.
He sought to downplay any sense that the ECB feels that the Eurozone economy has improved to the point where there might be any suggestion of a tightening of policy in the near term.
His comments in the press conference sought to emphasise that the ECB expects recovery to be a slow and uneven process.
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