KOF Monetary Policy Communicator (MPC)

21.01.2016 | Medienmitteilung

The KOF MPC figure for 21 January 2016 is 0.07. As communicated by the ECB downside risks have increased and the stance of monetary policy will be reviewed at the March meeting.

At today’s meeting the ECB Governing Council decided to keep key ECB interest rates unchanged.

According to Eurostat’s euro area annual HICP inflation was 0.2% in December 2015, after 0.1% in November. This outcome was lower than expected, mainly reflecting the renewed sharp decline in oil prices, as well as lower food and services price inflation. Based on current oil futures the expected path of inflation in 2016 is significantly lower compared to the outlook in early December. Inflation rates are expected to remain at very low or negative levels in the coming months and to pick up only later in 2016. Downside risks have increased amid heightened uncertainty about emerging market economies’ growth prospects, volatility in financial and commodity markets, and geopolitical risks. Hence, the government council deems it necessary to review and possibly reconsider the monetary policy stance at the next meeting in early March, when new ECB staff macroeconomic projections become available.

Current ECB holdings of securities for monetary policy purposes amount to 830bn euros (end of November: 752bn euros).

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