ECB meeting: No new weapons on the battlefield
The refinancing rate was kept unchanged at 1.0%. We expect the ECB to keep rates unchanged for a prolonged period before they begin to hike. The ECB did not bring any new weapons to the battlefield. Soon we should look for signals that the ECB is focusing on exit strategies. The ECB rhetoric on the economic situation was unchanged. They still expect that after a stabilisation phase, positive growth rates should emerge by mid-2010. Details on the covered bond purchase programme will be
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