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Central Bank Unveils Stimulants for EU Economy
The European Central Bank is taking steps to revive the European Union’s softening economy.
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The European Central Bank is taking steps to revive the European Union’s softening economy.
The ECB, which previously said it wouldn’t raise interest rates at least through this summer, now says it won’t do so until at least 2020. The bank also is rolling out new low-cost loans for commercial banks, known as targeted long-term refinancing operations.
The initiatives come as the EU reports that the bloc’s economic growth slowed to an annualized 0.2% in the fourth quarter of 2018.
The ECB predicts a “sizable moderation” in further growth this year. The bank now predicts the eurozone’s gross domestic product will expand by 1.1% this year, down from its previous forecast for 1.7% growth. Inflation is likely to slow to 1.2% from the 1.6% predicted earlier.
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