The European Central Bank (ECB) Governing Council member Olli Rehn continues to remain on the wires, now sounding bearish on the ECB interest rate outlook.
Key Points:
First rise in interest rates is now further away than it was a few months ago.
Reinvestment of maturing bonds will continue beyond first rate hike.
Will discuss details of new TLTROs in meeting next week.
Ample degree of monetary policy stimulus is appropriate at the moment.
Must review data before adjusting monetary policy.
Key element of Eurozone reform is to create safe asset.
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