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ETHENEA on the upcoming ECB meeting

Munsbach, 06. March 2019 – Today, the OECD announced a significant downwards revision in its 2019 growth estimate for the eurozone, moving from 1.8% to 1%. We expect that the ECB will also adjust its growth expectations from the December assumption of 1.7%. However, at this stage it remains uncertain as to whether the ECB will adjust its current policy by providing additional TLTROs (Targeted Longer-Term Refinancing Operations) to provide banks with cheap funding. Executive Board member Benoit Coeure recently stated that those measures are currently being discussed. Although economic growth has definitely slowed down, recent economic indicators showed surprisingly strong activity in eurozone’s service sector. Therefore, the ECB might refrain from taking immediate action but instead wait for further data.