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Chronology of ECB Monetary Policy Actions: 2014-present*
July 21, 2016
No action taken; commitment to continuing stimulus program confirmed
“[T]he Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases. Regarding non-standard monetary policy measures, the Governing Council confirms that the monthly asset purchases of €80 billion are intended to run until the end of March 2017, or beyond, if necessary.”
June 22, 2016
Announcement regarding Greek bonds used as collateral in Eurosystem
“ECB’s Governing Council reinstates waiver of minimum credit rating requirements for marketable instruments issued or guaranteed by the Hellenic Republic, subject to special haircuts. Waiver will enter into force on the next MRO settlement date (29 June 2016). Governing Council acknowledges the commitment of the Greek government to implementing current ESM programme and expects continued compliance with its conditionality. Possible purchases of Greek bonds under the PSPP will be examined at a later stage”
June 2, 2016
Dates for start of CSPP (June 8) and TLTRO-II (June 22) confirmed; More details of CSPP released
Regarding non-standard monetary policy measures, on 8 June the Eurosystem will start making purchases under its corporate sector purchase programme (CSPP). Moreover, starting on 22 June, it will conduct the first operation in its new series of targeted longer-term refinancing operations. Further information on implementation aspects of the CSPP will be released after the press conference on the ECB’s website.” (See “ECB announces remaining details of the corporate sector purchase programme (CSPP)”.)
May 3, 2016
Details of TLTRO-II published
“The European Central Bank (ECB) today publishes a legal act adopted on 28 April 2016 relating to the second series of targeted longer-term refinancing operations (TLTRO-II). TLTRO-II is intended to reinforce the ECB’s accommodative monetary policy stance and to strengthen the transmission of monetary policy by further incentivising bank lending to the real economy.”
April 21, 2016
(1) Expanded APP implemented (2) CSPP details announced
“[T]he Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. Regarding non-standard monetary policy measures, we have started to expand our monthly purchases under the asset purchase programme to €80 billion. The focus is now on the implementation of the additional non-standard measures decided on 10 March 2016. Further information on the implementation aspects of the corporate sector purchase programme will be released after the press conference on the ECB’s website.” (Also see ECB announces details of the corporate sector purchase programme (CSPP)
March 10, 2016
Massive stimulus package announced; (1) Interest rates decreased; depo rate goes further negative (2) APP expanded by €20 billion per month (3) Corporate bonds added to eligible purchases (4) TLTRO II announced
“[T]he Governing Council of the ECB took the following monetary policy decisions : (1) The interest rate on the main refinancing operations of the Eurosystem will be decreased by 5 basis points to 0.00%, starting from the operation to be settled on 16 March 2016. (2) The interest rate on the marginal lending facility will be decreased by 5 basis points to 0.25%, with effect from 16 March 2016. (3) The interest rate on the deposit facility will be decreased by 10 basis points to -0.40%, with effect from 16 March 2016. (4) The monthly purchases under the asset purchase programme will be expanded to €80 billion starting in April. (5) Investment grade euro-denominated bonds issued by non-bank corporations established in the euro area will be included in the list of assets that are eligible for regular purchases. (6) A new series of four targeted longer-term refinancing operations (TLTRO II), each with a maturity of four years, will be launched, starting in June 2016. Borrowing conditions in these operations can be as low as the interest rate on the deposit facility.”
January 21, 2016
No action taken
“[T]he Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.30% respectively.”
December 3, 2015
Depo rate lowered further negative; No other actions taken
“[T]he Governing Council of the ECB decided that the interest rate on the deposit facility will be decreased by 10 basis points to -0.30%, with effect from 9 December 2015. The interest rate on the main refinancing operations and the interest rate on the marginal lending facility will remain unchanged at 0.05% and 0.30% respectively.”
Jan-Nov, 2015
No action taken
“[T]he Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.20% respectively.”
Nov-Dec, 2014
No action taken
“The Governing Council of the ECB decides that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.20% respectively.”
October 2, 2014
No action taken; ABSPP and CBPP details announced
“The Governing Council of the ECB decides that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.20% respectively. It also decides on the operational details of asset-backed securities and covered bond purchase programmes.”
September 4, 2014
Interest rates decreased; ABSPP and CBPP3 programmes announced
“The Governing Council of the ECB decides to decrease the interest rate on the main refinancing operations by 10 basis points to 0.05%, starting from the operation to be settled on 10 September 2014. In addition, it decides to decrease the interest rates on both the marginal lending facility and the deposit facility by 10 basis points, to 0.30% and -0.20% respectively, with effect from 10 September 2014. It also decides to (i) purchase a broad portfolio of simple and transparent asset-backed securities (ABSs) with underlying assets consisting of claims against the euro area non-financial private sector under an ABS purchase programme (ABSPP), and (ii) purchase a broad portfolio of euro-denominated covered bonds issued by MFIs domiciled in the euro area under a new covered bond purchase programme (CBPP3). Interventions under both of these programmes will start in October 2014.”
Jul-Aug, 2014
No action taken
“The Governing Council of the ECB decides that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.15%, 0.40% and -0.10% respectively.”
June 5, 2014
Major stimulus package announced: (1) Interest rates decreased (2) Depo rate goes negative for the first time (3) TLTRO announced (4) MRO continued (5) LTROs to be implemented by 12/2016 (6) weekly SMP fine-tuning suspended (7) ABSPP preparation begins
“The Governing Council of the ECB decides to decrease the interest rate on the main refinancing operations (MROs) by 10 basis points to 0.15%, starting from the operation to be settled on 11 June 2014. In addition, it decides to decrease the interest rate on the marginal lending facility by 35 basis points to 0.40% and the interest rate on the deposit facility by 10 basis points to -0.10%, both with effect from 11 June 2014. It also decides to adopt further non-standard measures, notably: (i) to conduct a series of targeted longer-term refinancing operations (TLTROs) maturing in September 2018 to support bank lending to the non-financial private sector, with an interest rate fixed over the life of each operation at the rate on the Eurosystem’s main refinancing operations prevailing at the time of take-up, plus a fixed spread of 10 basis points; (ii) to continue conducting the MROs as fixed rate tender procedures with full allotment at least until the end of the reserve maintenance period ending in December 2016; (iii) to conduct the three-month longer-term refinancing operations (LTROs) to be allotted before the end of the reserve maintenance period ending in December 2016 as fixed rate tender procedures with full allotment; (iv) to suspend the weekly fine-tuning operation sterilising the liquidity injected under the Securities Markets Programme; (v) to intensify preparatory work related to outright purchases in the ABS market.”
Jan-May, 2014
No action taken
“The Governing Council of the ECB decides that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.25%, 0.75% and 0.00% respectively.”
*Sources:

The ECB provided a chronology of monetary policy actions from 2012 to 2014 within its Monthly Bulletin December 2014, the final issuance of the publication. For details before 2012 and after 2014, see Monetary policy decisions posted to the ECB’s website. Individual posts after 2014 where actions were taken are linked below for convenience.