La European Central Bank confirmed for the third consecutive month the reference rate of the Eurozone at the historic low of 0,5%. As expected, the Governing Council made no new changes after the 0,25 percentage point cut in early May. The rate on deposits held on behalf of banks was also confirmed at zero and the rate on marginal refinancing operations at 1%.
On the same line in Frankfurt also the Bank of England, which confirmed sterling interest rates at an all-time low of 0,5 percent as expected. Furthermore, the BoE has not decided to make further purchases of government bonds after the 375 billion program carried out in recent years.
The Bank of England specified that inflation forecasts will be published on Wednesday 7 August, while the detailed report of the latest directorate will be announced on 14 August.
