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02.04.2015 14:59

ECB Monetary Policy Meeting Account: the Governing Council reiterated to keep its monetary policy “for as long as needed”.

The European Central Bank's (ECB) its minutes of March meeting on Thursday. According to the minutes, the Governing Council reiterated to keep its monetary policy "for as long as needed".

The Governing Council members noted that quantitative easing by the central bank was adequate to reach the price stability.

The ECB officials pointed out that there is no need to implement further stimulus measures.

The deposit rate at -20 basis points is the effective lower bound, the Governing Council said.

Some of the Governing Council members expressed concerns that the growth in the Eurozone may be slower that forecasted. The ECB upgraded its growth estimate to 1.5% for 2015 on March 5, up from 1% in December last year. Gross domestic product (GDP) is expected to be 1.9% in 2016 and 2.1% in 2017.

The ECB decided on January 22 to launch an expanded asset purchase programme of 60 billion euro a month starting from March 2015 until September 2016.

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