ECB describes Russia’s war on Ukraine as ‘watershed for Europe,’ pledges to takes whatever measures needed to ensure price stability
The European Central Bank (ECB) on Thursday kept its key interest rates unchanged, despite inflation in Europe rising at its fastest pace since 2008.
“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 0.50% respectively,” the ECB said in a statement.
It also said it would aim to end its bond-buying program in the third quarter, adding that it stands ready to revisit this decision if the outlook changes.
It said monthly net purchases under the program would amount to €40 billion ($44.5 billion) in April, €30 billion in May, and €20 billion in June.
The ECB also described Russia’s continuing war on Ukraine as “a watershed for Europe,” with the Governing Council saying “it will take whatever action is needed and implement the sanctions decided by the EU” to pursue price stability and to safeguard financial stability.