Below are some comments made by European Central Bank President Jean-Claude Trichet at a post-Monetary Policy meeting news conference
INFLATION STILL ELEVATED
“Inflation has remained elevated … and is likely to stay above 2 percent in the months ahead but to decline thereafter.”
LONG-TERM TENDERS
“The Governing Council has decided to conduct two longer-term refinancing operations, LTROs, one with a maturity of approximately 12 months in October and the other with a maturity of approximately 13 months in December. The operations will be conducted at fixed-rate standard procedures with full allotment.”
COVERED BONDS
“The Governing Council has decided to launch a new covered bond purchase program … The purchases will be for an intended amount of EUR40 billion. The purchases will have the capacity to be conducted in the primary and secondary markets and will be carried out by means of direct purchases. The purchases will start in November 2011 and are expected to be fully implemented by the end of October 2012.”
PRICE RISKS BROADLY BALANCED
“The risks to the medium-term outlook for price developments are broadly balanced. On the upside, the main risks relate to the possibility of increases in indirect taxes and administered prices, owing to a need of our fiscal consolidation in the coming years. The main downside risks relate to the impact of weaker-than-expected growth in the euro area and globally.”
INTENSIFIED DOWNSIDE RISKS
“Ongoing tensions in financial markets and unfavorable effects on financing conditions are likely to dampen the pace of economic growth in the euro area in the second half of the year. The economic outlook remains subject to particularly high uncertainty and intensified downside risks.”
VERY MODERATE GDP GROWTH
“Real GDP growth in the euro area, after slowing in the second quarter of 2011 to 0.2 percent quarter-on-quarter is now expected to be very moderate in the second half of this year.”
THOROUGH ANALYSIS WARRANTED
“A very thorough analysis of all incoming data and developments over the period ahead is warranted.”
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