Monetary accommodation is still needed to stabilize inflation at the target 2% over the medium term, the European Central Bank said in its December monetary policy meeting accounts released on Thursday, APA reports citing Teletrader.
The ECB noted its Governing Council agreed that it is appropriate to conduct net asset purchases under the pandemic emergency purchase programme (PEPP) at a lower pace in the first three months of 2022 and temporarily increase bond buying under the bank's asset purchase programme (APP).
The central bank added that staff projections showed economic growth in the Eurozone is expected to stand at 5.1% in 2021, while inflation is set to remain higher "for longer," mainly due to high energy prices and "mismatches between supply and demand." Furthermore, the ECB noted it sees headline inflation falling below 2% in the fourth quarter of 2022.
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