Summary

 ·       Keep ECB interest rates unchanged and expect to remain so at least through the summer of 2019. (unchanged)

·       Intend to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme for an extended period of time past the date when we start raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. (unchanged)

·       Launch a new series of quarterly targeted longer-term refinancing operations (TLTRO-III), starting in September 2019 and ending in March 2021, each with a maturity of two years. These new operations will help to preserve favourable bank lending conditions and the smooth transmission of monetary policy. (new)

·       Continue conducting our lending operations as fixed rate tender procedures with full allotment for as long as necessary, and at least until the end of the reserve maintenance period starting in March 2021. (new)

·       The weakening economic data points to a sizeable moderation in the pace of the economic expansion will extend into the current year. The underlying inflation continues to be muted. The weaker economic momentum is slowing the adjustment of inflation towards levels that are below, but close to, 2% over the medium term. (new)

·       Compared with the December 2018 Eurosystem staff macroeconomic projections, the outlook for real GDP growth has been revised down substantially in 2019 and slightly in 2020. (new)

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