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Banking, finance, and taxes

ECB and BOE Both Leave Interest Rates Static, Risk of More Recession

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By Jon C. Ogg Published
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The European Central Bank (ECB) and the Bank of England (BOE) have both voted to leave their key short-term rates flat at 0.50%. Despite the notion that Europe is still teetering on or in a recession, depending on which country, it was expected that the ECB and the BOE would not be making changes to the interest rates.

The ECB statement said:

At today’s meeting the Governing Council of the ECB decided that 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 0.50%, 1.00% and 0.00% respectively. The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.

The Bank of England’s interest rate policy statement said:

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion. The minutes of the meeting will be published at 9.30am on Wednesday 19 June.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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