ECB Remains All Talk, No Action: Leaves All Rates Unchanged

Tyler Durden's picture


All talk, no action. That's what, as usual, happened at the ECB today where after much bluster and QE rhetoric from everyone including former permahawk Jens Weidmann, the ECB did precisely as most had expected. Nothing.

Monetary policy decisions


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 0.25%, 0.75% 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.

As for that rapidly deteriorating inflation chart in Europe, don't worry. It will fix itself.


As will Europe's non existant private sector loan creation.


Because quite frankly, the actual economy doesn't matter as long as Greece can issue bonds at the same rate it did a decade ago, but only with 20% more unemployment.

Expect even more nothing from Draghi at the press conference next at 8:30 am.

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Thu, 04/03/2014 - 07:58 | 4620568 Terp
Terp's picture

Fuck you Mario.

Thu, 04/03/2014 - 08:16 | 4620598 GetZeeGold
GetZeeGold's picture



Gotta hand it to him....he fooled me.

Thu, 04/03/2014 - 08:14 | 4620596 Xibalba
Xibalba's picture


Thu, 04/03/2014 - 08:17 | 4620599 GetZeeGold
GetZeeGold's picture



Are we really going to go there?

Thu, 04/03/2014 - 07:59 | 4620571 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Ha ha.

It's a banker's life, for us! It's a banker's life for us!

Steady treated, we get tricked, Steady kisses, we get kicked!

Thu, 04/03/2014 - 08:02 | 4620577 Wile-E-Coyote
Wile-E-Coyote's picture

Nothing will happen until Germany feels the pain.

Thu, 04/03/2014 - 08:41 | 4620677 Global Observer
Global Observer's picture

Not even then.

Thu, 04/03/2014 - 08:03 | 4620578 Confundido
Confundido's picture

Ready for the gold smack down set to begin in 15 mins? (i.e. 8:17am)

Thu, 04/03/2014 - 08:05 | 4620581 A_Nejad
A_Nejad's picture

Hey!!!  I was looking for that show...bummer, now wasted it for me :(

Thu, 04/03/2014 - 08:13 | 4620594 Sudden Debt
Sudden Debt's picture




Thu, 04/03/2014 - 08:26 | 4620630 Jacks Cold Sweat
Jacks Cold Sweat's picture


Thu, 04/03/2014 - 08:36 | 4620658 theorist
theorist's picture

The moves or rather non-moves by the ECB are not unexpected or surprising. Here is a bank that is built of multiple constituencies, i.e. the Central Banks of the Eurozone countries (with the Germans having the biggest say) all pulling in different directions that it is totally ineffectove. I agree with someone earlier, until Germany starts to feel the pain, the ECB is not going to do anything. Also, given the character of the Europeans, the status quo is to do nothing anyway. They are working off a wing and a prayer and are all incapable of sorting out their problems. That is why until now, we have been served up a veritable feast of bulls***t from Mario, and this will continue.

Thu, 04/03/2014 - 08:45 | 4620690 Global Observer
Global Observer's picture

So what do you expect the ECB to do, which you think will happen when the Germans feel the pain? Buy sovereign debt? Make interest rates negative?

Thu, 04/03/2014 - 08:39 | 4620673 Global Observer
Global Observer's picture

Central Bankers are not magicians. They can't create economic growth. Economic growth is created by investment, production and consumption, all activities outside of the Central Bank. They can affect the cost of borrowing for investment by making the interest rates low, but if there are no investments forthcoing at the current rates, there isn't anything else the Central Banker can do.

Thu, 04/03/2014 - 09:16 | 4620807 WarHorse
WarHorse's picture

Surely all the new government regulations will foster growth .... my bank is hiring ... two new compliance guys sitting right behind me!

Thu, 04/03/2014 - 09:59 | 4620953 Global Observer
Global Observer's picture

LOL! Yes, the government increase employment in the banking sector by increasing bank regulation.

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