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24 Feb 2025

ECB's Villeroy: Deposit rates could be at 2% by this summer

European Central Bank policymaker and Bank of France head, Francois Villeroy de Galhau, said on Saturday that the ECB could cut its deposit rate down to 2% by this summer, per Reuters. 

“Seen from where we are today, we could be at 2% by the coming summer,” said Villeroy de Galhau.  

Market reaction

At the time of writing, EUR/USD is trading 0.17% higher on the day at 1.0479.

ECB FAQs

The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy for the region. The ECB primary mandate is to maintain price stability, which means keeping inflation at around 2%. Its primary tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.

In extreme situations, the European Central Bank can enact a policy tool called Quantitative Easing. QE is the process by which the ECB prints Euros and uses them to buy assets – usually government or corporate bonds – from banks and other financial institutions. QE usually results in a weaker Euro. QE is a last resort when simply lowering interest rates is unlikely to achieve the objective of price stability. The ECB used it during the Great Financial Crisis in 2009-11, in 2015 when inflation remained stubbornly low, as well as during the covid pandemic.

Quantitative tightening (QT) is the reverse of QE. It is undertaken after QE when an economic recovery is underway and inflation starts rising. Whilst in QE the European Central Bank (ECB) purchases government and corporate bonds from financial institutions to provide them with liquidity, in QT the ECB stops buying more bonds, and stops reinvesting the principal maturing on the bonds it already holds. It is usually positive (or bullish) for the Euro.

 

Feb 24, 2025

ECB's Escriva: No pre-established future path for interest rates

European Central Bank Governing Council member Jose Luis Escriva said late Sunday that monetary policy must be approached with caution given the current extraordinary uncertainty, per Bloomberg.
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Feb 24, 2025

AUD/USD gains traction above 0.6350 on weaker US Dollar

The AUD/USD pair edges higher to near 0.6370 during the early Asian session on Monday.
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