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Central Bank Outlook: ECB: Passing the Buck Back to Governments
- The ECB Council kept all its rates on hold after its September council meeting. As a result, record lows remain in place in regard to the refi rate (at 0.75%) and the deposit rate (at zero). Of course, changes in conventional policy were not really the issue this time around as markets wanted more details about the ECB bond purchasing program. Current high risk premia on several peripheral countries are hindering the transmission mechanism of monetary policy and threatening the survival of the euro.