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ECB: Clearer Enticement to Spain?
- Unsurprisingly, the ECB Council kept all its rates on hold after its October 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). Moreover, there was not even a hint that further unconventional easing measures had been considered.
- At the same time, Draghi encouraged Spain to take advantage of the OMT program by saying that the ECB is ready to buy bonds and by complimenting Spain on its austerity measures.
- The ECB economic analysis was broadly similar to that seen in September with downside risks to growth but balanced inflation risks.