[Notes] ECB Press Conference 27 July 2023

わたしの、わたしによる、わたしのための、ただのメモ😆

Press Release

Monetary policy statement (with Q&A)

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Notes

The Governing Council therefore today decided to raise the three key ECB interest rates by 25 basis points.

3つの金利をそれぞれ+0.25%。

• the interest rate on the main refinancing operations : 4.25%

• the interest rate on the marginal lending facility : 4.50%

• the interest rate on the deposit facility : 3.75%

Our future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to our two per cent medium-term target.

質疑応答の時にも引用している。

We also decided to set the remuneration of minimum reserves at zero per cent. This decision will preserve the effectiveness of monetary policy by maintaining the current degree of control over the monetary policy stance and ensuring the full pass-through of our interest rate decisions to money markets. At the same time, it will improve the efficiency of monetary policy by reducing the overall amount of interest that needs to be paid on reserves in order to implement the appropriate stance.

今回の政策理事会での決定事項は、

• 政策金利の更新（+0.25%）

• set the remuneration of minimum reserves at zero per cent（準備預金への利払い停止）

Fiscal policies should be designed to make our economy more productive and to gradually bring down high public debt. Policies to enhance the euro area’s supply capacity can help reduce price pressures in the medium term, while supporting the green transition, which is also being furthered by the Next Generation EU programme.

Next Generation EU Programme は、別名 the European Union Recovery Instrument。COVID19のパンデミックからEU加盟国が立ち直るための支援政策パッケージ。政策実施期間は2021年～2026年、予算は750億ユーロ。こそっと Green Transition（俗にいうところの「脱炭素」）もこの政策の一環で進めている。

Downside risks to growth include Russia’s unjustified war against Ukraine and an increase in broader geopolitical tensions, which could fragment global trade and thus weigh on the euro area economy.

Russia’s unjustified war against Ukraine
ここ1年半くらい非常によく聞く言葉。

Upside risks to inflation include potential renewed upward pressures on the costs of energy and food, also related to Russia’s unilateral withdrawal from the Black Sea Grain Initiative.

the Black Sea Grain Initiative : 黒海穀物合意。
1,000年前から変わらず人が生きるのに必須のもの（食糧とか燃料とか）を自国で生産できないのは、GDPがいくら大きくても危なっかしい。日本、危なっかしい。

Risk-free interest rates over short to medium-term maturities have increased since our last meeting and funding has become more expensive for banks, in part owing to the ongoing phasing-out of the ECB’s targeted longer-term refinancing operations (TLTROs). The large TLTRO repayment in June went smoothly, as banks were well prepared.

TLTRO : targeted longer-term refinancing operations
期間が長めの借り換え資金供給。知らないと「タルトロー」と省略して発音された時に何言っているのか分からなくなる。