ECB President Mario Draghi is expected to reveal new measures to stimulate the flagging eurozone economy before stepping down.
Thursday's policy meeting will mark ECB President Mario Draghi's last after eight years directing the eurozone's central bank.: Outgoing European Central Bank president Mario Draghi is tipped to unveil new measures to stimulate the flagging eurozone economy on Thursday.
The eurozone’s central bank left rates for banks depositing their money at the ECB unchanged in July, at minus 0.4%, a record low. Economists expect that the central bank will announce a further 10 or 20 basis point cut in this rate. Negative interest rates have cut into the profitability of European banks and a scheme to exempt them from further costs might be included in the new measures .
The ECB is also widely expected to restart its quantitative easing programme through buying up government bonds of euro zone countries, according to analysts. The measure, which was paused last year, could encourage those governments to borrow more money to invest in national projects.
Eurozone inflation is running at just 1% and with just 1.1% year-over-year growth in the second quarter while the 19 country monetary bloc faces significant headwinds from the U.S-China trade war, Brexit uncertainty and signs the German’s economy, Europe’s largest, is heading for recession.
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