Key ECB interest rates were unchanged and are expected to remain at present levels through the summer of 2019. Net asset purchases are to continue at €30 billion per month until the end of September 2018. After which, subject to incoming data, monthly purchases will reduce to €15 billion until the end of December 2018 and then end.
The euro area economy is proceeding along a solid and broad-based growth path. Monetary analysis indicates that broad money growth increased again in June 2018, having gradually decelerated since it last peaked in September 2017.
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Global survey indicators signalled a steady growth momentum for the second quarter of 2018. This was supported by Global inflation edging up in May, with annual consumer price inflation in the OECD increasing to 2.6%. The rise was driven by energy prices, while food prices slowed slightly.