European Central Bank Statement comparison — 12 December 2019 vs 23 January 2020

This European Central Bank statement comparison covers 12 December 2019 and 23 January 2020. Overall, the newer document was broadly unchanged. The January 2024 statement is a copy-paste of December 2019 with no changes to rates, QE, or forward guidance. The strategy review is a forward-looking exercise with no immediate policy implications, so the overall message remains firmly accommodative.

What changed

Broadly unchanged. The January 2024 statement is a copy-paste of December 2019 with no changes to rates, QE, or forward guidance. The strategy review is a forward-looking exercise with no immediate policy implications, so the overall message remains firmly accommodative.

Inflation — Little changed. Inflation outlook language unchanged; the condition for rates remains the same robust convergence to below 2%.
Labour Market — Little changed. Labour market not discussed; no material change in characterisation.
Rate Path — Little changed. Forward guidance on rates identical: 'present or lower levels' until inflation condition is met; no shift in stance.
Balance Sheet — Little changed. APP pace and reinvestment commitment unchanged; the only new element is a strategy review, which is neutral for balance sheet stance.

Key wording

12 December 2019

At today’s meeting the Governing Council of the European Central Bank (ECB) decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively.
rate path: No change in rates, as expected.

On 1 November net purchases were restarted under the Governing Council’s asset purchase programme (APP) at a monthly pace of €20 billion.
rate path: Confirms ongoing QE at current pace.

23 January 2020

the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively.
rate path: Rates unchanged as expected; no surprise.

The Governing Council will continue to make net purchases under its asset purchase programme (APP) at a monthly pace of €20 billion.
rate path: QE continues at current pace, maintaining stimulus.

Official documents

Background reading

12 December 2019 statement · 23 January 2020 statement · Earlier meeting · Later meeting · Previous comparison · Next comparison · Methodology