On Thursday 19 March, the Governing Council of the European Central Bank (ECB) decided to leave its three key interest rates unchanged. For the sixth time in a row (see EUROPE B13802A21), the deposit facility rate, the main refinancing operations and the marginal lending facility are therefore maintained at 2.00, 2.15 and 2.40% respectively.
“The war in the Middle East has made the outlook significantly more uncertain, creating upside risks for inflation and downside risks for economic...