As for the outlook, there is a high degree of uncertainty associated with the effects of structural reforms, such as the response to the shadow banking problem, and the content and effects of policy measures to underpin the economy. However, supported by firm domestic demand, the Chinese economy is likely to register stable growth at the current pace.
We will now report on the outcome of today’s meeting of the Governing Council. Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases.