Taking into account all the new information and analyses which have become available since our meeting on 7 October 2010, we continue to expect price developments to remain moderate over the policy-relevant medium-term horizon. Recent economic data are consistent with our assessment that the underlying momentum of the recovery remains positive. At the same time, uncertainty is prevailing.
Since October 2017, all four systemic banks returned to the international capital markets with covered bond issues for the first time since 2014. Banks’ dependence on central bank financing has declined significantly. The ELA ceiling stands now at € billion euro, down from 90 billion euro in July 2015.