ECB says forward guidance a success

ECB governing council

The European Central Bank's (ECB) forward guidance has contributed to "more stable" money market conditions and helped anchor market expectations about future policy rates, according to its annual report for 2013, published today.

The governing council pledged to keep the ECB's key interest rates "at present or lower levels for an extended period of time" in July 2013, providing the inflation outlook remains "subdued" in the medium term.

Today's annual report analysed the impact of the guidance

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