As expected, the ECB left rates unchanged
at today’s meeting and sent a moderately
dovish signal. Although it did not rule out
further rate cuts, the Bank is pleased with
the success of liquidity operations, leaving
us comfortable with our view that the main
refinancing rate will remain at 1% over the
next 12 months. Details were also provided
on the EUR60bn covered bond purchase
programme, to be started shortly,
indicating that maturities of 3-10 years
could be included.
GS-European Weekly Analyst - Fiscal exit strategies-090702
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