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KPMG comment on ECB announcements

KPMG comment on ECB announcements

Yael Selfin, head of macroeconomics, comments on today's monetary policy announcements from the European Central Bank (ECB)


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Commenting on today’s monetary policy announcements from the European Central Bank (ECB), Yael Selfin, head of macroeconomics at KPMG in the UK, said

“The ECB’s latest forecasts suggest the UK’s decision to leave the EU is likely to have a relatively minor impact on the Eurozone economy over the next two years. The ECB’s assessment of the outlook for the Eurozone economy was revised downwards very marginally with the risks more skewed to the downside, only in part due the uncertainties arising as a result of the Brexit vote.   

“As a result, the ECB has opted to keep its monetary stance unchanged in September, without announcing any concrete steps to expand its quantitative easing programme beyond the first quarter of 2017 when the current programme is due to expire, or any measures to widen its current QE scope. 

“Given ECB’s limited room for manoeuvre, Mario Draghi’s continued call to accelerate structural reforms across the Eurozone remain extremely pertinent. However, given there are a number of key parliamentary elections on the horizon in the EU, it is unlikely that any major progress will be made, making it harder for the Eurozone economy to lift its performance in the near term.” 


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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.  


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