The ECB will maintain the cautious tone in its meeting of January

Next week the ECB celebrates its monetary policy meeting, on that which great expectancy has been generated after the publication of the law reports of December. Do not expect that, so prompt, introduce changes of interest in its discourse, even more after the assessment of the euro's exchange rate and the reaction of numerous of its members showing its discomfort. The caution that will go on showing the ECB should favour a stabilisation of interest rates of the interbank one, doing to expect, therefore, a more significant upward movement, maybe, for the second quarter. It does not want to say that do not see complacency on the market, then a type Eonia of 0 % quoted ones around the end of 2019 us seems too bass, considering that, if predictions, the EMU are fulfilled will take then almost 7 uninterrupted growth years.

Source: Bankia Studies