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Account of the monetary policy meeting of the Governing Council of the European Central Bank held on Wednesday and Thursday, 18-19 March 2026
Ms Schnabel started her presentation by noting that the period after the Governing Council’s previous monetary policy meeting on 4-5 February 2026 could be divided into two distinct phases. In the first phase, up to the start of the war in the Middle East, the low-volatility and strong risk appetite environment had remained in place. In the second phase, when energy prices had surged in response to the war, volatility had increased in equity markets and especially in bond markets, and there had been sell-offs in both risk asset markets and bond markets. Brent crude oil prices had surged above USD 100 per barrel to ... (full story)
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At the monetary policy assessment of 17 and 18 March 2026, the Governing Board of the Swiss National Bank decided to leave the SNB policy rate unchanged at 0%. The SNB communicated its monetary policy decision to the public on 19 March 2026. The decision was preceded by an analysis and discussion of the monetary policy conditions and the economic ...
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