The European Central Bank left its monetary policy stance unchanged on Thursday, after its announced its plan to trim asset purchases at the start of next year in the previous session, marking a calm close to what could be seen as a stellar year for the single currency economy.

The Governing Council, led by ECB President Mario Draghi, left the key interest rates unchanged after the conclusion of the final policy-session for this year, in Frankfurt.

The main refi rate is currently at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate is 0.25 percent.

"The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases," the ECB reiterated.

In the previous session in October, the bank decided to halve the size of its monthly asset purchases to EUR 30 billion at the start of next year and to continue till September 2018 or beyond.

The bank confirmed this decision on Thursday and reiterated that they will continue until there is a sustained adjustment in the path of inflation consistent with the bank's inflation aim of 'below, but close to 2 percent'.

If the outlook becomes less favorable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the APP in terms of size and/or duration.

The bank opted the "lower for longer" style of tapering for a second time this year and many hope that would be the beginning of the end of ultra-easy monetary policy since the 2007-08 global financial crisis.

However, economists do not expect any hike in the interest rates until the latter half of 2019 as inflation is likely to remain below the ECB's target.

The ECB also said that it will reinvest the principal payments from maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases, and in any case for as long as necessary.

Further, the bank said this will contribute both to favorable liquidity conditions and to an appropriate monetary policy stance.

Focus now shifts to Draghi who is scheduled to hold his customary post-decision press conference at 8.30 am ET.

As the crucial announcement on stimulus was made in October, Draghi is unlikely to dwell on the subject this month. Instead, he is expected to spread Christmas cheer and head into the holiday season with an upbeat outlook on the euro area economy.

Draghi is set to unveil the latest ECB staff macroeconomic projections that will include the first round of forecasts for 2020.

In the September round, the Eurozone growth forecast for this year was raised to 2.2 percent, while the projection for next year was retained at 1.8 percent. The outlook for 2019 was also left unchanged at 1.7 percent.

The inflation forecast for this year was retained at 1.5 percent, while the outlook for next year was cut to 1.2 percent. The price growth forecast for 2019 was slashed to 1.5 percent.

The European Commission predicted in November that the Eurozone is set for its fastest growth in a decade this year, thanks to resilient private consumption, stronger global growth and falling unemployment.

The executive arm of the European Union raised the euro area growth forecast for this year to 2.2 percent. The projection for next year was boosted to 2.1 percent. The commission forecast 1.9 percent expansion for 2019.

Meanwhile, the minutes of the October session revealed a growing rift in the rate-setting body over the process of winding down the stimulus, dubbed 'tapering', and forward guidance. Draghi is likely to face several questions on the same.

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