Our monetary policy statement at a glance - January 2024
What did we decide?
We kept our key interest rates unchanged
Our past interest rate hikes are helping to push inflation down. Future decisions will depend on how we see the economy and inflation developing.
What is going on in the economy?
Overall, inflation is still on its way down
Prices for food, goods and services are no longer rising as much as before. Energy prices are falling, but now more slowly.
The economy is weak at the moment
Over time, we expect it to gradually recover. But regional conflicts and their effects on trade have made the future more uncertain.
The current weakness is being felt across the economy
Industrial firms have again cut their production and retailers have seen their sales decline further.
Many people are in jobs
Unemployment is again at its lowest level since the start of the euro. More people are looking for jobs and finding them. But fewer firms are advertising vacancies.
People and businesses are rethinking their plans because borrowing is expensive
Higher interest rates mean that the cost of borrowing money has gone up. And getting loans from banks has also become a bit more difficult.
Look at the details
MONETARY POLICY DECISIONS
Here is what the Governing Council decided about the ECB’s interest rates and instruments at its latest meeting.
Press releaseMONETARY POLICY STATEMENT
Read our explanation of the reasons behind the latest monetary policy decisions.
Monetary policy statement