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Our monetary policy statement at a glance - June 2022

What are the main points?

Inflation is much higher than we want and will stay high for some time

Higher energy costs are still the main factor behind rising prices. But prices for food and many other goods and services are also going up strongly.

The economy will grow more slowly in the near future

The war in Ukraine, high energy costs and greater uncertainty are a drag on the economy. Pandemic restrictions in China have also created new bottlenecks.

But the conditions are in place for the economy to grow and recover further

The economy is still reopening. Unemployment is at a record low. People are spending, using money saved during the pandemic and because governments are providing support.

What did we decide?

We are taking further steps in normalising our policy

We will make sure that inflation returns to our two per cent target over the medium term. As of 1 July 2022, we will end net purchases under our asset purchase programme.

We are also starting on a gradual but sustained path of interest rate rises

We intend to raise our interest rates by 0.25% in July. We expect to increase them again in September. How fast we raise rates after that will depend on how inflation develops.

How do we see the economy developing?

We expect the economy to grow solidly

Euro area economic growth in 2021 and projections for this and the coming years
(projections from June 2022)

We expect inflation to remain high for some time before it gradually comes down towards our 2% target

Euro area inflation in 2021 and projections for this and the coming years
(projections from June 2022)


Look at the details


Here is what the Governing Council decided about the ECB’s interest rates and instruments at its latest meeting.

Press release


Read our explanation of the reasons behind the latest monetary policy decisions.

Monetary policy statement
What is monetary policy?