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Our monetary policy statement at a glance - October 2023

What did we decide?

We kept our key interest rates unchanged

Our past interest rate hikes are already helping push inflation down. Our future decisions will depend on how we see the economy and inflation developing.

What is going on in the economy?

Inflation has dropped markedly but is still too high

Prices for goods and services are no longer rising as much. In the coming months, inflation should come down further. But new conflicts and tensions in parts of the world have made the future more uncertain.

The economy is weak and will remain so until the end of the year

Less demand from outside the euro area and higher interest rates are cooling the economy. But with lower inflation, higher incomes and a pick-up in exports, the economy should recover.

Many people are in jobs

Unemployment stands at its lowest level since the start of the euro. But fewer new jobs are being created, including in services.

Higher interest rates are making borrowing more expensive

As a result, fewer people are planning to buy a house. Businesses have cut back on new investments. And banks have made it more difficult to get loans.

SEE ALSO

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 release

MONETARY POLICY STATEMENT

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

Monetary policy statement
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What is monetary policy?