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Our monetary policy statement at a glance - October 2024

What did we decide?

We cut our key interest rates by 0.25 percentage points

We can do this because inflation is coming down faster than expected towards our 2% target and also the economy is weaker. Our future decisions will depend on how we see the economy and inflation shaping up.

What is going on in the economy?

The economy is doing worse than expected

Manufacturing and exports are weak. Firms are not investing much. But services have been doing a bit better, thanks to a good summer tourism season.

People are saving more of their money instead of spending it

Even though many people have more money to spend, they are preferring to put it aside, even more so than before the pandemic.

Inflation is the lowest it has been in years

Energy prices, especially, have come down a lot. Inflation will likely go up in the coming months but is expected to return to our 2% target in 2025.

Many people are in jobs

Unemployment remains the lowest it has been since the start of the euro. But firms are posting fewer job adverts. Wages are still growing quite strongly.

Firms are demanding more loans

People are also feeling more encouraged to apply for mortgages because of lower interest rates and better prospects for the housing market.

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?