Our monetary policy statement at a glance - April 2026
What did we decide?
We kept our key interest rates at their current levels
We are well positioned to cope with the uncertainty created by the war in the Middle East.
What is going on in the economy?
The war in the Middle East is weighing on the economy
Energy prices are much higher, which is pushing up inflation. Uncertainty remains very high. The impact of the war will depend on how long it lasts and how else it affects the economy.
Consumers and businesses are less confident about the future
People are concerned about how expensive energy is becoming and are less willing to spend. Businesses worry about longer delivery times and higher costs.
The economy has some strengths
Many people are in jobs. Most households are in a good financial situation. Businesses are investing in new technologies. And governments are spending on infrastructure and defence. All of this should help cushion the fallout from the war.
Inflation has gone up, and we expect it to stay higher for a while
This is mainly because energy has become much more expensive. Up to now, the prices of food, goods and services have not risen much. We will keep a close eye on how higher energy costs spread to other prices.
Banks are becoming more cautious in their lending
They are more worried about the risks that their customers are facing in this very uncertain economic environment.
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