Our monetary policy statement at a glance - February 2026
What did we decide?
We kept our key interest rates at their current levels
We did this because we see inflation stabilising where we want it to be: 2%.
What is going on in the economy?
Our economy is on a steady path…
Services are driving growth. Many firms are investing in AI and other new technologies. Governments are spending more on defence and infrastructure too, which is also supporting growth.
… even if the situation abroad is still challenging
Uncertainty remains high. Higher tariffs and a stronger euro are making exports from the euro area more expensive.
The jobs market is in good shape
Many people are in work. With higher incomes, and by saving less, they can spend more. This supports the economy.
Inflation has been settling at our 2% target
Energy has been getting cheaper. Food prices are rising more slowly. With wages no longer going up so fast, inflation should remain close to 2%.
Banks are lending more
People are taking out more mortgages. Firms are asking for more credit, but banks are also looking more carefully at who they lend to.
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