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Our monetary policy statement at a glance

What did we decide?

Our monetary policy continues to support the economy

Our measures help the economy to recover and ultimately bring inflation to our 2% target.

Asset purchases can be moderately lower

Financing conditions are favourable and the outlook for inflation has improved slightly. This allows for a moderately lower pace of net purchases under our Pandemic Emergency Purchase Programme.

Financing conditions need to remain favourable

This supports consumers, companies, and the public sector, so that the economy can continue its recovery.

What mattered to us in our decisions?

The euro area economic recovery is advancing…

70% of adult Europeans are fully vaccinated, and the economy has largely re-opened. A better job market holds out the prospect of higher incomes and greater spending.

…but the economy is not yet doing as well as it can

There are still more than two million fewer people employed than before the pandemic. In some parts of the economy, shortages of materials and equipment hold back production.

How do we see the economy developing?

We expect the economy to rebound strongly this year and next

Euro area economic growth in 2020 and projections for the coming years
(projections from September 2021)

We expect the current rise in inflation to be largely temporary, with inflation coming down again in 2022

Euro area inflation in 2020 and projections for the coming years
(projections from September 2021)

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?