Our monetary policy statement at a glance - July 2021
What are the main points?
Our monetary policy continues to support the economy
Our measures help the economy to recover and ultimately, bring inflation to our 2% target.
We revised our forward guidance
Low interest rates support our symmetric 2% inflation target.
Asset purchases continue at a higher pace...
We decided to keep up the pace of our asset purchases under our Pandemic Emergency Purchase Programme.
...to keep financing conditions favourable
This helps the current rebound to turn into a lasting expansion and to offset the negative impact of the pandemic on inflation.
What mattered to us in our decisions?
The euro area economic recovery is on track
People and businesses are more optimistic thanks to vaccinations and the reopening of the economy. But they are also still cautious because of new virus variants.
While inflation has risen, this will be temporary
We expect inflation to increase further over the coming months and to decline again thereafter. Because the economy is not yet doing as well as it can, price pressures remain weak. Our persistent support is still needed to bring inflation back to 2% over the medium term.
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