Our monetary policy statement at a glance - October 2021
What are the main points?
The euro area economy continues to recover strongly
The pandemic’s grip on the economy has loosened. People are confident about the future and keep spending. But the growth momentum has moderated to some extent.
Shortages in some sectors are holding back the economy
There are not enough materials, equipment and workers in some sectors, deliveries are taking longer, and transport and energy prices have increased a lot.
Inflation could be higher for longer, but will decline next year
This is mainly because oil, gas and electricity prices have gone up a lot and demand is rising faster than supply. But we expect inflation to fall in the course of 2022 as these issues fade away.
What did we decide?
Financing conditions are still favourable...
Market interest rates have increased. However, financing conditions in the economy remain favourable.
…so asset purchases can continue at a moderately lower pace
The positive effects of our pandemic emergency purchase programme keep helping consumers, companies, and the public sector.
Our monetary policy continues to support the economy
Together, our measures are helping the economy to recover and, ultimately, to bring inflation to our 2% target.