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Our monetary policy statement at a glance - December 2022

What did we decide?

We raised interest rates again, by 0.5 percentage points

And we expect to raise them significantly further. By how much will depend on how we see the economy and inflation developing.

We will also adjust our asset purchase programme

In March we will start to reduce the large amount of bonds we bought over the past few years as part of our asset purchase programme.

What is going on in the economy?

Inflation is far too high and will remain high for too long

While energy prices have fallen slightly, prices for food and many other goods and services are still going up, partly because of past problems with supply.

The economy is going through a difficult period

This is mainly due to high inflation, the energy crisis and slower economic growth around the world. But any recession should be relatively short and shallow.

New jobs are still being created

More people have jobs than ever before in the history of the euro. But this will probably change as the economy weakens.

How do we see the economy developing?

After a slowdown, we expect the economy to recover again in the coming years.

Projections for euro area economic growth in 2022 and the coming years
(projections from December 2022)

We expect inflation to remain high for quite some time but eventually come down towards our 2% target.

Projections for euro area inflation in 2022 and the coming years
(projections from December 2022)

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?