Our monetary policy statement at a glance - December 2023
What did we decide?
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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more
We kept our key interest rates unchanged
Our past interest rate hikes are having a strong effect on the economy and are helping to push down inflation. Our future decisions will depend on how we see the economy and inflation developing.
We will gradually bring our asset purchases to an end
From the middle of next year, we intend to gradually reduce the amount of assets we bought under the pandemic emergency purchase programme.
What is going on in the economy?
INSERTED BY ANONYMOUS PROXY
Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more
The economy is weak and will only gradually recover
Many companies are still working off their past orders. Higher interest rates are cooling economic activity, especially in construction and manufacturing.
Inflation fell again but will go up for a short time
It will come down again next year, but more slowly. This is in part because government measures that had helped keep prices in check are ending. Higher wages are also keeping prices up.
Lots of people are in work
New jobs are still being created. But as the economy cools, firms are seeking fewer new workers.
How do we see the economy developing?
We expect the economy to recover in the coming years.
Projections for euro area economic growth in 2023 and the coming years
(projections from December 2023)
We expect that inflation will come back to our 2% target in 2025.
Projections for euro area inflation in 2023 and the coming years
(projections from December 2023)
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