Our monetary policy statement at a glance - July 2025
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
We did this because inflation is set to stabilise at our 2% target.
What is going on in the economy?
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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
The economy has been resilient
It grew more strongly than expected over the first months of the year. But the global environment remains exceptionally uncertain, especially because of trade disputes.
Firms are still holding back
Tariffs and global uncertainty are making them cautious to invest. The stronger euro means that firms’ exports are more expensive in the rest of the world. But governments are planning to spend more money, especially on defence and infrastructure, which should support the economy.
Most people’s finances are in good shape
Many people are in jobs and their wages are growing at a good pace. This allows them to spend on goods and services, like holidays, and to invest in buying a home.
Borrowing money has become less expensive
Firms are demanding slightly more credit. At the same time, banks are cautious about lending because of global uncertainty and trade tensions.
Inflation is where we want it to be: at 2%.
We expect it to stabilise around our 2% target in the period ahead.
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