Our monetary policy statement at a glance - October 2026
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 at their current levels
We are well positioned to deal with the very uncertain economic situation.
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 keeps growing despite headwinds
Much higher energy prices are a worry for people and businesses. But firms are investing, especially in digitalisation and AI. Governments are spending on infrastructure and defence. All of this supports the economy.
Many people are in jobs
Unemployment is close to the lowest it has been since the start of the euro. But fewer new jobs are being created. Wages are growing but not very fast.
Inflation has gone up again
Much higher prices for energy, especially for petrol and diesel, are the main reason behind this. Inflation will stay higher for some time, before eventually coming down again.
Getting a loan is becoming more expensive
Loans from banks to firms and households keep growing steadily. But fewer people are asking for mortgages because interest rates have gone up. Companies are also more cautious about getting new loans.
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