Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Suggestions
Sort by

Our monetary policy statement at a glance - July 2024

What did we decide?

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

We kept our key interest rates unchanged

Our rates are still high, helping push down inflation. This is still needed because inflation is likely to stay above our 2% target well into next year.

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 slowly recovering

Services are driving growth in the economy. People have more to spend because inflation is coming down and wages are going up.

Manufacturing is not doing well

Firms are not increasing their production, and their exports are also not growing. But as the world economy recovers, things should improve.

Inflation is coming down but it will be a bumpy ride

Prices for goods and food are no longer going up as strongly. We expect inflation to return to our 2% target over the second half of next year, although there might be a few ups and downs before we get there.

Wages are still rising fast

Workers are seeking to make up for past price rises. More jobs are still being created, especially in services. Firms are making less profit, partly because they are not passing their higher labour costs on to customers in the form of higher prices.

People are asking to take out mortgages again

High interest rates mean loans are still relatively expensive. But it has become a bit easier to get a mortgage. Now, for the first time in two years, more people are applying for loans to buy houses.

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
NOT AN EXPERT? CHECK OUT OUR EXPLAINER
LEARN MORE
What is monetary policy?