Our monetary policy statement at a glance - September 2021
What did we decide?
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Our monetary policy continues to support the economy
Our measures help the economy to recover and ultimately bring inflation to our 2% target.
Asset purchases can be moderately lower
Financing conditions are favourable and the outlook for inflation has improved slightly. This allows for a moderately lower pace of net purchases under our Pandemic Emergency Purchase Programme.
Financing conditions need to remain favourable
This supports consumers, companies, and the public sector, so that the economy can continue its recovery.
What mattered to us in our decisions?
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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 euro area economic recovery is advancing…
70% of adult Europeans are fully vaccinated, and the economy has largely re-opened. A better job market holds out the prospect of higher incomes and greater spending.
…but the economy is not yet doing as well as it can
There are still more than two million fewer people employed than before the pandemic. In some parts of the economy, shortages of materials and equipment hold back production.
How do we see the economy developing?
We expect the economy to rebound strongly this year and next
Euro area economic growth in 2020 and projections for the coming years
(projections from September 2021)
We expect the current rise in inflation to be largely temporary, with inflation coming down again in 2022
Euro area inflation in 2020 and projections for the coming years
(projections from September 2021)
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