Our monetary policy statement at a glance - December 2024
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 cut our key interest rates by 0.25 percentage points
We did this because inflation is coming close to our 2% target and the economy is weakening. Our future decisions will depend on how we see the economy and inflation developing.
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 recovering more slowly than we expected
People are not buying as many goods and services. Firms are also holding back investments. Some industries find it difficult to compete with the rest of the world. But over time, the economy should get stronger.
Wages are going up, but by less than before
Many people are in work and new jobs are still being created. But firms are posting fewer vacancies.
Inflation is gradually on its way down
Some services are still getting more expensive, as a late response to the high inflation of the past. In the coming months inflation may go up and down a bit. But overall, we expect it to soon settle at around our 2% target.
How do we see the economy developing?
We expect the economy to slowly recover in the years ahead
Projections for euro area growth in 2024 and the coming years
(projections from December 2024)
We expect inflation to settle at around our 2% target
Projections for euro area inflation in 2024 and the coming years
(projections from December 2024)
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