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Our monetary policy statement at a glance - October 2021

What are the main points?

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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 economy continues to recover strongly

The pandemic’s grip on the economy has loosened. People are confident about the future and keep spending. But the growth momentum has moderated to some extent.

Shortages in some sectors are holding back the economy

There are not enough materials, equipment and workers in some sectors, deliveries are taking longer, and transport and energy prices have increased a lot.

Inflation could be higher for longer, but will decline next year

This is mainly because oil, gas and electricity prices have gone up a lot and demand is rising faster than supply. But we expect inflation to fall in the course of 2022 as these issues fade away.

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

Financing conditions are still favourable...

Market interest rates have increased. However, financing conditions in the economy remain favourable.

…so asset purchases can continue at a moderately lower pace

The positive effects of our pandemic emergency purchase programme keep helping consumers, companies, and the public sector.

Our monetary policy continues to support the economy

Together, our measures are helping the economy to recover and, ultimately, to bring inflation to our 2% target.

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
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What is monetary policy?