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Our monetary policy statement at a glance - April 2022

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 war in Ukraine is severely affecting the economy

In the near future, the economy will grow more slowly. Very high prices for energy and raw materials are holding back production and reducing people’s purchasing power.

There is high uncertainty about the near future

This makes consumers and businesses less confident.

The war is creating new supply bottlenecks

These add to the difficulties for supply chains caused by recent pandemic measures in Asia. This is disrupting production in some sectors.

But the reopening after the crisis phase of the pandemic is supporting the economy

Many employers are looking for workers and more people have jobs and income to spend. People’s savings during the pandemic and government support also help the economy.

Inflation has increased significantly and will stay high over the coming months

Energy prices are by far the most important reason for this. But prices for food and for a wide range of goods and services are also going up.

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

Our policy has to stay flexible and keep options open.

Any change will depend on how the economy evolves and how we assess the outlook. We expect to conclude net asset purchases under our asset purchase programme in the third quarter of this year.

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?