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Our monetary policy statement at a glance - January 2024

What did we decide?

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We kept our key interest rates unchanged

Our past interest rate hikes are helping to push inflation down. Future decisions will depend on how we see the economy and inflation developing.

What is going on in the economy?

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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

Overall, inflation is still on its way down

Prices for food, goods and services are no longer rising as much as before. Energy prices are falling, but now more slowly.

The economy is weak at the moment

Over time, we expect it to gradually recover. But regional conflicts and their effects on trade have made the future more uncertain.

The current weakness is being felt across the economy

Industrial firms have again cut their production and retailers have seen their sales decline further.

Many people are in jobs

Unemployment is again at its lowest level since the start of the euro. More people are looking for jobs and finding them. But fewer firms are advertising vacancies.

People and businesses are rethinking their plans because borrowing is expensive

Higher interest rates mean that the cost of borrowing money has gone up. And getting loans from banks has also become a bit more difficult.

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?