Our monetary policy statement at a glance - March 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 kept our key interest rates unchanged
Our past interest rate hikes are helping push down inflation. And our 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
The economy is still weak but will gradually recover
People are spending less, and companies are exporting fewer goods and services. But as inflation comes down and wages increase, people will have more to spend. This will support the economy.
Inflation has fallen further
Energy is much cheaper than a year ago, and food prices are no longer going up as strongly. But rising wages are keeping prices high for other goods and services.
Lots of people are in jobs
Unemployment is the lowest it has been since the start of the euro. Firms continue to take on new workers, though fewer than in the past.
How do we see the economy developing?
We expect the economy to slowly recover in the coming years
Projections for euro area economic growth in 2024 and the coming years
(projections from March 2024)
We expect inflation to fall to our 2% target in 2025
Projections for euro area inflation in 2024 and the coming years
(projections from March 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