Our monetary policy statement at a glance - February 2023
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 raised interest rates again, by 0.5 percentage points
We are in the process of raising rates significantly, and at a steady pace. We are doing this to bring inflation down.
We are adjusting our purchase programmes
We will start to reduce the large amounts of bonds we bought under our asset purchase programme over the last few years. We will also make our holdings of corporate bonds greener by focusing more on firms with a better climate performance.
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
Inflation has come down slightly but remains too high
Energy prices have dropped sharply in recent weeks, but food prices are still rising strongly. The earlier surge in energy costs is still spreading throughout the economy. This makes many goods and services more expensive.
The economy is weak right now, but it should soon pick up
The war, high inflation and a weaker world economy are still holding back our economy. But with wages going up and prices no longer rising as much, people will likely spend more and the economy should recover later this year.
Many people have jobs and new jobs are still being created
Unemployment remains the lowest it has been in the history of the euro. Workers are demanding larger pay increases to make up for high inflation.
Loans from banks are becoming more expensive
As interest rates rise, fewer people are taking out mortgages. Businesses are also requesting fewer loans for their investments.
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