Our monetary policy statement at a glance - October 2025
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
We did this because inflation is settling around our 2% target.
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 global environment remains a drag on the economy...
Manufacturing firms are feeling the effects of higher tariffs, heightened uncertainty and a stronger euro. Exporters have fewer orders from abroad.
…but at home things are looking better
Services are doing well. Tourism is strong. More firms are investing in new IT systems and using AI in their operations.
Many people are in jobs and have more money to spend
Consumers are saving more than usual. That gives them more room for spending later. And with governments spending more on defence and infrastructure, this should all eventually give a boost to the economy.
Inflation is close to our 2% target
Wages are rising less than before. Energy prices continue to fall, though more slowly than before. These developments are helping to stabilise inflation at our 2% target.
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