Our monetary policy statement at a glance - March 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, by 0.5 percentage points
Our future decisions will depend on how we see future inflation developing and how well our past rate hikes tame inflation.
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 is still too high and will remain so for some time yet
Energy prices have dropped sharply. But pressures keeping prices high are increasingly coming from food, industrial goods and services.
The economy is doing better than expected, but it remains weak
It is set to recover in the coming months, even though uncertainty has increased. With cheaper energy, fewer supply problems and businesses hard at work to fulfil past orders, firms and consumers feel more confident about the future.
The labour market remains strong
New jobs are still being created. With higher wages, workers get back some of the purchasing power they have lost because of high inflation.
How do we see the economy developing?
Though the economy is now weak, we expect it to recover in the coming years. Recent tensions in financial market make this outlook more uncertain.
Projections for euro area economic growth in 2023 and the coming years
(projections from March 2023)
Inflation is likely to have peaked and we expect it to gradually decline towards our 2% target. Recent tensions in financial market make this outlook more uncertain.
Projections for euro area inflation in 2023 and the coming years
(projections from March 2023)
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