Our monetary policy statement at a glance - April 2024
What did we decide?
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We kept our key interest rates unchanged
Their current levels are helping push down inflation. If the incoming information makes us more confident that inflation is sustainably moving to our 2% target, we may not need to keep interest rates as high as they are now. But our decisions will depend on how we judge the situation based on the new information we receive over time.
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 remains weak but should pick up later in the year
As inflation comes down and wages increase, people will have more to spend. With the world economy recovering, firms will export more. All of this will support our economy.
Services are still doing well
People keep spending on services, such as travel and restaurants. But manufacturing firms face low demand for goods and are producing less – especially in sectors that use a lot of energy.
Inflation is still coming down
Prices for goods and food are no longer going up as strongly. Energy prices are lower than a year ago. But prices for services keep increasing a lot.
Wages are still rising, but not as strongly as before
Paying workers more means higher costs for companies. But instead of passing the full amount of these costs on to customers in the form of higher prices, firms are raising their profits by less.
Firms are taking out fewer loans
High interest rates have made loans more expensive, so firms are cutting back on their plans for new investment.
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