EUR — Monetary Policy Statement

The ECB Monetary Policy Statement is the President and Vice-President's formal explanation of the Governing Council's latest policy decisions. It sets out the assessment of the inflation outlook, underlying inflation and the strength of monetary-policy transmission, together with economic growth and risk considerations. The statement accompanies decisions on the ECB's key interest rates and, when relevant, its asset portfolios, refinancing operations or other instruments.

This communication is broader than the Main Refinancing Rate alone. Markets compare the full package of deposit, refinancing and marginal-lending rates, any balance-sheet guidance and the wording of the reaction function with the prior meeting. On projection meetings, staff forecasts for inflation and growth provide additional context.

There may be no single Actual-versus-Forecast value beyond the announced rates. A more persistent inflation assessment or slower expected easing can lift euro-area yields and support EUR. Greater confidence in disinflation or concern about weak growth can do the opposite. The response depends on what markets had priced and can change during the following press conference.

ECB guidance is deliberately data-dependent and meeting-by-meeting, not a fixed promise. Small wording changes can be technical, while unchanged rates can still deliver a meaningful policy signal. Read the complete decision, statement and Q&A and distinguish the euro-area aggregate outlook from any one country's data.

Official source: European Central Bank (ECB), monetary policy decisions and statements.