Our monetary policy statement at a glance - June 2024
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 cut our key interest rates by 0.25 percentage points
Keeping interest rates high for nine months has helped push down inflation. Our future decisions will depend on how we see the economy and inflation developing.
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 is starting to grow again
Services are doing well. Lower inflation and higher wages mean that people can spend more. More demand from the rest of the world should also support our economy.
Inflation still needs some time to return to our 2% target
Prices for goods are no longer rising as much. But prices for many services have gone up markedly.
Wages are still rising strongly
Higher wages are helping workers make up for past rises in prices. Firms are still looking for new workers, though less so than in the past. Unemployment is the lowest it has been in 25 years.
How do we see the economy developing?
We expect the economy to recover in the coming years
Projections for euro area economic growth in 2024 and the coming years (projections from June 2024)
We expect inflation to fall to our 2% target in the second half of 2025
Projections for euro area inflation in 2024 and the coming years (projections from June 2024)
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