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Our monetary policy statement at a glance - May 2023

What did we decide?

We raised interest rates by a further 0.25 percentage points

Our future interest rate moves will depend on how we see the economy and inflation developing and how well our rate hikes are taming inflation.

We are ending part of our asset purchases

In July we will stop buying bonds under our asset purchase programme.

What is going on in the economy?

Inflation has come down from its peak but is still too high

Energy prices have dropped sharply in recent months. But prices for food and services are still rising strongly.

The economy is a mixed picture

Services are doing well because people are consuming them quite a lot. Manufacturing firms still have a large amount of orders to work off, but the outlook is worsening for them.

Rising wages and higher profits are behind high inflation

Workers are getting larger pay rises to make up for high inflation. Businesses have put up prices to cover this and are also making bigger profits.

Fewer people and businesses are taking out loans

Since interest rates are higher now, mortgages have become more expensive. For the same reason, fewer businesses are borrowing money to fund investments.

SEE ALSO

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 release

MONETARY POLICY STATEMENT

Read our explanation of the reasons behind the latest monetary policy decisions.

Monetary policy statement
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