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07.03.2024

ECB keeps its key interest rates unchanged, as widely expected

The European Central Bank (ECB) kept its main refinancing rate unchanged at 4.50 per cent on Thursday, as widely expected. The ECB’s interest rates on the marginal lending facility and the deposit facility were also left unchanged at 4.75 per cent and 4.00 per cent, respectively. It was the ECB’s fourth consecutive meeting on hold. In its policy statement, the ECB noted:

- ECB staff revised downwardly its projections for inflation, in particular for 2024, mainly to a lower contribution from energy prices. Inflation is now projected to average 2.3% in 2024, 2.0% in 2025 and 1.9% in 2026;

- Projections for inflation excluding energy and food were also revised down to 2.6% for 2024, 2.1% for 2025 and 2.0% for 2026;

- 2024 growth projection was also revised down to 0.6%, with economic activity seen to remain subdued in the near term. Eurozone's economy is expected to pick up and grow at 1.5% in 2025 and 1.6% in 2026;

- Although most measures of underlying inflation have eased further, domestic price pressures remain high, in part owing to strong growth in wages;

- Financing conditions are restrictive and the past interest rate increases continue to weigh on demand, which is helping push down inflation;

- Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner;

- Governing Council considers that key ECB interest rates are at levels that, maintained for a sufficiently long duration, will make a substantial contribution to this goal;

- Governing Council’s future decisions will ensure that policy rates will be set at sufficiently restrictive levels for as long as necessary;

- Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction;

- Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation returns to its 2% target over the medium term and to preserve the smooth functioning of monetary policy transmission

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