Our monetary policy statement at a glance - March 2022
What are the main points?
The war in Ukraine makes the near future very uncertain
The Russian invasion of Ukraine makes energy more expensive, disrupts trade and weighs on people’s confidence. Economic growth will be slower than was expected before the outbreak of the war.
The economy should still grow robustly in 2022
Many people have jobs and households should earn higher incomes and spend more. Restrictions related to the pandemic are being lifted and supply problems are beginning to ease.
Inflation will remain high for now, but eventually fall again.
Energy prices have risen further, also because of the war. Prices for food and many other goods and services are also going up. Although there are not enough workers in more and more sectors, wages are not yet growing faster.
What did we decide?
We are gradually reducing our net asset purchases
We may conclude them in the third quarter if the data show that the outlook for inflation will not weaken. Any change to our interest rates will only come some time after the end of our net asset purchases and be gradual.
How do we see the economy developing?
The economy should grow robustly, though more slowly at first because of the war.
Euro area economic growth in 2021 and projections for 2022 and the coming years
(projections from March 2022)
Inflation will remain high for longer than expected but eventually come down to our 2% target.
Euro area inflation in 2021 and projections for 2022 and the coming years
(projections from March 2022)
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