综合货币政策决策和声明

11 April 2024 Monetary policy decisions The Governing Council today decided to keep the three key ECB interest rates unchanged. Theincoming information has broadly confirmed the Governing Council’s previous assessment of themedium-term inflation outlook. Inflation has continued to fall, led by lower food and goods priceinflation. Most measures of underlying inflation are easing, wage growth is gradually moderating, andfirms are absorbing part of the rise in labour costs in their profits. Financing conditions remainrestrictive and the past interest rate increases continue to weigh on demand, which is helping to pushdown inflation. But domestic price pressures are strong and are keeping services price inflation high. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in atimely manner. It considers that the key ECB interest rates are at levels that are making a substantialcontribution to the ongoing disinflation process. The Governing Council’s future decisions will ensurethat its policy rates will stay sufficiently restrictive for as long as necessary. If the Governing Council’supdated assessment of the inflation outlook, the dynamics of underlying inflation and the strength ofmonetary policy transmission were to further increase its confidence that inflation is converging to thetarget in a sustained manner, it would be appropriate to reduce the current level of monetary policyrestriction. In any event, the Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction, and it is not pre-committing to a particular rate path. Key ECB interest rates The interest rate on the main refinancing operations and the interest rates on the marginal lendingfacility and the deposit facility will remain unchanged at 4.50%, 4.75% and 4.00% respectively. European Central BankDirectorate General CommunicationsSonnemannstrasse 20, 60314 Frankfurt am Main, GermanyTel.: +49 69 1344 7455, email: media@ecb.europa.eu, website: www.ecb.europa.eu Asset purchase programme (APP) and pandemic emergencypurchase programme (PEPP) The APP portfolio is declining at a measured and predictable pace, as the Eurosystem no longerreinvests the principal payments from maturing securities. The Governing Council intends to continue to reinvest, in full, the principal payments from maturingsecurities purchased under the PEPP during the first half of 2024. Over the second half of the year, itintends to reduce the PEPP portfolio by €7.5 billion per month on average. The Governing Councilintends to discontinue reinvestments under the PEPP at the end of 2024. The Governing Council will continue applying flexibility in reinvesting redemptions coming due in thePEPP portfolio, with a view to countering risks to the monetary policy transmission mechanism relatedto the pandemic. Refinancing operations As banks are repaying the amounts borrowed under the targeted longer-term refinancing operations,the Governing Council will regularly assess how targeted lending operations and their ongoingrepayment are contributing to its monetary policy stance. *** The Governing Council stands ready to adjust all of its instruments within its mandate to ensure thatinflation returns to its 2% target over the medium term and to preserve the smooth functioning ofmonetary policy transmission. Moreover, the Transmission Protection Instrument is available tocounter unwarranted, disorderly market dynamics that pose a serious threat to the transmission ofmonetary policy across all euro area countries, thus allowing the Governing Council to more effectivelydeliver on its price stability mandate. The President of the ECB will comment on the considerations underlying these decisions at a pressconference starting at 14:45 CET today. Monetary policy statement Press conference Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB Good afternoon, the Vice-President and I welcome you to our press conference. The Governing Council today decided to keep the three key ECB interest rates unchanged. Theincoming information has broadly confirmed our previous assessment of the medium-term inflationoutlook. Inflation has continued to fall, led by lower food and goods price inflation. Most measures ofunderlying inflation are easing, wage growth is gradually moderating, and firms are absorbing part ofthe rise in labour costs in their profits. Financing conditions remain restrictive and our past interest rateincreases continue to weigh on demand, which is helping to push down inflation. But domestic pricepressures are strong and are keeping services price inflation high. We are determined to ensure that inflation returns to our two per cent medium-term target in a timelymanner. We consider that the key ECB interest rates are at levels that are making a substantialcontribution to the ongoing disinflation process. Our