欧洲央行-综合货币政策决策和报表

30 October 2025 Monetary policy decisions The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflationremains close to the 2% medium-term target and the Governing Council’s assessment of the inflationoutlook is broadly unchanged. The economy has continued to grow despite the challenging globalenvironment. The robust labour market, solid private sector balance sheets and the GoverningCouncil’s past interest rate cuts remain important sources of resilience. However, the outlook is stilluncertain, owing particularly to ongoing global trade disputes and geopolitical tensions. The Governing Council is determined to ensure that inflation stabilises at its 2% target in the mediumterm. It will follow a data-dependent and meeting-by-meeting approach to determining the appropriatemonetary policy stance. In particular, the Governing Council’s interest rate decisions will be based onits assessment of the inflation outlook and the risks surrounding it, in light of the incoming economicand financial data, as well as the dynamics of underlying inflation and the strength of monetary policytransmission. The Governing Council is not pre-committing to a particular rate path. Key ECB interest rates The interest rates on the deposit facility, the main refinancing operations and the marginal lendingfacility will remain unchanged at 2.00%, 2.15% and 2.40% 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 and PEPP portfolios are declining at a measured and predictable pace, as the Eurosystemno longer reinvests the principal payments from maturing securities. *** The Governing Council stands ready to adjust all of its instruments within its mandate to ensure thatinflation stabilises at its 2% target in 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. I would like to thankGovernor Panetta for his kind hospitality and express our special gratitude to his staff for the excellentorganisation of today’s meeting of the Governing Council. The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflationremains close to our two per cent medium-term target and our assessment of the inflation outlook isbroadly unchanged. The economy has continued to grow despite the challenging global environment.The robust labour market, solid private sector balance sheets and our past interest rate cuts remainimportant sources of resilience. However, the outlook is still uncertain, owing particularly to ongoingglobal trade disputes and geopolitical tensions. We are determined to ensure that inflation stabilises at our two per cent target in the medium term. Wewill follow a data-dependent and meeting-by-meeting approach to determining the appropriatemonetary policy stance. In particular, our interest rate decisions will be based on our assessment ofthe inflation outlook and the risks surrounding it, in light of the incoming economic and financial data,as well as the dynamics of underlying inflation and the strength of monetary policy transmission. Weare not pre-committing to a particular rate path. The decisions taken today are set out in a press release available on our website. I will now outline in more detail how we see the economy and inflation developing and will then explainour assessment of financial and monetary conditions. Economic activity The economy grew by 0.2 per cent in the third quarter of the year, according to Eurostat’s preliminaryflash estimate published today. The services sector continued to grow, boosted by strong tourism and,especially, by a pick-up in digital services. According to surveys, the pick-up reflects the fact that manyfirms have stepped up efforts to modernise their IT infrastructures and integrate artificial intelligenceinto their operations. Meanwhile, manufacturing was held back by higher tariffs, still-heighteneduncertainty and a stronger euro. The divergence between domestic and external demand is likely to persist in the near term. Theeconomy should benefit from consumers spending more as real incomes rise.Unemployment, at