综合货币政策决策和声明

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 global 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 appropriate Key ECB interest rates The interest rates on the deposit facility, the main refinancing operations and the marginal lending 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 to The President of the ECB will comment on the considerations underlying these decisions at a press 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 excellent 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. 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 of 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 explain 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 many 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 6.3per cent in September, remains close to its historical low, even though demand for labour has cooled. By contrast, the global environment is likely to remain a drag. Goods exports declined from March toAugust, reversing the earlier frontloading of international trade ahead of recent tariff increases. Newexport orders in manufacturing point to further declines. The full impact of higher tariffs on euro area The Governing Council stresses the urgent need to strengthen the euro area and its economy in thepresent geopolitical environment, and we welcome EU leaders reaffirming this ambition at last week’sEuro Summit. Fiscal and structural policies should boost productivity, competitiveness and resilience.It is essential to implement the European Commission’s competitiveness roadmap swiftly. The Governing Council is committed to making retail and wholesale central bank money fit for thedigital age. In this vein, the Governing Council today decided to move to the next stage of the digitaleuro project. This will ensure technical readiness for potential issuance and support Europe’s digital Inflation Annual inflation increased to 2.2 per cent in September, from 2.0 per cent in August. This was mainlybecause energy prices fell by less than before. Energy price inflation was -0.4 per cent in September,up from -2.0 per cent in August. Meanwhile, food price inflation eased to 3.0 per cent in September, Indicators of underlying inflation remain consistent with our two per cent medium-term target. Whilefirms’ profits are recovering, labour costs are set to moderate further owing to rising productivity and an easing in wage growth. Forward-looking indicators, such as the ECB’s wage tracker and surveyson wage expectations, point to slower wage growth over the remainder of the year and the first half of Most measures of longer-term inflation expectations continue to stand at around 2 per cent, supporting Risk assessment The EU-US trade deal reached over the summer, the recently announced ceasefire in the Middle Eastand today’s announc