综合货币政策决策和声明

5 February 2026 Monetary policy decisions The Governing Council today decided to keep the three key ECB interest rates unchanged. Itsupdated assessment reconfirms that inflation should stabilise at its 2% target in the medium term. Theeconomy remains resilient in a challenging global environment. Low unemployment, solid private 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 Reproduction is permitted provided that the source is acknowledged. Asset purchase programme (APP) and pandemic emergencypurchase programme (PEPP) The APP and PEPP portfolios are declining at a measured and predictable pace, as the Eurosystem 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. We would like to begin by congratulating Bulgaria on joining the euro area on 1 January 2026. Wealso warmly welcome Dimitar Radev, the Governor ofБългарска народна банка(Bulgarian National We will now report on the outcome of today’s meeting. The Governing Council today decided to keep the three key ECB interest rates unchanged. Ourupdated assessment reconfirms that inflation should stabilise at our two per cent target in the mediumterm. The economy remains resilient in a challenging global environment. Low unemployment, solid 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 0.3 per cent in the fourth quarter of 2025, according to Eurostat’s preliminaryflash estimate. Growth has mainly been driven by services, notably in the information andcommunication sector. Manufacturing has been resilient despite the headwinds from global trade and The labour market continues to support incomes, even though demand for labour has cooled further.Unemployment stood at 6.2 per cent in December, after 6.3 per cent in November. Growing labourincomes together with a lower household saving rate should bolster private consumption. Government The Governing Council stresses the urgent need to strengthen the euro area and its economy in thepresent geopolitical context. Governments should prioritise sustainable public finances, strategicinvestment and growth-enhancing structural reforms. Unlocking the full potential of the Single Market Inflation Inflation declined to 1.7 per cent in January, from 2.0 per cent in December and 2.1 per cent inNovember. Energy inflation dropped to -4.1 per cent, after -1.9 per cent in December and -0.5 per centin November, while food price inflation increased to 2.7 per cent, from 2.5 per cent in December and Indicators of underlying inflation have changed little over recent months and remain consistent withour two per cent medium-term target. Negotiated wage growth and forward-looking indicators, such asthe ECB’s wage tracker and surveys on wage expectations, point to a continued moderation in labour Most measures of longer-term inflation expectations continue to stand at around 2 per cent, supporting Risk assessment The euro area continues to face a volatile global policy environment. A renewed increase inuncertainty could weigh on demand. A deterioration in global financial market sentiment could alsodampen demand. Further frictions in international trade could disrupt supply chains, reduce exportsand weaken consumption and investment. Geopolitical tensions, in particular Russia’s unjustified war The outlook for inflation continues to be more uncertain than usual on account of the volatile globalpolicy environment. Inflation could turn out to be lower if tariffs reduce demand for euro area exportsby more than expected and if countries with overcapacity increase further their exports to the euroarea. Moreover, a stronger euro could bring inflation down beyond current expectations. More volatileand risk-averse financial markets could weigh