Our monetary policy statement at a glance - September 2025
What did we decide?
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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more
We kept our key interest rates unchanged
We did this because inflation is set to stabilise at around our 2% target.
What is going on in the economy?
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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more
The economy is navigating difficulties coming especially from abroad…
Higher tariffs, a stronger euro and competition from other countries weigh on businesses – even if recent trade agreements have reduced uncertainty somewhat.
…but there is momentum for stronger growth ahead
Lots of people are in work and many have had pay rises. This allows them to spend more, which lifts economic growth. Governments spending more on infrastructure and defence will also support the economy.
Inflation is close to our 2% target
Food prices have been rising more slowly and energy prices are lower than a year ago. Wages are no longer going up so much. All of this helps inflation to stabilise around 2%.
How do we see the economy developing?
We expect the economy to grow moderately but steadily in the years ahead
Projections for euro area growth in 2025 and the coming years
(projections from September 2025)
We expect inflation to settle at around our 2% target
Projections for euro area inflation in 2025 and the coming years
(projections from September 2025)
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