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The ECB Podcast
President Lagarde presents the latest monetary policy decisions – 26 October 2023
Oct 26, 2023
President Lagarde discusses monetary policy decisions, the state of the euro-area economy, inflation expectations, risk assessment, and financial conditions. The governing council keeps interest rates unchanged to address inflation and emphasizes a data-dependent approach.
14:04
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Quick takeaways
- The ECB has decided to maintain unchanged interest rates and is committed to returning inflation to the target of 2%.
- The euro-area economy is weakening, with declining manufacturing output, negative effects on investment and consumer spending, and signs of a weakening labor market.
Deep dives
Key ECB interest rates unchanged, inflation expected to stay high for too long
The governing council of the European Central Bank (ECB) decided to maintain the three key interest rates unchanged. The medium-term inflation outlook has been broadly confirmed, indicating that inflation is still expected to remain high for an extended period. Domestic price pressures continue to be strong. However, there was a significant decline in inflation in September due to various factors, including strong base effects. Measures of underlying inflation have also continued to decrease. The previous interest rate increases have been effective in influencing financing conditions, leading to a dampening of demand and contributing to the reduction of inflation. The ECB is committed to ensuring that inflation returns to the target of 2% in a timely manner.
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