综合货币政策决策和声明

Combinedmonetarypolicydecisionsandstatement 11April2024 Monetarypolicydecisions TheGoverningCounciltodaydecidedtokeepthethreekeyECBinterestratesunchanged.TheincominginformationhasbroadlyconfirmedtheGoverningCouncil’spreviousassessmentofthemedium-terminflationoutlook.Inflationhascontinuedtofall,ledbylowerfoodandgoodspriceinflation.Mostmeasuresofunderlyinginflationareeasing,wagegrowthisgraduallymoderating,andfirmsareabsorbingpartoftheriseinlabourcostsintheirprofits.Financingconditionsremainrestrictiveandthepastinterestrateincreasescontinuetoweighondemand,whichishelpingtopushdowninflation.Butdomesticpricepressuresarestrongandarekeepingservicespriceinflationhigh. TheGoverningCouncilisdeterminedtoensurethatinflationreturnstoits2%medium-termtargetinatimelymanner.ItconsidersthatthekeyECBinterestratesareatlevelsthataremakingasubstantialcontributiontotheongoingdisinflationprocess.TheGoverningCouncil’sfuturedecisionswillensurethatitspolicyrateswillstaysufficientlyrestrictiveforaslongasnecessary.IftheGoverningCouncil’supdatedassessmentoftheinflationoutlook,thedynamicsofunderlyinginflationandthestrengthofmonetarypolicytransmissionweretofurtherincreaseitsconfidencethatinflationisconvergingtothetargetinasustainedmanner,itwouldbeappropriatetoreducethecurrentlevelofmonetarypolicyrestriction.Inanyevent,theGoverningCouncilwillcontinuetofollowadata-dependentandmeeting-by-meetingapproachtodeterminingtheappropriatelevelanddurationofrestriction,anditisnotpre-committingtoaparticularratepath. KeyECBinterestrates Theinterestrateonthemainrefinancingoperationsandtheinterestratesonthemarginallendingfacilityandthedepositfacilitywillremainunchangedat4.50%,4.75%and4.00%respectively. EuropeanCentralBank DirectorateGeneralCommunications Sonnemannstrasse20,60314FrankfurtamMain,Germany Tel.:+496913447455,email:media@ecb.europa.eu,website:www.ecb.europa.eu Reproductionispermittedprovidedthatthesourceisacknowledged. Assetpurchaseprogramme(APP)andpandemicemergencypurchaseprogramme(PEPP) TheAPPportfolioisdecliningatameasuredandpredictablepace,astheEurosystemnolongerreinveststheprincipalpaymentsfrommaturingsecurities. TheGoverningCouncilintendstocontinuetoreinvest,infull,theprincipalpaymentsfrommaturingsecuritiespurchasedunderthePEPPduringthefirsthalfof2024.Overthesecondhalfoftheyear,itintendstoreducethePEPPportfolioby€7.5billionpermonthonaverage.TheGoverningCouncilintendstodiscontinuereinvestmentsunderthePEPPattheendof2024. TheGoverningCouncilwillcontinueapplyingflexibilityinreinvestingredemptionscomingdueinthePEPPportfolio,withaviewtocounteringriskstothemonetarypolicytransmissionmechanismrelatedtothepandemic. Refinancingoperations Asbanksarerepayingtheamountsborrowedunderthetargetedlonger-termrefinancingoperations,theGoverningCouncilwillregularlyassesshowtargetedlendingoperationsandtheirongoingrepaymentarecontributingtoitsmonetarypolicystance. *** TheGoverningCouncilstandsreadytoadjustallofitsinstrumentswithinitsmandatetoensurethatinflationreturnstoits2%targetoverthemediumtermandtopreservethesmoothfunctioningofmonetarypolicytransmission.Moreover,theTransmissionProtectionInstrumentisavailabletocounterunwarranted,disorderlymarketdynamicsthatposeaseriousthreattothetransmissionofmonetarypolicyacrossalleuroareacountries,thusallowingtheGoverningCounciltomoreeffectivelydeliveronitspricestabilitymandate. ThePresidentoftheECBwillcommentontheconsiderationsunderlyingthesedecisionsatapressconferencestartingat14:45CETtoday. MonetarypolicystatementPressconference ChristineLagarde,PresidentoftheECB,LuisdeGuindos,Vice-PresidentoftheECB Goodafternoon,theVice-PresidentandIwelcomeyoutoourpressconference. TheGoverningCounciltodaydecidedtokeepthethreekeyECBinterestratesunchanged.Theincominginformationhasbroadlyconfirmedourpreviousassessmentofthemedium-terminflationoutlook.Inflationhascontinuedtofall,ledbylowerfoodandgoodspriceinflation.Mostmeasuresofunderlyinginflationareeasing,wagegrowthisgraduallymoderating,andfirmsareabsorbingpartoftheriseinlabourcostsintheirprofits.Financingconditionsremainrestrictiveandourpastinterestrateincreasescontinuetoweighondemand,whichishelpingtopushdowninflation.Butdomesticpricepressuresarestrongandarekeepingservicespriceinflationhigh. Wearedeterminedtoensurethatinflationreturnstoourtwopercentmedium-termtargetinatimelymanner.WeconsiderthatthekeyECBinterestratesareatlevelsthataremakingasubstantialcontributiontotheongoingdisinflationprocess.Ourfuturedecisionswillensurethatourpolicyrateswillstaysufficientlyrestrictiveforaslongasnecessary.Ifourupdatedassessmentoftheinflationoutlook,thedynamicsofunderlyinginflationandthestrengthofmonetarypolicytransmissionweretofurtherincreaseourconfidencethatinflationisconvergingtoourtargetinasustainedmanner,itwouldbeappropriatetoreducethecurrentlevelofmonetarypolicyrestriction.Inanyevent,wewillcontinuetofollowadata-dependentandmeeting-by-meetingapproachtodeterminingtheappropriatelevelanddurationofrestriction,andwearenotpre-committingtoaparticularratepath. Thedecisionstakentodayaresetoutinapressreleaseava