Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 7 February to keep the key ECB interest rates unchanged.

Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 10 January to keep the key ECB interest rates unchanged. HICP infl ation rates have declined over recent months, as anticipated, and are expected to fall below 2% this year. Over the policy-relevant horizon, infl ationary pressures should remain contained.

Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 6 December to keep the key ECB interest rates unchanged.

Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 8 November to keep the key ECB interest rates unchanged. Owing to high energy prices and increases in indirect taxes in some euro area countries, inflation rates are likely to remain above 2% for the remainder of 2012. They are expected to fall below that level in the course of next year and to remain in line with price stability over the policy-relevant horizon. Consistent with this picture, the underlying pace of monetary expansion continues to be subdued. Infl ation expectations for the euro area remain fi rmly anchored in line with the Governing Council’s aim of maintaining infl ation rates below, but close to, 2% over the medium term.