Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 8 March 2012 to keep the key ECB interest rates unchanged. The information that has become available since the beginning of February has confi rmed the Governing Council’s previous assessment of the outlook for economic activity. Available survey indicators confi rm signs of a stabilisation in the euro area economy. However, the economic outlook is still subject to downside risks.

Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 9 February to keep the key ECB interest rates unchanged. The information that has become available since mid-January broadly confi rms the Governing Council’s previous assessment. Infl ation is likely to stay above 2% for several months to come, before declining to below 2%. Available survey indicators confi rm some tentative signs of a stabilisation in economic activity at a low level around the turn of the year, but the economic outlook remains subject to high uncertainty and downside risks.

Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 12 January 2012 to keep the key ECB interest rates unchanged, following the 25 basis point decreases on 3 November and 8 December 2011. The information that has become available since early December broadly confi rms the previous assessment of the Governing Council. Infl ation is likely to stay above 2% for several months to come, before declining to below 2%. At the same time, the underlying pace of monetary expansion remains moderate. As expected, ongoing fi nancial market tensions continue to dampen economic activity in the euro area, while, according to some recent survey indicators, there are tentative signs of a stabilisation in activity at low levels.

Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 8 December 2011 to lower the key ECB interest rates by 25 basis points, following the 25 basis point decrease on 3 November 2011. Infl ation is likely to stay above 2% for several months to come, before declining to below 2%.