We will now report on the outcome of today’s meeting of the Governing Council. Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. Incoming information has confirmed our previous assessment. Underlying price pressures in the euro area are expected to remain subdued over the medium term.
The extent and strength of recovery based on this scenario of export and production growth need to be monitored closely, as they could be affected adversely by ongoing structural adjustments, such as firms' reduction of excess debts and labor costs. With regard to financial markets, long-term interest rates are increasing along with the rise in stock prices.