The Governing Council welcomed recent interest rate reductions by a number of euro area national central banks. As a result, euro area-wide three-month interest rates have now reached a level of 3.8%, which implies a decrease of around 15 basis points since the end of August.
These changes underline the fact that the process of convergence of central bank interest rates in the euro area, which is to be concluded by the end of this year, is clearly under way.