The latest observations are for the second quarter of 2020 for realised data and the fourth quarter of 2022 for projections.
The monetary policy response An accommodative monetary policy configuration was already in place before the pandemic: in September 2019, the main policy rate (the deposit facility rate) was lowered to minus 0.5 percent and there was a resumption of net asset purchases at a rate of € billion per month under our baseline asset purchase programme (APP), with these measures reinforced by forward guidance that ties future monetary policy to the inflation outlook.