Against the backdrop of strong monetary and credit growth and the ample liquidity situation, the cross-checking of the outcome of the economic analysis with that of the monetary analysis confirms that upside risks to price stability over the medium to longer term prevail.
On 8 June 2006 the ECB’s Governing Council increased the key ECB interest rates by 25 basis points, thus further adjusting its monetary policy stance after the interest rate increases in December 2005 and March 2006.