Capital grants for business investment are reduced by € billion. The reduction in the intermediate consumption of central government departments € billion) derives from the introduction of expenditure ceilings on ordinary maintenance of public buildings and on rentals € billion) and from the rationalization of procurement of goods and services € billion).
The information that has become available since our last meeting has further underpinned the reasoning behind our decision to increase interest rates in December. It has also confirmed that very close monitoring of all developments is of the essence so that risks to price stability over the medium term do not materialise.