***  Monetary policy and the economic and financial situation Based on the overall assessment of the price outlook, the dynamics of core inflation – i. e. net of the energy and food components – and the intensity of the transmission of monetary policy to the economy, the Governing Council of the European Central Bank (ECB) further raised the key interest rates in mid-June by 25 basis points, bringing that on deposits held by banks with the Eurosystem to 3.5 per cent, 4 percentage points higher than in July of last year.
It is still early days and it remains to be seen how this evolves in an environment of improving economic data and a generalised increase in global long-term rates. The second one is the discussion regarding the publication of the minutes of Governing Council meetings. The increasing role of central banks in crisis and economic management requires greater accountability, which calls for more transparency.