• strong commitment to price stability mandate (No Change)
  • took further key steps to make sure that inflation returns to its 2% target over the medium term (Change)
  • decided to raise the three key ECB interest rates by 50 basis points; the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 0.50%, 0.75% and 0.00% respectively, taking effect July 27, 2022 (Change)
  • approved the Transmission Protection Instrument (TPI) and will ensure that the monetary policy stance is transmitted smoothly across all euro area countries (Change)
  • further normalisation of interest rates will be appropriate and will make a transition to a meeting-by-meeting approach to interest rate decisions (Change)
  • continue to be data-dependent which will help to deliver on its 2% inflation target over the medium term (Change)
  • The TPI will be an addition to the Governing Council’s toolkit and can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area. The scale of TPI purchases depends on the severity of the risks facing policy transmission. Purchases are not restricted ex ante. By safeguarding the transmission mechanism, the TPI will allow the Governing Council to more effectively deliver on its price stability mandate. (Change)
  • intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates and, in any case, for as long as necessary to maintain ample liquidity conditions and an appropriate monetary policy stance (No Change)
  • for the PEPP, to reinvest the principal payments from maturing securities purchased under the programme until at least the end of 2024. In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance.

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