- Decided to raise the three key ECB interest rates by 25 basis points; accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to3.75%, 4.00% and 3.25% respectively, with effect from 10 May 2023. (Change)
- Inflation continues to be too high for too long. The policy rates will be brought to levels sufficiently restrictive to achieve timely return of inflation to the 2% medium-term target and will be kept at those levels for as long as necessary. (Change)
- Continue to follow a data-dependent approach to determining the appropriate level and duration of restriction. (No Change)
- The APP portfolio is declining at a measured and predictable pace, as the Eurosystem does not reinvest all of the principal payments from maturing securities. The decline will amount to €15 billion per month on average until the end of June 2023 and its subsequent pace will be determined over time. The Governing Council expects to discontinue the reinvestments under the APP as of July 2023. (No Change)
- The Governing Council intends 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. (No Change)
- The Governing Council will continue applying flexibility in reinvesting redemptions coming due in the PEPP portfolio, with a view to countering risks to the monetary policy transmission mechanism related to the pandemic. (No Change)
- As banks are repaying the amounts borrowed under the targeted longer-term refinancing operations, the Governing Council will regularly assess how targeted lending operations are contributing to its monetary policy stance. (No Change)
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