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Monetary policy

Price stability is the best contribution that monetary policy can make to economic growth

Our main aim at the ECB is to keep prices stable. We serve people living in the euro area by working to preserve the value of the euro. In this section you can learn about our policy strategy, the tools we use and the impact they have on your day-to-day life.

Monetary policy decisions

We take decisions on monetary policy every six weeks – determining what should be done to keep inflation below, but close to, 2%. Right after the decisions are taken, the President and Vice-President explain them in detail in a press conference.

Monetary policy press conferences

Strategy review

We launched a strategy review in January 2020. The aim is to ensure our monetary policy strategy is fit for purpose, both today and in the future. We are looking at every aspect of our strategy within our price stability mandate. The review will be based on thorough analysis and take an open-minded approach.

Monetary policy strategy review

Our monetary policy strategy

Discover why we aim for inflation at below, but close to, 2% and learn more about the research and analysis we use when taking monetary policy decisions.

Find out more

Why is price stability important?

Price stability is the best contribution monetary policy can make to economic growth and job creation. It ensures that you can be confident that your money will be worth the same tomorrow as it is today. Stable prices help you make well-informed decisions on spending, saving, borrowing and investing.

Read more about price stability

Tools and policy measures

Our monetary policy influences how much you have to pay to borrow and how much interest you receive for your savings to ensure price stability. Find out how our tools and measures work.

More information on our tools

Monetary operations

In addition to setting key interest rates, we conduct open market operations. You can check out the latest numbers for these operations here.

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Our response to the pandemic

Learn more about the reasoning behind our monetary policy decisions


We publish accounts of the Governing Council meetings in which the decisions are taken. These documents provide a summary of the discussions that took place.

Monetary policy accounts


The Economic Bulletin provides additional insight into the economic, financial and monetary developments that form the basis for our monetary policy decisions.

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What is monetary policy?

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