Monetary policy decisions

The record

Publisher

European Central Bank

Agency

Governing Council

Source

European Central Bank

Kind

Release

Jurisdiction

European Union

Topics

Monetary policy

Importance

Headline, the top of three tiers Kresmion sets by fixed rules from the source's own fields

Published (source time)

2025-07-24 (the source gives a date only)

First seen on Kresmion

2026-10-27 00:06 UTC

The original

Source: European Central Bank (ecb.europa.eu), reproduced as published. The text may be obtained free of charge on the ECB's website.

What changed

ECB monetary policy decisions, meeting of Jul 24, 2025

What changed since Jun 5, 202548.4% of words changed423 words removed, 78 added

removedadded

• The Governing Council today decided to removed: lower added: keep the three key ECB interest rates removed: by 25 basis points. In particular, added: unchanged. Inflation is currently at the removed: decision to lower the deposit facility rate – the rate through which added: 2% medium-term target. The incoming information is broadly in line with the Governing removed: Council steers the monetary policy stance – is based on its updated added: Council’s previous assessment of the inflation removed: outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. Inflation is currently at around added: outlook. Domestic price pressures have continued to ease, with wages growing more slowly. Partly reflecting the Governing Council’s removed: 2% medium-term target. In the baseline of the new Eurosystem staff projections, headline inflation is set to average 2.0% in 2025, 1.6% in 2026 and 2.0% in 2027. The downward revisions compared with the March projections, by 0.3 percentage points for both 2025 and 2026, mainly reflect lower assumptions for energy prices and a stronger euro. Staff expect inflation excluding energy and food to average 2.4% in 2025 and 1.9% in 2026 and 2027, broadly unchanged since March. Staff see real GDP growth averaging 0.9% in 2025, 1.1% in 2026 and 1.3% in 2027. The unrevised growth projection for 2025 reflects a stronger than expected first quarter combined with weaker prospects for the remainder of the year. While the uncertainty surrounding trade policies is expected to weigh on business investment and exports, especially in the short term, rising government investment in defence and infrastructure will increasingly support growth over the medium term. Higher real incomes and a robust labour market will allow households to spend more. Together with more favourable financing conditions, this should make added: past interest rate cuts, the economy removed: more added: has so far proven resilient removed: to added: overall in a challenging global removed: shocks. In added: environment. At the removed: context of high uncertainty, staff also assessed some of added: same time, the removed: mechanisms by which different trade policies could affect growth and inflation under some alternative illustrative scenarios. These scenarios will be published with the staff projections on the ECB’s website. Under this scenario analysis, a further escalation added: environment remains exceptionally uncertain, especially because of trade removed: tensions over the coming months would result in growth and inflation being below the baseline projections. By contrast, if trade tensions were resolved with a benign outcome, growth and, to a lesser extent, inflation would be higher than in the baseline projections. Most measures of underlying inflation suggest that inflation will settle at around the Governing Council’s 2% medium-term target on a sustained basis. Wage growth is still elevated but continues to moderate visibly, and profits are partially buffering its impact on inflation. The concerns that increased uncertainty and a volatile market response to the trade tensions in April would have a tightening impact on financing conditions have eased. added: disputes. The Governing Council is determined to ensure that inflation stabilises removed: sustainably at its 2% removed: medium-term target. Especially added: target in removed: current conditions of exceptional uncertainty, it added: the medium term. It will follow a data-dependent and meeting-by-meeting ...
• ... determining the appropriate monetary policy stance. removed: The added: In particular, the Governing Council’s interest rate decisions will ...
• ... its assessment of the inflation outlook added: and the risks surrounding it, in light of the incoming economic and financial data, added: as well as the dynamics of underlying inflation and ...
• ... path. Key ECB interest rates The removed: Governing Council today decided to lower the three key ECB interest rates by 25 basis points. Accordingly, the interest rates on the deposit facility, ...
• ... and the marginal lending facility will removed: be decreased to added: remain unchanged at 2.00%, 2.15% and 2.40% removed: respectively, with effect from 11 June 2025. added: respectively. Asset purchase programme (APP) and pandemic ...
• ... mandate to ensure that inflation stabilises removed: sustainably at its 2% target removed: over added: in the medium term and to preserve ...

Kresmion's comparison of the two published texts: a word-by-word diff of the European Central Bank's decision release of Jul 24, 2025 against its decision release of Jun 5, 2025, computed by Kresmion, not by the European Central Bank.

This redline modifies the ECB's published texts: the marks are Kresmion's. Both texts as published are available free of charge on the ECB's website (ecb.europa.eu).

Source: European Central Bank (ecb.europa.eu), reproduced as published. The text may be obtained free of charge on the ECB's website.

• The previous decision release, Jun 5, 2025