The ECB leaves rates unchanged. Confirming expectations, the European Central Bank maintained the deposit rate at 2.25%, the main refinancing rate at 2.40%, and the marginal lending rate (emergency, for banks) at 2.65% at its July meeting, following a quarter-point hike at the June meeting.
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In the brief statement issued after the meeting, the ECB stressed that «the outlook for energy prices, although highly variable, is currently at levels close to the baseline scenario of the projections formulated in June by Eurosystem experts and well above those recorded before the conflict in the Middle East». In the central bank’s view, there is therefore – it can be deduced – no need to intervene again on the cost of credit.
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However, the situation remains under control: «Uncertainty remains high – the statement continues – and the inflationary impact of the energy shock has yet to fully manifest itself. The Governing Council therefore closely monitors the intensity and duration of the shock, as well as its indirect and second-round effects». The Governing Council believes in any case that it remains «in a favorable position to address the uncertainty caused by the conflict». Future decisions will continue to be taken with «a data-driven approach» and «meeting by meeting».
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