www.ecb.europa.eu
Christine Lagarde, President of the ECB,
Boris Vujčić, Vice-President of the ECB
Frankfurt am Main, 23 July 2026
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Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. The outlook for energy prices, while highly volatile, currently stands close to the baseline of the June Eurosystem staff projections and well above the levels recorded prior to the conflict in the Middle East. Uncertainty remains high and the full inflationary impact of the energy shock has yet to play out. We are therefore closely monitoring the intensity and duration of the shock, as well as its indirect and second-round effects. We are committed to setting monetary policy to ensure that inflation stabilises at our two per cent target in the medium term.
With today’s decision, we remain well positioned to navigate the uncertainty caused by the conflict….