Europe | ECB holds steady

Summary

The ECB struck a more positive tone than in September, showing greater confidence in growth despite global uncertainty. It considers the 2% deposit rate appropriate and, unless incoming data materially change the outlook, appears ready to maintain its stance well into next year.

Key points

• Key points:
• The ECB kept interest rates unchanged, as expected, and signaled increased confidence in its current monetary policy stance
• The balance of risks to growth has improved, while inflation risks remain broadly unchanged
• The ECB advanced to the next phase of the digital euro project

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