Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 2 August to keep the key ECB interest rates unchanged, following the decrease of 25 basis points in July. As stated in July, infl ation should decline further in the course of 2012 and be below 2% again in 2013. Consistent with this picture, the underlying pace of monetary expansion remains subdued. Infl ation expectations for the euro area economy continue to be fi rmly anchored in line with the Governing Council’s aim of maintaining infl ation rates below, but close to, 2% over the medium term. At the same time, ... (full story)