Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 8 May to keep the key ECB interest rates unchanged. Incoming information continues to indicate that the moderate recovery of the euro area economy is proceeding in line with the Governing Council’s previous assessment. At the same time, recent information remains consistent with the Governing Council’s expectation of a prolonged period of low inflation followed by only a gradual upward movement in HICP inflation rates. The signals from the monetary analysis confirm the picture of subdued underlying price pressures in ... (full story)