Interest rates in the European Monetary Union

All National Central Banks participating in the single monetary policy as from the start of Stage Three lower their key central bank rate today in a co-ordinated decision. These decisions reflect a thorough discussion in the ECB's Governing Council leading to a consensus on the basis of a common assessment of the economic, monetary and financial situation in the euro area.

The joint reduction in interest rates has to be seen as a de facto decision on the level of interest rates with which the ESCB will start Stage Three of Monetary Union and which it intends to maintain for the foreseeable future.