ECB: Outlook for energy prices, while highly volatile, currently stands close to baseline of june Eurosystem staff projections and well abov

Uncertainty Remains High And Full Inflationary Impact Of Energy Shock Has Yet To Play Out With Today s Decision, ECB Remains Well Positioned To Navigate Uncertainty Caused By Conflict It Will Follow A Data-Dependent And Meeting-By-Meeting Approach To Determining Appropriate Monetary Policy Stance In Particular, ECB s Interest Rate Decisions Will Be Based On Its Assessment Of Inflation Outlook And Risks Surrounding It, In Light Of Incoming Economic And Financial Data, As Well As Dynamics Of Underlying Inflation And Strength Of Monetary Policy Transmission ECB Is Not Pre-Committing To A Particular Rate Path Interest Rates Interest Rates On Deposit Facility, Main Refinancing Operations And Marginal Lending Facility Will Remain Unchanged At 2.25%, 2.40% And 2.65% Respectively App And Pandemic Emergency Purchase Programme (Pepp) App And Pepp Portfolios Are Declining At A Measured And Predictable Pace, As Eurosystem No Longer Reinvests Principal Payments From Maturing Securities ECB Stands Ready To Adjust All Of Its Instruments Within Its Mandate To Ensure That Inflation Stabilises At Its 2% Target In Medium Term And To Preserve Smooth Functioning Of Monetary Policy Transmission