Based on a thorough assessment of the economic and inflation outlook for the euro area, also taking into account the latest staff macroeconomic projections, the Governing Council took a number of decisions at its monetary policy meeting on 12 September in pursuit of its price stability objective.
Incoming information since the last Governing Council meeting indicates a more protracted weakness of the euro area economy, the persistence of prominent downside risks and muted inflationary pressures.
This is reflected in the September staff projections, which show a further downgrade of the inflation outlook. At the same time, robust employment growth and increasing wages continue to underpin the resilience of the euro area economy.
Against this overall backdrop, the Governing Council announced a comprehensive package of monetary policy measures in response to the continued shortfall of inflation with respect to its aim.
