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- 29/ Signalling the Governing Council’s monetary policy stance through the deposit facility rate
- 28/ Money Market Statistical Reporting (MMSR): Enlarged reporting population including three reporting agents based in Luxembourg
- 27/ The March 2024 Governing Council’s monetary policy decisions
- 26/ L’enquête de conjoncture auprès des consommateurs au Luxembourg / L’indicateur de confiance des ménages
- 25/ Essai d'Économie Politique
- 24/ Mise en production réussie de T2
- 23/ Normalising the ECB monetary policy: A data-dependent transition towards a level of policy rates ensuring the timely return of inflation to the two per cent medium-term target
- 22/ The recent wholesale central bank digital currency initiative taken jointly by Banque de France and Banque centrale du Luxembourg
- 21/ BCL Opinion on the 2023 draft budget and the 2022-2026 multiannual programming law
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20/ Informal meeting of the Governing Council on 5 & 6 October 2022
- 19/ Essai d'Économie Politique
- 18/ The April 2022 ECB Governing Council monetary policy decisions: Incoming data reinforcing expectations of monetary policy normalisation
- 17/ The March 2022 ECB Governing Council monetary policy decisions: reassessing the inflation outlook and recalibrating monetary policy normalisation
- 16/ IMF’s Global Housing Watch data
- 15/ The February 2022 Governing Council: Monetary policy decisions confirmed, monetary policy statement recalibrated
- 14/ Residential real estate prices in Luxembourg
- 13/ Public sector asset purchases, including of Luxembourg government bonds by BCL, under the PSPP and the PEPP
- 12/ BCL opinion on the draft 2022 budget and the draft 2021-2025 multiannual programming law
- 11/ The new monetary policy strategy of the Eurosystem: Part 3
- 10/ The new monetary policy strategy of the Eurosystem: Part 2
- 9/ The new monetary policy strategy of the Eurosystem
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2/ An overview of the main Eurosystem’s monetary policy instruments in place
- 1/ How does the Governing Council take monetary policy decisions?
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20/ Informal meeting of the Governing Council on 5 & 6 October 2022
12/10/2022
Blog post by Gaston Reinesch, Governor of the BCL
Last week, the ECB Governing Council had an informal exchange of views on how to reach its price stability objective by ensuring that inflation returns to its symmetric 2% medium-term target.
At this informal get-together – scheduled to inspire an in-depth exchange of views, rather than making decisions – the Governing Council discussed the merits of its instruments, including interest rate increases and downward balance sheet adjustments.
The use of the tools will need to be proportionate and effective in view of reaching the ECB’s mandate.
The Governing Council was unanimous in its assessment that in the current environment further interest rate increases are required. Future policy rate decisions will continue to follow a meeting-by-meeting approach.
The pace and schedule of the balance sheet reduction, which will be data-dependent, will be determined in due course and with a view to delivering on the price stability mandate.
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