Monetary policy decisions – July 2022

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Publication Date 21/07/2022
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The Governing Council of the European Central Bank (ECB) published on 21 July 2022 its monthly monetary policy decisions.

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The Governing Council decided to take further steps to control inflation by raising the three key ECB interest rates by 50 basis points. It also approved the Transmission Protection Instrument (TPI). It was deemed appropriate to take a larger first step on the policy rate normalisation path than signalled at the previous meeting. The decision was based on the Governing Council's updated assessment of inflation risks and the reinforced support provided by the TPI for the effective transmission of monetary policy. The instrument can be activated to counter unwarranted, disorderly market dynamics that pose a threat to the transmission of monetary policy across the Euro area.

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Commentary and Analysis
Independent (Ireland), 12/07/2022: ECB tool to tame markets as rates rise may never need to be used if it is big enough
London School of Economics (LSE): EUROPP Blog, 20/07/2022: Assessing the ECB’s new Transmission Protection Mechanism
RTÉ News, 21/07/2022: Why the ECB is raising rates and what it means for you
ING Think: Article, 21/07/2022: More news from the ECB press conference after first rate hike since 2011
London School of Economics (LSE): EUROPP Blog, 22/07/2022: Socialism for the bankers, capitalism for the rest of us – so it goes
Euro|topics, July 2022: ECB initiates turnaround on interest rate

Reuters, 07/07/2022: ECB's Stournaras: We will agree on transmission protection mechanism
Bloomberg, 07/07/2022: ECB Tool Has Name, But Arrival on July 21 Seems Uncertain
Deutsche Welle, 21/07/2022: European Central Bank raises interest rates amid inflation
Politico, 21/07/2022: ECB lifts rates for first time in more than a decade
The Guardian, 21/07/2022: European Central Bank raises interest rates for first time in 11 years
Bloomberg, 21/07/2022: ECB Rushes to Tighten as Half-Point Hike Matched by Crisis Tool
EurActiv, 21/07/2022: ECB announced first interest rate hike in a decade
The Irish Times, 21/07/2022: ECB’s first rate hike in 11 years to hit €25bn of tracker loans
France24, 21/07/2022: European Central Bank hikes interest rates in race to tame runaway inflation
ERR News, 21/07/2022: European Central Bank interest rate hikes may not help slow inflation
BBC News, 22/07/2022: Eurozone raises interest rates for first time in 11 years
Independent (UK), 22/07/2022: European Central Bank surprises markets with biggest interest rate rise in 20 years

European Central Bank (ECB): Press Release, 21/07/2022: The Transmission Protection Instrument
European Central Bank (ECB): Press Conference with Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB (21 July 2022)
European Central Bank (ECB): Explainers, 21/07/2022: We have raised interest rates. What does that mean for you?
European Central Bank (ECB): Blog, 23/07/2022: Ensuring price stability (by Christine Lagarde, ECB President)

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