ECB Monthly Bulletin Editorial for May (Text)

The following is the text of the European Central Bank’s May monthly bulletin:

Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 8 May to keep the key ECB interest rates unchanged. Incoming information continues to indicate that the moderate recovery of the euro area economy is proceeding in line with the Governing Council’s previous assessment. At the same time, recent information remains consistent with the Governing Council’s expectation of a prolonged period of low inflation followed by only a gradual upward movement in HICP inflation rates. The signals from the monetary analysis confirm the picture of subdued underlying price pressures in the euro area over the medium term. Inflation expectations for the euro area over the medium to long term remain firmly anchored in line with the Governing Council’s aim of maintaining inflation rates below, but close to, 2%.