ECB decides to raise three key ECB interest rates by 25 basis points

Inflation continues to decline but is still expected to remain too high for too long.

The Governing Council is determined to ensure inflation returns to its 2% medium-term target in a timely manner.

The September ECB staff macroeconomic projections for the euro area see average inflation at 5.6% in 2023 , 3.2% in 2024 and 2.1% in 2025 .