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The Governing Council meets twice a month ( Calendar). At its first meeting, as a rule, the Governing Council assesses the economic situation and the stance of the monetary policy. Decisions on the key interest rates are normally taken during that meeting.
At its second meeting, the Governing Council focuses mainly on issues related to other tasks and responsibilities of the ECB and the Eurosystem.
The Governing Council of the ECB sets the key interest rates. The rates determine the stance of the ECB's monetary policy.
The three key interest rates for the euro area:
After the first meeting of the month, a press release announcing the decision on the key ECB interest rates is issued at 1.45 p.m. C.E.T.
Shortly afterwards, at 2.30 p.m. C.E.T. , the President and the Vice-President of the ECB hold a press conference.
The conference starts with an introductory statement by the President. It provides a comprehensive summary of the assessment of economic and monetary developments and explains the monetary policy decision taken by the Governing Council.
After the introductory statement, the President and the Vice-President answer journalists' questions. This provides a platform for the timely explanation of monetary policy decisions to the public. A transcript of the questions and answers is placed on this website a few hours later.