1 Monetary policy in the euro area Source: ECB. Deposit facility rate (DFR) Source: ECB. Notes: Short-term credit operations refer to three-month longer-term refinancing operations (LTROs) and main refinancing operations (MROs); long-term credit operations refer to LTROs with a maturity longer than three months, targeted longer-term refinancing operations (TLTROs) and other lending operations. Other assets and other liabilities cover all other, non-monetary policy components. APP stands for asset purchase programme and PEPP for pandemic emergency purchase programme. The latest observations are for 7 April 2026. Asset side of the Eurosystem balance sheet (percentages per annum) (EUR trillions) -1 0 1 2 3 4 5 2019 2021 2023 2025 DFR 07/04/26 0 2 4 6 8 10 2019 2021 2023 2025 APP & PEPP Long-term credit operations (>3m) Short-term credit operations (<=3m) Other assets 07/04/ 0 1 2 3 4 5 6 7 8 9 Q1 19 Q3 20 Q1 22 Q3 23 Q1 25 Non-energy inflation PCCI excluding energy Q1 26 -2 0 2 4 6 8 10 12 Q1 19 Q3 20 Q1 22 Q3 23 Q1 25 Q1 26 -20 -10 0 10 20 30 40 50 Q1 19 Q3 20 Q1 22 Q3 23 Q1 25 Q1 26 2 Sources: Eurostat and ECB calculations. Note: Harmonised Index of Consumer Prices (HICP). The latest observations are for the first quarter of 2026. HICP inflation Inflation developments Sources: Eurostat and ECB calculations. Note: The latest observations are for the first quarter of 2026. Energy inflation Sources: Eurostat and ECB calculations. Notes: PCCI refers to the Persistent and Common Component of Inflation. PCCI excluding energy is computed taking the quarterly average of monthly series. The latest observations are for the fourth quarter of 2025 for PCCI excluding energy and for the first quarter of 2026 for non-energy inflation. Non-energy inflation (annual percentage points) (annual percentage points) (annual percentage points) 3 Sources: December 2021, June 2023, December 2024, September 2025, December 2025 and March 2026 Eurosystem /ECB staff macroeconomic projections. Real GDP 100 102 104 106 108 Q1 22 Q1 24 Q1 26 Q1 28 December 2021 (pre-tightening) June 2023 (pre-loosening) December 2024 September 2025 December 2025 March 2026 Q4 28 GDP and components across different projection rounds Sources: December 2021, June 2023, December 2024, September 2025, December 2025 and March 2026 Eurosystem /ECB staff macroeconomic projections. Real private consumption 100 101 102 103 104 105 106 107 108 109 Q1 22 Q1 24 Q1 26 Q1 28 December 2021 (pre-tightening) June 2023 (pre-loosening) December 2024 September 2025 December 2025 March 2026 Q4 28 Sources: December 2021, June 2023, December 2024, September 2025, December 2025 and March 2026 Eurosystem /ECB staff macroeconomic projections. Real total investment 98 100 102 104 106 108 110 112 114 Q1 22 Q1 24 Q1 26 Q1 28 December 2021 (pre-tightening) June 2023 (pre-loosening) December 2024 September 2025 December 2025 March 2026 Q4 28 Sources: December 2021, June 2023, December 2024, September 2025, December 2025 and March 2026 Eurosystem /ECB staff macroeconomic projections....