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European Central Bank – annual report 2024

TA-10-2025-0011 · P10_TA(2025)0011 · PE765.056

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✦ In short · AI summary of this text, generated 4 Sept 2026

Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's resolution on the ECB's 2023 annual report welcomes the fall in inflation, stresses the ECB's independence and accountability, and calls for careful interest rate policy. It addresses the digital euro, demanding that the decision to issue it be taken by EU co-legislators, not the ECB alone, and calls for privacy safeguards and cost-based compensation for banks. On secondary objectives, it calls on the ECB to respect its mandate and market neutrality, and to report on how it implements its secondary objectives. It also covers the international role of the euro, cyber resilience, gender balance in ECB leadership, and other issues.

Key points

  1. Welcomes the ECB's role in safeguarding monetary and financial stability and stresses its primary objective of price stability.
  2. Underlines the ECB's statutory and political independence, which requires it to refrain from political actions, while being accountable to Parliament.
  3. Invites the ECB and Parliament to enhance accountability and transparency arrangements.
  4. Calls on the ECB not to lower interest rates too quickly, given inflation is above 2%, and to assess the impact on different sectors.
  5. Notes that monetary policy decisions have put inflation on a path compatible with price stability without serious economic deterioration.
  6. Recalls the principle of monetary dominance and the need for solid fiscal policies in member states.
  7. Welcomes the fall in headline inflation from 10.6% in October 2022 to 2.4% in December 2024, but notes core inflation remains high at 2.7%.
  8. Calls for the rapid inclusion of owner-occupied housing in the HICP and supports the ECB's commitment to consider such measures.
  9. Supports scaling back asset purchase programmes and asks the ECB to mitigate the significant subsidy to banks from interest on reserves.
  10. Demands that the decision to introduce a digital euro be taken by EU co-legislators, not the ECB alone, and calls for clear added value, privacy safeguards, and cost-based compensation for banks.
  11. Calls on the ECB to respect market neutrality and its mandate when implementing secondary objectives, and to report on its implementation.
  12. Calls for strengthening the international role of the euro, ensuring cyber security, and improving gender balance in ECB leadership.

Who is affected

  • The European Central Bank and the Eurosystem, which are called on to adjust monetary policy and report on secondary objectives.
  • EU co-legislators, who should decide on the introduction of a digital euro.
  • Credit institutions, which receive interest on reserves and would implement the digital euro.
  • Euro area member states, which are urged to conduct responsible fiscal policies and improve gender balance in central bank appointments.

Figures and deadlines

  • 2.4% HICP inflation in the euro area in December 2024.
  • 2.7% core inflation in December 2024.
  • 10.6% peak headline inflation in October 2022.
  • 7.6% peak core inflation in March 2023.
  • EUR 3 trillion in bank reserves held at the ECB in December 2024.
  • More than EUR 120 billion interest paid to credit institutions in 2023, at least 0.8% of euro area GDP.

Legal basis: Articles 119, 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) TFEU; Articles 3 and 13 TEU.