欧央行7月会议纪要：通胀风险大致平衡，按兵不动是稳健之举

Core Viewpoint - The European Central Bank (ECB) decided to maintain interest rates unchanged during the July monetary policy meeting, citing balanced inflation risks and resilience in the Eurozone economy despite external challenges [1][2]. Group 1: Interest Rate Decisions - The ECB officials believe that the current interest rate level is appropriate as inflation is close to the 2% target, and the decision to keep rates steady is seen as a "prudent move" [1][2]. - The current deposit rate stands at 2%, which is considered to be in the "neutral range" following eight consecutive rate cuts since the end of last year [2]. Group 2: Inflation Outlook - The ECB expects overall inflation to remain around current levels for the remainder of 2025, with a projected decline to approximately 1.5% by the first quarter of 2026 [3]. - Core inflation is currently at 2.3%, the lowest in three years, with expectations of a further drop to 2% by early next year [3]. Group 3: Communication Strategy - The ECB emphasizes the need for cautious and neutral communication regarding future rate decisions, avoiding overly explicit signals [2]. - The committee maintains a flexible approach to respond swiftly to necessary changes based on evolving data and uncertainties [3].