The European Central Bank (ECB) kept all three key interest rates unchanged, in line with expectations, with the Deposit Facility at 2.50%, Main Refinancing Rate at 2.65%, and Marginal Lending Facility at 2.90%. The ECB warned that rising energy prices pose upside risks to inflation and downside risks to economic growth, though underlying inflation remains broadly stable with no significant wage response to the energy shock so far. The central bank reiterated its data-dependent, meeting-by-meeting approach, without committing to a specific rate path.