Euro Area Interest Rate  1998-2017 | Data | Chart | Calendar | Forecast

The ECB held its benchmark refinancing rate at 0 percent on July 20th, as widely expected, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, or beyond, if necessary. Policymakers said that economic and monetary analysis confirm the need for a continued very substantial degree of monetary accommodation. Interest Rate in the Euro Area averaged 2.10 percent from 1998 until 2017, reaching an all time high of 4.75 percent in October of 2000 and a record low of 0 percent in March of 2016.

Euro Area Interest Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-04-27 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
2017-06-08 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
2017-07-20 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
2017-08-02 08:00 AM ECB Non-Monetary Policy Meeting
2017-09-07 11:45 AM ECB Interest Rate Decision 0%
2017-09-07 12:30 PM ECB Press Conference




ECB Leaves Monetary Policy Unchanged


The ECB held its benchmark refinancing rate at 0 percent on July 20th, as widely expected, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, or beyond, if necessary. Policymakers agreed that economic and monetary analysis confirm the need for a continued very substantial degree of monetary accommodation.

Excerpts from the Introductory statement to the press conference by Mario Draghi:

Our monetary policy measures have continued to secure the very supportive financing conditions that are necessary to make continuous progress towards a sustained convergence of inflation rates to levels below, but close to, 2% over the medium term. The incoming information confirms a continued strengthening of the economic expansion in the euro area, which has been broadening across sectors and regions.

While the ongoing economic expansion provides confidence that inflation will gradually head to levels in line with our inflation aim, it has yet to translate into stronger inflation dynamics. Headline inflation is dampened by the weakness in energy prices. Moreover, measures of underlying inflation remain overall at subdued levels. Therefore, a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to gradually build up and support headline inflation developments in the medium term. If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase our asset purchase programme in terms of size and/or duration.

The risks surrounding the euro area growth outlook are broadly balanced. On the one hand, the current positive cyclical momentum increases the chances of a stronger than expected economic upswing. On the other hand, downside risks primarily relating to global factors continue to exist.

Euro area annual HICP inflation was 1.3% in June, down slightly from 1.4% in May, mainly due to lower energy price inflation. Looking ahead, on the basis of current futures prices for oil, headline inflation is likely to remain around current levels in the coming months. At the same time, measures of underlying inflation remain low and have yet to show convincing signs of a pick-up, as domestic cost pressures, including wage growth, are still subdued. Underlying inflation in the euro area is expected to rise only gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion and the corresponding gradual absorption of economic slack.

To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for a continued very substantial degree of monetary accommodation to secure a sustained return of inflation rates towards levels that are below, but close to, 2%.

ECB | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/20/2017 12:55:12 PM



Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 4.75 0.00 percent [+]
Interbank Rate -0.38 -0.38 5.39 -0.38 percent [+]
Money Supply M1 7476371.00 7438012.00 7476371.00 444108.00 EUR Million [+]
Money Supply M2 10932402.00 10900441.00 10932402.00 1070357.00 EUR Million [+]
Money Supply M3 11607914.00 11568633.00 11607914.00 1097232.00 EUR Million [+]
Central Bank Balance Sheet 4214696.00 4209510.00 4246150.00 692641.00 EUR Million [+]
Foreign Exchange Reserves 346031.00 344707.00 352397.00 178392.00 USD Million [+]
Loans to Private Sector 10747489.00 10743130.00 11106677.00 3241298.00 EUR Million [+]
Deposit Interest Rate -0.40 -0.40 3.75 -0.40 percent [+]
Lending Rate 0.25 0.25 5.75 0.25 percent [+]
Loan Growth 2.60 2.40 2.60 -0.30 percent [+]


Euro Area Interest Rate Notes

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate. . This page provides - Euro Area Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area Interest Rate - actual data, historical chart and calendar of releases - was last updated on July of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 4.75 0.00 1998 - 2017 percent Daily



interest rate by Country

Last
Brazil 10.25 Jun/17
Russia 9.00 Jun/17
Turkey 8.00 Jun/17
Mexico 7.00 Jun/17
India 6.25 Jun/17
Indonesia 4.75 Jun/17
China 4.35 Jun/17
Australia 1.50 Jul/17
South Korea 1.25 Jul/17
United States 1.25 Jun/17
Canada 0.75 Jul/17
United Kingdom 0.25 Jun/17
Euro Area 0.00 Jul/17
France 0.00 Jul/17
Germany 0.00 Jul/17
Italy 0.00 Jul/17
Netherlands 0.00 Jul/17
Spain 0.00 Jul/17
Japan -0.10 Jul/17
Switzerland -0.75 Jun/17