Euro Area Interest Rate  1998-2018 | Data | Chart | Calendar | Forecast

The ECB held its benchmark refinancing rate at 0 percent on January 25th, as expected, and confirmed that the net asset purchases are intended to run at a monthly pace of €30 billion until the end of September, or beyond, if necessary. Policymakers voiced concerns over weak inflation and a surging euro. Interest Rate in the Euro Area averaged 2.05 percent from 1998 until 2018, 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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ECB Members Worry About Euro Strength

ECB policymakers showed concerns about the euro's strength and volatility, which represents a source of uncertainty, minutes from the ECB's January meeting showed. They also agreed that the language pertaining to the monetary policy stance could be revisited in forthcoming meetings, with some members expressing a preference for dropping the easing bias regarding the APP from the Governing Council’s communication.

Excerpts from the Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 24-25 January 2018:

The effect on the euro area economy would also depend on the extent and persistence of the exchange rate appreciation. In this context, it was remarked that the euro exchange rate had been subject to pronounced swings in the past and that the rather limited ability of economists to predict future developments in the exchange rate, including the risk of a further euro appreciation, needed to be recognised.

Concerns were also expressed about recent statements in the international arena about exchange rate developments and, more broadly, the overall status of international relations. The importance of adhering to agreed statements on the exchange rate was emphasised, such as that included in the October 2017 communiqué of the 36th meeting of the IMF’s International Monetary and Financial Committee, which stated that excessive volatility or disorderly movements in exchange rates could have adverse implications for economic and financial stability, and that members would refrain from competitive devaluations and would not target their exchange rates for competitive purposes.

Members widely acknowledged the need for steadiness in communication, which entailed re-emphasising confidence in the inflation outlook, while maintaining a policy stance based on the broad spectrum of policy instruments in place and the established sequencing of policy instruments. In this context, it was remarked that communication on monetary policy would continue to develop according to the evolving state of the economy in line with the ECB’s forward guidance, with a view to avoiding abrupt or disorderly adjustments at a later stage. However, changes in communication were generally seen to be premature at this juncture, as inflation developments remained subdued despite the robust pace of economic expansion. Therefore, the Governing Council reiterated its steadfast commitment to its price stability objective and, specifically, to delivering on its promise to secure a sustained return of inflation rates to levels below, but close to, 2%. It was emphasised that monetary policy had to remain patient and persistent, while prudence should be exercised with respect to the Governing Council’s communication.

Members broadly agreed that any further evolution of the Governing Council’s communication on monetary policy would be gradual and would proceed in line with improvements in the medium-term inflation outlook. Communication would evolve naturally in line with the ECB’s forward guidance should inflation make further progress towards the Governing Council’s inflation aim as set out in the established criteria for a sustained adjustment in the path of inflation. The language pertaining to the monetary policy stance could be revisited early this year as part of the regular reassessment at the forthcoming monetary policy meetings. In this context, some members expressed a preference for dropping the easing bias regarding the APP from the Governing Council’s communication as a tangible reflection of reinforced confidence in a sustained adjustment of the path of inflation. However, it was concluded that such an adjustment was premature and not yet justified by the stronger confidence. It was also recalled – as on previous occasions – that even when net purchases were terminated, the monetary policy stance would remain highly accommodative, as the evolution of inflation would remain conditional on reinvestments continuing for an extended period of time and on policy rates remaining at their present levels well past the end of the ECB’s net asset purchases.

ECB | Joana Ferreira |
2/22/2018 2:32:26 PM

Calendar GMT Actual Previous Consensus TEForecast
2017-10-26 11:45 AM ECB Interest Rate Decision 0.00% 0% 0% 0%
2017-12-14 12:45 PM ECB Interest Rate Decision 0% 0% 0% 0%
2018-01-25 12:45 PM ECB Interest Rate Decision 0% 0% 0% 0.0%
2018-02-26 10:00 AM ECB Cœuré Speech
2018-02-26 02:00 PM ECB Draghi Speech
2018-02-27 08:40 AM ECB Mersch Speech

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 -0.39 percent [+]
Money Supply M1 7788698.00 7765434.00 7788698.00 444118.00 EUR Million [+]
Money Supply M2 11199918.00 11181379.00 11199918.00 1070365.00 EUR Million [+]
Money Supply M3 11869966.00 11860785.00 11869966.00 1097238.00 EUR Million [+]
Foreign Exchange Reserves 60.97 62.04 70.57 34.91 USD Billion [+]
Central Bank Balance Sheet 4493672.00 4491151.00 4493672.00 692641.00 EUR Million [+]
Loans to Private Sector 10865975.00 10854800.00 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 2.80 2.80 9.90 -0.40 percent [+]

Euro Area Interest Rate

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 February of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 4.75 0.00 1998 - 2018 percent Daily

interest rate by Country
Country Last
Turkey 8.00 Jan/18
Mexico 7.50 Feb/18
Russia 7.50 Feb/18
Brazil 6.75 Feb/18
India 6.00 Feb/18
China 4.35 Jan/18
Indonesia 4.25 Feb/18
Australia 1.50 Feb/18
South Korea 1.50 Jan/18
United States 1.50 Jan/18
Canada 1.25 Jan/18
United Kingdom 0.50 Feb/18
Euro Area 0.00 Jan/18
France 0.00 Jan/18
Germany 0.00 Jan/18
Italy 0.00 Jan/18
Netherlands 0.00 Jan/18
Spain 0.00 Jan/18
Japan -0.10 Jan/18
Switzerland -0.75 Jan/18