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

The ECB held its benchmark refinancing rate at 0 percent on December 14th, as expected, and confirmed that from January 2018 the net asset purchases are intended to run at a monthly pace of €30 billion until the end of September next year, or beyond, if necessary. The bank raised its inflation forecast for 2018 to 1.4 percent from 1.2 percent previously estimated on higher oil and food prices. The projections for 2017 and 2019 were maintained at 1.5 percent. Interest Rate in the Euro Area averaged 2.06 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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ECB's Monetary Policy Guidance To Be Revisited in Early 2018

ECB policymakers broadly agreed that the language pertaining to various dimensions of the monetary policy stance and forward guidance could be revisited in early 2018, and that communication would need to evolve gradually as the bloc's economy continues to grow, minutes from the ECB's December meeting showed.

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, 13-14 December 2017:

As regards communication, agreement was generally expressed with the proposals made by Mr Praet, suggesting broad continuity in the Governing Council’s communication at the present stage, while emphasising the greater confidence in the inflation outlook. While a few members recalled their reservations concerning some elements of the decisions taken at the October monetary policy meeting, the merits of a steady hand in communication were widely acknowledged. This implied confirming the October decisions and the associated communication, which had been well understood by market participants. Changes in communication were generally seen to be premature at this juncture, with caution still warranted. Signals that could trigger an unwarranted tightening of financial conditions needed to be avoided, as they could jeopardise progress towards the Governing Council’s inflation aim.

At the same time, it was argued that communication needed to evolve gradually in step with improving economic data and a further easing of financial conditions was not regarded as warranted. From this perspective, it was important for the forward guidance to be updated in line with evolving data, with a view to avoiding more abrupt or disorderly adjustments at a later stage. It should be highlighted that the stronger than expected expansion of the euro area economy had further reduced the likelihood of adverse economic outcomes and, hence, had bolstered the Governing Council’s confidence in the eventual attainment of its inflation aim. More generally, the Governing Council’s emphasis on data dependency in its approach to forward guidance was recalled. In this context, it had to be stressed that the improved economic environment was, in part, related to the ECB’s monetary policy measures, which continued to pass through to the real economy.

Looking ahead, the view was widely shared among members that the Governing Council’s communication would need to evolve gradually, without a change in sequencing, if the economy continued to expand and inflation converged further towards the Governing Council’s aim. The language pertaining to various dimensions of the monetary policy stance and forward guidance could be revisited early in the coming year. In particular, as progress was made towards a sustained adjustment in the path of inflation, the relative importance of the forward guidance on policy rates would increase, as suggested by Mr Praet in his introduction. From this perspective, the Governing Council’s forward guidance framework would evolve naturally, in line with the established sequencing between the APP and interest rate guidance. It was suggested that the Governing Council’s communication should be adjusted gradually over time to avoid sudden and unwarranted movements in financial conditions. In this regard, it was also seen as warranted to reflect on how to transition gradually from the present conditionality focused on APP net purchases to a broader concept of forward guidance comprising various dimensions of the monetary policy stance. In any event, it was recalled that even when the net purchases ceased, the monetary policy stance would remain highly accommodative via the accumulated stock of acquired assets, future reinvestments and the forward guidance on policy rates, which would continue to accompany the economic cycle and the development of inflation along a sustained adjustment path.

ECB | Joana Ferreira |
1/11/2018 1:09:24 PM

Calendar GMT Actual Previous Consensus TEForecast
2017-09-07 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
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%
2018-01-25 01:30 PM ECB Press Conference
2018-03-08 12:45 PM ECB Interest Rate Decision

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 7767723.00 7700270.00 7767723.00 444118.00 EUR Million [+]
Money Supply M2 11183767.00 11131967.00 11183767.00 1070365.00 EUR Million [+]
Money Supply M3 11863898.00 11800348.00 11863898.00 1097238.00 EUR Million [+]
Foreign Exchange Reserves 62.04 61.64 70.57 34.91 USD Billion [+]
Central Bank Balance Sheet 4487284.00 4471856.00 4487284.00 692641.00 EUR Million [+]
Loans to Private Sector 10854522.00 10827742.00 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 2.70 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 January of 2018.

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

interest rate by Country
Country Last
Turkey 8.00 Jan/18
Russia 7.75 Dec/17
Mexico 7.25 Dec/17
Brazil 7.00 Dec/17
India 6.00 Dec/17
China 4.35 Nov/17
Indonesia 4.25 Jan/18
Australia 1.50 Dec/17
South Korea 1.50 Jan/18
United States 1.50 Dec/17
Canada 1.25 Jan/18
United Kingdom 0.50 Dec/17
Euro Area 0.00 Dec/17
France 0.00 Dec/17
Germany 0.00 Dec/17
Italy 0.00 Dec/17
Netherlands 0.00 Dec/17
Spain 0.00 Dec/17
Japan -0.10 Dec/17
Switzerland -0.75 Dec/17