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

The ECB held its benchmark refinancing rate at 0 percent on September 7th, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, saying that a very substantial degree of monetary accommodation was still needed to support inflation. The ECB raised its GDP forecast for 2017 to 2.2 percent, the fastest rate since 2007, compared with 1.9 percent seen in June, while the inflation forecast for this year was unchanged at 1.5 percent. Still, HICP projection for 2018 was lowered to 1.2 percent (from 1.3 percent); and for 2019 it was cut to 1.5 percent (from 1.6 percent) on the back of a strong euro. Interest Rate in the Euro Area averaged 2.08 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 Leaves Monetary Policy Unchanged


The ECB held its benchmark refinancing rate at 0 percent on September 7th, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, saying that a very substantial degree of monetary accommodation was still needed to support inflation. However, President Draghi said discussions on tapering QE will likely start this autumn, despite the euro being a source of uncertainty for inflation.

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

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 sufficiently into stronger inflation dynamics. Measures of underlying inflation have ticked up slightly in recent months but, overall, remain 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. This autumn we will decide on the calibration of our policy instruments beyond the end of the year, taking into account the expected path of inflation and the financial conditions needed for a sustained return of inflation rates towards levels that are below, but close to, 2%.

This assessment is broadly reflected in the September 2017 ECB staff macroeconomic projections for the euro area. These projections foresee annual real GDP increasing by 2.2% in 2017, by 1.8% in 2018 and by 1.7% in 2019. Compared with the June 2017 Eurosystem staff macroeconomic projections, the outlook for real GDP growth has been revised up for 2017, reflecting the recent stronger growth momentum, and is broadly unchanged thereafter.

Risks surrounding the euro area growth outlook remain 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 continue to exist, primarily relating to global factors and developments in foreign exchange markets.

Euro area annual HICP inflation was 1.5% in August. Looking ahead, on the basis of current futures prices for oil, annual rates of headline inflation are likely to temporarily decline towards the turn of the year, mainly reflecting base effects in energy prices. At the same time, measures of underlying inflation have ticked up moderately in recent months, but have yet to show convincing signs of a sustained upward trend. Domestic cost pressures, notably from labour markets, are still subdued. Underlying inflation in the euro area is expected to rise gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion, the corresponding gradual absorption of economic slack and rising wages.

This assessment is also broadly reflected in the September 2017 ECB staff macroeconomic projections for the euro area, which foresee annual HICP inflation at 1.5% in 2017, 1.2% in 2018 and 1.5% in 2019. Compared with the June 2017 Eurosystem staff macroeconomic projections, the outlook for headline HICP inflation has been revised down slightly, mainly reflecting the recent appreciation of the euro exchange rate.

ECB | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/7/2017 2:26:21 PM



Calendar GMT Actual Previous Consensus TEForecast
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%
2017-09-07 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
2017-09-26 12:00 PM ECB Praet Speech
2017-09-28 08:00 AM ECB Praet Speech
2017-09-28 11:10 AM ECB Lautenschläger 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 -0.38 percent [+]
Money Supply M1 7553504.00 7530541.00 7553504.00 444108.00 EUR Million [+]
Money Supply M2 10999056.00 10984771.00 10999056.00 1070357.00 EUR Million [+]
Money Supply M3 11654120.00 11648693.00 11654120.00 1097230.00 EUR Million [+]
Foreign Exchange Reserves 346031.00 344707.00 352397.00 178392.00 USD Million [+]
Central Bank Balance Sheet 4299776.00 4283727.00 4299776.00 692641.00 EUR Million [+]
Loans to Private Sector 10735229.00 10725761.00 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 2.60 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 September 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
Russia 8.50 Sep/17
Brazil 8.25 Sep/17
Turkey 8.00 Sep/17
Mexico 7.00 Aug/17
India 6.00 Aug/17
China 4.35 Aug/17
Indonesia 4.25 Sep/17
Australia 1.50 Sep/17
South Korea 1.25 Aug/17
United States 1.25 Sep/17
Canada 1.00 Sep/17
United Kingdom 0.25 Sep/17
Euro Area 0.00 Sep/17
France 0.00 Sep/17
Germany 0.00 Sep/17
Italy 0.00 Sep/17
Netherlands 0.00 Sep/17
Spain 0.00 Sep/17
Japan -0.10 Sep/17
Switzerland -0.75 Sep/17