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 Policymakers Discuss QE Extension Scenarios: Minutes

ECB policymakers agreed that a decision on the path of central bank’s policy instruments will be warranted until the end of the year and started to discuss some trade-off between the size and duration of the net asset purchases, minutes from the ECB's September meeting showed. Also, they continued to show concerns about the stronger euro.

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, 6-7 September 2017:

While the recent appreciation of the euro exchange rate was seen to reflect to some degree the improved macroeconomic environment in the euro area and the associated market assessment of the outlook for the ECB’s monetary policy relative to that of other major central banks, concerns were expressed, notably about the recent momentum. There was wide agreement that the recent movements in the euro exchange rate represented a source of uncertainty, which required monitoring with respect to its medium-term implications for price stability.

Moreover, as the end of the intended horizon of the net asset purchases was approaching, members reiterated that a decision was warranted in the autumn on the ECB’s policy instruments beyond the end of the year. This decision would need to be based on a thorough assessment of the outlook for inflation, the risks surrounding this outlook, and the monetary policy stance and financial conditions needed for a sustained return of inflation rates towards levels below, but close to, 2%. Accordingly, the Eurosystem committees would continue their technical work on examining possible scenarios for the future evolution of policy instruments, considering their impact on financial conditions and the medium-term outlook for inflation and also looking at the experience of other central banks.

Subsequently members had a very preliminary exchange of views about the future monetary policy stance and the considerations that might guide a recalibration of instruments and the transmission channels through which they shape financial conditions and the outlook for price stability. There was broad agreement that continued substantial support from monetary policy was still needed to ensure a sustained return of inflation rates towards levels below, but close to, 2% over the medium term. At the same time, a stronger euro area economy and the dissipation of deflationary risks underpinned increased confidence that the Governing Council’s inflation aim would be achieved over the medium term.

A view was put forward that conditions were increasingly falling into place that would allow the intensity of monetary policy accommodation to be adapted and would provide an opportunity to scale back the Eurosystem’s net asset purchases.

Members also discussed some general trade-offs inherent in various scenarios for the future recalibration of the APP and, in particular, the choice between the pace and the intended duration. Within the framework of the Governing Council’s forward guidance, the benefits from a longer intended purchase horizon, combined with a greater reduction in the pace, were compared with those from a shorter period of purchases and larger monthly volumes. In this context, the point was again made that both the costs and benefits of extending APP purchases, including possible financial stability risks, needed to be taken into account.

As regards the timing of prospective policy decisions by the Governing Council, there was broad agreement that the bulk of the decisions, including the strategy for recalibrating the policy instruments, could be taken at the forthcoming monetary policy meeting in October, while the possibility that some technical decisions could be taken at a later stage could not be ruled out.

ECB | Joana Ferreira |
10/5/2017 1:57:22 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%
2017-10-26 11:45 AM ECB Interest Rate Decision 0% 0%
2017-10-26 12:30 PM ECB Press Conference
2017-11-08 09:00 AM ECB Non-Monetary Policy Meeting

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 7631686.00 7552048.00 7631686.00 444108.00 EUR Million [+]
Money Supply M2 11082855.00 10997684.00 11082855.00 1070357.00 EUR Million [+]
Money Supply M3 11743298.00 11655136.00 11743298.00 1097230.00 EUR Million [+]
Foreign Exchange Reserves 346031.00 344707.00 352397.00 178392.00 USD Million [+]
Central Bank Balance Sheet 4328211.00 4308875.00 4328211.00 692641.00 EUR Million [+]
Loans to Private Sector 10761155.00 10735206.00 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 2.70 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 October 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

Russia 8.50 Sep/17
Brazil 8.25 Sep/17
Turkey 8.00 Sep/17
Mexico 7.00 Sep/17
India 6.00 Oct/17
China 4.35 Sep/17
Indonesia 4.25 Sep/17
Australia 1.50 Oct/17
South Korea 1.25 Sep/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