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

The ECB held its benchmark refinancing rate at 0 percent on July 26th and reiterated that the monthly pace of the net asset purchases will be reduced to €15 billion from September to December 2018, and will then end. Interest Rate in the Euro Area averaged 2 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 Leaves Monetary Policy Unchanged

The ECB held its benchmark refinancing rate at 0 percent on July 26th and reiterated that the monthly pace of the net asset purchases will be reduced to €15 billion from September to December 2018, and will then end. The central bank also said it expects key interest rates to remain at record low levels at least through the summer of 2019.

The deposit facility rate and the marginal lending facility rate were also left unchanged at -0.4 percent and 0.25 percent, respectively.

Excerpts from the ECB Introductory Statement:

Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them to remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.

Regarding non-standard monetary policy measures, we will continue to make net purchases under the asset purchase programme (APP) at the current monthly pace of €30 billion until the end of September 2018. We anticipate that, after September 2018, subject to incoming data confirming our medium-term inflation outlook, we will reduce the monthly pace of the net asset purchases to €15 billion until the end of December 2018 and then end net purchases. We intend to reinvest the principal payments from maturing securities purchased under the APP for an extended period of time after the end of our net asset purchases, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

While uncertainties, notably related to the global trade environment, remain prominent, the information available since our last monetary policy meeting indicates that the euro area economy is proceeding along a solid and broad-based growth path. The underlying strength of the economy confirms our confidence that the sustained convergence of inflation to our aim will continue in the period ahead and will be maintained even after a gradual winding-down of our net asset purchases. Nevertheless, significant monetary policy stimulus is still needed to support the further build-up of domestic price pressures and headline inflation developments over the medium term. This support will continue to be provided by the net asset purchases until the end of the year, by the sizeable stock of acquired assets and the associated reinvestments, and by our enhanced forward guidance on the key ECB interest rates. In any event, the Governing Council stands ready to adjust all of its instruments as appropriate to ensure that inflation continues to move towards the Governing Council’s inflation aim in a sustained manner.

The risks surrounding the euro area growth outlook can still be assessed as broadly balanced. Uncertainties related to global factors, notably the threat of protectionism, remain prominent. Moreover, the risk of persistent heightened financial market volatility continues to warrant monitoring.

Euro area annual HICP inflation increased to 2.0% in June 2018, from 1.9% in May, reflecting mainly higher energy and food price inflation. On the basis of current futures prices for oil, annual rates of headline inflation are likely to hover around the current level for the remainder of the year. While measures of underlying inflation remain generally muted, they have been increasing from earlier lows. Domestic cost pressures are strengthening and broadening amid high levels of capacity utilisation and tightening labour markets. Uncertainty around the inflation outlook is receding. Looking ahead, underlying inflation is expected to pick up towards the end of the year and thereafter to increase gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion, the corresponding absorption of economic slack and rising wage growth.

ECB | Joana Ferreira |
7/26/2018 12:51:50 PM

Calendar GMT Actual Previous Consensus TEForecast
2018-04-26 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0.0%
2018-06-14 11:45 AM ECB Interest Rate Decision 0.0% 0.0% 0.0% 0.0%
2018-07-26 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0.0%
2018-09-13 11:45 AM ECB Interest Rate Decision 0.0%
2018-09-13 12:30 PM ECB Press Conference
2018-10-25 11:45 AM ECB Interest Rate Decision 0.0%

Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 4.75 0.00 percent [+]
Interbank Rate -0.36 -0.36 5.39 -0.39 percent [+]
Money Supply M1 8032853.00 7977746.00 8032853.00 444118.00 EUR Million [+]
Money Supply M2 11485969.00 11406313.00 11485969.00 1070365.00 EUR Million [+]
Money Supply M3 12133659.00 12047276.00 12133659.00 1097238.00 EUR Million [+]
Foreign Exchange Reserves 64.06 66.10 70.57 34.91 USD Billion [+]
Central Bank Balance Sheet 4605004.00 4599857.00 4605004.00 692641.00 EUR Million [+]
Loans to Private Sector 10993434.00 11008903.00 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 2.90 2.90 9.90 -0.30 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 August 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 17.75 Jul/18
Mexico 7.75 Aug/18
Russia 7.25 Jul/18
Brazil 6.50 Aug/18
India 6.50 Aug/18
Indonesia 5.50 Aug/18
China 4.35 Jul/18
United States 2.00 Aug/18
Australia 1.50 Aug/18
Canada 1.50 Jul/18
South Korea 1.50 Jul/18
United Kingdom 0.75 Aug/18
Euro Area 0.00 Jul/18
France 0.00 Jul/18
Germany 0.00 Jul/18
Italy 0.00 Jul/18
Netherlands 0.00 Jul/18
Spain 0.00 Jul/18
Japan -0.10 Jul/18
Switzerland -0.75 Jul/18