The European Central Bank launched a new backstop facility on June 25th to provide precautionary euro repo lines to central banks outside the euro area in response to the coronavirus crisis. The Eurosystem repo facility for central banks (EUREP) will be available until June 2021 and will address possible euro liquidity needs in case of market dysfunction resulting from the COVID-19 shock that might adversely impact the smooth transmission of ECB monetary policy. On June 6th, the ECB expanded its pandemic emergency purchase programme by €600 billion to a total of €1.35 trillion, more than an expected €500 billion increase, and extended it to at least June 2021. The rate on the ECB's Main Refinancing Operations, which banks can tap to obtain one-week credit from the central bank, was left at 0 percent while the rate on overnight liquidity was fixed at 0.25 percent. The bank's Deposit Facility Rate was left at -0.5 percent.
Interest Rate in the Euro Area averaged 1.84 percent from 1998 until 2020, reaching an all time high of 4.75 percent in October of 2000 and a record low of 0 percent in March of 2016. This page provides - Euro Area Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: European Central Bank
Interest Rate in Euro Area is expected to be 0.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Euro Area to stand at 0.00 in 12 months time. In the long-term, the Euro Area Interest Rate is projected to trend around 0.00 percent in 2021, according to our econometric models.