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the interest rate on the deposit facility will be reduced by 0.25 percentage point to 3.50%, with effect from 11 may 2001. |
at today’s meeting, the governing council decided to confirm its very accommodative monetary policy stance:
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the governing council will continue to conduct net asset purchases under the pandemic emergency purchase programme (pepp) with a total envelope of €1,850 billion until at least the end of march 2022 and, in any case, until it judges that the coronavirus crisis phase is over. based on a joint assessment of financing conditions and the inflation outlook, the governing council expects net purchases under the pepp over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year.
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finally, the governing council will continue to provide ample liquidity through its refinancing operations. the funding obtained through the third series of targeted longer-term refinancing operations (tltro iii) plays a crucial role in supporting bank lending to firms and households. |
in its recent strategy review, the governing council agreed a symmetric inflation target of two per cent over the medium term. the key ecb interest rates have been close to their lower bound for some time and the medium-term outlook for inflation is still well below the governing council’s target. in these conditions, the governing council today revised its forward guidance on interest rates. it did so to underline its commitment to maintain a persistently accommodative monetary policy stance to meet its inflation target.
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having confirmed its june assessment of financing conditions and the inflation outlook, the governing council continues to expect purchases under the pandemic emergency purchase programme (pepp) over the current quarter to be conducted at a significantly higher pace than during the first months of the year.
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the governing council also confirmed its other measures to support its price stability mandate, namely the level of the key ecb interest rates, its purchases under the asset purchase programme (app), its reinvestment policies and its longer-term refinancing operations. specifically:
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as the incoming information confirmed the joint assessment of financing conditions and the inflation outlook carried out at the june monetary policy meeting, the governing council continues to expect purchases under the pepp over the current quarter to be conducted at a significantly higher pace than during the first months of the year. |
the governing council today decided to lower the three key ecb interest rates by 25 basis points. in particular, the decision to lower the deposit facility rate – the rate through which the governing council steers the monetary policy stance – is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.
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the disinflation process is well on track. staff see headline inflation averaging 2.4% in 2024, 2.1% in 2025, 1.9% in 2026 and 2.1% in 2027 when the expanded eu emissions trading system becomes operational. for inflation excluding energy and food, staff project an average of 2.9% in 2024, 2.3% in 2025 and 1.9% in both 2026 and 2027.
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most measures of underlying inflation suggest that inflation will settle at around the governing council’s 2% medium-term target on a sustained basis. domestic inflation has edged down but remains high, mostly because wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay.
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financing conditions are easing, as the governing council’s recent interest rate cuts gradually make new borrowing less expensive for firms and households. but they continue to be tight because monetary policy remains restrictive and past interest rate hikes are still transmitting to the outstanding stock of credit.
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staff now expect a slower economic recovery than in the september projections. although growth picked up in the third quarter of this year, survey indicators suggest it has slowed in the current quarter. staff see the economy growing by 0.7% in 2024, 1.1% in 2025, 1.4% in 2026 and 1.3% in 2027. the projected recovery rests mainly on rising real incomes – which should allow households to consume more – and firms increasing investment. over time, the gradually fading effects of restrictive monetary policy should support a pick-up in domestic demand.
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the governing council is determined to ensure that inflation stabilises sustainably at its 2% medium-term target. it will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. in particular, the governing council’s interest rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. the governing council is not pre-committing to a particular rate path.
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the governing council today decided to lower the three key ecb interest rates by 25 basis points. accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 3.00%, 3.15% and 3.40% respectively, with effect from 18 december 2024.
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the eurosystem no longer reinvests all of the principal payments from maturing securities purchased under the pepp, reducing the pepp portfolio by €7.5 billion per month on average. the governing council will discontinue reinvestments under the pepp at the end of 2024.
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banks will repay the remaining amounts borrowed under the targeted longer-term refinancing operations this month, which concludes this part of the balance sheet normalisation process.
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the governing council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises sustainably at its 2% target over the medium term and to preserve the smooth functioning of monetary policy transmission. moreover, the transmission protection instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the governing council to more effectively deliver on its price stability mandate. |
the governing council today decided to keep the three key ecb interest rates unchanged. the incoming information has broadly confirmed the governing council’s previous assessment of the medium-term inflation outlook. inflation has continued to fall, led by lower food and goods price inflation. most measures of underlying inflation are easing, wage growth is gradually moderating, and firms are absorbing part of the rise in labour costs in their profits. financing conditions remain restrictive and the past interest rate increases continue to weigh on demand, which is helping to push down inflation. but domestic price pressures are strong and are keeping services price inflation high.
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the governing council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. it considers that the key ecb interest rates are at levels that are making a substantial contribution to the ongoing disinflation process. the governing council’s future decisions will ensure that its policy rates will stay sufficiently restrictive for as long as necessary. if the governing council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction. in any event, the governing council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction, and it is not pre-committing to a particular rate path. |
the governing council today decided to lower the three key ecb interest rates by 25 basis points. in particular, the decision to lower the deposit facility rate – the rate through which the governing council steers the monetary policy stance – is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. the incoming information on inflation shows that the disinflationary process is well on track. the inflation outlook is also affected by recent downside surprises in indicators of economic activity. meanwhile, financing conditions remain restrictive.
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the governing council today decided to lower the three key ecb interest rates by 25 basis points. accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 3.25%, 3.40% and 3.65% respectively, with effect from 23 october 2024. |
the minimum bid rate on the main refinancing operations of the eurosystem will be raised by 0.25 percentage point to 4.75%, starting from the operation to be settled on 11 october 2000.
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the interest rate on the marginal lending facility will be raised by 0.25 percentage point to 5.75%, with effect from 6 october 2000.
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the interest rate on the deposit facility will be raised by 0.25 percentage point to 3.75%, with effect from 6 october 2000. |
the inflation outlook continues to be too high for too long. in light of the ongoing high inflation pressures, the governing council today decided to raise the three key ecb interest rates by 25 basis points. overall, the incoming information broadly supports the assessment of the medium-term inflation outlook that the governing council formed at its previous meeting. headline inflation has declined over recent months, but underlying price pressures remain strong. at the same time, the past rate increases are being transmitted forcefully to euro area financing and monetary conditions, while the lags and strength of transmission to the real economy remain uncertain.
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the governing council’s future decisions will ensure that the policy rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to the 2% medium-term target and will be kept at those levels for as long as necessary. the governing council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction. in particular, the governing council’s policy rate decisions will continue to be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission.
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the key ecb interest rates remain the governing council’s primary tool for setting the monetary policy stance. in parallel, the governing council will keep reducing the eurosystem’s asset purchase programme (app) portfolio at a measured and predictable pace. in line with these principles, the governing council expects to discontinue the reinvestments under the app as of july 2023.
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the governing council decided to raise the three key ecb interest rates by 25 basis points. accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 3.75%, 4.00% and 3.25% respectively, with effect from 10 may 2023.
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the app portfolio is declining at a measured and predictable pace, as the eurosystem does not reinvest all of the principal payments from maturing securities. the decline will amount to €15 billion per month on average until the end of june 2023. the governing council expects to discontinue the reinvestments under the app as of july 2023.
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the governing council stands ready to adjust all of its instruments within its mandate to ensure that inflation returns to its 2% target over the medium term and to preserve the smooth functioning of monetary policy transmission. the ecb’s policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed. moreover, the transmission protection instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the governing council to more effectively deliver on its price stability mandate. |
at today’s meeting the governing council of the european central bank (ecb) decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. the governing council expects the key ecb interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.
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the governing council will continue to make net purchases under its asset purchase programme (app) at a monthly pace of €20 billion. the governing council expects them to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ecb interest rates.
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the governing council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the app for an extended period of time past the date when it starts raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.
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the governing council also decided to launch a review of the ecb’s monetary policy strategy. further details about the scope and timetable of the review will be published in a press release today at 15:30 cet. |
the interest rate on the main refinancing operations of the eurosystem will be decreased by 50 basis points to 2.00%, starting from the operation to be settled on 21 january 2009.
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the interest rate on the marginal lending facility will be set at 3.00%, with effect from 21 january 2009.
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the interest rate on the deposit facility will be set at 1.00%, with effect from 21 january 2009.
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these decisions are in accordance with the governing council’s decision on 18 december 2008 to restore the width of the corridor of standing facility rates around the interest rate on the main refinancing operation to 200 basis points. |
at today's meeting the governing council of the ecb took the following monetary policy decisions:
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the interest rate on the main refinancing operations will be reduced by 0.5 percentage point to 2.5%, starting with the operation to be settled on 14 april 1999.
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the interest rate on the marginal lending facility will be reduced by 1 percentage point to 3.5%, effective 9 april 1999.
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the interest rate on the deposit facility will be reduced by 0.5 percentage point to 1.5%, effective 9 april 1999.
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a statement providing the reasons for these decisions will be made by the president of the ecb at a press conference following the conclusion of the governing council meeting later today. |
regarding non-standard monetary policy measures, the net purchases under the asset purchase programme (app) will end in december 2018. at the same time, the governing council is enhancing its forward guidance on reinvestment. accordingly, the governing council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the app for an extended period of time past the date when it starts raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. |
the minimum bid rate on the main refinancing operations of the eurosystem will be decreased by 50 basis points to 3.25%, starting from the operation to be settled on 12 november 2008.
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the interest rate on the marginal lending facility will be decreased by 50 basis points to 3.75%, with effect from 12 november 2008.
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the interest rate on the deposit facility will be decreased by 50 basis points to 2.75%, with effect from 12 november 2008. |
at today’s meeting the governing council of the ecb decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. the governing council expects the key ecb interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases.
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regarding non-standard monetary policy measures, the governing council confirms that the net asset purchases, at the current monthly pace of €60 billion, are intended to run until the end of december 2017, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. the net purchases are made alongside reinvestments of the principal payments from maturing securities purchased under the asset purchase programme. if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the governing council stands ready to increase the programme in terms of size and/or duration. |
the interest rate on the main refinancing operations of the eurosystem will be decreased by 10 basis points to 0.05%, starting from the operation to be settled on 10 september 2014.
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the interest rate on the marginal lending facility will be decreased by 10 basis points to 0.30%, with effect from 10 september 2014.
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the interest rate on the deposit facility will be decreased by 10 basis points to -0.20%, with effect from 10 september 2014. |
the governing council confirmed the decisions taken at its monetary policy meeting last december.
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in line with the step-by-step reduction in asset purchases decided on in december 2021 and to ensure that the monetary policy stance remains consistent with inflation stabilising at the governing council’s target over the medium term, monthly net purchases under the app will amount to €40 billion in the second quarter of 2022 and €30 billion in the third quarter. from october onwards, the governing council will maintain net asset purchases under the app at a monthly pace of €20 billion for as long as necessary to reinforce the accommodative impact of its policy rates. the governing council expects net purchases to end shortly before it starts raising the key ecb interest rates. |
the interest rate on the main refinancing operations of the eurosystem will be decreased by 25 basis points to 1.25%, starting from the operation to be settled on 9 november 2011.
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the interest rate on the marginal lending facility will be decreased by 25 basis points to 2.00%, with effect from 9 november 2011.
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the interest rate on the deposit facility will be decreased by 25 basis points to 0.50%, with effect from 9 november 2011. |
at today’s meeting, which was held in paris, the governing council of the ecb took the following monetary policy decisions:
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the minimum bid rate on the main refinancing operations of the eurosystem will be increased by 25 basis points to 3.25%, starting from the operation to be settled on 11 october 2006.
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the interest rate on the marginal lending facility will be increased by 25 basis points to 4.25%, with effect from 11 october 2006.
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the interest rate on the deposit facility will be increased by 25 basis points to 2.25%, with effect from 11 october 2006. |
at today’s meeting, the governing council of the ecb decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.00%, 5.00% and 3.00% respectively.
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the president of the ecb will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. (cest) today. |
at today's meeting, which was held in the form of a teleconference, the governing council of the ecb decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.75%, 5.75% and 3.75% respectively.
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the governing council also decided on an allotment amount of eur 20 billion per operation for the longer-term refinancing operations to be conducted in 2001. this amount takes into consideration the expected liquidity needs of the euro area banking system in 2001 and the desire of the eurosystem to continue to provide the bulk of refinancing of the financial sector through its main refinancing operations. the governing council may adjust the allotment amount in the course of the year in the event of unexpected developments in liquidity needs. |
the minimum bid rate on the main refinancing operations of the eurosystem will be increased by 25 basis points to 4.00%, starting from the operation to be settled on 13 june 2007.
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the interest rate on the marginal lending facility will be increased by 25 basis points to 5.00%, with effect from 13 june 2007.
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the interest rate on the deposit facility will be increased by 25 basis points to 3.00%, with effect from 13 june 2007. |
the minimum bid rate on the main refinancing operations of the eurosystem will be reduced by 0.50 percentage point to 3.25%, starting from the operation to be settled on 14 november 2001.
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the interest rate on the marginal lending facility will be reduced by 0.50 percentage point to 4.25%, with effect from 9 november 2001.
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the interest rate on the deposit facility will be reduced by 0.50 percentage point to 2.25%, with effect from 9 november 2001. |
at today’s meeting the governing council of the ecb decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.50%, 2.25% and 0.75% respectively.
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the president of the ecb will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. cet today. |
following the regular examination of the outlook for price developments in the euro area on the basis of the latest information on monetary, financial and other economic developments, the governing council of the ecb took the following monetary policy decisions at today's meeting:
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the interest rate on the main refinancing operations of the eurosystem will be raised by 0.25 percentage point to 3.75%, starting from the operation to be settled on 4 may 2000.
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the interest rate on the marginal lending facility will be raised by 0.25 percentage point to 4.75%, with effect from 28 april 2000.
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the interest rate on the deposit facility will be raised by 0.25 percentage point to 2.75%, with effect from 28 april 2000.
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with today's decision, the governing council of the ecb continues its policy of reacting to upside risks to price stability in the medium term in a pre-emptive manner. in this way, monetary policy provides the best contribution to ensuring the sustainability of the current phase of strong and non-inflationary economic growth.
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in its discussions the governing council confirmed the assessment which was presented by the president of the ecb in his introductory statement at the press conference after the governing council meeting on 13 april, as well as in the following issue of the ecb monthly bulletin. in particular, the governing council expressed concern about upside risks to price stability which, given the prospects for strong economic expansion, arise from strong growth in monetary and credit aggregates, as well as from the present level of the exchange rate of the euro.
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the governing council discussed recent movements in the exchange rates between the major currencies, including the recent decline of the euro, and examined their possible implications for price stability in the euro area. the ecb judges that the present level of the euro does not reflect the strong economic fundamentals of the euro area. |
the interest rate on the main refinancing operations of the eurosystem will be raised by 0.25 percentage point to 3.25%, starting from the operation to be settled on 9 february 2000.
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the interest rate on the marginal lending facility will be raised by 0.25 percentage point to 4.25%, with effect of 4 february 2000.
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the interest rate on the deposit facility will be raised by 0.25 percentage point to 2.25%, with effect of 4 february 2000. |
the governing council today decided to keep the three key ecb interest rates unchanged. the incoming information broadly supports the governing council’s previous assessment of the medium-term inflation outlook. while some measures of underlying inflation ticked up in may owing to one-off factors, most measures were either stable or edged down in june. in line with expectations, the inflationary impact of high wage growth has been buffered by profits. monetary policy is keeping financing conditions restrictive. at the same time, domestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above the target well into next year.
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the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.25%, 4.50% and 3.75% respectively. |
based on a joint assessment of financing conditions and the inflation outlook, the governing council judges that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the pandemic emergency purchase programme (pepp) than in the previous two quarters.
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the governing council also confirmed its other measures, namely the level of the key ecb interest rates, its forward guidance on their likely future evolution, its purchases under the asset purchase programme (app), its reinvestment policies and its longer-term refinancing operations. specifically:
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the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively.
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in support of its symmetric two per cent inflation target and in line with its monetary policy strategy, the governing council expects the key ecb interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at two per cent over the medium term. this may also imply a transitory period in which inflation is moderately above target.
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asset purchase programme (app)
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net purchases under the app will continue at a monthly pace of €20 billion. the governing council continues to expect monthly net asset purchases under the app to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ecb interest rates.
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the governing council also intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the app for an extended period of time past the date when it starts raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.
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pandemic emergency purchase programme (pepp)
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the governing council will continue to conduct net asset purchases under the pepp with a total envelope of €1,850 billion until at least the end of march 2022 and, in any case, until it judges that the coronavirus crisis phase is over.
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based on a joint assessment of financing conditions and the inflation outlook, the governing council judges that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the pepp than in the previous two quarters.
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the governing council will purchase flexibly according to market conditions and with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic on the projected path of inflation. in addition, the flexibility of purchases over time, across asset classes and among jurisdictions will continue to support the smooth transmission of monetary policy. if favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the pepp, the envelope need not be used in full. equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation.
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the governing council will continue to reinvest the principal payments from maturing securities purchased under the pepp until at least the end of 2023. in any case, the future roll-off of the pepp portfolio will be managed to avoid interference with the appropriate monetary policy stance.
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the governing council will continue to provide ample liquidity through its refinancing operations. in particular, the third series of targeted longer-term refinancing operations (tltro iii) remains an attractive source of funding for banks, supporting bank lending to firms and households.
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the governing council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation stabilises at its two per cent target over the medium term.
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