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

The European Central Bank held its benchmark refinancing rate at 0 percent for the eighth straight time and left the pace of its bond-purchases unchanged on January 19th, as widely expected. Policymakers confirmed the monthly asset purchases will run at the current monthly pace of €80 billion until March, and from April, they are intended to continue at a monthly pace of €60 billion until the end of the year. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent, respectively. Interest Rate in the Euro Area averaged 2.15 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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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-10-20 11:45 AM ECB Interest Rate Decision 0.0% 0.0% 0.0% 0.0%
2016-12-08 12:45 PM ECB Interest Rate Decision 0.0% 0.0% 0% 0%
2017-01-19 12:45 PM ECB Interest Rate Decision 0.0% 0.0% 0% 0%
2017-01-23 11:30 AM ECB Draghi Speech
2017-01-23 01:15 PM ECB Praet Speech
2017-01-24 01:45 PM ECB Praet Speech

ECB Leaves Monetary Policy Unchanged

The European Central Bank held its benchmark refinancing rate at 0 percent for the eighth straight time and left the pace of its bond-purchases unchanged on January 19th, as widely expected. Policymakers confirmed the monthly asset purchases will run at the current monthly pace of €80 billion until March, and from April, they are intended to continue at a monthly pace of €60 billion until the end of the year.

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

Looking ahead, we expect the economic expansion to firm further. The pass-through of our monetary policy measures is supporting domestic demand and facilitating the ongoing deleveraging process. The very favourable financing conditions and improvements in corporate profitability continue to promote the recovery in investment. Moreover, sustained employment gains, which are also benefiting from past structural reforms, provide support for private consumption via increases in households’ real disposable income. At the same time, there are signs of a somewhat stronger global recovery. However, economic growth in the euro area is expected to be dampened by a sluggish pace of implementation of structural reforms and remaining balance sheet adjustments in a number of sectors. The risks surrounding the euro area growth outlook remain tilted to the downside and relate predominantly to global factors.

According to Eurostat, euro area annual HICP inflation increased markedly from 0.6% in November 2016 to 1.1% in December. This reflected mainly a strong increase in annual energy inflation, while there are no signs yet of a convincing upward trend in underlying inflation. Looking ahead, on the basis of current oil futures prices, headline inflation is likely to pick up further in the near term, largely reflecting movements in the annual rate of change of energy prices. However, measures of underlying inflation are expected to rise more gradually over the medium term, supported by our monetary policy measures, the expected economic recovery and the corresponding gradual absorption of slack.

To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for a continued very substantial degree of monetary accommodation to secure a sustained return of inflation rates towards levels that are below, but close to, 2% without undue delay.

Monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. In order to reap the full benefits from our monetary policy measures, other policy areas must contribute much more decisively, both at the national and at the European level. The implementation of structural reforms needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost investment, productivity and potential output growth in the euro area. Structural reforms are necessary in all euro area countries. In particular, reforms are needed to improve the business environment, including the provision of an adequate public infrastructure. In addition, the enhancement of current investment initiatives, progress on the capital markets union and reforms that will improve the resolution of non-performing loans, are a priority. Fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the European Union. 

ECB | Joana Ferreira |
1/19/2017 2:11:02 PM

Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 4.75 0.00 percent [+]
Interbank Rate -0.34 -0.34 5.39 -0.34 percent [+]
Money Supply M1 7156510.00 7049035.00 7156510.00 444108.00 EUR Million [+]
Money Supply M2 10676382.00 10581812.00 10676382.00 1070357.00 EUR Million [+]
Money Supply M3 11349373.00 11248900.00 11349373.00 1097232.00 EUR Million [+]
Foreign Exchange Reserves 340426.00 343861.00 352397.00 178392.00 USD Million [+]
Central Bank Balance Sheet 3697302.00 3672638.00 3697302.00 692641.00 EUR Million [+]
Loans to Private Sector 10698934.00 10655551.00 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 1.90 1.80 2.30 -0.30 percent [+]

Euro Area Interest Rate Notes

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 January of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 4.75 0.00 1998 - 2017 percent Daily

Ghana 25.50 Dec/16
Argentina 24.75 Jan/17
Malawi 24.00 Dec/16
Mozambique 23.25 Dec/16
Gambia 23.00 Dec/16
Venezuela 22.48 Nov/16
Haiti 20.00 Dec/16
Iran 20.00 Dec/16
Belarus 17.00 Jan/17
Angola 16.00 Dec/16
Zambia 15.50 Dec/16
Afghanistan 15.00 Dec/16
Azerbaijan 15.00 Dec/16
Yemen 15.00 Dec/16
Egypt 14.75 Dec/16
Sudan 14.20 Dec/16
Congo 14.00 Jan/17
Mongolia 14.00 Dec/16
Nigeria 14.00 Dec/16
Ukraine 14.00 Dec/16
Liberia 13.70 Dec/16
Brazil 13.00 Jan/17
Guinea 12.50 Dec/16
Suriname 12.50 Dec/15
Seychelles 12.36 Nov/16
Kazakhstan 12.00 Jan/17
Tanzania 12.00 Oct/16
Uganda 12.00 Dec/16
Djibouti 11.60 Dec/15
Sierra Leone 11.00 Dec/16
Tajikistan 11.00 Dec/16
Zimbabwe 10.68 Dec/16
Kenya 10.00 Dec/16
Lebanon 10.00 Dec/16
Myanmar 10.00 Dec/16
Russia 10.00 Dec/16
Sao Tome and Principe 10.00 Dec/16
Uruguay 9.25 Dec/16
Mauritania 9.00 Dec/16
Moldova 9.00 Dec/16
Uzbekistan 9.00 Dec/16
Madagascar 8.30 Dec/16
Ecuador 8.10 Dec/16
Turkey 8.00 Dec/16
Burundi 7.95 Dec/16
Cape Verde 7.50 Dec/16
Colombia 7.50 Dec/16
Maldives 7.00 Dec/16
Namibia 7.00 Dec/16
Nepal 7.00 Dec/16
South Africa 7.00 Dec/16
Sri Lanka 7.00 Dec/16
Swaziland 7.00 Dec/16
Bangladesh 6.75 Dec/16
Lesotho 6.64 Sep/16
Georgia 6.50 Dec/16
Vietnam 6.50 Dec/16
Armenia 6.25 Dec/16
India 6.25 Dec/16
Papua New Guinea 6.25 Dec/16
Rwanda 6.25 Dec/16
Bhutan 6.00 Dec/16
Mexico 5.75 Dec/16
Pakistan 5.75 Dec/16
Bosnia and Herzegovina 5.69 Oct/16
Botswana 5.50 Dec/16
Brunei 5.50 Dec/16
Dominican Republic 5.50 Dec/16
Honduras 5.50 Dec/16
Paraguay 5.50 Dec/16
Ethiopia 5.00 Dec/16
Guyana 5.00 Dec/16
Iceland 5.00 Dec/16
Jamaica 5.00 Dec/16
Kyrgyzstan 5.00 Dec/16
Indonesia 4.75 Jan/17
Qatar 4.75 Dec/16
Trinidad and Tobago 4.75 Nov/16
Benin 4.50 Dec/16
Burkina Faso 4.50 Dec/16
Guinea Bissau 4.50 Dec/16
Ivory Coast 4.50 Dec/16
Mali 4.50 Dec/16
Niger 4.50 Dec/16
Senegal 4.50 Dec/16
Togo 4.50 Dec/16
El Salvador 4.46 Oct/16
China 4.35 Dec/16
Laos 4.25 Dec/16
Peru 4.25 Jan/17
Tunisia 4.25 Dec/16
Algeria 4.00 Dec/16
Bahamas 4.00 Dec/16
Iraq 4.00 Dec/16
Macedonia 4.00 Nov/16
Mauritius 4.00 Dec/16
Serbia 4.00 Jan/17
Jordan 3.75 Dec/16
Barbados 3.29 Dec/16
Chile 3.25 Jan/17
Guatemala 3.00 Dec/16
Libya 3.00 Dec/16
Malaysia 3.00 Jan/17
Philippines 3.00 Dec/16
Belize 2.50 Dec/16
Croatia 2.50 Nov/16
Kuwait 2.50 Dec/16
Cameroon 2.45 Dec/16
Central African Republic 2.45 Dec/16
Chad 2.45 Dec/16
Equatorial Guinea 2.45 Dec/16
Gabon 2.45 Dec/16
Republic of the Congo 2.45 Dec/16
Cuba 2.25 Dec/16
Morocco 2.25 Dec/16
Bolivia 2.21 Nov/16
Saudi Arabia 2.00 Dec/16
Costa Rica 1.75 Dec/16
New Zealand 1.75 Dec/16
Romania 1.75 Jan/17
Australia 1.50 Dec/16
Poland 1.50 Jan/17
Thailand 1.50 Dec/16
United Arab Emirates 1.50 Dec/16
Cambodia 1.45 Oct/16
Taiwan 1.38 Dec/16
Albania 1.25 Dec/16
South Korea 1.25 Jan/17
Oman 1.24 Dec/16
Comoros 1.15 Dec/16
Bahrain 1.00 Dec/16
Hong Kong 1.00 Dec/16
Macau 1.00 Dec/16
Hungary 0.90 Dec/16
United States 0.75 Dec/16
Canada 0.50 Jan/17
Fiji 0.50 Dec/16
Norway 0.50 Dec/16
Panama 0.48 Oct/16
Singapore 0.46 Dec/16
New Caledonia 0.25 Dec/16
United Kingdom 0.25 Dec/16
Israel 0.10 Dec/16
Czech Republic 0.05 Dec/16
Austria 0.00 Jan/17
Belgium 0.00 Jan/17
Bulgaria 0.00 Jan/17
Cyprus 0.00 Jan/17
Estonia 0.00 Jan/17
Euro Area 0.00 Jan/17
Finland 0.00 Jan/17
France 0.00 Jan/17
Germany 0.00 Jan/17
Greece 0.00 Jan/17
Ireland 0.00 Jan/17
Italy 0.00 Jan/17
Latvia 0.00 Jan/17
Lithuania 0.00 Jan/17
Luxembourg 0.00 Jan/17
Malta 0.00 Jan/17
Netherlands 0.00 Jan/17
Portugal 0.00 Jan/17
Slovakia 0.00 Jan/17
Slovenia 0.00 Jan/17
Spain 0.00 Jan/17
Japan -0.10 Dec/16
Sweden -0.50 Dec/16
Denmark -0.65 Dec/16
Switzerland -0.75 Dec/16