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%
2017-03-09 12:45 PM ECB Interest Rate Decision 0%
2017-03-09 01:30 PM ECB Press Conference
2017-03-22 09:00 AM ECB Non-Monetary Policy Meeting




ECB Simulus Still Needed To Support Growth And Inflation


The ECB's board agreed that the recent trends of a firming economic recovery largely benefited from the current accommodative monetary policy stance and that the central bank’s stimulus was still needed to support growth and inflation, minutes from the ECB's January meeting showed. Policymakers also reiterated that the balance of risks to the economic outlook was seen as remaining on the downside and more decisive contributions from other policy areas were essential to ensure a self-sustaining recovery.

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, 18-19 January 2017:

With regard to the monetary policy stance, members widely shared the assessment provided by Mr Praet in his introduction that, while inflation had increased lately, largely owing to base effects in energy prices, underlying inflation pressures had remained subdued and signs of a convincing upward trend were still lacking. It was broadly agreed that a very substantial degree of monetary accommodation continued to be needed for euro area inflation pressures to build up and to secure a sustained return of inflation rates towards levels below, but close to, 2% over the medium term.

Members agreed on the appropriateness of the current monetary policy stance and recent developments were generally seen to vindicate the decisions taken by the Governing Council at its meeting in early December 2016. While there had been some positive news since that meeting, the fundamental picture remained largely unaltered and there was no room for complacency, as risks and uncertainties had not receded substantially, notably those related to the political environment at the global level and within the euro area. 

In this context, it was recalled that, in line with the Governing Council’s monetary policy strategy and past communication, monetary policy had to be forward-looking and oriented to the medium term, meaning that the Governing Council would look through the volatility in short-term data if judged transient and to have no implication for the medium-term outlook for price stability. Therefore, there was broad agreement to look through recent upturns in headline inflation driven by energy prices, while carefully monitoring potential indirect and second-round effects. This was seen to be fully consistent with the Governing Council’s past decisions and established approach to treating temporary changes in inflation on the upside and on the downside.

Against this background, it was widely agreed that it was imperative to maintain a very substantial degree of monetary accommodation for inflation pressures to build up and durably support headline inflation. Otherwise, recent encouraging developments in inflation expectations and the prospects for a sustained adjustment in inflation towards the Governing Council’s inflation aim could be put at risk. Therefore, the Governing Council was seen as well advised to remain patient and maintain a “steady hand” to provide stability and predictability in an environment that was still characterised by a high level of uncertainty. At the same time, the point was made that the window of opportunity provided by a prolonged period of favourable monetary and financial conditions needed to be used by other policy areas to bolster sustained growth, namely by speeding up structural reforms.

ECB | Joana Ferreira | joana.ferreira@tradingeconomics.com
2/16/2017 1:26:19 PM



Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 4.75 0.00 percent [+]
Interbank Rate -0.35 -0.35 5.39 -0.35 percent [+]
Money Supply M1 7189193.00 7144943.00 7189193.00 444108.00 EUR Million [+]
Money Supply M2 10686847.00 10667452.00 10686847.00 1070357.00 EUR Million [+]
Money Supply M3 11371639.00 11343067.00 11371639.00 1097232.00 EUR Million [+]
Central Bank Balance Sheet 3787893.00 3770942.00 3787893.00 692641.00 EUR Million [+]
Foreign Exchange Reserves 344436.00 340426.00 352397.00 178392.00 USD Million [+]
Loans to Private Sector 10674761.00 10698934.00 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 2.00 1.90 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 February of 2017.

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



Last
Ghana 25.50 Jan/17
Argentina 24.75 Feb/17
Malawi 24.00 Dec/16
Mozambique 23.25 Feb/17
Gambia 23.00 Dec/16
Venezuela 22.49 Dec/16
Haiti 20.00 Jan/17
Iran 20.00 Dec/16
Angola 16.00 Jan/17
Belarus 16.00 Feb/17
Afghanistan 15.00 Dec/16
Azerbaijan 15.00 Dec/16
Yemen 15.00 Dec/16
Egypt 14.75 Feb/17
Sudan 14.20 Jan/17
Congo 14.00 Jan/17
Mongolia 14.00 Jan/17
Nigeria 14.00 Jan/17
Ukraine 14.00 Jan/17
Zambia 14.00 Feb/17
Liberia 13.70 Dec/16
Guinea 12.50 Dec/16
Suriname 12.50 Dec/15
Seychelles 12.42 Dec/16
Brazil 12.25 Mar/17
Tanzania 12.00 Jan/17
Djibouti 11.60 Dec/15
Uganda 11.50 Feb/17
Kazakhstan 11.00 Feb/17
Sierra Leone 11.00 Jan/17
Tajikistan 11.00 Dec/16
Zimbabwe 10.68 Dec/16
Kenya 10.00 Jan/17
Lebanon 10.00 Dec/16
Myanmar 10.00 Dec/16
Russia 10.00 Feb/17
Sao Tome and Principe 10.00 Dec/16
Uruguay 9.25 Dec/16
Mauritania 9.00 Dec/16
Moldova 9.00 Feb/17
Uzbekistan 9.00 Feb/17
Madagascar 8.30 Dec/16
Ecuador 8.10 Dec/16
Turkey 8.00 Jan/17
Burundi 7.95 Dec/16
Cape Verde 7.50 Dec/16
Colombia 7.50 Jan/17
Swaziland 7.25 Jan/17
Maldives 7.00 Dec/16
Namibia 7.00 Feb/17
Nepal 7.00 Dec/16
South Africa 7.00 Jan/17
Sri Lanka 7.00 Feb/17
Bangladesh 6.75 Dec/16
Georgia 6.75 Jan/17
Lesotho 6.64 Sep/16
Vietnam 6.50 Dec/16
India 6.25 Feb/17
Mexico 6.25 Feb/17
Papua New Guinea 6.25 Jan/17
Rwanda 6.25 Jan/17
Armenia 6.00 Feb/17
Bhutan 6.00 Dec/16
Pakistan 5.75 Jan/17
Botswana 5.50 Jan/17
Brunei 5.50 Dec/16
Dominican Republic 5.50 Jan/17
Honduras 5.50 Feb/17
Paraguay 5.50 Feb/17
Bosnia and Herzegovina 5.21 Nov/16
Ethiopia 5.00 Dec/16
Guyana 5.00 Dec/16
Iceland 5.00 Feb/17
Jamaica 5.00 Dec/16
Kyrgyzstan 5.00 Jan/17
Indonesia 4.75 Feb/17
Qatar 4.75 Jan/17
Trinidad and Tobago 4.75 Dec/16
Benin 4.50 Jan/17
Burkina Faso 4.50 Jan/17
Guinea Bissau 4.50 Jan/17
Ivory Coast 4.50 Jan/17
Mali 4.50 Jan/17
Niger 4.50 Jan/17
Senegal 4.50 Jan/17
Togo 4.50 Dec/16
El Salvador 4.47 Nov/16
China 4.35 Jan/17
Laos 4.25 Dec/16
Peru 4.25 Feb/17
Tunisia 4.25 Jan/17
Bahamas 4.00 Jan/17
Iraq 4.00 Dec/16
Mauritius 4.00 Dec/16
Serbia 4.00 Feb/17
Jordan 3.75 Dec/16
Macedonia 3.75 Dec/16
Algeria 3.50 Dec/16
Barbados 3.40 Jan/17
Chile 3.25 Feb/17
Guatemala 3.00 Jan/17
Libya 3.00 Dec/16
Malaysia 3.00 Jan/17
Philippines 3.00 Feb/17
Belize 2.50 Jan/17
Croatia 2.50 Dec/16
Kuwait 2.50 Jan/17
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 Jan/17
Saudi Arabia 2.00 Dec/16
Bolivia 1.96 Dec/16
Costa Rica 1.75 Dec/16
New Zealand 1.75 Feb/17
Romania 1.75 Feb/17
Australia 1.50 Feb/17
Poland 1.50 Feb/17
Thailand 1.50 Feb/17
United Arab Emirates 1.50 Jan/17
Cambodia 1.45 Nov/16
Taiwan 1.38 Jan/17
Albania 1.25 Feb/17
South Korea 1.25 Feb/17
Oman 1.24 Dec/16
Comoros 1.15 Dec/16
Bahrain 1.00 Jan/17
Hong Kong 1.00 Jan/17
Macau 1.00 Jan/17
Hungary 0.90 Jan/17
United States 0.75 Feb/17
Canada 0.50 Jan/17
Fiji 0.50 Feb/17
Norway 0.50 Jan/17
Panama 0.48 Nov/16
Singapore 0.46 Dec/16
New Caledonia 0.25 Jan/17
United Kingdom 0.25 Feb/17
Israel 0.10 Jan/17
Czech Republic 0.05 Feb/17
Austria 0.00 Jan/17
Belgium 0.00 Jan/17
Bulgaria 0.00 Feb/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 Jan/17
Sweden -0.50 Feb/17
Denmark -0.65 Jan/17
Switzerland -0.75 Jan/17