Euro Area Interest Rate 1998-2015 | Data | Chart | Calendar | Forecast

The Governing Council of the ECB decided on March 5th, 2015 to keep the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.05%, 0.30% and -0.20% respectively. Interest Rate in the Euro Area averaged 2.35 percent from 1998 until 2015, reaching an all time high of 4.75 percent in October of 2000 and a record low of 0.05 percent in September of 2014. Interest Rate in the Euro Area is reported by the European Central Bank.

      Forecast    
Euro Area Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.05 0.05 4.75 0.05 1998 - 2015 percent Daily
In the Euro Area, interest rate decisions are taken by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability. The ECB’s Governing Council has defined price stability as "a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for The Euro Area of below 2%. This page provides - Euro Area Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Euro Area Interest Rate - was last refreshed on Sunday, March 29, 2015.


ECB to Start QE on March 9th


The ECB will start purchasing euro-dominated public sector securities in the secondary market on March 9th 2015 and continue to purchase asset-backed securities and covered bonds started in 2014.

Excerpts from the Introductory statement to the press conference held in Nicosia in February 2015: 

Based on our regular economic and monetary analyses, and in line with our forward guidance, we decided to keep the key ECB interest rates unchanged. As regards non-standard monetary policy measures, the focus is now on implementation.

Following up on our decisions of 22 January 2015, we will, on 9 March 2015, start purchasing euro-denominated public sector securities in the secondary market. We will also continue purchasing asset-backed securities and covered bonds, which we started last year. As previously stated, the combined monthly purchases of public and private sector securities will amount to €60 billion. They are intended to be carried out until the end of September 2016 and will, in any case, be conducted until we see a sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates below, but close to, 2% over the medium term. 

We have already seen a significant number of positive effects from these monetary policy decisions. Financial market conditions and the cost of external finance for the private economy have eased further, also following our previous monetary policy measures. In particular, borrowing conditions for firms and households have improved considerably. Moreover, money and credit dynamics have been firming.

The substantial additional easing of our monetary policy stance supports and reinforces the emergence of more favourable developments for the euro area economy. In an environment of improving business and consumer sentiment, the transmission of our measures to the real economy will strengthen, contributing to a further improvement in the outlook for economic growth and a reduction in economic slack. Thereby, our measures will contribute to a sustained return of inflation towards a level below, but close to, 2% over the medium term and underpin the firm anchoring of medium to long-term inflation expectations.

The Governing Council will continue to closely monitor the risks to the outlook for price developments over the medium term. In this context, we will focus in particular on the pass-through of our monetary policy measures, geopolitical developments, and exchange rate and energy price developments.

The risks surrounding the economic outlook for the euro area remain on the downside but have diminished following recent monetary policy decisions and the fall in oil prices. The bank now sees GDP growth accelerating to 1.5 percent in 2015 from last year's 0.9 percent and ahead of its December forecast for 1.0 percent. It foresees GDP growth of 1.9 percent in 2016, higher than December's forecast, and of 2.1 percent in 2017. It cut its 2015 inflation forecast to zero percent from 0.7 percent seen in December and raised the 2016 forecast to 1.5 percent from December's 1.3 percent. It sees inflation rising to 1.8 percent, near the ECB's target of just under 2 percent in 2017.  


ECB | joana.taborda@tradingeconomics.com
3/5/2015 2:01:51 PM


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ECB Will Buy 60 Billion Euros of Assets a Month
The European Central Bank announced an asset purchase plan of 60 Billion euros a month and left key interest rates unchanged at record low on January 22nd. The QE programme came bigger than expected, aiming to boost growth and fight low inflation. Published on 2015-01-22


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-03-05 12:45 PM
ECB Interest Rate Decision 
0.05% 0.05% 0.05% 0.05%
2015-03-05 01:30 PM
ECB Press Conference 
2015-03-23 02:00 PM
ECB President Draghi's Speech 
2015-04-15 12:45 PM
ECB Interest Rate Decision 
0.05% 0.05%
2015-04-15 01:30 PM
ECB Press Conference 
2015-06-03 12:45 PM
ECB Interest Rate Decision 
0%


Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.05 0.05 4.75 0.05 percent [+]
Interbank Rate 0.04 0.06 11.82 0.04 percent [+]
Money Supply M1 6098020.00 6042347.00 6098020.00 444072.00 EUR Million [+]
Money Supply M2 9754416.00 9743251.00 9754416.00 1070326.00 EUR Million [+]
Money Supply M3 10440193.00 10403638.00 10440193.00 1097365.00 EUR Billion [+]
Central Bank Balance Sheet 2157841.00 2155836.00 3102227.00 692641.00 EUR Million [+]
Foreign Exchange Reserves 328993.00 327643.00 340247.00 178392.00 USD Million [+]
Loans to Private Sector 10595801.00 10585720.00 11104492.00 3241223.00 EUR Million [+]
Loan Growth -0.10 -0.20 11.40 -2.30 percent [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Mar/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Mar/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Mar/15 0.05 4.75 0.05 percent [+]
France 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Mar/15 0.05 4.75 0.05 percent [+]
India 7.50 Mar/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Mar/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Mar/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Mar/15 2.00 5.25 1.75 percent [+]
Spain 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Mar/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Mar/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]