Euro Area Interest Rate  1998-2016 | Data | Chart | Calendar | Forecast

The ECB left its benchmark refinancing rate on hold at 0.0% on June 2nd 2016 as widely expected. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent respectively and the central bank confirmed it will start buying corporate bonds on June 8. Policymakers reinforced that rates are expected to stay at present or lower levels for an extended period of time and raised growth and inflation forecasts for this year although warned Q2 2016 growth may be slower than anticipated. Interest Rate in the Euro Area averaged 2.21 percent from 1998 until 2016, reaching an all time high of 4.75 percent in October of 2000 and a record low of 0 percent in March of 2016. Interest Rate in the Euro Area is reported by the European Central Bank.

Euro Area Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 4.75 0.00 1998 - 2016 percent Daily
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. . 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 June of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-03-10 12:45 PM ECB Interest Rate Decision 0.00% 0.05% 0.05% 0.05%
2016-04-21 11:45 AM ECB Interest Rate Decision 0.0% 0.0% 0.0% 0.0%
2016-06-02 11:45 AM ECB Interest Rate Decision 0.0% 0.0% 0.0% 0.0%
2016-06-29 08:00 AM ECB Lautenschläger Speech
2016-06-29 10:30 AM ECB Constâncio Speech
2016-06-29 01:30 PM ECB Draghi Speech

Draghi Steps Up Calls for Euro Area Reforms


Mario Draghi renewed his call for closer Euro Area integration, saying it is necessary that other policy areas contribute more decisively in order to support the full benefits of the ECB’s unprecedented stimulus measures. The cost of delay in implementing the necessary reforms in the Euro Area is that labour and productivity suffer, and the output gap closes in the “wrong way” – instead of output rising towards potential, it is potential that falls towards current output, ECB President said in a speech at the Brussels Economic Forum 2016 on June 9th.

Excerpts from President Mario Draghi speech at the Brussels Economic Forum 2016:

As inflation is ultimately a monetary phenomenon, a committed central bank can always fulfil its mandate. And that is true independently of the stance of other macroeconomic policies.

But monetary policy does not exist in a vacuum. The situation of central banks is better described as independence in interdependence, since other policies matter a great deal.

First, for monetary policy to stoke demand and inflation, it matters crucially whether the financial system is able to relay our policy impulses efficiently to the economy. In the euro area that transmission mechanism has been impeded repeatedly in the past. That has diluted the effectiveness of our stimulus and lengthened the “long and variable” lags over which monetary policy works.

Second, it matters for monetary policy whether fiscal policy is steering aggregate demand in the same direction, and how strongly. Fiscal policy was contractionary for several years in the euro area following the loss of confidence in sovereign credit in 2010, and the negative effect on growth was exacerbated by the fact that consolidation in some countries was implemented mainly through tax rises rather than current spending cuts. This placed the full burden of macroeconomic stabilisation on monetary policy. And in a context of disrupted transmission, that has led to a slower return of output to potential than if fiscal policy had been more supportive.

This is why the ECB has said many times that fiscal policy should work with not against monetary policy, and the aggregate fiscal stance in the euro area is now slightly expansionary. But supporting demand is not just a question of the budget balance, but also of its composition, especially the tax burden and the share of public investment. So we should not see fiscal policy as solely a macroeconomic tool, which is only available to countries with strong public finances. We should also see it as a microeconomic policy tool that can enhance growth even when public finances need to be consolidated.

Third, it matters for monetary policy whether the right structural policies are in place. Structural reforms can help limit the depth and duration of shocks, which in turn supports the anchoring of inflation expectations and keeps real interest rates low. Such reforms can also reduce the transmission lag of our measures, since a more flexible, more responsive economy is likely to transmit monetary policy impulses faster. 

Finally, uncertainty over the institutional stability of the euro area also matters for monetary policy, since it too can slow down the transmission of monetary policy. 

ECB | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/9/2016 10:51:57 AM

Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 4.75 0.00 percent [+]
Interbank Rate -0.30 -0.30 5.39 -0.30 percent [+]
Money Supply M1 6837151.00 6795026.00 6837151.00 444072.00 EUR Million [+]
Money Supply M2 10415999.00 10366400.00 10415999.00 1070326.00 EUR Million [+]
Money Supply M3 11068707.00 11030050.00 11068707.00 1097360.00 EUR Million [+]
Foreign Exchange Reserves 341024.00 340578.00 341024.00 178392.00 USD Million [+]
Central Bank Balance Sheet 3109588.00 3093866.00 3109588.00 692641.00 EUR Million [+]
Loans to Private Sector 10656843.00 10651980.00 11104492.00 3241223.00 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 1.60 1.50 2.30 -0.30 percent [+]




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