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

ECB President Draghi confirmed on April 15th that a recently launched quantitative easing program is helping the eurozone's recovery, but stressed €1 trillion in bond purchases has to be completed if inflation is to return to target. 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 Saturday, April 18, 2015.


ECB Leaves Rates on Hold


The European Central Bank left its benchmark interest rate unchanged at a record low 0.05 percent on April 15th as widely expected. Policymakers also said the bond-buying program will be maintained as there's clear evidence it is effective.

The interest rates on the marginal lending facility and the deposit facility were left on hold at 0.30 percent and -0.20 percent respectively.

Excerpts from the Introductory statement to the press conference:

As regards non-standard monetary policy measures, on 9 March we started purchasing euro-denominated public sector securities as part of our expanded asset purchase programme, which also comprises purchases of asset-backed securities and covered bonds. Purchases are intended to run until the end of September 2016 and, in any case, until we see a sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below, but close to, 2% over the medium term. When carrying out its assessment, the Governing Council will follow its monetary policy strategy and concentrate on trends in inflation, looking through unexpected outcomes in measured inflation in either direction if judged to be transient and to have no implication for the medium-term outlook for price stability.

The implementation of our asset purchase programmes is proceeding smoothly, with volumes in line with the announced figure of €60 billion of securities per month. In addition, there is clear evidence that the monetary policy measures we have put in place are effective. Financial market conditions and the cost of external finance for the private sector have eased considerably over the past months and borrowing conditions for firms and households have improved notably, with a pick-up in the demand for credit.

Looking ahead, our focus will be on the full implementation of our monetary policy measures. Through these measures, we will contribute to a further improvement in the economic outlook, a reduction in economic slack and a recovery in money and credit growth. Together, such developments will lead to a sustained return of inflation towards a level below, but close to, 2% over the medium term and will underpin the firm anchoring of medium to long-term inflation expectations.

While remaining on the downside, the risks surrounding the economic outlook for the euro area have become more balanced on account of the recent monetary policy decisions, the fall in oil prices and the lower euro exchange rate.

To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirms the need to implement firmly the Governing Council’s recent decisions. The full implementation of all our monetary policy measures will provide the necessary support to the euro area recovery and bring inflation rates towards levels below, but close to, 2% in the medium term.


ECB | Joana Taborda | joana.taborda@tradingeconomics.com
4/15/2015 2:54:33 PM


Recent Releases

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. Published on 2015-03-05

ECB QE Program Supported by Large Majority
ECB’s quantitative easing program was supported by a large majority of voters, the first-ever minutes of a meeting revealed. Policymakers also showed concerns over low inflation. Published on 2015-02-19


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-04-02 12:30 PM
ECB MP Meeting Accounts 
2015-04-15 12:45 PM
ECB Interest Rate Decision 
0.05% 0.05% 0.05% 0.05%
2015-04-15 01:30 PM
ECB Press Conference 
2015-06-03 12:45 PM
ECB Interest Rate Decision 
0.05% 0%
2015-06-03 01:30 PM
ECB Press Conference 
2015-07-16 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 0.02 0.04 11.82 0.02 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 2348963.00 2250801.00 3102227.00 692641.00 EUR Million [+]
Foreign Exchange Reserves 333274.00 328993.00 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 Apr/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Apr/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Apr/15 0.05 4.75 0.05 percent [+]
France 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Apr/15 0.05 4.75 0.05 percent [+]
India 7.50 Apr/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Apr/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Apr/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Apr/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/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 Apr/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]