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

The ECB left its benchmark refinancing rate unchanged at 0% for the fourth straight month in July, as widely expected. Policymakers considered that European markets have weathered the uncertainty experienced in the days after the UK’s referendum with encouraging resilience and that the current monetary policy measures have helped keep market stress contained. The bank added that only when more data is available, risks to growth and inflation can be reassessed. Interest Rate in the Euro Area averaged 2.20 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 August of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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%
2016-07-21 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
2016-08-31 07:15 AM ECB Praet Speech
2016-09-03 06:30 AM ECB Mersch Speech
2016-09-08 11:45 AM ECB Interest Rate Decision 0.0% 0.0%

ECB Warns on Increased Uncertainty After UK Referendum


ECB policymakers have said new headwinds had emerged from the outcome of the UK referendum and downside risks had clearly increased, minutes from the last ECB monetary policy meeting showed. Policymakers have also reiterated they were ready to act, if warranted, to achieve its objective, using all the instruments available within its mandate, while not fostering undue expectations about the future course of monetary policy.

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, 20-21 July 2016:

New headwinds had emerged from the outcome of the UK referendum and uncertainty had risen, relating also to other geopolitical developments and the financial market situation. Yet, it was considered too early to assess with any certainty the possible implications of these headwinds for the euro area economy and, ultimately, for the inflation outlook. Therefore, it was widely felt among members that it was premature to discuss any possible monetary policy reaction at this stage. More time was needed to assess the incoming information over the coming months, although downside risks had clearly increased.

Against this background, it was widely agreed that the immediate policy focus should remain on implementing the comprehensive set of policy measures decided in early March and on preserving an appropriate degree of monetary accommodation in order to secure a return of inflation rates towards levels below, but close to, 2% without undue delay. There was solid evidence that the policy measures that had been adopted were effective and were working their way through to the broader economy over time. Their impact was visible in improved financial conditions, lower bank lending rates and strengthened credit creation, which all helped to raise both growth and inflation in the euro area, although inflation continued to be significantly below the Governing Council’s policy aim. 

At the same time, the uncertain environment called for the continued very close monitoring of economic and financial market developments. In this context, it was seen as important to closely monitor the transmission process of the policy measures, which had worked well so far, to ensure that the pass-through of the accommodative monetary policy stance to the real economy was not jeopardised, taking into account risks to bank-based transmission and implications for the cost of borrowing and the availability of credit.

Overall, the view was widely shared that the Governing Council needed to reiterate its capacity and readiness to act, if warranted, to achieve its objective, using all the instruments available within its mandate, while not fostering undue expectations about the future course of monetary policy. In the current environment of heightened uncertainty, a still high level of economic slack and weak wage and price pressures, future discussions were called for regarding wage trends, inflation expectations, the medium-term orientation of monetary policy and the time horizon over which a very accommodative monetary policy stance would remain warranted.

ECB | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/18/2016 1:22:27 PM

Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 4.75 0.00 percent [+]
Interbank Rate -0.32 -0.32 5.39 -0.32 percent [+]
Money Supply M1 6925992.00 6865543.00 6925992.00 444072.00 EUR Million [+]
Money Supply M2 10507288.00 10454958.00 10507288.00 1070326.00 EUR Million [+]
Money Supply M3 11174431.00 11113911.00 11174431.00 1097360.00 EUR Million [+]
Foreign Exchange Reserves 342470.00 344268.00 344268.00 178392.00 USD Million [+]
Central Bank Balance Sheet 3313323.00 3296568.00 3313323.00 692641.00 EUR Million [+]
Loans to Private Sector 10668665.00 10639827.00 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 1.80 1.80 2.30 -0.30 percent [+]




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