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

The ECB left its benchmark refinancing rate steady at a record low of 0.05 percent and the asset purchase program on hold on January 21st 2016. Policymakers consider current monetary policy measures are working but would need to be re-examined in March as growth and inflation outlook worsened. Interest Rate in the Euro Area averaged 2.25 percent from 1998 until 2016, 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.

Euro Area Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.05 0.05 4.75 0.05 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 February of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-10-22 12:45 PM ECB Interest Rate Decision 0.05% 0.05% 0.05%
2015-12-03 12:45 PM ECB Interest Rate Decision 0.05% 0.05% 0.05% 0.05%
2016-01-21 12:45 PM ECB Interest Rate Decision 0.05% 0.05% 0.05% 0.05%
2016-02-17 08:00 AM ECB Non-Monetary Policy Meeting
2016-03-10 12:45 PM ECB Interest Rate Decision 0.05% 0.05%
2016-03-10 01:30 PM ECB Press Conference

ECB Leaves Rates Unchanged

The ECB left its benchmark refinancing rate steady at a record low of 0.05 percent and the asset purchase program on hold on January 21st 2016. Policymakers consider current monetary policy measures are working but would need to be re-examined in March as growth and inflation outlook worsened.

Excerpts from the Introductory statement to the press conference by President Mario Draghi:

Taking stock of the evidence available at the beginning of 2016, it is clear that the monetary policy measures that we have adopted since mid-2014 are working. As a result, developments in the real economy, credit provision and financing conditions have improved and have strengthened the euro area’s resilience to recent global economic shocks. The decisions taken in early December to extend our monthly net asset purchases of €60 billion to at least the end of March 2017, and to reinvest the principal payments on maturing securities for as long as necessary, were fully appropriate. They will result in a significant addition of liquidity to the banking system and will strengthen our forward guidance on interest rates.

Yet, as we start the new year, downside risks have increased again amid heightened uncertainty about emerging market economies’ growth prospects, volatility in financial and commodity markets, and geopolitical risks. In this environment, euro area inflation dynamics also continue to be weaker than expected. It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March, when the new staff macroeconomic projections become available which will also cover the year 2018. In the meantime, work will be carried out to ensure that all the technical conditions are in place to make the full range of policy options available for implementation, if needed.

The risks to the euro area growth outlook remain on the downside and relate in particular to the heightened uncertainties regarding developments in the global economy, as well as to broader geopolitical risks. These risks have the potential to weigh on global growth and foreign demand for euro area exports and on confidence more widely.

On the basis of current oil futures prices, which are well below the level observed a few weeks ago, the expected path of annual HICP inflation in 2016 is now significantly lower compared with the outlook in early December. Inflation rates are currently expected to remain at very low or negative levels in the coming months and to pick up only later in 2016. Thereafter, supported by our monetary policy measures and the expected economic recovery, inflation rates should continue to recover, but risks of second-round effects should be monitored closely. 

To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the effectiveness of the monetary policy measures in place and the need to review and possibly reconsider our monetary policy stance at our next meeting in early March in order to secure a return of inflation rates towards levels below, but close to, 2%.

ECB | Joana Taborda |
1/21/2016 1:58:45 PM

Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.05 0.05 4.75 0.05 percent [+]
Interbank Rate -0.19 -0.19 5.39 -0.19 percent [+]
Money Supply M1 6597931.00 6580772.00 6597931.00 444072.00 EUR Million [+]
Money Supply M2 10204874.00 10191484.00 10204874.00 1070326.00 EUR Million [+]
Money Supply M3 10838500.00 10849843.00 10849843.00 1097360.00 EUR Million [+]
Foreign Exchange Reserves 333872.00 323777.00 340247.00 178392.00 USD Million [+]
Central Bank Balance Sheet 2808331.00 2794527.00 3102227.00 692641.00 EUR Million [+]
Loans to Private Sector 10588040.00 10649291.00 11104492.00 3241223.00 EUR Million [+]
Deposit Interest Rate -0.30 -0.30 3.75 -0.30 Percent [+]
Loan Growth 1.40 1.37 2.30 -0.30 percent [+]

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New Caledonia 0.30 Dec/15
Panama 0.21 Nov/15
Israel 0.10 Jan/16
Austria 0.05 Jan/16
Belgium 0.05 Jan/16
Cyprus 0.05 Jan/16
Czech Republic 0.05 Feb/16
Estonia 0.05 Jan/16
Euro Area 0.05 Jan/16
Finland 0.05 Jan/16
France 0.05 Jan/16
Germany 0.05 Jan/16
Greece 0.05 Jan/16
Ireland 0.05 Jan/16
Italy 0.05 Jan/16
Latvia 0.05 Jan/16
Lithuania 0.05 Jan/16
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Netherlands 0.05 Jan/16
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