Euro Area Interest Rate  1998-2017 | Data | Chart | Calendar | Forecast

The European Central Bank held its benchmark refinancing rate at 0 percent for the ninth consecutive meeting and left the pace of its bond-purchases unchanged on March 9th, as widely expected. Policymakers confirmed the monthly asset purchases will run at the current monthly pace of €80 billion until March, and from April, they are intended to continue at a monthly pace of €60 billion until the end of the year. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent, respectively. Interest Rate in the Euro Area averaged 2.13 percent from 1998 until 2017, reaching an all time high of 4.75 percent in October of 2000 and a record low of 0 percent in March of 2016.

Euro Area Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-12-08 12:45 PM ECB Interest Rate Decision 0.0% 0.0% 0% 0%
2017-01-19 12:45 PM ECB Interest Rate Decision 0.0% 0.0% 0% 0%
2017-03-09 12:45 PM ECB Interest Rate Decision 0% 0% 0% 0%
2017-04-25 07:30 AM ECB Nouy Speech
2017-04-27 11:45 AM ECB Interest Rate Decision 0% 0% 0%
2017-04-27 12:30 PM ECB Press Conference




ECB Stimulus Still Needed Despite Economic Recovery: Minutes


ECB's policymakers widely agreed that a very substantial degree of monetary accommodation continued to be needed to support growth and inflation, while acknowledging that the economic expansion in the Euro Area had become more robust and that the risks to the economic outlook had become less pronounced, minutes from the ECB's March meeting showed. Still, views were exchanged on whether conditions had already improved to an extent that would allow for an attenuation of the “easing bias” embodied in the ECB's forward guidance while remaining uncertainties continued to call for caution.

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, 8-9 March 2017:

As regards communication, members generally agreed with the proposals made by Mr Praet in his introduction to keep the communication with respect to the Governing Council’s monetary policy stance and its forward guidance unchanged, while acknowledging that the economic expansion in the euro area had become more robust as the recovery was firming and broadening further, and that the risks to the economic outlook had become less pronounced, though they still remained tilted to the downside. At the same time, remaining uncertainties and fragilities, notably related to the external environment but also to political developments in the euro area, continued to call for caution.

In this context, views were also exchanged on whether conditions had already improved to an extent that would allow for an attenuation of the “easing bias” embodied in the Governing Council’s forward guidance.

Against this background, the view was put forward that removing the downward bias regarding interest rates would be in line with a gradual and cautious adjustment of the Governing Council’s forward guidance, in step with changes in the Governing Council’s assessment. Keeping the Governing Council’s forward guidance well aligned with its evolving assessment was seen to underpin the consistency and credibility of the Governing Council’s communication, as both deflationary risks and associated market expectations of further rate cuts had largely vanished.

At the same time, it was recalled that the easing bias was an integral part of the Governing Council’s forward guidance and of the monetary policy stance, which contained an important forward-looking signalling component. Changes in the formulation at the current juncture could lead to an undue upward shift in market interest rates and tighten financial conditions to an extent that was not warranted by the prevailing outlook for price stability.

On balance, removing the downward bias on interest rates in the present formulation of the Governing Council’s forward guidance at the current meeting was seen as premature, as there was still considerable uncertainty surrounding the economic outlook and the robustness of inflation convergence.

At the same time, economic conditions and the balance of risks had clearly improved, and, notably, deflationary risks had largely disappeared. As had been suggested by Mr Praet in his introduction, nuances in the communication could convey a more positive tone on the state of the euro area economy, while signalling less urgency for further monetary policy action. In particular, it was felt that there was no longer a need to emphasise the Governing Council’s readiness to act by using all the instruments available within its mandate, reflecting that negative scenarios, which could trigger further monetary policy action, were assessed to have become less likely, even if they could not be fully excluded.

Looking ahead, it was recalled that, if the euro area economy were to recover further and as inflation proceeded further on its path towards the Governing Council’s inflation aim in a sustained manner, a discussion on policy normalisation would become warranted in the future.

ECB | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/6/2017 12:17:57 PM



Euro Area Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 4.75 0.00 percent [+]
Interbank Rate -0.36 -0.36 5.39 -0.36 percent [+]
Money Supply M1 7294801.00 7237877.00 7294801.00 444108.00 EUR Million [+]
Money Supply M2 10798940.00 10745763.00 10798940.00 1070357.00 EUR Million [+]
Money Supply M3 11471510.00 11436401.00 11471510.00 1097232.00 EUR Million [+]
Central Bank Balance Sheet 4129996.00 4116353.00 4129996.00 692641.00 EUR Million [+]
Foreign Exchange Reserves 344707.00 342359.00 352397.00 178392.00 USD Million [+]
Loans to Private Sector 10719622.00 10692522.00 11106677.00 3241298.00 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 2.30 2.20 2.30 -0.30 percent [+]


Euro Area Interest Rate Notes

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. The official interest rate is the Main refinancing operations rate. . 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 April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 4.75 0.00 1998 - 2017 percent Daily



Last
Argentina 26.25 Apr/17
Ghana 23.50 Mar/17
Gambia 23.00 Mar/17
Malawi 22.00 Mar/17
Venezuela 21.78 Feb/17
Mozambique 21.75 Apr/17
Haiti 20.00 Mar/17
Iran 18.00 Dec/16
Angola 16.00 Apr/17
Tajikistan 16.00 Mar/17
Afghanistan 15.00 Mar/17
Azerbaijan 15.00 Mar/17
Egypt 14.75 Mar/17
Sudan 14.20 Mar/17
Belarus 14.00 Apr/17
Congo 14.00 Mar/17
Mongolia 14.00 Mar/17
Nigeria 14.00 Mar/17
Zambia 14.00 Mar/17
Liberia 13.70 Mar/17
Ukraine 13.00 Apr/17
Guinea 12.50 Mar/17
Suriname 12.50 Dec/15
Seychelles 12.38 Feb/17
Sierra Leone 12.00 Mar/17
Tanzania 12.00 Mar/17
Djibouti 11.60 Dec/15
Brazil 11.25 Apr/17
Kazakhstan 11.00 Apr/17
Uganda 11.00 Apr/17
Zimbabwe 10.68 Dec/16
Kenya 10.00 Mar/17
Lebanon 10.00 Mar/17
Myanmar 10.00 Mar/17
Sao Tome and Principe 10.00 Mar/17
Russia 9.75 Mar/17
Uruguay 9.25 Mar/17
Mauritania 9.00 Mar/17
Moldova 9.00 Mar/17
Uzbekistan 9.00 Mar/17
Madagascar 8.30 Jan/17
Ecuador 8.14 Mar/17
Turkey 8.00 Mar/17
Cape Verde 7.50 Mar/17
Sri Lanka 7.25 Mar/17
Swaziland 7.25 Mar/17
Burundi 7.17 Dec/16
Colombia 7.00 Mar/17
Maldives 7.00 Mar/17
Namibia 7.00 Apr/17
Nepal 7.00 Mar/17
South Africa 7.00 Mar/17
Bangladesh 6.75 Mar/17
Georgia 6.75 Mar/17
Lesotho 6.64 Sep/16
Mexico 6.50 Mar/17
Vietnam 6.50 Mar/17
Yemen 6.50 Mar/17
India 6.25 Apr/17
Papua New Guinea 6.25 Mar/17
Rwanda 6.25 Mar/17
Armenia 6.00 Mar/17
Bhutan 6.00 Mar/17
Dominican Republic 5.75 Apr/17
Pakistan 5.75 Mar/17
Botswana 5.50 Feb/17
Brunei 5.50 Mar/17
Honduras 5.50 Mar/17
Paraguay 5.50 Mar/17
Ethiopia 5.00 Mar/17
Guyana 5.00 Feb/17
Iceland 5.00 Mar/17
Jamaica 5.00 Mar/17
Kyrgyzstan 5.00 Mar/17
Qatar 5.00 Mar/17
Bosnia and Herzegovina 4.91 Jan/17
Indonesia 4.75 Apr/17
Trinidad and Tobago 4.75 Mar/17
Benin 4.50 Mar/17
Burkina Faso 4.50 Mar/17
Guinea Bissau 4.50 Mar/17
Ivory Coast 4.50 Mar/17
Jordan 4.50 Mar/17
Mali 4.50 Mar/17
Niger 4.50 Mar/17
Senegal 4.50 Mar/17
Togo 4.50 Mar/17
El Salvador 4.47 Jan/17
China 4.35 Mar/17
Laos 4.25 Mar/17
Peru 4.25 Apr/17
Tunisia 4.25 Mar/17
Bahamas 4.00 Mar/17
Iraq 4.00 Mar/17
Mauritius 4.00 Mar/17
Serbia 4.00 Apr/17
Algeria 3.50 Mar/17
Macedonia 3.25 Feb/17
Barbados 3.11 Mar/17
Guatemala 3.00 Mar/17
Libya 3.00 Mar/17
Malaysia 3.00 Mar/17
Philippines 3.00 Mar/17
Chile 2.75 Apr/17
Kuwait 2.75 Mar/17
Belize 2.50 Mar/17
Croatia 2.50 Feb/17
Cameroon 2.45 Mar/17
Central African Republic 2.45 Mar/17
Chad 2.45 Mar/17
Equatorial Guinea 2.45 Mar/17
Gabon 2.45 Mar/17
Republic of the Congo 2.45 Mar/17
Cuba 2.25 Mar/17
Morocco 2.25 Mar/17
Saudi Arabia 2.00 Mar/17
Bolivia 1.94 Feb/17
Costa Rica 1.75 Mar/17
New Zealand 1.75 Mar/17
Romania 1.75 Mar/17
United Arab Emirates 1.75 Mar/17
Cambodia 1.55 Jan/17
Australia 1.50 Apr/17
Poland 1.50 Apr/17
Thailand 1.50 Mar/17
Oman 1.48 Mar/17
Taiwan 1.38 Mar/17
Albania 1.25 Mar/17
Bahrain 1.25 Mar/17
Hong Kong 1.25 Mar/17
Macau 1.25 Mar/17
South Korea 1.25 Apr/17
Comoros 1.15 Jan/17
United States 1.00 Mar/17
Hungary 0.90 Mar/17
Panama 0.65 Jan/17
Singapore 0.57 Mar/17
Canada 0.50 Apr/17
Fiji 0.50 Mar/17
Norway 0.50 Mar/17
New Caledonia 0.25 Mar/17
United Kingdom 0.25 Mar/17
Israel 0.10 Apr/17
Czech Republic 0.05 Mar/17
Austria 0.00 Mar/17
Belgium 0.00 Mar/17
Bulgaria 0.00 Apr/17
Cyprus 0.00 Mar/17
Estonia 0.00 Mar/17
Euro Area 0.00 Mar/17
Finland 0.00 Mar/17
France 0.00 Mar/17
Germany 0.00 Mar/17
Greece 0.00 Mar/17
Ireland 0.00 Mar/17
Italy 0.00 Mar/17
Latvia 0.00 Mar/17
Lithuania 0.00 Mar/17
Luxembourg 0.00 Mar/17
Malta 0.00 Mar/17
Netherlands 0.00 Mar/17
Portugal 0.00 Mar/17
Slovakia 0.00 Mar/17
Slovenia 0.00 Mar/17
Spain 0.00 Mar/17
Japan -0.10 Mar/17
Sweden -0.50 Mar/17
Denmark -0.65 Mar/17
Switzerland -0.75 Mar/17