ECB policy rate
The European Central Bank’s policy rate is the most important price in capital markets: it sets what banks pay for central-bank money and feeds through to deposit rates, mortgages, bond yields and equity valuations. Three rates matter in practice — the main refinancing rate (the headline policy rate), the deposit facility rate at which banks park excess cash, and €STR as the actual overnight interbank rate.
As of 16 September 2026 · series since 1999-01-01 (7090 observations) · change vs previous +0.25.
History by year
| Year | ECB main refinancing rate | ECB deposit facility rate | €STR (euro short-term rate) |
|---|---|---|---|
| 2026 | 2.65 | 2.50 | 2.19 |
| 2025 | 2.15 | 2.00 | 1.92 |
| 2024 | 3.15 | 3.00 | 2.90 |
| 2023 | 4.50 | 4.00 | 3.88 |
| 2022 | 2.50 | 2.00 | 1.89 |
| 2021 | 0.00 | -0.50 | -0.59 |
| 2020 | 0.00 | -0.50 | -0.58 |
| 2019 | 0.00 | -0.50 | -0.53 |
| 2018 | 0.00 | -0.40 | – |
| 2017 | 0.00 | -0.40 | – |
| 2016 | 0.00 | -0.40 | – |
| 2015 | 0.05 | -0.30 | – |
| 2014 | 0.05 | -0.20 | – |
| 2013 | 0.25 | 0.00 | – |
| 2012 | 0.75 | 0.00 | – |
| 2011 | 1.00 | 0.25 | – |
| 2010 | 1.00 | 0.25 | – |
| 2009 | 1.00 | 0.25 | – |
| 2008 | 2.50 | 2.00 | – |
| 2000 | 4.25 | 3.75 | – |
| 1999 | 3.00 | 2.00 | – |
Relationship with equity markets
Correlation of changes, not of levels. Two series that both trend for years correlate almost perfectly in levels without any relationship following from it. Values near 0 mean no discernible co-movement.
| Series | Strongest relationships |
|---|---|
| €STR (euro short-term rate) | Dow Jones +0.03 n=540 · MSCI EMU +0.03 n=524 · MSCI Japan +0.03 n=524 Based on daily changes |
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