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 October 31, 2026 · series since Jan 1, 1999 (7135 observations) · change vs previous +0.00.
History by Year
| Year | ECB main refinancing rate | ECB deposit facility rate | €STR (euro short-term rate) |
|---|---|---|---|
| 2026 | 2.65 | 2.50 | 2.44 |
| 2025 | 2.15 | 2.00 | 1.92 |
| 2024 | 3.15 | 3.00 | 2.91 |
| 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) | DAX -0.03 n=572 · MSCI Japan +0.03 n=556 · Gold +0.03 n=946 Based on daily changes |
Real Interest Rate in the Euro Area
Subtracting the inflation rate from the policy rate leaves the real interest rate: what a deposit earning the policy rate still yields after price increases. In September 2026 the ECB deposit rate stood at 2.50% and the euro area inflation rate (HICP) at 3.80%, putting the real rate at -1.30%. Since January 2015 it was negative in 113 of 141 months. It hit its low of -9.85% in October 2022 and its high of 1.80% in September 2024.
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