01
1999–2008
Euro launch and conventional policy
The ECB established a single monetary-policy framework for the euro area.
EA
BONDSTATS / ECB
OFFICIAL-SOURCE ARCHIVE
Euro Area · EUR · MONETARY POLICY
European Central Bank
Interest Rate History
Since the ECB’s 2024 operational-framework review, the deposit facility rate is the main rate used to steer the monetary-policy stance. BondStats therefore uses it as the primary history series while showing MRO and marginal-lending rates alongside the current value.
CURRENT PHASERe-tightening / hold
LATEST RATE MOVE+25 bp · effective Jun 17, 2026
HISTORY LOW*-0.50%
HISTORY HIGH*4.00%
LARGEST MOVE*+75 bp
01
Policy-rate path
*Statistics refer to the selected points displayed in this BondStats archive, not necessarily the bank’s all-time extremes.
Deposit facility rate changes and major framework transitions. The other key ECB rates are linked from the official source.20 displayed rate changes
02
Policy regime timeline
02
2008–2014
Crisis response
Policy rates fell sharply as sovereign and banking stress reshaped the transmission mechanism.
03
2014–2022
Negative-rate and asset-purchase era
The deposit facility moved below zero while QE and targeted refinancing became central tools.
04
2022–2023
Rapid inflation tightening
The ECB exited negative rates and lifted the deposit rate to 4.00%.
05
2024–2026
Easing and renewed tightening
A broad easing cycle lowered the deposit rate to 2.00% before a June 2026 increase to 2.25%.
04
Rate-change archive
Latest first · selected official changes and major transition points
| Date | Policy rate / target | Move | Context |
|---|---|---|---|
| 2026-07-23 | 2.25% | Hold | Latest verified hold |
| 2026-06-17 | 2.25% | +25 bp | Three key rates raised by 25 bp |
| 2025-06-11 | 2.00% | -25 bp | Official rate change |
| 2025-04-23 | 2.25% | -25 bp | Official rate change |
| 2025-03-12 | 2.50% | -25 bp | Official rate change |
| 2025-02-05 | 2.75% | -25 bp | Official rate change |
| 2024-12-18 | 3.00% | -25 bp | Official rate change |
| 2024-10-23 | 3.25% | -25 bp | Official rate change |
| 2024-09-18 | 3.50% | -25 bp | New operational spread framework effective |
| 2024-06-12 | 3.75% | -25 bp | Official rate change |
| 2023-09-20 | 4.00% | +25 bp | Official rate change |
| 2023-08-02 | 3.75% | +25 bp | Official rate change |
| 2023-06-21 | 3.50% | +25 bp | Official rate change |
| 2023-05-10 | 3.25% | +25 bp | Official rate change |
| 2023-03-22 | 3.00% | +50 bp | Official rate change |
| 2023-02-08 | 2.50% | +50 bp | Official rate change |
| 2022-12-21 | 2.00% | +50 bp | Official rate change |
| 2022-11-02 | 1.50% | +75 bp | Official rate change |
| 2022-09-14 | 0.75% | +75 bp | Official rate change |
| 2022-07-27 | 0.00% | +50 bp | Exit from negative policy rates |
| 2019-09-18 | −0.50% | -10 bp | Negative-rate regime deepened |
CONTINUE WITH BONDSTATS