The European Central Bank expanded its Pandemic Emergency Purchase Programme (PEPP) by another €500 billion and extended it to at least the end of March 2022 at its December monetary policy meeting, aiming to support the Eurozone's struggling economy amid the coronavirus crisis. Moreover, policymakers approved more long-term loans on cheap terms for another year until June 2022, and announced four additional pandemic emergency longer-term refinancing operations to be offered in 2021. The main refinancing rate was held at 0 percent while the deposit rate remained at a record low -0.5 percent. Meanwhile, the outlook for economic activity has been revised down in the short term, with GDP seen expanding by just 3.9 percent in 2021 compared to 5 percent predicted in September. Inflation projections for 2020 and 2022 were also revised down to 0.2 and 1.1 percent from 0.3 and 1.3 percent, respectively. source: European Central Bank

Interest Rate in the Euro Area averaged 1.81 percent from 1998 until 2020, reaching an all time high of 4.75 percent in October of 2000 and a record low of 0 percent in March of 2016. This page provides - Euro Area Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.

Interest Rate in Euro Area is expected to be 0.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Euro Area to stand at 0.00 in 12 months time. In the long-term, the Euro Area Interest Rate is projected to trend around 0.00 percent in 2021, according to our econometric models.

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Euro Area Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 4.75 0.00 1998 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-07-16 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
2020-09-10 11:45 AM ECB Interest Rate Decision 0% 0% 0% 0%
2020-10-29 12:45 PM ECB Interest Rate Decision 0% 0% 0% 0%
2020-12-10 12:45 PM ECB Interest Rate Decision 0% 0% 0% 0%
2021-01-21 12:45 PM ECB Interest Rate Decision 0% 0%
2021-01-21 01:30 PM ECB Press Conference
2021-02-03 08:00 AM ECB Non-Monetary Policy Meeting
2021-02-17 08:00 AM ECB Non-Monetary Policy Meeting


News Stream
ECB Expands PEPP by €500 Billion
The European Central Bank expanded its Pandemic Emergency Purchase Programme (PEPP) by another €500 billion and extended it to at least the end of March 2022 at its December monetary policy meeting, aiming to support the Eurozone's struggling economy amid the coronavirus crisis. Moreover, policymakers approved more long-term loans on cheap terms for another year until June 2022, and announced four additional pandemic emergency longer-term refinancing operations to be offered in 2021. The main refinancing rate was held at 0 percent while the deposit rate remained at a record low -0.5 percent. Meanwhile, the outlook for economic activity has been revised down in the short term, with GDP seen expanding by just 3.9 percent in 2021 compared to 5 percent predicted in September. Inflation projections for 2020 and 2022 were also revised down to 0.2 and 1.1 percent from 0.3 and 1.3 percent, respectively.
2020-12-10
ECB Expected to Provide More Stimulus
The European Central Bank is expected to raise the size of its Pandemic Emergency Purchase Programme by €500 billion to €1.85 trillion on December 10th 2020 and extend it by six months until December of 2021. It would be another attempt to maintain liquidity and shore up the economy hit by the coronavirus pandemic. The central bank is also seen offering new longer-term loans to banks while leaving main interest rates steady at record low levels. Investors will also keep an eye on new economic projections after a new wave of infections hit the continent and several countries reintroduced restrictions. The ECB last left monetary policy unchanged during its October 29th meeting.
2020-12-10
ECB Move to Announce Policy Recalibration Not Unanimous
Most ECB officials agreed that there was a need to signal the necessity of recalibrating the ECB's monetary policy instruments when they meet in December, but cautioned that the central should not pre-commit itself to specific policy actions, the accounts of the October's meeting showed. At the same time, policymakers viewed the existing stimulus measures as effective, but questioned about possible side effects and “diminishing returns” in an environment of high uncertainty and very favorable financial conditions. Overall, members considered the risks surrounding the growth outlook to be clearly tilted to the downside, while headline inflation was now expected to be in negative territory for longer than had been foreseen in the September projections.
2020-11-26
ECB President Hints at More Stimulus
ECB President Christine Lagarde warned that we could still face recurring cycles of coronavirus spread and tightening restrictions until widespread immunity is achieved, and because of that, the recovery may not be linear, but rather unsteady, stop-start and contingent on the pace of vaccine roll-out. Speaking at the ECB Forum on Central Banking, Lagarde stressed the need for further fiscal stimulus, and said draft budgetary plans suggest that fiscal support next year will be significant and broadly similar to this year. On the monetary policy front, ECB President also hinted at more stimulus in December as the PEPP and TLTROs have proven their effectiveness and can be dynamically adjusted to react to how the pandemic evolves. The ECB left the main refinancing rate at 0% in October and the pandemic emergency purchase programme (PEPP) with a total envelope of €1.35 trillion.
2020-11-11

Euro Area Interest Rate
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. .