Current ECB key rates and upcoming Governing Council meeting dates.
| Meeting | Decision | Deposit rate |
|---|---|---|
| Feb 4–5 | Maintained | 2.00 % |
| Mar 18–19* | Maintained | 2.00 % |
| Apr 29–30 | Maintained | 2.00 % |
| Jun 10–11* | Raised | 2.25 % |
| Jul 22–23 | Next | — |
| Sep 9–10* | — | — |
| Oct 28–29 | — | — |
| Dec 16–17* | — | — |
* = Eurosystem staff projections released at this meeting
Every ECB decision ripples through European markets. A rate cut lowers borrowing costs across the eurozone and typically lifts equities and bonds while weakening the euro. A rate hike does the opposite: it supports the euro and pressures rate-sensitive sectors. Even an unchanged decision can trigger sharp moves if the statement or the press conference signals a shift in tone. Meetings marked * also release the Eurosystem staff projections, which often drive the largest moves.
Visualize the impact of ECB meetings on your charts and backtest your strategies. Real-time data, free access.
FREE TRIAL →The European Central Bank (ECB) is the central bank of the eurozone. Monetary policy is set by the Governing Council: the six members of the Executive Board plus the governors of the national central banks of the euro area. It meets eight times a year to set the key interest rates, which determine borrowing costs across the entire euro area.
The ECB steers three key rates. The deposit facility rate (currently 2.25%) is the most important: it is what banks earn on funds they park at the ECB overnight, and since 2022 it has been the main steering rate. The main refinancing operations rate (2.40%) is the rate at which banks borrow from the ECB on a weekly basis. The marginal lending facility rate (2.65%) is the highest, for short-term overnight credit.
The decision is published at 2:15 PM CET on the second day of the meeting. A press conference with President Christine Lagarde follows at 2:45 PM. European markets often react more to the tone of the press conference than to the rate move itself.
A basis point is one hundredth of a percentage point: 1 bps = 0.01%. If the ECB raises its rate by 25 bps, it rises by 0.25%. The ECB normally moves in 25 bps steps, but can act by 50 bps or more in exceptional situations.
Four times a year (March, June, September, December), the ECB publishes its staff macroeconomic projections for growth and inflation. They play a guidance role comparable to the Fed’s dot plot and offer clues about the future rate path — but, unlike the Fed, they do not put a figure on future rates. Meetings marked with a * in this calendar include such a release and often trigger the largest market moves.
The deposit facility rate sets the floor for euro-area money-market rates, and therefore for Euribor, to which many loans and mortgages are tied. Lower rates reduce funding costs and typically support equities and bonds while weakening the euro. Higher rates do the opposite. The markets most sensitive to these decisions are EUR/USD, the DAX, the Euro Stoxx 50 and European government bonds.
Interest rates are decided by the Governing Council. Unlike the Fed, the ECB does not publish a vote tally: decisions are reached by consensus, usually unanimously or by a broad majority, without disclosing individual votes. What matters is the policy stance that President Christine Lagarde explains at the press conference.
To understand what happens on the charts when these decisions land, and how to manage the risk around them, see our guide to trading central bank decisions.
