The benchmark interest rate In the Euro Area was last recorded at 2.15 percent. This dataset provides - Euro Area Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In June 2024, the European Central Bank (ECB) began reducing its fixed interest rate for the first time since 2016, implementing a series of cuts. The rate decreased from 4.5 percent to 3.15 percent by year-end: a 0.25 percentage point cut in June, followed by additional reductions in September, October, and December. The central bank implemented other cuts in the first half of 2025, setting the rate at 2.15 percent in June 2025. This marked a significant shift from the previous rate hike cycle, which began in July 2022 when the ECB raised rates to 0.5 percent and subsequently increased them almost monthly, reaching 4.5 percent by December 2023 - the highest level since the 2007-2008 global financial crisis. How does this ensure liquidity? Banks typically hold only a fraction of their capital in cash, measured by metrics like the Tier 1 capital ratio. Since this ratio is low, banks prefer to allocate most of their capital to revenue-generating loans. When their cash reserves fall too low, banks borrow from the ECB to cover short-term liquidity needs. On the other hand, commercial banks can also deposit excess funds with the ECB at a lower interest rate. Reasons for fluctuations
The ECB’s primary mandate is to maintain price stability. The Euro area inflation rate is, in theory, the key indicator guiding the ECB's actions. When the fixed interest rate is lower, commercial banks are more likely to borrow from the ECB, increasing the money supply and, in turn, driving inflation higher. When inflation rises, the ECB increases the fixed interest rate, which slows borrowing and helps to reduce inflation.

Graph and download economic data for ECB Deposit Facility Rate for Euro Area (ECBDFR) from 1999-01-01 to 2025-12-02 about overnight, Euro Area, deposits, Europe, and rate.

From 2003 to 2025, the central banks of the United States, United Kingdom, and European Union exhibited remarkably similar interest rate patterns, reflecting shared global economic conditions. In the early 2000s, rates were initially low to stimulate growth, then increased as economies showed signs of overheating prior to 2008. The financial crisis that year prompted sharp rate cuts to near-zero levels, which persisted for an extended period to support economic recovery. The COVID-19 pandemic in 2020 led to further rate reductions to historic lows, aiming to mitigate economic fallout. However, surging inflation in 2022 triggered a dramatic policy shift, with the Federal Reserve, Bank of England, and European Central Bank significantly raising rates to curb price pressures. As inflation stabilized in late 2023 and early 2024, the ECB and Bank of England initiated rate cuts by mid-2024. Moreover, the Federal Reserve also implemented its first cut in three years, with forecasts suggesting a gradual decrease in all major interest rates between 2025 and 2026. Divergent approaches within the European Union While the ECB sets a benchmark rate for the Eurozone, individual EU countries have adopted diverse strategies to address their unique economic circumstances. For instance, Hungary set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by October 2024. In contrast, Sweden implemented more aggressive cuts, lowering its rate to 2.15 percent by October 2025, the lowest among EU members. These variations highlight the complex economic landscape that European central banks must navigate, balancing inflation control with economic growth support. Global context and future outlook The interest rate changes in major economies have had far-reaching effects on global financial markets. Government bond yields, for example, reflect these policy shifts and investor sentiment. As of October 2025, the United States had the highest 10-year government bond yield among developed economies at 4.09 percent, while Switzerland had the lowest at 0.27 percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

Deposit Interest Rate In the Euro Area remained unchanged at 2 percent in October. This dataset provides - Euro Area Deposit Interest Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In June 2024, the European Central Bank (ECB) lowered its deposit facility interest rate for the first time in over two years, marking a shift in its monetary policy stance. This move was followed by a gradual adjustment, with the rate reaching 3.25 percent six months later. By December 2024, the ECB had implemented an additional rate cut, bringing the rate down to three percent. In the first half of 2025, the ECB implemented four further cuts, setting the rate at two percent in June 2025. These reductions came after a prolonged period of steady rate increases, signaling a measured response to evolving economic conditions and a potential recalibration of its approach to support growth and stability.

Graph and download economic data for ECB Main Refinancing Operations Rate: Fixed Rate Tenders for Euro Area (ECBMRRFR) from 1999-01-01 to 2025-12-02 about operating, liquidity, Euro Area, fixed, Europe, and rate.

In June 2024, the European Central Bank (ECB) reduced the interest rate on its marginal lending facility by 0.25 percentage points, marking the first cut since 2016. Three months later, the ECB implemented another cut, setting the rate at 3.9 percent. It was followed by two further cuts at the end of 2024 and four more in the first half of 2025, the latest one setting the rate at 2.4 percent. The marginal lending rate had previously been adjusted on March 16, 2016, when it was lowered from 0.3 percent to 0.25 percent, remaining unchanged until July 2022, when it was raised to 0.75 percent. After September 2022, the rate saw regular increases, reaching 4.75 percent by April 2024.

Graph and download economic data for ECB Marginal Lending Facility Rate for Euro Area (ECBMLFR) from 1999-01-01 to 2025-12-02 about margin, overnight, Euro Area, Europe, loans, and rate.

The benchmark interest rate in Germany was last recorded at 4.50 percent. This dataset provides - Germany Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Belgium ECB Interest Rate: Marginal Lending Facility data was reported at 2.400 % pa in Nov 2025. This stayed constant from the previous number of 2.400 % pa for Oct 2025. Belgium ECB Interest Rate: Marginal Lending Facility data is updated monthly, averaging 1.750 % pa from Jan 1999 (Median) to Nov 2025, with 323 observations. The data reached an all-time high of 5.750 % pa in Apr 2001 and a record low of 0.250 % pa in Jun 2022. Belgium ECB Interest Rate: Marginal Lending Facility data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s Belgium – Table BE.M: Key Interest Rates: European Central Bank.

Ireland ECB Interest Rate: Marginal Lending Facility data was reported at 2.650 % pa in Apr 2025. This records a decrease from the previous number of 2.900 % pa for Mar 2025. Ireland ECB Interest Rate: Marginal Lending Facility data is updated monthly, averaging 2.125 % pa from Jan 1999 (Median) to Apr 2025, with 316 observations. The data reached an all-time high of 5.750 % pa in Apr 2001 and a record low of 0.250 % pa in Jun 2022. Ireland ECB Interest Rate: Marginal Lending Facility data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s Ireland – Table IE.M001: Key Interest Rates: European Central Bank.

Lending Rate In the Euro Area remained unchanged at 2.40 percent in October. This dataset provides - Euro Area Lending Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Austria ECB Interest Rate: Deposit Facility data was reported at 2.000 % pa in Nov 2025. This stayed constant from the previous number of 2.000 % pa for Oct 2025. Austria ECB Interest Rate: Deposit Facility data is updated monthly, averaging 0.250 % pa from Jan 1999 (Median) to Nov 2025, with 323 observations. The data reached an all-time high of 4.000 % pa in May 2024 and a record low of -0.500 % pa in Jun 2022. Austria ECB Interest Rate: Deposit Facility data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s Austria – Table AT.M: Key Interest Rates: European Central Bank.

Spain ECB Interest Rate: Deposit Facility data was reported at 2.000 % pa in Nov 2025. This stayed constant from the previous number of 2.000 % pa for Oct 2025. Spain ECB Interest Rate: Deposit Facility data is updated monthly, averaging 0.250 % pa from Jan 1999 (Median) to Nov 2025, with 323 observations. The data reached an all-time high of 4.000 % pa in May 2024 and a record low of -0.500 % pa in Jun 2022. Spain ECB Interest Rate: Deposit Facility data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s Spain – Table ES.M: Key Interest Rates: European Central Bank.

Finland ECB Interest Rate: Deposit Facility data was reported at 2.000 % pa in Nov 2025. This stayed constant from the previous number of 2.000 % pa for Oct 2025. Finland ECB Interest Rate: Deposit Facility data is updated monthly, averaging 0.250 % pa from Jan 1999 (Median) to Nov 2025, with 323 observations. The data reached an all-time high of 4.000 % pa in May 2024 and a record low of -0.500 % pa in Jun 2022. Finland ECB Interest Rate: Deposit Facility data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s Finland – Table FI.M: Key Interest Rates: European Central Bank.

Refinancing Operations In the Euro Area increased to 10.04 EUR Billion in November from 7.98 EUR Billion in September of 2025. This dataset includes a chart with historical data for ECB Main Refinancing Operations (MROs).

Euro Area ECB Deposit Facility Rate - Historical chart and current data through 2025.

Euro Short Term Rate In the Euro Area remained unchanged at 1.93 percent on Thursday November 27. This dataset includes a chart with historical data for Euro Area Euro Short Term Rate.

Slovakia ECB Interest Rate: Marginal Lending Facility data was reported at 2.400 % pa in Nov 2025. This stayed constant from the previous number of 2.400 % pa for Oct 2025. Slovakia ECB Interest Rate: Marginal Lending Facility data is updated monthly, averaging 1.750 % pa from Jan 1999 (Median) to Nov 2025, with 323 observations. The data reached an all-time high of 5.750 % pa in Apr 2001 and a record low of 0.250 % pa in Jun 2022. Slovakia ECB Interest Rate: Marginal Lending Facility data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s Slovakia – Table SK.M: Key Interest Rates: European Central Bank.