ECB Interest Rate Today (Eurozone Policy Rate)
The European Central Bank (ECB) sets monetary policy for the 20 euro-area countries. It has three policy rates: the deposit facility rate (DFR — what banks earn parking reserves at the ECB), the main refinancing operations rate (MRO — what banks pay borrowing weekly), and the marginal lending facility rate (MLF — emergency overnight borrowing).
Upcoming Policy Meetings 2026
| Meeting Date | Type |
|---|---|
| 22 Jan 2026 | Monetary policy meeting |
| 12 Mar 2026 | MP meeting + forecasts |
| 16 Apr 2026 | MP meeting |
| 4 Jun 2026 | MP meeting + forecasts |
| 23 Jul 2026 | MP meeting |
| 10 Sep 2026 | MP meeting + forecasts |
| 29 Oct 2026 | MP meeting |
| 17 Dec 2026 | MP meeting + forecasts |
Markets price in rate decisions weeks ahead via overnight index swaps (OIS). Watch the next ECB Governing Council meeting for the next move.
Recent Rate History
| Date | Rate | Move |
|---|---|---|
| Dec 2025 | 2.75% | −25 bps |
| Oct 2025 | 3.00% | −25 bps |
| Sep 2025 | 3.25% | −25 bps |
| Jul 2025 | 3.50% | hold |
| Sep 2024 | 4.00% | peak |
The DFR is the rate to watch. Since the ECB shifted to its 'corridor' framework, the deposit rate functions as the de facto policy rate — it's what news outlets quote when they say 'the ECB rate.'
What it affects: Euribor and Euro-denominated lending rates, the EUR exchange rate, eurozone government bond yields, and mortgage rates across the bloc (tracker mortgages reset directly off Euribor).
Governing Council meetings happen roughly every 6 weeks. The president (Christine Lagarde) holds a press conference 30 minutes after each decision; markets parse her tone for forward guidance.
FAQ
How many policy rates does the ECB have?
Three: deposit facility rate (DFR), main refinancing operations rate (MRO), and marginal lending facility rate (MLF). The DFR is the most-watched.
When was the last ECB rate change?
See the rate history table above. The ECB began cutting from its 4.00% peak in mid-2024.
How does the ECB affect mortgages?
Most eurozone tracker mortgages reset off Euribor, which closely follows the ECB deposit rate. A 25bp ECB move translates to roughly 25bp on Euribor within weeks.
Note: Rate figures on this page are updated quarterly. For the absolute latest decision, consult the European Central Bank's official site.