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EUR · FrankfurtThe next monetary policy meeting of the European Central Bank (ECB) will take place on Thursday 29 October 2026. Its deposit rate stands at 2.50%, at this level since 16 September 2026.
The European Central Bank steers monetary policy for the twenty-one euro area countries. Its deposit rate has become its real policy rate; its target is 2% inflation over the medium term.
Updated on · sources: the central bank, the BIS and the national statistics office
Last move
↑ Hike
le 16 September 2026
Annual inflation
2.0%
Target: 2% over the medium term (HICP) · 2025-12
Next decision
29 October
in 6 days
EUR/USD is the most traded pair in the world: the gap between the ECB and the Fed is its main driver. Below, the rate the market expects after each meeting, and the probabilities of a hike, a hold or a cut, derived from today's OIS swaps.
How the projections are calculated is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Decision dates published by the bank. For two-day meetings, the date shown is the announcement day.
All eight banks on a single calendar: central bank calendar.
Five years of decisions: each step in the chart is a rate change. Source: Bank for International Settlements.
| Effective date | Deposit rate | Change |
|---|---|---|
| 17 September 2026 | 2.50 % | +25 bp |
| 18 June 2026 | 2.25 % | +25 bp |
| 12 June 2025 | 2.00 % | −25 bp |
| 24 April 2025 | 2.25 % | −25 bp |
| 13 March 2025 | 2.50 % | −25 bp |
| 6 February 2025 | 2.75 % | −25 bp |
| 20 December 2024 | 3.00 % | −25 bp |
| 23 October 2024 | 3.25 % | −25 bp |
| 24 September 2024 | 3.50 % | −75 bp |
| 16 June 2024 | 4.25 % | −25 bp |
| 24 September 2023 | 4.50 % | +25 bp |
| 6 August 2023 | 4.25 % | +25 bp |
| 25 June 2023 | 4.00 % | +25 bp |
| 14 May 2023 | 3.75 % | +25 bp |
| 26 March 2023 | 3.50 % | +50 bp |
| 12 February 2023 | 3.00 % | +50 bp |
| 25 December 2022 | 2.50 % | +50 bp |
| 6 November 2022 | 2.00 % | +75 bp |
| 18 September 2022 | 1.25 % | +75 bp |
| 31 July 2022 | 0.50 % | +50 bp |
Governing Council
21 voters out of 27 participants · 8 meetings a year · Frankfurt
Six Executive Board members vote permanently; national governors share fifteen votes by rotation, a system in force since 2015.
No vote published
No individual vote is published, and the Council seeks consensus. Any position attributed to a governor is a deduction from their speeches, never a fact.
