ECB Interest Rate History
The European Central Bank's deposit facility rate is 2.50% (deposit facility rate; main refinancing rate 2.65%) after the decision of Sep 10, 2026. The calendar lists 179 ECB decisions since Jan 10, 2008: 15 hikes, 25 cuts and 139 holds; the last change was +25 bp on Sep 10, 2026.
Rate now2.50%deposit facility rate
Last change+25 bpSep 10, 2026
Since 200815▲ 25▼hikes and cuts in 179 decisions
Range0.00% to 4.50%main refinancing rate, lowest to highest
The chart
ECB Interest Rate since 2008
Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.
- Main refinancing rate
- Deposit facility rate
Cycles
ECB hiking and cutting cycles since 2008
A cycle is a run of moves in one direction, with holds between them; a move the other way starts the next.
| Cycle | From | To | Moves | In all | Rate |
|---|---|---|---|---|---|
| ▲ Hiking latest | Jun 11, 2026 | Sep 10, 2026 | 2 | +50 bp | 2.00% → 2.50% |
| ▼ Cutting | Jun 6, 2024 | Jun 5, 2025 | 8 | −200 bp | 4.00% → 2.00% |
| ▲ Hiking | Jul 21, 2022 | Sep 14, 2023 | 10 | +450 bp | -0.50% → 4.00% |
| ▼ Cutting | Nov 3, 2011 | Sep 12, 2019 | 10 | −175 bp | 1.50% → -0.50% |
| ▲ Hiking | Apr 7, 2011 | Jul 7, 2011 | 2 | +50 bp | 1.00% → 1.50% |
| ▼ Cutting | Oct 8, 2008 | May 7, 2009 | 7 | −325 bp | 4.25% → 1.00% |
| ▲ Hiking | Jul 3, 2008 | one move | 1 | +25 bp | 4.00% → 4.25% |
Moves are measured on the deposit rate where the calendar gives it at both meetings, otherwise on the main refinancing rate.
By year
ECB Interest Rate by year
How many times the ECB met in each year, what it did, and where the rate ended the year.
| Year | Decisions | Hikes | Cuts | Holds | Net change | Year end |
|---|---|---|---|---|---|---|
| 2026 so far | 6 | 2 | — | 4 | +50 bp | 2.50% |
| 2025 | 8 | — | 4 | 4 | −100 bp | 2.00% |
| 2024 | 8 | — | 4 | 4 | −100 bp | 3.00% |
| 2023 | 8 | 6 | — | 2 | +200 bp | 4.00% |
| 2022 | 8 | 4 | — | 4 | +250 bp | 2.00% |
| 2021 | 8 | — | — | 8 | 0 bp | -0.50% |
| 2020 | 8 | — | — | 8 | 0 bp | -0.50% |
| 2019 | 8 | — | 1 | 7 | −10 bp | -0.50% |
| 2018 | 8 | — | — | 8 | 0 bp | -0.40% |
| 2017 | 8 | — | — | 8 | 0 bp | -0.40% |
| 2016 | 8 | — | 1 | 7 | −10 bp | -0.40% |
| 2015 | 8 | — | 1 | 7 | −10 bp | -0.30% |
| 2014 | 12 | — | 2 | 10 | −20 bp | 0.05% |
| 2013 | 12 | — | 2 | 10 | −50 bp | 0.25% |
| 2012 | 12 | — | 1 | 11 | −25 bp | 0.75% |
| 2011 | 12 | 2 | 2 | 8 | 0 bp | 1.00% |
| 2010 | 12 | — | — | 12 | 0 bp | 1.00% |
| 2009 | 12 | — | 4 | 8 | −150 bp | 1.00% |
| 2008 | 13 | 1 | 3 | 8 | −150 bp | 2.50% |
Records
The ECB's records since 2008
Highest4.50%first set Sep 14, 2023 (refinancing rate)
Lowest0.00%first set Mar 10, 2016 (refinancing rate)
Biggest move−75 bpDec 4, 2008, to 2.50%
Longest hold27decisions in a row with no change, Apr 21, 2016 to Jul 25, 2019
Deposit rate since 2015-0.50% to 4.00%lowest Sep 12, 2019, highest Sep 14, 2023
Against the consensus84/86matched it; 2 came out above (hawkish), 0 below (dovish)
Every decision
Every ECB interest rate decision since 2008
Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.
| Date | Decision | Deposit rate | Refinancing rate | Change | Expected |
|---|---|---|---|---|---|
| Sep 10, 2026 | ▲ hike | 2.50% | 2.65% | +25 bp | 2.50% |
| Jul 23, 2026 | ■ hold | 2.25% | 2.40% | 0 bp | 2.25% |
| Jun 11, 2026 | ▲ hike | 2.25% | 2.40% | +25 bp | 2.25% |
| Apr 30, 2026 | ■ hold | 2.00% | 2.15% | 0 bp | 2.00% |
| Mar 19, 2026 | ■ hold | 2.00% | 2.15% | 0 bp | 2.00% |
| Feb 5, 2026 | ■ hold | 2.00% | 2.15% | 0 bp | 2.00% |
| Dec 18, 2025 | ■ hold | 2.00% | 2.15% | 0 bp | 2.00% |
| Oct 30, 2025 | ■ hold | 2.00% | 2.15% | 0 bp | 2.00% |
| Sep 11, 2025 | ■ hold | 2.00% | 2.15% | 0 bp | 2.00% |
| Jul 24, 2025 | ■ hold | 2.00% | 2.15% | 0 bp | 2.00% |
| Jun 5, 2025 | ▼ cut | 2.00% | 2.15% | −25 bp | 2.00% |
| Apr 17, 2025 | ▼ cut | 2.25% | 2.40% | −25 bp | 2.25% |
| Mar 6, 2025 | ▼ cut | 2.50% | 2.65% | −25 bp | 2.50% |
| Jan 30, 2025 | ▼ cut | 2.75% | 2.90% | −25 bp | 2.75% |
| Dec 12, 2024 | ▼ cut | 3.00% | 3.15% | −25 bp | 3.00% |
| Oct 17, 2024 | ▼ cut | 3.25% | 3.40% | −25 bp | 3.25% |
| Sep 12, 2024 | ▼ cut | 3.50% | 3.65% | −25 bp | 3.50% |
| Jul 18, 2024 | ■ hold | 3.75% | 4.25% | 0 bp | 3.75% |
| Jun 6, 2024 | ▼ cut | 3.75% | 4.25% | −25 bp | 3.75% |
| Apr 11, 2024 | ■ hold | 4.00% | 4.50% | 0 bp | 4.00% |
| Mar 7, 2024 | ■ hold | 4.00% | 4.50% | 0 bp | 4.00% |
| Jan 25, 2024 | ■ hold | 4.00% | 4.50% | 0 bp | 4.00% |
| Dec 14, 2023 | ■ hold | 4.00% | 4.50% | 0 bp | 4.00% |
| Oct 26, 2023 | ■ hold | 4.00% | 4.50% | 0 bp | 4.00% |
| Sep 14, 2023 | ▲ hike | 4.00% | 4.50% | +25 bp | 3.75% |
| Jul 27, 2023 | ▲ hike | 3.75% | 4.25% | +25 bp | 3.75% |
| Jun 15, 2023 | ▲ hike | 3.50% | 4.00% | +25 bp | 3.50% |
| May 4, 2023 | ▲ hike | 3.25% | 3.75% | +25 bp | 3.25% |
| Mar 16, 2023 | ▲ hike | 3.00% | 3.50% | +50 bp | 3.00% |
| Feb 2, 2023 | ▲ hike | 2.50% | 3.00% | +50 bp | 2.50% |
| Dec 15, 2022 | ▲ hike | 2.00% | 2.50% | +50 bp | 2.00% |
| Oct 27, 2022 | ▲ hike | 1.50% | 2.00% | +75 bp | 1.50% |
| Sep 8, 2022 | ▲ hike | 0.75% | 1.25% | +75 bp | 0.75% |
| Jul 21, 2022 | ▲ hike | 0.00% | 0.50% | +50 bp | -0.25% |
| Jun 9, 2022 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Apr 14, 2022 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Mar 10, 2022 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Feb 3, 2022 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Dec 16, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Oct 28, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Sep 9, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Jul 22, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Jun 10, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Apr 22, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Mar 11, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Jan 21, 2021 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Dec 10, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Oct 29, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Sep 10, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Jul 16, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Jun 4, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Apr 30, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Mar 12, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Jan 23, 2020 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Dec 12, 2019 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Oct 24, 2019 | ■ hold | -0.50% | 0.00% | 0 bp | -0.50% |
| Sep 12, 2019 | ▼ cut | -0.50% | 0.00% | −10 bp | -0.50% |
| Jul 25, 2019 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jun 6, 2019 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Apr 10, 2019 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Mar 7, 2019 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jan 24, 2019 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Dec 13, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Oct 25, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Sep 13, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jul 26, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jun 14, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Apr 26, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Mar 8, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jan 25, 2018 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Dec 14, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Oct 26, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Sep 7, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jul 20, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jun 8, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Apr 27, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Mar 9, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jan 19, 2017 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Dec 8, 2016 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Oct 20, 2016 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Sep 8, 2016 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jul 21, 2016 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Jun 2, 2016 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Apr 21, 2016 | ■ hold | -0.40% | 0.00% | 0 bp | -0.40% |
| Mar 10, 2016 | ▼ cut | -0.40% | 0.00% | −10 bp | -0.40% |
| Jan 21, 2016 | ■ hold | -0.30% | 0.05% | 0 bp | -0.30% |
| Dec 3, 2015 | ▼ cut | -0.30% | 0.05% | −10 bp | — |
| Oct 22, 2015 | ■ hold | -0.20% | 0.05% | 0 bp | — |
| Sep 3, 2015 | ■ hold | -0.20% | 0.05% | 0 bp | — |
| Jul 16, 2015 | ■ hold | -0.20% | 0.05% | 0 bp | — |
| Jun 3, 2015 | ■ hold | -0.20% | 0.05% | 0 bp | — |
| Apr 15, 2015 | ■ hold | -0.20% | 0.05% | 0 bp | — |
| Mar 5, 2015 | ■ hold | -0.20% | 0.05% | 0 bp | — |
| Jan 22, 2015 | ■ hold | — | 0.05% | 0 bp | — |
| Dec 4, 2014 | ■ hold | — | 0.05% | 0 bp | — |
| Nov 6, 2014 | ■ hold | — | 0.05% | 0 bp | — |
| Oct 2, 2014 | ■ hold | — | 0.05% | 0 bp | — |
| Sep 4, 2014 | ▼ cut | — | 0.05% | −10 bp | — |
| Aug 7, 2014 | ■ hold | — | 0.15% | 0 bp | — |
| Jul 3, 2014 | ■ hold | — | 0.15% | 0 bp | — |
| Jun 5, 2014 | ▼ cut | — | 0.15% | −10 bp | — |
| May 8, 2014 | ■ hold | — | 0.25% | 0 bp | — |
| Apr 3, 2014 | ■ hold | — | 0.25% | 0 bp | — |
| Mar 6, 2014 | ■ hold | — | 0.25% | 0 bp | — |
| Feb 6, 2014 | ■ hold | — | 0.25% | 0 bp | — |
| Jan 9, 2014 | ■ hold | — | 0.25% | 0 bp | — |
| Dec 5, 2013 | ■ hold | — | 0.25% | 0 bp | — |
| Nov 7, 2013 | ▼ cut | — | 0.25% | −25 bp | — |
| Oct 2, 2013 | ■ hold | — | 0.50% | 0 bp | — |
| Sep 5, 2013 | ■ hold | — | 0.50% | 0 bp | — |
| Aug 1, 2013 | ■ hold | — | 0.50% | 0 bp | — |
| Jul 4, 2013 | ■ hold | — | 0.50% | 0 bp | — |
| Jun 6, 2013 | ■ hold | — | 0.50% | 0 bp | — |
| May 2, 2013 | ▼ cut | — | 0.50% | −25 bp | — |
| Apr 4, 2013 | ■ hold | — | 0.75% | 0 bp | — |
| Mar 7, 2013 | ■ hold | — | 0.75% | 0 bp | — |
| Feb 7, 2013 | ■ hold | — | 0.75% | 0 bp | — |
| Jan 10, 2013 | ■ hold | — | 0.75% | 0 bp | — |
| Dec 6, 2012 | ■ hold | — | 0.75% | 0 bp | — |
| Nov 8, 2012 | ■ hold | — | 0.75% | 0 bp | — |
| Oct 4, 2012 | ■ hold | — | 0.75% | 0 bp | — |
| Sep 6, 2012 | ■ hold | — | 0.75% | 0 bp | — |
| Aug 2, 2012 | ■ hold | — | 0.75% | 0 bp | — |
| Jul 5, 2012 | ▼ cut | — | 0.75% | −25 bp | — |
| Jun 6, 2012 | ■ hold | — | 1.00% | 0 bp | — |
| May 3, 2012 | ■ hold | — | 1.00% | 0 bp | — |
| Apr 4, 2012 | ■ hold | — | 1.00% | 0 bp | — |
| Mar 8, 2012 | ■ hold | — | 1.00% | 0 bp | — |
| Feb 9, 2012 | ■ hold | — | 1.00% | 0 bp | — |
| Jan 12, 2012 | ■ hold | — | 1.00% | 0 bp | — |
| Dec 8, 2011 | ▼ cut | — | 1.00% | −25 bp | — |
| Nov 3, 2011 | ▼ cut | — | 1.25% | −25 bp | — |
| Oct 6, 2011 | ■ hold | — | 1.50% | 0 bp | — |
| Sep 8, 2011 | ■ hold | — | 1.50% | 0 bp | — |
| Aug 4, 2011 | ■ hold | — | 1.50% | 0 bp | — |
| Jul 7, 2011 | ▲ hike | — | 1.50% | +25 bp | — |
| Jun 9, 2011 | ■ hold | — | 1.25% | 0 bp | — |
| May 5, 2011 | ■ hold | — | 1.25% | 0 bp | — |
| Apr 7, 2011 | ▲ hike | — | 1.25% | +25 bp | — |
| Mar 3, 2011 | ■ hold | — | 1.00% | 0 bp | — |
| Feb 3, 2011 | ■ hold | — | 1.00% | 0 bp | — |
| Jan 13, 2011 | ■ hold | — | 1.00% | 0 bp | — |
| Dec 2, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Nov 4, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Oct 7, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Sep 2, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Aug 5, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Jul 8, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Jun 10, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| May 6, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Apr 8, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Mar 4, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Feb 4, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Jan 14, 2010 | ■ hold | — | 1.00% | 0 bp | — |
| Dec 3, 2009 | ■ hold | — | 1.00% | 0 bp | — |
| Nov 5, 2009 | ■ hold | — | 1.00% | 0 bp | — |
| Oct 8, 2009 | ■ hold | — | 1.00% | 0 bp | — |
| Sep 3, 2009 | ■ hold | — | 1.00% | 0 bp | — |
| Aug 6, 2009 | ■ hold | — | 1.00% | 0 bp | — |
| Jul 2, 2009 | ■ hold | — | 1.00% | 0 bp | — |
| Jun 4, 2009 | ■ hold | — | 1.00% | 0 bp | — |
| May 7, 2009 | ▼ cut | — | 1.00% | −25 bp | — |
| Apr 2, 2009 | ▼ cut | — | 1.25% | −25 bp | — |
| Mar 5, 2009 | ▼ cut | — | 1.50% | −50 bp | — |
| Feb 5, 2009 | ■ hold | — | 2.00% | 0 bp | — |
| Jan 15, 2009 | ▼ cut | — | 2.00% | −50 bp | — |
| Dec 4, 2008 | ▼ cut | — | 2.50% | −75 bp | — |
| Nov 6, 2008 | ▼ cut | — | 3.25% | −50 bp | — |
| Oct 8, 2008 | ▼ cut | — | 3.75% | −50 bp | — |
| Oct 2, 2008 | ■ hold | — | 4.25% | 0 bp | — |
| Sep 4, 2008 | ■ hold | — | 4.25% | 0 bp | — |
| Aug 7, 2008 | ■ hold | — | 4.25% | 0 bp | — |
| Jul 3, 2008 | ▲ hike | — | 4.25% | +25 bp | — |
| Jun 5, 2008 | ■ hold | — | 4.00% | 0 bp | — |
| May 8, 2008 | ■ hold | — | 4.00% | 0 bp | — |
| Apr 10, 2008 | ■ hold | — | 4.00% | 0 bp | — |
| Mar 6, 2008 | ■ hold | — | 4.00% | 0 bp | — |
| Feb 7, 2008 | ■ hold | — | 4.00% | 0 bp | — |
| Jan 10, 2008 | — | — | 4.00% | — | — |
Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against the ECB's own site before relying on it.
Questions
ECB Interest Rate history: questions
What is the ECB interest rate now?
2.50% (deposit facility rate; main refinancing rate 2.65%), set on Thursday, September 10, 2026. The next decision is on Thursday, October 29, 2026 at 2:15 PM Frankfurt.
When did the ECB last change interest rates?
On Sep 10, 2026, a hike of 25 bp to 2.50%.
What is the highest the deposit facility rate has been since 2008?
4.50%, first set on Sep 14, 2023. The lowest was 0.00%, first set on Mar 10, 2016. These are the main refinancing rate; the calendar gives the deposit rate only from 2015.
How many times did the ECB raise rates in its latest cycle?
2 times, +50 bp in all, from Jun 11, 2026 to Sep 10, 2026. The cutting cycle before it made 8 moves, −200 bp, from Jun 6, 2024 to Jun 5, 2025.
How often does the ECB surprise the market?
Of the 86 ECB decisions with a published consensus since Jan 21, 2016, 84 matched it, 2 came out above it (more hawkish than expected) and 0 below it (more dovish).
Where does this data come from?
FXStreet's economic calendar, read automatically and never typed by hand, and refreshed after every decision. The calendar misses a few meetings. Download it all as CSV.
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