ECB Keeps Key Interest Rates Unchanged Amid Energy Price Uncertainty
On 23 July 2026, the European Central Bank's Governing Council decided to maintain the three key ECB interest rates unchanged, with the deposit facility rate at 2.25%, main refinancing operations rate at 2.40%, and marginal lending facility rate at 2.65%. The decision comes amid high uncertainty driven by volatile energy prices, which currently stand close to the baseline of the June Eurosystem staff projections but well above pre-conflict levels in the Middle East. The Governing Council emphasized that the full inflationary impact of the energy shock has yet to materialize and is closely monitoring its intensity, duration, and second-round effects. The ECB reiterated its commitment to a data-dependent, meeting-by-meeting approach to monetary policy, without pre-committing to a specific rate path. The Asset Purchase Programme and Pandemic Emergency Purchase Programme portfolios continue to decline at a measured pace as reinvestments cease. The Transmission Protection Instrument remains available to counter unwarranted market dynamics threatening monetary policy transmission across the euro area.
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