The European Central Bank’s Governing Council decided to keep its three key interest rates unchanged. The deposit facility rate stays at 2.50 percent, the main refinancing operations rate at 2.65 percent and the marginal lending facility rate at 2.90 percent.
Our own market data shows the main refinancing rate at 2.50 percent as of 01:34 GMT on 30 October 2026, in force since 29 October. That rate has not been changed by this decision.
Energy prices weigh on the outlook
Energy prices have kept rising, which the bank sees as an upside risk to inflation and a downside risk to growth. Underlying inflation has so far remained broadly stable.
Wages show no material response at this stage. The bank’s medium-term inflation target remains 2 percent.
Financing conditions and the policy path
Financing conditions have tightened since the last meeting. The Governing Council says it will take a data-dependent, meeting-by-meeting approach and is not pre-committing to a rate path.
The Eurosystem no longer reinvests principal payments from maturing securities, so the APP and PEPP portfolios are declining. The Transmission Protection Instrument remains available against unwarranted, disorderly market moves.
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Source: European Central Bank
