Story · Eurozone · 23 Jul 2026
ECB held its three key interest rates unchanged in July 2026
The ECB kept the deposit rate at 2.25%, the main refinancing rate at 2.40% and the marginal lending rate at 2.65% on 23 July 2026.
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2.25%
ECB deposit facility rate after 23 July 2026 decision
2.40%
ECB main refinancing rate after 23 July 2026 decision
2.65%
ECB marginal lending rate after 23 July 2026 decision
Exam link: Monetary policy → interest rates → consumption and investment → aggregate demand
Understand the storyExpand Close
The ECB Governing Council left all three key interest rates unchanged on 23 July 2026 as it monitored energy-price uncertainty and the risk of second-round inflation effects. The deposit facility rate remained 2.25%.
What happened
On 23 July 2026, the ECB kept the deposit facility rate at 2.25%, the main refinancing operations rate at 2.40% and the marginal lending facility rate at 2.65%. It said decisions would remain data-dependent and meeting-by-meeting rather than following a pre-committed rate path.
Why it matters
ECB interest rates influence borrowing costs, saving, investment, consumption, asset prices and the euro exchange rate across the currency union. Holding rates steady can still be restrictive if inflation and nominal growth are falling.
Economic context
The ECB targets 2% inflation over the medium term. A hold decision does not mean monetary conditions are neutral: the real interest rate, bank lending conditions and expectations determine how restrictive policy is.
All key dataExpand Close
- ECB deposit facility rate after 23 July 2026 decision
- 2.25%
- ECB main refinancing rate after 23 July 2026 decision
- 2.40%
- ECB marginal lending rate after 23 July 2026 decision
- 2.65%
Use it in an examExpand Close
Evidence
The ECB kept the deposit rate at 2.25%, the main refinancing rate at 2.40% and the marginal lending rate at 2.65% on 23 July 2026.
Explain
ECB interest rates influence borrowing costs, saving, investment, consumption, asset prices and the euro exchange rate across the currency union. Holding rates steady can still be restrictive if inflation and nominal growth are falling.
Evaluate
The ECB targets 2% inflation over the medium term. A hold decision does not mean monetary conditions are neutral: the real interest rate, bank lending conditions and expectations determine how restrictive policy is.
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