The European Central Bank (ECB) decided today to leave its key interest rates unchanged. The deposit facility rate remains at 2.00%, the main refinancing rate stands at 2.15%, and the marginal lending facility rate remains at 2.40%.
Florian Heider, Scientific Director of the Leibniz Institute for Financial Research SAFE, says:
“The ECB left interest rates unchanged at its first monetary policy meeting of 2026. Good monetary policy avoids surprises. It gives markets clear guidance and supports stability.
In an environment marked by geopolitical tensions and trade policy uncertainty, the ECB has so far pursued this course convincingly. Clear and consistent communication by the ECB is therefore essential to keep markets calm.
The recent decline in inflation below two percent does not currently warrant monetary policy action. But the strong euro should be closely monitored. It is largely driven by lower energy prices, an effect that is unlikely to persist later in the year. A data-dependent, meeting-by-meeting approach therefore remains the right course.”
Scientific Contact
Prof. Dr. Florian Heider
Scientific Director, Co-Director Department "Financial Intermediation"
