Monetary Policy Decisions: Interest Rates Unchanged

The ECB Governing Council decided to keep the three key ECB interest rates unchanged. The decision reflects high uncertainty and the incomplete materialization of the energy shock's impact on inflation, while noting that energy price outlooks remain close to baseline projections. The Governing Council remains committed to orienting monetary policy to stabilize inflation at the 2% target over the medium term.

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23.07.2026

The ECB Governing Council today decided to keep the three key ECB interest rates unchanged. While the outlook for energy prices is highly volatile, it is currently close to the baseline scenario of the Eurosystem staff projections from June and significantly above the level recorded before the conflict in the Middle East. Uncertainty remains high, and the impact of the energy shock on inflation has not yet fully materialized. The ECB Governing Council is therefore closely monitoring the intensity and duration of the shock, as well as its indirect effects and second-round effects. The ECB Governing Council is firmly committed to orienting its monetary policy to ensure that inflation stabilizes at its 2% target over the medium term.

Source: Deutsche Bundesbank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works