The first ECB Governing Council policy setting meeting of 2026 saw the central bank leave interest rates on hold.
The deposit and refi rates were maintained at 2.00% and 2.15%, respectively. This outcome was very much in line with market expectations. Its marks the fifth consecutive meeting that the central bank has left its official rates unaltered. The last time the ECB eased policy was last June when it cut rates by 25bps. In total, the central bank cut rates by 200bps during its easing cycle.