ECB Governing Council monetary policy decision: September 2026
Why it matters
ECB decisions shape euro-area demand, the euro exchange rate, financing conditions for industrial policy and the political room for fiscal support.
What to watch
- Rates decision and press conference guidance.
- Inflation, energy-price and wage language.
- Signals on fragmentation, bank credit and euro strength.
Result captured
Policy decision: raised rates, with deposit facility rate 2.50%, main refinancing operations rate 2.65%, marginal lending facility rate 2.90%.
Briefing
The ECB raised rates for the second time in three months because it expects the Middle East conflict to keep inflation above its 2% target into 2028, so borrowing across the euro area gets dearer even though growth is forecast at only 0.9% this year.
Sources
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