EUINTRJuly/2025
source: European Central Bank
- The ECB kept interest rates unchanged in July, effectively marking the end of its current easing cycle after eight cuts over the past year that brought borrowing costs to their lowest levels since November 2022.
The main refinancing rate remains at 2.15%, while the deposit facility rate holds at 2.0%. Policymakers struck a wait-and-see stance, as they evaluate the impact of lingering trade uncertainty and the potential fallout from proposed US tariffs on economic growth and inflation.
Inflation hit the ECB’s 2% target in June, adding to the case for a pause in policy adjustments. Speaking at the ECB press conference, President Lagarde said the central bank is “in a good place” but acknowledged the difficulty in assessing how tariffs will affect price outlooks, given the mix of both inflationary and disinflationary pressures.
On the recent euro appreciation, Lagarde reiterated that the ECB does not target exchange rates directly but considers them when forecasting inflation.
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