European Central Bank 12 November 2026, eb202607 (Economic Bulletin Issue 7, 2026)

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At its meeting on 29 October 2026, the Governing Council of the European Central Bank decided to maintain the three key ECB interest rates unchanged, keeping the deposit facility, main refinancing operations, and marginal lending facility rates at 2.50%, 2.65%, and 2.90% respectively. The decision was rendered amid elevated uncertainty, rising energy prices, and tightened financing conditions, with the Governing Council reaffirming its data-dependent, meeting-by-meeting approach to stabilise euro area inflation at its 2% medium-term target without pre-committing to a specific interest rate path. Additionally, portfolios under the asset purchase programme and the pandemic emergency purchase programme continue to decline at a measured pace as maturing principal payments are no longer reinvested.AI