The ECB Governing Council decided to keep the three key interest rates unchanged at 2.00%, 2.15%, and 2.40% for the deposit facility, main refinancing operations, and marginal lending facility respectively. The assessment reaffirms that inflation should stabilize at the 2% target in the medium term. The economy remains resilient despite a challenging global environment, supported by low unemployment, strong private sector balance sheets, and gradual public spending on defense and infrastructure. However, uncertainties persist due to global trade tensions and geopolitical risks. The Council will adopt a data-dependent approach, basing decisions on inflation outlook and economic data. The Asset Purchase Programme (APP) and Pandemic Emergency Purchase Programme (PEPP) portfolios are declining as reinvestment of principal payments ceases. The Transmission Protection Instrument remains available to safeguard monetary policy transmission.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.mp260205~001d26959b.en.html
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