The European Central Bank (ECB) kept its three main refinancing rates unchanged at 2.25%, 2.40%, and 2.65% during its July 2026 meeting. The decision follows volatile energy prices that remain near June projections but significantly higher than pre-Near East conflict levels. The ECB emphasized ongoing high uncertainty and incomplete inflation impacts from the energy shock, stating it will closely monitor shock intensity, duration, and secondary effects. Inflation is expected to stabilize at the 2% target over the medium term. Asset purchase programs (APP and PEPP) will continue to shrink gradually. The ECB reaffirmed its commitment to adjusting monetary tools within its mandate to ensure price stability and maintain effective monetary transmission. The President will explain the decision rationale at a 14:45 CEST press conference.
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