Euro Area: ECB Interest Rate - Main Refinancing Operations Rate

Macro

2026-04-30
Description

The Eurozone's Main Refinancing Operations Rate (MRO) is set and published by the European Central Bank (ECB). The MRO is the ECB's primary tool for providing short-term liquidity to commercial banks through weekly auctions. When the economy overheats or inflation rises, the ECB typically raises the MRO rate to curb demand; conversely, it lowers the rate during slowdowns.

Additionally, the ECB sets the Marginal Lending Facility Rate (MLF) and the Deposit Facility Rate (DF). The MLF is higher than the MRO, providing emergency funds to banks, while the DF is lower, allowing banks to deposit excess funds overnight.

The ECB’s Governing Council meets eight times per year.

Published by
European Central Bank (Choice)
Frequency
Monthly
Next Update
Hashtags

AI Data Insight

In the second quarter of 2026, the Eurozone's main refinancing rate remained flat at 2.15%, in line with previous figures and market consensus. Recently, surging energy prices driven by geopolitical tensions pushed the preliminary inflation estimate for April to rebound to 3.0%, exacerbating market concerns about stagflation. The European Central Bank emphasized it will depend on data to make decisions meeting by meeting, making the policy direction of the June meeting the short-term focus.

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AI Data Insight

In the second quarter of 2026, the Eurozone's main refinancing rate remained flat at 2.15%, in line with previous figures and market consensus. Recently, surging energy prices driven by geopolitical tensions pushed the preliminary inflation estimate for April to rebound to 3.0%, exacerbating market concerns about stagflation. The European Central Bank emphasized it will depend on data to make decisions meeting by meeting, making the policy direction of the June meeting the short-term focus.

Dive in →

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Macro
Description

The Eurozone's Main Refinancing Operations Rate (MRO) is set and published by the European Central Bank (ECB). The MRO is the ECB's primary tool for providing short-term liquidity to commercial banks through weekly auctions. When the economy overheats or inflation rises, the ECB typically raises the MRO rate to curb demand; conversely, it lowers the rate during slowdowns.

Additionally, the ECB sets the Marginal Lending Facility Rate (MLF) and the Deposit Facility Rate (DF). The MLF is higher than the MRO, providing emergency funds to banks, while the DF is lower, allowing banks to deposit excess funds overnight.

The ECB’s Governing Council meets eight times per year.

Published by
European Central Bank (Choice)
Frequency
Monthly
Next Update
Hashtags