Euro Area: ECB Interest Rate - Main Refinancing Operations Rate

Macro

2026-09-10

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 Q3 2026, the European Central Bank (ECB) raised the main refinancing operations rate (MRO) by 25 basis points from the previous 2.4% to 2.65%. Impacted by geopolitical conflicts in the Middle East and surging energy prices, the ECB revised its inflation forecasts upward and maintained its tightening stance. The market expects that if price pressures remain unresolved, there is still room for further rate hikes before the end of the year.

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AI Data Insight

In Q3 2026, the European Central Bank (ECB) raised the main refinancing operations rate (MRO) by 25 basis points from the previous 2.4% to 2.65%. Impacted by geopolitical conflicts in the Middle East and surging energy prices, the ECB revised its inflation forecasts upward and maintained its tightening stance. The market expects that if price pressures remain unresolved, there is still room for further rate hikes before the end of the year.

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