Euro Area: ECB Interest Rate - Main Refinancing Operations Rate

Macro

2026-03-19
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 first quarter of 2026, the European Central Bank (ECB) maintained its main refinancing operations rate at 2.15%, unchanged from the previous value and in line with market consensus. As the Middle East conflict drives up energy prices, the ECB significantly revised upward its inflation forecast for this year and downgraded its economic growth outlook, suggesting that the rate cut cycle will continue to face headwinds.

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AI Data Insight

In the first quarter of 2026, the European Central Bank (ECB) maintained its main refinancing operations rate at 2.15%, unchanged from the previous value and in line with market consensus. As the Middle East conflict drives up energy prices, the ECB significantly revised upward its inflation forecast for this year and downgraded its economic growth outlook, suggesting that the rate cut cycle will continue to face headwinds.

Dive in →

You May Also Like

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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