Overview
The meeting at which the European Central Bank's Governing Council sets monetary policy. Held eight times a year, it decides the three key ECB rates — the main refinancing, deposit facility, and marginal lending rates. The most important event for the euro area's monetary policy, followed by the President's press conference.
Meeting summary （published 2025-06-05）
On 5 June 2025 the ECB Governing Council lowered the three key rates by 25bp, effective 11 June: deposit facility 2.00%, main refinancing operations 2.15%, marginal lending facility 2.40%. Inflation was assessed to be around the 2% medium-term target. New staff projections saw headline inflation averaging 2.0% in 2025, 1.6% in 2026 and 2.0% in 2027—revised down for 2025-26 mainly on lower energy prices and a stronger euro—with core (excluding energy and food) at 2.4% in 2025 and 1.9% in 2026-27. Real GDP growth was projected at 0.9% (2025), 1.1% (2026) and 1.3% (2027). Trade policy uncertainty weighed on investment and exports, while government defence and infrastructure investment would support growth. APP and PEPP portfolios continued declining with no reinvestment. The Council reaffirmed a data-dependent, meeting-by-meeting approach and did not pre-commit to a rate path.