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 2025-10-30）
On 30 October 2025 the ECB Governing Council kept the three key rates unchanged (deposit facility 2.00%, main refinancing 2.15%, marginal lending 2.40%). Inflation remained close to the 2% medium-term target and the assessment of the inflation outlook was broadly unchanged. The economy continued to grow despite the challenging global environment, with a robust labour market, solid private-sector balance sheets and past rate cuts as sources of resilience. The outlook remained uncertain, owing particularly to ongoing global trade disputes and geopolitical tensions. APP and PEPP portfolios continued declining without reinvestment. The Council maintained a data-dependent, meeting-by-meeting approach, did not pre-commit to a rate path, and stood ready to adjust all instruments; the Transmission Protection Instrument remained available.