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 2026-03-19）
On 19 March 2026 the ECB Governing Council kept the three key rates unchanged (deposit facility 2.00%, main refinancing 2.15%, marginal lending 2.40%). The war in the Middle East had made the outlook significantly more uncertain, creating upside risks for inflation and downside risks for growth and materially affecting near-term inflation via higher energy prices. Inflation had been around 2%, longer-term expectations were well anchored, and the economy had shown resilience. New staff projections saw headline inflation at 2.6% in 2026, 2.0% in 2027 and 2.1% in 2028—revised up from December, especially for 2026, on higher energy prices—with core at 2.3%, 2.2% and 2.1%. Growth was projected at 0.9% (2026), 1.3% (2027) and 1.4% (2028), a downward revision. APP and PEPP portfolios continued declining without reinvestment. The Council maintained a data-dependent, meeting-by-meeting approach with no pre-commitment to a rate path.