ECB monetary policy decision of 29 Oct 2026

The statements

European Central Bank

• Monetary policy decisions 2026-10-29 · central bank · one of several topics in this statement

  The ECB says it kept its three key interest rates unchanged and that energy price rises pose upside risks to inflation and downside risks to growth. It says future rate decisions will be data-dependent and made meeting by meeting, without pre-committing to a rate path.

• Monetary policy decisions 2026-10-29 · central bank · one of several topics in this statement

  The ECB states the deposit facility, main refinancing operations and marginal lending facility rates at 2.50%, 2.65% and 2.90%. It says the APP and PEPP portfolios are declining because maturing principal is no longer reinvested.

• Christine Lagarde, Boris Vujčić: Monetary policy statement (with Q&A) 2026-10-29 · central bank · one of several topics in this statement

  The ECB says it held its three key rates unchanged because energy prices have risen, posing upside risks to inflation and downside risks to growth. It says it is committed to returning inflation to its two per cent target in the medium term and will decide meeting by meeting without pre-committing to a rate path.

• Christine Lagarde, Boris Vujčić: Monetary policy statement (with Q&A) 2026-10-29 · central bank · one of several topics in this statement

  The ECB reports that headline inflation rose to 3.8 per cent in September, driven by energy price inflation of 18.9 per cent. Inflation excluding energy rose to 2.3 per cent, and underlying inflation indicators have remained broadly stable.

• Christine Lagarde, Boris Vujčić: Monetary policy statement (with Q&A) 2026-10-29 · central bank · one of several topics in this statement

  The ECB says the euro area economy continued to expand in the third quarter, supported by services, AI-related investment and public spending. It sees downside risks to growth from the Middle East conflict, energy supply disruption and financing costs.

• Christine Lagarde, Boris Vujčić: Monetary policy statement (with Q&A) 2026-10-29 · central bank · one of several topics in this statement

  The ECB says financial conditions tightened since its previous meeting as interest rates rose and stock prices fell. It reports higher costs of market-based corporate debt, slower bank lending growth and reduced mortgage and corporate loan demand.

• Christine Lagarde, Boris Vujčić: Monetary policy statement (with Q&A) 2026-10-29 · central bank · one of several topics in this statement

  In answer to questions on French and other government bond markets, the President says long-term yields have risen across the world due to inflation expectations, expected rate paths and hyperscaler bond issuance. She says highly indebted countries must factor higher rates into fiscal plans and that the ECB has instruments to respond to disorderly market movements.