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 2025-09-11）
On 11 September 2025 the ECB Governing Council kept the three key rates unchanged (deposit facility 2.00%, main refinancing 2.15%, marginal lending 2.40%). Inflation was around the 2% medium-term target and the outlook assessment was broadly unchanged since June. New staff projections saw headline inflation at 2.1% (2025), 1.7% (2026) and 1.9% (2027), and core at 2.4%, 1.9% and 1.8%. Real GDP growth was projected at 1.2% in 2025 (up from 0.9% in June), 1.0% in 2026 (slightly lower) and 1.3% in 2027 (unchanged). The economy grew 0.7% cumulatively in H1 on resilient domestic demand, and the labour market remained a source of strength with unemployment at 6.2% in July. 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.