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File · ECB: interest rates and the presidential transition
Confirmed

ECB holds interest rates as energy costs threaten inflation and growth

The European Central Bank left all three key interest rates unchanged on 29 October 2026. It warned that rising energy prices threaten both price stability and economic growth.

Archive portrait of Christine Lagarde at the European Parliament.
Christine Lagarde at the European Parliament, cropped archive photograph. This does not depict the announcements of 29 October 2026. — © European Union 2023 – Source: EP / Wikimedia Commons — CC BY 4.0 https://creativecommons.org/licenses/by/4.0/ ; recadrage préexistant, sans modification supplémentaire.

The deposit rate remains at 2.50%, the main refinancing rate at 2.65% and the marginal lending rate at 2.90%, according to the Governing Council’s statement.

The ECB says underlying inflation has remained broadly stable so far, but the scale and duration of the energy shock could lift inflation and weaken activity. It will continue to decide meeting by meeting, based on incoming data. The decision therefore commits the bank to neither an increase nor a cut at its next meeting.

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