At its meeting earlier today, Thursday, February 5th, the ECB decided to maintain its three key interest rates at their current levels: the deposit rate at 2%, the main refinancing operation rate at 2.15%, and the lending facility at 2.40%. This marks the fifth consecutive meeting where the ECB has kept its rates unchanged.

In its interest rate statement, the ECB stated that the Governing Council reaffirms its updated assessment that inflation will stabilize at its 2% target over the medium term and that the economy remains resilient in a challenging global environment.

The Governing Council is committed to ensuring that inflation stabilizes at its 2% target over the medium term and will continue to take a data-driven approach, making decisions at each meeting to determine the appropriate monetary policy.

The Asset Purchase Programme (APP) and the Pandemic Emergency Purchase Programme (PEPP) are being phased out at a measured and expected pace, as the Eurosystem has ceased reinvesting capital payments from maturing securities.

The markets are awaiting the European Central Bank president’s comments and his response to journalists’ questions at the press conference in about 45 minutes.