The Governing Council of the ECB has decided to raise the three key ECB interest rates by 50 basis points. Therefore, the interest rates on the main refinancing operations, the marginal lending facility and the deposits with the central bank will be raised to 0.50%, 0.75% and 0.00% respectively, with effect from 27 July 2022.
Further normalization of interest rates will be appropriate at forthcoming meetings of the Governing Council. Anticipating the exit from negative interest rates to date allows the Governing Council to move to an approach where rate decisions are made on a case-by-case basis. The future evolution of policy rates as defined by the Governing Council will continue to be data-driven and will contribute to the achievement of the 2% inflation target over the medium term.