At the ECB council meeting in Florence, it was decided to maintain the overnight deposit rate at 2%, the key refinancing rate at 2.15%, and the overnight loan rate at 2.4%.
These rates have been in effect since June 11.
The statement released after the meeting indicates that annual inflation remains at the medium-term target level of 2%, and the information received largely confirms the council's forecasts regarding inflation prospects.
"Economic growth continued despite a challenging global environment. A strong labor market, stable private sector balances, and the earlier interest rate cuts by the council continue to serve as important sources of resilience. However, the outlook remains uncertain, partly due to prolonged global trade conflicts and geopolitical tensions," the council's statement said.
It noted that the council aims to stabilize inflation at the target level of 2% in the medium term.
"When determining the appropriate monetary policy stance at each meeting, the council will continue to rely on data. In particular, the council's decisions on interest rates will depend on the assessment of inflation prospects and risks, as well as the dynamics of core inflation and the strength of monetary policy transmission," the statement said.
The council is not yet committed to moving interest rates in a specific direction.
It was previously reported that the ECB had lowered all three interest rates at previous meetings in September, October, and December of last year, as well as in January, March, April, and June of this year. In July of last year, rates were unchanged, but prior to that, all three rates were lowered at the June meeting.
In an effort to combat high inflation, the ECB council gradually raised interest rates to a record level over ten consecutive meetings from July 2022 to September 2023, after which they remained unchanged for a long time.
According to Eurostat, annual inflation in the eurozone rose to 2.2% in September, up from 2% in August.
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