> ## Content Index
> Fetch the complete content index at: https://www.theglobalbanker.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# ECB holds deposit facility rate at 2.00% for second consecutive meeting and raises 2025 growth forecast
- URL: https://www.theglobalbanker.com/ecb-holds-deposit-facility-rate-at-2-00-for-second-consecutive-meeting-and-raises-2025-gro/
- Published: 2025-09-11T18:26:00.000Z
- Updated: 2026-09-29T10:37:35.000Z
- Description: The ECB left its three key rates unchanged on 11 September 2025, as staff lifted their 2025 euro area growth projection to 1.2% from 0.9% and saw inflation close to the 2% target.
- Author: TGB Editorial Team
- Tags: Central Banks, Europe, #archive

The European Central Bank kept its three key interest rates unchanged on 11 September 2025, holding the deposit facility rate at 2.00% for a second consecutive meeting after also leaving rates on hold in July. The rates on the main refinancing operations and the marginal lending facility remained at 2.15% and 2.40% respectively.

The Governing Council said inflation was currently at around its 2% medium-term target and that its assessment of the inflation outlook was broadly unchanged. Euro area annual inflation edged up to 2.1% in August 2025 from 2.0% in July, while inflation excluding energy and food held at 2.3%.

#### GROWTH FORECAST RAISED TO 1.2%

New ECB staff projections raised the 2025 euro area growth forecast to 1.2%, up 0.3 percentage points from the 0.9% projected in June. The 2026 forecast was trimmed by 0.1 percentage points to 1.0%, while the 2027 projection was unchanged at 1.3%. The economy grew by 0.7% in cumulative terms over the first half of 2025, supported by resilient domestic demand, with stronger growth in the first quarter than in the second.

Staff projected headline inflation at 2.1% in 2025, 1.7% in 2026 and 1.9% in 2027\. Inflation excluding energy and food was projected at 2.4% in 2025, 1.9% in 2026 and 1.8% in 2027\. Compared with June, the headline projections were revised up by 0.1 percentage points for both 2025 and 2026 and down by 0.1 percentage points for 2027.

#### POLICY PATH REMAINS DATA-DEPENDENT

The Governing Council said it would follow a “data-dependent and meeting-by-meeting approach” to determining the appropriate monetary policy stance, adding that it was “not pre-committing to a particular rate path”. The September hold followed a series of rate cuts that brought the deposit facility rate down to 2.00% in June 2025.