The European Central Bank held its deposit facility rate at 2.00 per cent at its July 2025 monetary policy meeting, after eight rate reductions beginning in June 2024. The decision was announced on 24 July 2025.
The deposit facility rate had been cut in successive steps over roughly twelve months.
INFLATION AT TARGET
The Governing Council noted that inflation was at its 2 per cent medium-term target at the time of the July decision.
The Governing Council declined to pre-commit to a specific future path for rates beyond the July decision.
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