> ## 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.

# European Central Bank Holds Rates Steady in July 2024 After June Cut
- URL: https://www.theglobalbanker.com/european-central-bank-holds-rates-july-2024-after-june-cut/
- Published: 2024-07-18T11:47:00.000Z
- Updated: 2026-11-03T01:30:59.000Z
- Description: The ECB kept its deposit facility rate at 3.75% on 18 July 2024, maintaining a data-dependent stance and offering no explicit guidance on its September decision.
- Author: TGB Editorial Team
- Tags: Central Banks, Europe, #archive

The European Central Bank's Governing Council voted on 18 July 2024 to hold all three key interest rates unchanged, leaving the deposit facility rate at 3.75% following the 25 basis-point reduction delivered at the June meeting. The decision was published in the ECB's monetary policy statement; the June reduction had been the ECB's first rate cut in five years.

The ECB's communication reinforced the principle that each rate decision would be taken on the basis of the latest available data rather than a predetermined path.

#### DATA-DEPENDENT APPROACH

President Christine Lagarde made clear at the press conference following the decision that the Governing Council had not provided explicit guidance on the September meeting, declining to characterise it as either a likely moment for a further cut or a certain hold. 

The Governing Council's assessment centred on whether the disinflation process in the euro area was proceeding in line with its projections. Services inflation in particular has remained elevated across the bloc.

Wage growth in the euro area also remained a key variable for the Council. The ECB indicated that it would monitor wage data closely over the coming months as a leading indicator of the persistence of domestically generated inflation pressures.

#### SEPTEMBER DECISION

The ECB's next scheduled monetary policy meeting is on 12 September 2024\. Between now and then, the Governing Council will have access to a further round of flash inflation estimates, a new set of ECB staff projections, and additional labour market data, all of which will inform the September decision.