ECB announces February 2026 monetary policy decision and economic outlook

The European Central Bank (ECB) announced its monetary policy decision for February 2026 on 9 February 2026. The announcement includes key updates on inflation developments, economic projections, and financial conditions in the euro area.

Inflation remains a focus, with detailed data on HICP inflation, energy inflation, and non-energy inflation provided for the fourth quarter of 2025 and projections through 2028. The ECB reports that headline inflation was 2.1% in Q4 2025, with energy inflation at -1.4% and non-energy inflation at 2.5%.

The ECB’s macroeconomic projections indicate a gradual decline in inflation towards the target, with inflation expected to average 2.1% in 2025 and stabilize around 2.0% in 2028. Real GDP growth projections suggest moderate expansion, supported by private consumption, investment, and exports.

Financial conditions, including interest rates, exchange rates, and credit flows, are analyzed, with the ECB noting adjustments in monetary policy instruments and market expectations. The deposit facility rate was 0.75% as of February 2026.

The announcement also covers fiscal policy, defense spending, and structural indicators such as wage developments, digital investment, and trade patterns. The ECB emphasizes ongoing monitoring of inflation risks and economic developments to guide future policy actions.

Further details and the full report are available at the official ECB website.