ECB monetary policy meeting of September 2026

The European Central Bank (ECB) held its monetary policy meeting in Berlin on Wednesday and Thursday, 9-10 September 2026.

The Governing Council reviewed financial, economic, and monetary developments, including energy prices, inflation outlook, and financial market conditions.

Market developments showed energy prices driven by geopolitical tensions, with gas and oil prices rising significantly since July 2026. Inflation expectations remained above 2%, with energy price shocks contributing to persistent inflation pressures.

Economic resilience was observed in the euro area, supported by private consumption, government spending, and exports, despite headwinds from energy shocks and geopolitical risks. The unemployment rate remained at 6.4%, with signs of a cooling labor market.

The Governing Council decided to increase the three key ECB interest rates by 25 basis points, raising the deposit facility rate from 2.25% to 2.50%. This decision aimed to ensure inflation returns to the 2% target in the medium term, amid persistent inflation pressures and upside risks.

The Council emphasized a data-dependent, meeting-by-meeting approach for future policy decisions, maintaining flexibility given high uncertainty and geopolitical risks. Communication will remain neutral, avoiding guidance on future rate paths, and focus on monitoring inflation and economic developments.

The next monetary policy account will be released on 26 November 2026.

For more information, see the official ECB press release: ECB press release.