ECB Refinancing Rate in Germany
In Germany, monetary policy is determined by the European Central Bank (ECB). The European Central Bank (ECB) maintained historically low policy rates since the Eurozone crisis until 2021, reflecting prolonged economic sluggishness and low inflation in the Euro area. However, in 2022-2023, the focus shifted towards normalizing policy in response to economic recovery and rising inflation, with policy rates hiked to an over decade high. In 2024, the ECB started loosening its stance again amid moderating inflation.
The ECB Refinancing Rate ended 2022 at 2.50%, up from the 0.00% end-2021 value and significantly higher than the reading of 0.25% a decade earlier. For reference, the average policy rate in Major Economies was 3.50% at the end of 2022. For more interest rate information, visit our dedicated page.
Germany Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Germany from 2024 to 2017.
Source: Macrobond.
Germany Interest Rate Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| ECB Refinancing Rate (%, eop) | 0.00 | 0.00 | 2.50 | 4.50 | 3.15 |
| ECB Deposit Rate (%, eop) | -0.50 | -0.50 | 2.00 | 4.00 | 3.00 |
| 3-Month EURIBOR (%, eop) | -0.55 | -0.57 | 2.13 | 3.91 | 2.71 |
| 10-Year Bond Yield (%, eop) | -0.56 | -0.21 | 2.51 | 2.02 | 2.36 |
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