ECB Refinancing Rate in Italy
In Italy, 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.
Italy Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Italy from 2024 to 2015.
Source: Macrobond.
Italy 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) | 0.55 | 1.17 | 4.67 | 3.70 | 3.52 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Italian interest rate projections for the next ten years from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Italian interest rate.
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