OptencisThe European Central Bank (ECB) sets interest rates for the countries that use the euro. Eight times a year, its Governing Council decides the level of its key rates, and the euro, European bond yields and stock indices such as the DAX react within seconds. This page brings together the meeting dates, the current rate and what to watch on decision day.
What the ECB does
The ECB’s mandate is price stability, which it defines as inflation of 2% over the medium term. It sets three key rates; the one that now guides the market is the deposit facility rate, the rate banks earn on the money they leave at the central bank overnight. The two others are the main refinancing rate and the marginal lending rate.
Decisions are taken by the Governing Council: the six members of the Executive Board, including the President, and the governors of the national central banks of the euro area countries.
ECB meeting dates
The Governing Council holds eight monetary policy meetings a year, about every six weeks. The decision is published at 2:15 p.m. Frankfurt time, followed by the President’s press conference at 2:45 p.m. Four meetings a year, in March, June, September and December, come with new staff projections for growth and inflation.
| Decision day | Local time | UTC | |
|---|---|---|---|
| Thursday 17 December 2026 | 14:15 | 13:15 | With projections |
| Thursday 4 February 2027 | 14:15 | 13:15 | |
| Thursday 18 March 2027 | 14:15 | 13:15 | With projections |
| Thursday 29 April 2027 | 14:15 | 12:15 | |
| Thursday 10 June 2027 | 14:15 | 12:15 | With projections |
| Thursday 22 July 2027 | 14:15 | 12:15 | |
| Thursday 9 September 2027 | 14:15 | 12:15 | With projections |
A new rate applies from the following Wednesday. The official calendar is on the ECB website.
What happens on decision day
- 2:15 p.m. Frankfurt time: the decision. A short statement on the rates and the reasons behind them.
- 2:45 p.m.: the press conference. The President reads the monetary policy statement and answers questions. Markets listen for any hint about the next meetings.
- Projections (March, June, September, December): the forecasts for inflation and growth over the next years.
- About four weeks later: the accounts, a summary of the discussion within the Governing Council.
How markets react
As with the Fed, what moves prices is the gap between the decision, the tone and what markets expected.
- When the ECB sounds more concerned about inflation than expected, the euro and European bond yields often rise.
- When it sounds more concerned about growth, the opposite often happens.
EUR/USD also depends on the Fed: the gap between US and euro area rates, and how it is expected to change, is one of its main drivers. The minutes around 2:15 and 2:45 p.m. Frankfurt time are often very volatile on euro pairs.
The data the ECB watches
Above all euro area inflation: Eurostat’s flash estimate, published at the end of each month or the start of the next, with core inflation. Also wage growth, business surveys (PMI) and GDP. These releases are in our economic calendar; read how to interpret them on our page on inflation and the CPI.
Follow the ECB with Optencis
- Central bank meetings: the current rate and a countdown to the next decision of the ECB and six other central banks.
- Our preview, published the day before each decision, and our article on the decision, in the News.
- Optencis Wire: when a decision surprises the market, members receive a short-term trade idea based on it.
Latest articles on the ECB
- European Central Bank holds rates at 2.65% as energy prices push inflation higher 29 Oct 2026
- European Central Bank preview: main refinancing rate expected to stay at 2.65% 28 Oct 2026
- Week Ahead: Fed, ECB and BoJ decisions, plus US GDP and Australian inflation 25 Oct 2026
- Euro area flash PMI slips to 51.9 in October as France falls into contraction 23 Oct 2026
Frequently asked questions
When is the next ECB meeting?
The next decision is due on Thursday 17 December 2026 at 14:15 Frankfurt time (13:15 UTC).
What is the ECB’s main interest rate?
The deposit facility rate, the rate banks earn on their overnight deposits at the central bank. It is the rate that guides short-term market rates in the euro area.
What time are ECB decisions announced?
At 2:15 p.m. Frankfurt time, followed by the press conference at 2:45 p.m.
How does the ECB affect EUR/USD?
Through the gap between euro area and US interest rates: when the ECB is expected to keep rates higher than the Fed, the euro tends to be supported, and the other way round. The reaction depends on what was already expected.