The Governing Council of the European Central Bank decides on policy rates eight times a year, roughly every six weeks. The dates are fixed years in advance and come from the ECB’s official meeting calendar. A rate change takes effect on the Wednesday after the meeting.
For past dates, the table shows how the Council decided. For coming ones it shows the outcome markets currently consider most likely, provided the corresponding futures contract already trades. For the most distant dates it does not yet; they are listed anyway, because the date itself is fixed.
Upcoming rate decisions
| Date | Lead time | Most likely deposit rate | Probability |
|---|---|---|---|
| 10 September 2026 | in 26 days | 2.50% | 94% |
| 29 October 2026 | in 75 days | 2.50% | 78% |
| 17 December 2026 | in 124 days | 2.75% | 46% |
| 4 February 2027 | in 173 days | 2.75% | 46% |
| 18 March 2027 | in 215 days | 2.75% | 44% |
| 29 April 2027 | in 257 days | not yet traded | — |
| 10 June 2027 | in 299 days | not yet traded | — |
| 22 July 2027 | in 341 days | not yet traded | — |
| 9 September 2027 | in 390 days | not yet traded | — |
| 28 October 2027 | in 439 days | not yet traded | — |
| 16 December 2027 | in 488 days | not yet traded | — |
| 3 February 2028 | in 537 days | not yet traded | — |
| 23 March 2028 | in 586 days | not yet traded | — |
| 4 May 2028 | in 628 days | not yet traded | — |
| 8 June 2028 | in 663 days | not yet traded | — |
| 20 July 2028 | in 705 days | not yet traded | — |
| 7 September 2028 | in 754 days | not yet traded | — |
| 12 October 2028 | in 789 days | not yet traded | — |
| 6 December 2028 | in 844 days | not yet traded | — |
Past rate decisions
Outcome per the ECB’s official rate series; each change took effect on the Wednesday after the meeting.
| Date | Decision | Deposit rate after |
|---|---|---|
| 23 July 2026 | No change | 2.25% |
| 11 June 2026 | +25 bp | 2.25% |
| 30 April 2026 | No change | 2.00% |