Zone euro Taux d'intérêt

The ECB left borrowing costs unchanged for a fourth consecutive meeting in December 2025, with the main refinancing rate remaining at 2.15% and the deposit facility rate holding at 2.0%. The decision came in line with expectations and policymakers reiterated they will continue to follow a data-dependent and meeting-by-meeting approach. During the regular press conference, President Lagarde noted that there had been no discussion of either rate hikes or cuts at this time. The President also emphasized that the ECB does not have a predetermined path for interest rates and, given the high degree of uncertainty, cannot provide forward guidance. Meanwhile, the central bank released new economic projections. Growth has been revised up to 1.4% in 2025, 1.2% in 2026 and 1.4% in 2027 and is expected to remain at 1.4% in 2028. Headline inflation is seen averaging 2.1% in 2025, 1.9% in 2026, 1.8% in 2027 and 2% in 2028. Inflation has been revised up for 2026, mainly because of services.