{"id":460858,"date":"2026-07-23T15:47:08","date_gmt":"2026-07-23T13:47:08","guid":{"rendered":"https:\/\/www.eunews.it\/2026\/07\/23\/la-bce-lascia-invariati-i-tassi-la-decisione-sul-rialzo-e-rinviata-a-settembre\/"},"modified":"2026-07-23T16:29:52","modified_gmt":"2026-07-23T14:29:52","slug":"the-ecb-leaves-interest-rates-unchanged-the-decision-on-a-rate-rise-is-postponed-until-september","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2026\/07\/23\/the-ecb-leaves-interest-rates-unchanged-the-decision-on-a-rate-rise-is-postponed-until-september\/","title":{"rendered":"The ECB leaves interest rates unchanged; the decision on a rate rise is postponed until September"},"content":{"rendered":"

Brussels \u2013 The situation is not ideal, as it remains characterised by significant uncertainty that appears far from resolved; however, macroeconomic conditions remain within the reference outlook and \u201cat levels close to the baseline scenario\u201d produced in June. For this reason, the
\nGoverning Council<\/a><\/p>\n

of the European Central Bank has decided to leave interest rates<\/strong> unchanged<\/strong>. This is a prudent decision that neither responds to the new geopolitical tensions\u2014with the war in Iran having resumed with renewed vigour\u2014nor succumbs to triumphalism about a situation that is, on the whole, considered manageable. \u201cWith today\u2019s decision, the Governing Council remains in a favourable position to address the uncertainty<\/strong> caused by the conflict,\u201d assures the ECB President, Christine Lagarde<\/strong>.<\/p>\n

The interest rate on deposits with the central bank therefore remains at 2.25 per cent, the rate on main refinancing operations remains at 2.40 per cent, and the rate on marginal lending operations is confirmed at 2.65 per cent. Looking ahead, the Eurotower\u2019s well-established approach remains unchanged: monetary policy decisions\u2014and therefore whether and how to adjust interest rates\u2014will follow a data-driven, case-by-case approach. In particular, Lagarde reiterates that the Governing Council\u2019s decisions on interest rates \u201cwill be based on an assessment of the inflation outlook and the risks associated with it, taking into account new economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission, without committing to a specific path for interest rates.\u201d<\/p>\n

As things stand, the situation means that \u201cthe outlook for energy prices, although highly volatile, is currently at levels close to the baseline scenario of the projections made in June by Eurosystem experts and well above those recorded before the conflict in the Middle East,\u201d notes the ECB President. Translated: \u201cuncertainty remains high and the inflationary impact of the energy shock has yet to fully materialise<\/strong>.\u201d This is why the Governing Council \u201cis closely monitoring the intensity and duration of the shock, as well as its indirect and second-round effects.\u201d<\/p>\n

Decision on further increases postponed until September<\/h4>\n

\n

It is, in fact, reiterated that the ECB remains ready to raise interest rates<\/a> further if rising energy prices were to trigger an inflationary spiral. Because, ultimately, the institution remains committed to \u201csetting monetary policy in such a way as to ensure that inflation stabilises at the 2 per cent target in the medium term,\u201d including raising interest rates. <\/p>\n

\n

ECB flags high energy prices this summer and inflation above target through mid-2027<\/a><\/p><\/blockquote>\n