What are the current ECB interest rates, and why did the bank decide to hold them?

The ECB's deposit facility rate remains at 2.25%, the marginal lending rate at 2.65%, and the refinancing rate at 2.4%. The bank held rates due to cooling eurozone inflation and a stabilizing economy, as evidenced by inflation falling to 2.8% in June from 3.2% in May—edging closer to its 2% target.

How has recent geopolitical conflict affected energy markets and potential ECB policy outlook?

The collapse of the US-Iran ceasefire and escalating hostilities across the Persian Gulf have triggered a steep rise in crude oil prices, with Brent crude trading above $98/barrel—the highest since early June—posing upside risks to inflation and introducing uncertainty about the economic outlook despite current stabilization.

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European Central Bank holds interest rates as inflation eases, economy stabilizes

Jul 23, 2026

The European Central Bank maintained interest rates as eurozone inflation dropped to 2.8%, while escalating Middle East hostilities pushed Brent crude oil prices above $98 per barrel.

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