European Central Bank

Money Moves

Holding its deposit rate at 2.50% after a September increase, with inflation still above target

German inflation was confirmed at 2.8% in October, down from 3.3% in September, the Federal Statistical Office said on November 11. The drop came mostly from a fuel tax cut that took effect October 1, though energy prices still rose 12.2% from a year earlier.

Updated 8 hours ago

Money Moves

Held rates at 2.5% on Oct. 29; inflation hit 4% in October; three board seats change by May

Christine Lagarde leaves the European Central Bank on Feb. 7, 2027, about nine months before her term ends, after announcing on Oct. 29 that she wants freedom to speak on matters beyond monetary policy. Euro-area inflation reached 4% in October, up from 3.8% in September, led by energy costs.

Updated 8 hours ago

Money Moves

Approving authority

The European Central Bank gave UniCredit permission on Oct. 15 to raise its stake in Commerzbank above 30%, with no upper limit. The approval lets the Italian bank take delivery of shares tendered in its €45 billion offer. UniCredit expects to hold about 50% of voting rights and take control around the end of 2026, once the remaining regulatory steps are done.

Updated 7 days ago

Rule Changes

Raised rates in June and September 2026, then held at 2.50% in October

The European Central Bank raised interest rates twice in 2026, lifting its key deposit rate from 2.0% to 2.5% by September. It held there on October 29 as energy prices tied to the Iran war pushed eurozone inflation to 3.8%, the highest since 2023.

Updated Nov 2

Money Moves

Holding rates while inflation runs above target

The European Central Bank left its key deposit rate at 2.50% on October 29, 2026, even as euro area inflation climbed to 3.8% in September from 3.2% in August. Energy prices drove most of the increase, with energy inflation jumping to 18.9% from 14.3%.

Updated Nov 1

Money Moves

Holds the deposit rate at 2.50%; sources expect a December 17 hike

The European Central Bank cut rates in early 2026, then reversed course in June when an oil shock pushed inflation up. It raised rates again on September 10, lifting its deposit rate to 2.50%, and held on October 29.

Updated Oct 30

Rule Changes

Adopted the framework changes; lead overseer for Visa Europe

The European Central Bank is rebuilding how the euro area's money moves. In late September 2026, its Governing Council tightened collateral rules for central bank loans, switched on Pontes (a system that settles tokenised assets in central bank money), and extended the digital euro pilot to merchants. On 29 October, ECB President Christine Lagarde said she will step down on 7 February 2027.

Updated Oct 30

Money Moves

Held deposit rate at 2.50% on October 29 after debating a hike

The European Central Bank held its deposit rate at 2.50% on October 29, after debating whether to hike again. Eurozone inflation had hit 3.8% in September, a three-year high, as energy prices rose 18.9% on the Iran war.

Updated Oct 14

New Capabilities

As of September 2026: Operator of Pontes via the Eurosystem

The European Central Bank switched on a new settlement system Monday for tokenized securities. Pontes links commercial blockchain platforms to TARGET, the Eurosystem's payment backbone, so trades settle in central bank reserves rather than a private ledger's own token.

Updated Sep 22

Rule Changes

As of May 2026: Expanded to 21 members; welcomed Bulgaria with Frankfurt headquarters illumination

Bulgaria became the 21st eurozone member on January 1, 2026, replacing the lev at a fixed rate of 1.95583 per euro. Euro banknotes and coins began circulating at midnight, ending nearly three decades under a currency board.

Updated May 19