ECB Rate Decision February 2027
February 4, 2027 @ 8:15 am - 9:15 am
ECB Rate Decision February 2027
Next ECB Rate Decision: Thursday, at 2:15 pm CET (8:15 am ET, 1:15 pm London).
- Consensus
- Not yet published
- Prior
- Held at 2.50%
- Actual
- Pending
Full schedule and background: ECB Rate Decision.
Updated
The European Central Bank’s Governing Council announces its February 2027 interest rate decision on Thursday, February 4, 2027, at 8:15 am ET (1:15 pm London time, 2:15 pm CET). The decision is set by the Governing Council of the ECB, the body that sets monetary policy for the 20 countries that use the euro. As of the most recent confirmed decision, the ECB’s key policy rate, the deposit facility rate, stood at 2.50%, in place since September 16, 2026. A press conference with ECB President Christine Lagarde follows roughly 45 minutes after the statement is released. Full schedule and background: ECB Rate Decision.
What is the Governing Council and what does it decide?
The Governing Council is the ECB’s main decision-making body. It is made up of the six members of the Executive Board, including the President and Vice-President, plus the governors of the national central banks of every country that has adopted the euro. Its mandate, set out in the EU treaties, is to keep inflation at 2% over the medium term. Unlike the US Federal Reserve, the ECB has a single mandate focused on price stability, rather than a dual mandate that also targets employment.
Voting rights rotate among the national central bank governors once the number of euro area members exceeds a set threshold, so not every governor votes at every meeting, though all take part in the discussion. The Governing Council holds eight monetary policy meetings a year, spaced roughly six weeks apart, with each followed by a published statement and a press conference.
When is the February ECB decision announced?
The Governing Council’s monetary policy meeting runs over two days, with the rate announcement and statement released on the second day, February 4, 2027, at 8:15 am ET (2:15 pm CET, 1:15 pm in London). President Lagarde holds a press conference shortly after, where she reads a prepared statement and takes questions from journalists. This is typically the main moment markets react to, since the statement itself is brief and the press conference carries the detail on the Governing Council’s reasoning and forward guidance.
The account of the meeting, a summary of the policy discussion, is published around four weeks later. February meetings sometimes coincide with updated macroeconomic projections from ECB staff, covering inflation and growth forecasts, though confirmation of whether this round includes new projections will come closer to the date.
What to expect
At the time of writing, the deposit facility rate was 2.50%, set at the September 10, 2026 meeting, a 25 basis point rise from 2.25%, according to data from Euribor-rates.info. That followed an earlier hike in June 2026, which ended a run of rate holds through the first part of the year. Two further Governing Council meetings, on October 29 and December 17, 2026, take place before the February 4, 2027 decision, so the rate in force heading into this meeting may differ from the September 2026 level depending on what the Governing Council decides at those sessions. A consensus forecast has not yet been published for the February 2027 meeting; traders typically price expectations through overnight index swaps and tools such as the ECB Watch tool in the weeks immediately before a meeting.
| Meeting | Decision | Deposit rate after meeting |
|---|---|---|
| February 4-5, 2026 | Held | 2.00% |
| March 18-19, 2026 | Held | 2.00% |
| April 29-30, 2026 | Held | 2.00% |
| June 10-11, 2026 | Raised 25bp | 2.25% |
| July 22-23, 2026 | Held | 2.25% |
| September 9-10, 2026 | Raised 25bp | 2.50% |
Source: ECB meeting calendar and rate history, cross-checked against the ECB’s own rate archive.
Market impact scenarios
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Hold | Euro and eurozone bond yields likely steady unless guidance shifts, according to typical trading desk commentary around ECB meetings | The ECB keeps rates unchanged, signalling it wants more data before moving again |
| Cut | Euro often weakens and eurozone government bond yields tend to fall, as lower rates make the currency less attractive to yield-seeking investors | Borrowing becomes cheaper across the eurozone, usually because the ECB judges inflation is cooling or growth is weakening |
| Hike | Euro often strengthens and bond yields can rise, since higher rates attract capital seeking better returns | Borrowing becomes more expensive, usually because the ECB judges inflation remains too high relative to its 2% target |
What will the statement and press conference signal?
Markets and analysts focus on the wording of the ECB’s forward guidance, the language used to describe how future decisions will be made, since it hints at whether further hikes, cuts or an extended pause are more likely. Dissent among Governing Council members, which is occasionally flagged in post-meeting reporting or the published account, can signal how close a decision was and whether future meetings are more likely to bring a change. Analysts also watch commentary on the ECB’s balance sheet, wage growth data across the euro area, and the Governing Council’s updated inflation and growth projections where these are published alongside the decision.
What It Means for Your Money
For anyone with a mortgage in the eurozone, particularly a tracker or variable rate deal, the ECB’s decision feeds through fairly quickly via Euribor, the euro interbank lending rate that many home loans are priced against. A hold keeps repayments broadly stable; a cut would ease monthly payments over time, while a hike would raise them. UK mortgage holders are not directly affected, since the Bank of England sets rates separately, but a weaker or stronger euro can move alongside sterling and affect the cost of eurozone holidays, imports and cross-border business.
Savers with euro-denominated deposit accounts typically see interest rates on offer move in the same direction as the ECB’s decision, with a lag. Borrowers with loans or credit cards linked to eurozone benchmark rates face similar effects. For investors, the decision influences eurozone government bond yields, pension fund returns tied to European assets, and the relative attractiveness of eurozone equities versus other developed markets. Currency traders watch closely because shifts in ECB policy relative to the US Federal Reserve and the Bank of England help determine the euro’s value against the dollar and the pound, which in turn affects the price of imported goods and the cost of travel across the eurozone, UK and United States.
Related events
- Previous decision: ECB Rate Decision December 2026
- Eurozone inflation (HICP) releases in the weeks before the meeting typically shape the Governing Council’s thinking on whether price pressures are easing towards the 2% target
- Eurozone labour market and wage growth data, watched closely for signs of persistent inflation pressure, are published in the run-up to each meeting
Frequently Asked Questions
What time is the February 2027 ECB decision announced?
The statement is released at 8:15 am ET, 1:15 pm London time and 2:15 pm CET on Thursday, February 4, 2027, followed shortly after by President Lagarde’s press conference.
Will the ECB cut rates in February 2027?
This is not yet known. The deposit facility rate stood at 2.50% after the September 2026 meeting, but two further Governing Council meetings take place before February 2027, so the starting point for this decision may differ once those outcomes are known.
What is the ECB’s current interest rate?
The deposit facility rate was 2.50% as of the most recent confirmed decision, on September 10, 2026, according to the ECB’s own published rates.
When is the next ECB meeting after February 2027?
The ECB publishes its full meeting calendar on the European Central Bank’s Governing Council schedule, which lists confirmed dates for subsequent meetings.
Where can I watch the ECB press conference?
The ECB streams the press conference live on its official website and YouTube channel, with a transcript usually published shortly afterwards.