Chart 4 Lending rates to firms across hiking cycles (x-axis: years; y-axis: cumulative changes in percentage points)  Sources: ECB (MIR) and ECB calculations. Notes: The ECB relevant policy rate is the Lombard rate up to December 1998, the MRO up to May 2014 and the DFR thereafter. t marks the start of each hiking cycle.
The latest observations are May 2023 for lending rates and June 2023 for the policy rate.