ECB's Governing Council has raised key interest rates to stabilise inflation at 2% over the medium term] The Governing Council of the ECB has raised key interest rates in order to stabilise inflation at its 2% target over the medium term.
The key interest rates were raised by half a percentage point in July and by a further 0.75 percentage points in September and October. Before starting to raise interest rates in July, the ECB's most important policy rate was negative, at -0.5%. This deposit facility rate is currently 1.5%. Key ECB interest rates are likely to be raised still further.