The ECB left all three key policy rates unchanged in October 2025, maintaining a data-dependent stance as inflation remains near the 2% target and growth shows moderate resilience despite global uncertainty.

• The deposit facility rate was held at 2.00%, the main refinancing rate at 2.15%, and the marginal lending facility at 2.40%, all unchanged from prior levels.

• The Governing Council stated that inflation is close to the 2% medium-term target, with the overall outlook broadly unchanged from previous assessments.

• Economic activity has continued to grow, supported by a strong labour market, healthy private sector balance sheets, and prior rate cuts that continue to provide support.

• Policymakers highlighted that uncertainty persists due to global trade disputes and geopolitical tensions, which could affect growth prospects.

• The ECB reaffirmed its meeting-by-meeting approach and emphasized that future policy moves will depend on inflation dynamics, underlying trends, and monetary transmission strength.

• The balance sheet continues to shrink, as the Eurosystem is no longer reinvesting principal payments from maturing securities under the APP and PEPP programmes.