The ECB kept its three key policy rates unchanged in February 2026, maintaining a steady stance as inflation is expected to stabilise near target amid resilient growth.

• The deposit facility rate remained at 2.00%, the main refinancing operations rate at 2.15%, and the marginal lending facility rate at 2.40%, leaving policy settings unchanged.

• The Governing Council reaffirmed that inflation should stabilise at its 2% target in the medium term, based on its updated assessment of the outlook.

• Economic activity was described as resilient despite global uncertainty, supported by low unemployment, solid private-sector balance sheets, public spending on defence and infrastructure, and the lagged effects of past rate cuts.

• Ongoing risks to the outlook were highlighted, particularly from global trade policy uncertainty and geopolitical tensions.

• The ECB reiterated a data-dependent, meeting-by-meeting approach with no pre-commitment to a specific rate path, tying decisions to incoming data and underlying inflation dynamics.

• The APP and PEPP portfolios continued to decline in a measured and predictable manner as maturing securities are no longer reinvested.

• The Governing Council emphasized it stands ready to adjust all policy instruments if needed to ensure inflation returns sustainably to 2% and to safeguard monetary policy transmission.