ECB Keeps Rates Unchanged Amid Ongoing Energy Price Volatility

The European Central Bank's Governing Council kept three key interest rates unchanged at its meeting on July 23, 2026. The outlook for energy prices remains highly volatile but is close to the baseline projections for the euro area.

The uncertainty surrounding the energy shock and its impact on inflation has not yet played out fully. To monitor this closely, the Governing Council will be paying attention to both the intensity and duration of the shock as well as its indirect effects.