The ECB has kept rates at the same level

The ECB maintained interest rates: the deposit rate remained at 2%, the base rate was 2.15%, and the marginal loan rate was 2.4%. The decision coincided with market expectations, and analysts expect a rate cut in the fall, but some experts believe it could happen in December.

The regulator adheres to a wait-and-see approach, which is likely to lead to a softening of the PREP in the coming months. The wording of the Governing Council after the meeting practically repeats the June ones, which allow for a rate cut, but do not guarantee it. 

Annual inflation in the eurozone, according to Eurostat, reached 2% in June against 1.9% in May. This has become an important factor for the ECB's current policy. 

In June 2025, the bank reduced rates by 25 bps: the deposit rate was reduced to 2%, the base rate was 2.15%, and the marginal loan rate was 2.4%. The policy easing cycle began in the summer of 2024 after nine months of holding rates at record levels. The next ECB meeting is scheduled for September 10-11, 2025.