ECB Dataset · Interest Rates

ECB Main Refinancing Operations Rate (1999–2026)

Name: ECB Main Refinancing Operations Rate (1999–2026)
Creator: Eco3min Research
Published: 2026-03-23
License: https://creativecommons.org/licenses/by/4.0/

The traditional ECB policy rate — the rate at which banks borrow from the ECB against eligible collateral for one-week operations. Since September 2024, set at 15 basis points above the Deposit Facility Rate.

Source

ECB

Frequency

Event-based

Coverage

Jan 1999–Present

Unit

% per annum

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Python Code ↓
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What is the Main Refinancing Rate?

The Main Refinancing Operations (MRO) rate was historically the ECB’s headline policy rate — the equivalent of the Fed Funds Rate for the euro area. Banks submit bids for one-week central bank liquidity at this rate. For most of the ECB’s history, the MRO anchored money market rates.

However, the massive expansion of excess liquidity through QE programs (APP, PEPP) and TLTROs fundamentally changed the monetary plumbing. With trillions of euros in excess reserves, banks no longer need to borrow from the ECB at the MRO rate — they park excess cash at the Deposit Facility instead. This is why the ECB formally shifted to the DFR as the primary operational rate in September 2023.

The new corridor framework

Since September 2024, the ECB narrowed its interest rate corridor: the MRO is now fixed at DFR + 15 bps (previously +50 bps), and the Marginal Lending Facility at DFR + 40 bps (previously +75 bps). This narrowing aims to reduce money market rate volatility as excess liquidity gradually declines through QT.

The MRO rate ranged from 0% (2016–2022) to 4.50% (Sep 2023). As of mid-2025, it stands at approximately 2.15%, tracking the DFR at a fixed 15 bps premium.

CSV Data Dictionary

Column	Type	Description
date	YYYY-MM-DD	Date of rate change (effective date)
mro_rate	float	ECB Main Refinancing Operations fixed rate (% per annum)

Python Code Example

import pandas as pd
from io import StringIO
import requests

url = "https://data-api.ecb.europa.eu/service/data/FM/B.U2.EUR.4F.KR.MRR_FR.LEV"
resp = requests.get(url, params={"format": "csvdata"})
raw = pd.read_csv(StringIO(resp.text))

df = raw[["TIME_PERIOD", "OBS_VALUE"]].copy()
df.columns = ["date", "mro_rate"]
df["date"] = pd.to_datetime(df["date"])
df = df.sort_values("date").set_index("date")

df.plot(title="ECB Main Refinancing Rate", figsize=(12, 5))