Euro Area Real Deposit Facility Rate: Monthly Data Since 1999
ECB Dataset · Interest Rates
The ECB Deposit Facility Rate minus HICP headline inflation — the real (inflation-adjusted) policy rate. Was deeply negative (−7%) in mid-2022 despite nominal rate hikes. Now positive (~0.5%) for the first time since 2013. The truest measure of whether ECB policy is genuinely restrictive or accommodative.
The real stance of ECB monetary policy
Nominal interest rates are misleading without adjusting for inflation. A Deposit Facility Rate of 4% with 10% inflation is deeply accommodative (real rate = −6%); the same 4% with 2% inflation is restrictive (real rate = +2%). This dataset computes the real policy rate by subtracting HICP headline inflation from the DFR.
The real rate was negative for essentially the entire period from 2010 to 2024 — a 14-year stretch of accommodative monetary conditions even as nominal rates were raised to 4% in 2023. The real rate only turned positive in late 2024 as headline inflation fell below the DFR. This timing is critical: it means the ECB was genuinely restrictive for less than a year before beginning to cut rates again. Measured by the ECB Data Portal series for ECB Deposit Facility Rate.
Comparison with the US
The Fed’s real rate turned positive earlier (mid-2023) and remained positive longer, which partly explains the stronger disinflationary impact in the US. The ECB’s later and shorter restrictive period reflects both later tightening and stickier European inflation. Documentation: the ECB’s official key interest rates. This dataset enables direct comparison of real monetary policy stances across the Atlantic.
CSV Data Dictionary
| Column | Type | Description |
|---|---|---|
| date | YYYY-MM-DD | First day of the reference month |
| real_deposit_rate | float | Deposit Facility Rate minus HICP YoY (percentage points) |
| deposit_facility_rate | float | ECB Deposit Facility Rate (%) |
| hicp_yoy | float | HICP headline inflation YoY (%) |
Python Code Example
import pandas as pd
# From Eco3min pre-cleaned CSV (composite dataset)
df = pd.read_csv("https://eco3min.fr/dataset/ecb/ecb-real-deposit-rate.csv")
df["date"] = pd.to_datetime(df["date"])
df = df.set_index("date")
df["real_deposit_rate"].plot(title="Euro Area Real Deposit Facility Rate", figsize=(12, 5))Related ECB Datasets
Source & Methodology
Source: Eco3min composite, ECB DFR minus HICP headline
Series key: Composite: FM/DFR − ICP/HICP
Data terms: ECB copyright notice: the ECB is cited as the source, the data are reproduced accurately and any modification is stated; no Creative Commons licence.
Cite This Dataset
Last updated — 13 October 2026
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