Monetary policy decisions
欧洲央行维持三大关键利率不变，存款便利利率保持2.50%
- PRESS RELEASE
- 新闻稿
29 October 2026
2026年10月29日
The Governing Council today decided to keep the three key ECB interest rates unchanged. Energy prices have continued to rise, posing upside risks to the inflation outlook and downside risks to the growth outlook. While the full effects of the energy shock are still unfolding, underlying inflation has remained broadly stable so far and wages do not show a material response at this stage. The increased magnitude and duration of the energy shock, as well as the implications for indirect and second-round effects, are likely to drive up inflation and lower growth. Financing conditions have tightened since the Governing Council’s last meeting, which is likely to weigh on inflation and growth. The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term.
管理委员会今日决定维持欧洲央行三大关键利率不变。能源价格持续上涨，对通胀前景构成上行风险，对增长前景构成下行风险。尽管能源冲击的全面影响仍在显现，但迄今为止基础通胀总体保持稳定，工资在此阶段也未出现实质性反应。能源冲击的幅度和持续时间增加，以及对间接效应和第二轮效应的 implications，可能会推高通胀并压低增长。自管理委员会上次会议以来，融资条件有所收紧，这可能会对通胀和增长构成压力。管理委员会致力于制定货币政策，以确保通胀在中期内稳定在2%的目标水平。
The Governing Council remains well positioned to navigate the current elevated uncertainty. It will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path.
管理委员会仍处于有利位置，能够应对当前高度不确定性。它将采取依赖数据、逐次会议的方式来确定适当的货币政策立场。具体而言，管理委员会的利率决策将基于其对通胀前景及围绕通胀的风险的评估，结合即将公布的经济和金融数据，以及基础通胀动态和货币政策传导力度。管理委员会并未预先承诺特定的利率路径。
Key ECB interest rates
欧洲央行关键利率
The interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will remain unchanged at 2.50%, 2.65% and 2.90% respectively.
存款机制利率、主要再融资操作利率和边际贷款机制利率将分别维持在2.50%、2.65%和2.90%不变。
Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)
资产购买计划（APP）和大流行病紧急购买计划（PEPP）
The APP and PEPP portfolios are declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.
APP和PEPP组合正以有节制且可预测的步伐缩减，因为欧元体系不再对到期证券的本金进行再投资。
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The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises at its 2% target in the medium term and to preserve the smooth functioning of monetary policy transmission. Moreover, the Transmission Protection Instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the Governing Council to more effectively deliver on its price stability mandate.
管理委员会随时准备在其职责范围内调整所有工具，以确保通胀在中期内稳定在2%的目标水平，并维护货币政策传导的顺畅运作。此外，传导保护工具可用于应对无端、无序的市场动态，这些动态对货币政策在欧元区所有国家的传导构成严重威胁，从而使管理委员会能够更有效地履行其价格稳定职责。
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today.
欧洲央行行长将在今日中欧时间14:45开始的新闻发布会上就这些决策背后的考量发表评论。
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来源：European Central Bank · Press Releases · ecb.europa.eu