EU: central bank interest rates by country 2024

European Union central banks have navigated a complex economic landscape, with interest rates rising across all member states between January 2022 and October 2024. However, a shift occurred in late 2023 as most countries began lowering their rates. This trend reflects the delicate balance central banks must strike between controlling inflation and supporting economic growth.

Global context and policy shifts

The interest rate changes in the EU mirror similar movements in other major economies. The United States, United Kingdom, and European Union central banks followed remarkably similar patterns from 2003 to 2024, responding to shared global economic conditions. After maintaining near-zero rates following the 2008 financial crisis and the COVID-19 pandemic, these institutions sharply raised rates in 2022 to combat surging inflation. By mid-2024, the European Central Bank and Bank of England initiated rate cuts, with the Federal Reserve following suit.

Varied approaches within the EU

Despite the overall trend, individual EU countries have adopted diverse strategies. Hungary, for instance, set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by October 2024. In contrast, Sweden implemented the most aggressive cuts, lowering its rate to 3.25 percent by October 2024, the lowest among EU members. These divergent approaches highlight the unique economic challenges faced by each country and the flexibility required in monetary policy to address specific national circumstances.

Central bank interest rates in the European Union from January 2022 to October 2024, by country

Characteristic	Bulgaria	Czechia	Euro area*	Hungary	Poland	Romania	Sweden
Oct 2024	3.43%	4.25%	3.65%	6.5%	5.75%	6.5%	3.25%
Sep 2024	3.54%	4.25%	3.65%	6.5%	5.75%	6.5%	3.25%
Aug 2024	3.53%	4.5%	4.25%	6.75%	5.75%	6.5%	3.5%
Jul 2024	3.53%	4.75%	4.25%	6.75%	5.75%	6.75%	3.75%
Jun 2024	3.78%	4.75%	4.25%	7%	5.75%	7%	3.75%
May 2024	3.78%	5.25%	4.5%	7.25%	5.75%	7%	3.75%
Apr 2024	3.79%	5.75%	4.5%	7.75%	5.75%	7%	4%
Mar 2024	3.8%	5.75%	4.5%	8.25%	5.75%	7%	4%
Feb 2024	3.79%	6.25%	4.5%	9%	5.75%	7%	4%
Jan 2024	3.79%	6.75%	4.5%	10%	5.75%	7%	4%
Dec 2023	3.8%	6.75%	4.5%	10.75%	5.75%	7%	4%
Nov 2023	3.79%	7%	4.5%	11.5%	5.75%	7%	4%
Oct 2023	3.64%	7%	4.5%	12.25%	5.75%	7%	4%
Sep 2023	3.53%	7%	4.5%	13%	6%	7%	4%
Aug 2023	3.29%	7%	4.25%	13%	6.75%	7%	3.75%
Jul 2023	3.12%	7%	4%	13%	6.75%	7%	3.75%
Jun 2023	2.96%	7%	4%	13%	6.75%	7%	3.5%
May 2023	2.77%	7%	3.75%	13%	6.75%	7%	3.5%
Apr 2023	2.47%	7%	3.5%	13%	6.75%	7%	3%
Mar 2023	2.17%	7%	3.5%	13%	6.75%	7%	3%
Feb 2023	1.82%	7%	3%	13%	6.75%	7%	3%
Jan 2023	1.42%	7%	2.5%	13%	6.75%	7%	2.5%
Dec 2022	1.3%	7%	2.5%	13%	6.75%	6.75%	2.5%
Nov 2022	0.59%	7%	2%	13%	6.75%	6.75%	2.5%
Oct 2022	0.49%	7%	1.25%	13%	6.75%	6.25%	1.75%
Sep 2022	0%	7%	1.25%	13%	6.75%	5.5%	1.75%
Aug 2022	0%	7%	0.5%	11.75%	6.5%	5.5%	0.75%
Jul 2022	0%	7%	0.5%	10.75%	6.5%	4.75%	0.75%
Jun 2022	0%	7%	0%	7.75%	6%	3.75%	0.25%
May 2022	0%	5.75%	0%	5.9%	5.25%	3.75%	0.25%
Apr 2022	0%	5%	0%	5.4%	4.5%	3%	0%
Mar 2022	0%	4.5%	0%	4.4%	3.5%	2.5%	0%
Feb 2022	0%	4.5%	0%	3.4%	2.75%	2.5%	0%
Jan 2022	0%	3.75%	0%	2.9%	2.25%	2%	0%

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Release date

November 2024

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Region

Survey time period

January 2022 to October 2024

Supplementary notes

This statistic was complied by Statista with data gathered from different sources.

Data on different countries can be found on the below links:
Bulgaria
Czechia
Euro area
Hungary
Poland
Romania
Sweden

*Euro area countries include Belgium, Croatia, Germany, Ireland, Spain, France, italy, Luxembourg, the Netherlands, Austria, Portugal, Finland, Greece, Slovania, Cyprus, Malta, Slovakia, Estonia, Latvia, and Lithuania.

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