ECB keeps three rates unchanged: why the name beside each number matters
The deposit, refinancing and marginal lending rates serve different roles. Comparing central banks starts with identifying the policy instrument being quoted.
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What the primary record establishes
On 29 October 2026, the ECB kept its deposit facility rate at 2.50%, main refinancing operations rate at 2.65% and marginal lending facility rate at 2.90%. ECB — monetary policy decisions, 29 October 2026 ↗
What the distinction changes
WFN calculation: the refinancing rate stands 15 basis points above the deposit rate; marginal lending stands 40 basis points above it. Mixing the labels would create an artificial difference in a historical comparison.
What to check before drawing a conclusion
When comparing the euro area with another jurisdiction, specify which measure is being matched and why. A single-number ranking can hide differences between the instruments selected on either side.
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Original WFN vector illustrationWFN · 2 November 2026
Editorial noteSource-based explanation with original WFN analysis. Historical records retain their dates; numerical examples are illustrative. The original vector illustration is conceptual and is not documentary evidence.
WFN REALITY LEDGER
What is on the record?
Primary-source explainer
Primary-source explainer
Primary record / reference periodECB decision of 29 October 2026
The linked source supports the documented record; WFN interpretation and illustrative examples are separate.
The deposit, refinancing and marginal lending rates serve different roles. Comparing central banks starts with identifying the policy instrument being quoted.
01 · VERIFIED RECORD
What the primary record establishes
On 29 October 2026, the ECB kept its deposit facility rate at 2.50%, main refinancing operations rate at 2.65% and marginal lending facility rate at 2.90%. ECB — monetary policy decisions, 29 October 2026 ↗
The statement retained a meeting-by-meeting approach and did not commit to a particular future rate path. Those are policy settings and guidance, rather than a market-price observation. ECB — monetary policy decisions, 29 October 2026 ↗
02 · WFN EDITORIAL ANALYSIS
What the distinction changes
WFN calculation: the refinancing rate stands 15 basis points above the deposit rate; marginal lending stands 40 basis points above it. Mixing the labels would create an artificial difference in a historical comparison.
A dashboard should store the instrument name, level and decision date together. An otherwise accurate percentage becomes misleading if a later update switches the series while leaving the same generic interest-rate label.
03 · REVIEW POINTS
What to check before drawing a conclusion
When comparing the euro area with another jurisdiction, specify which measure is being matched and why. A single-number ranking can hide differences between the instruments selected on either side.
For an FX interpretation, compare the decision with a documented expectation benchmark and separate the future policy discussion from the present setting. The statement does not by itself establish a particular exchange-rate reaction or promise the next move.
