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ECB leaves key rate at 0.0%

The monetary authorities of the European Union have made it seem in no hurry to bring about a turnaround in interest rates. It is true that today reaffirmed the intention to scale back the bond purchases from the current 30 billion euros in September to 15 billion euros and completely discontinued by the end of the year, but the key rate will stay at least for another year unchanged at 0.0%. The prime rate is that size at which commercial banks can borrow from the central banks money and then pass it on to the Endverbrauchen as part of loans. The historically low interest size of 0.0% was established in August 2016, it uses this instrument primarily to stimulate the economy: With low interest rates and the interest rates for the consumer are low, which are then more willing to borrow.

Furthermore, also the deposit interest rate was not touched. The deposit interest rate is paid if a commercial bank with the central bank deposit excess cash. Normally the banks earn them money. Since June 2014, however, so that the deposit interest rate was set to negative, which means that banks have to pay currently 0.4% “penalty rate” when they park money at the central bank.

It will be so in the near future not change significantly in the European interest rate market. This is likely to mean also the prices on the real estate market in the near future will not change.