CHRONOLOGY-European Central Bank rate changes since 1999

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MigRod

03/02/2005 09:10
 
    FRANKFURT, Feb 3 (Reuters) - The European Central Bank
is meeting on Thursday to consider official interest rates,
which have been at 2.00 percent since June 2003.
    The following is a chronology of the ECB's interest rate
moves since it took over responsibility for monetary policy in
the 12-nation euro zone on January 1, 1999.
    Each move is measured in basis points (bps), which are one
hundredths of a percentage point. So 25 basis points equal 0.25
percentage point. Rate levels are in percentages.
    DATE                 MAIN REFINANCING           LEVEL
                           RATE
JAN 1, 1999                --                    3.00 pct
APR 8, 1999            down 50 bps               2.50 pct
TIGHTENING CYCLE
NOV 4, 1999              up 50 bps               3.00 pct
FEB 3, 2000              up 25 bps               3.25 pct
MAR 16, 2000             up 25 bps               3.50 pct
APR 27, 2000             up 25 bps               3.75 pct
JUN 8, 2000              up 50 bps               4.25 pct
AUG 31, 2000             up 25 bps               4.50 pct
OCT 5, 2000              up 25 bps               4.75 pct
EASING CYCLE
MAY 10, 2001           down 25 bps               4.50 pct
AUG 30, 2001           down 25 bps               4.25 pct
SEP 17, 2001           down 50 bps               3.75 pct
NOV 8, 2001            down 50 bps               3.25 pct
DEC 5, 2002            down 50 bps               2.75 pct
MAR 6, 2003            down 25 bps               2.50 pct
JUNE 5, 2003           down 50 bps               2.00 pct
    NOTES
    1. The ECB sets benchmark interest rates for the euro zone
by determining the minimum rate it will accept at its weekly
refinancing operations. These tenders are used to provide funds
to the banking system over a one-week period to allow banks to
meet their reserve requirements. The interest rate applied at
the weekly operations is known as the refi rate and is the ECB's
most important policy rate.
    2. From June 28, 2000 the ECB switched its refinancing
operations to variable rate tenders with a minimum bid rate.
Previously the operations were fixed rate tenders.