Skip to content
policyVerified

ECB raises key rates to record, deposit facility hits 4.00% (Sept 2023)

On 14 September 2023 the European Central Bank raised its three key interest rates by 25 basis points, taking the deposit facility rate to 4.00%, the main refinancing rate to 4.50% and the marginal lending rate to 4.75% (effective 20 September 2023), citing inflation that remained too high for too long. In the causal graph this event strengthens Monetary Policy Tightening Stance, a driver that weakens Global Consumer Price Inflation (annual %) — a worsening welfare path.

Read the full account

On 14 September 2023 the European Central Bank raised its three key interest rates by 25 basis points, taking the deposit facility rate to 4.00%, the main refinancing rate to 4.50% and the marginal lending rate to 4.75% (effective 20 September 2023), citing inflation that remained too high for too long. It was the culmination of a tightening cycle begun in July 2022.

Who was responsible

Contribution type and responsibility level for each recorded actor — not sole-author shorthand.

  • European Central Bank

    Organization

    Direct responsibility

    responsibility level 0.85 · verified

    The ECB Governing Council directly decided the rate increase described in this fact.

What changed

Fact → Driver → Indicator. Relationship strength orders the paths; it is not the observed indicator movement.

Causal path

How this event connects to drivers and indicators in the graph.

  1. ActorEuropean Central Bank
  2. contributed toFactECB raises key rates to record, deposit facility hits 4.00% (Sept 2023)
  3. strengthensDriverMonetary Policy Tightening Stance
  4. weakensIndicatorGlobal Consumer Price Inflation (annual %)

Cite this page

Factrail. (2026). ECB raises key rates to record, deposit facility hits 4.00% (Sept 2023). Factrail. https://factrail.ai/facts/econ-ecb-2023-rate-hike-deposit-4pct

https://factrail.ai/facts/econ-ecb-2023-rate-hike-deposit-4pct

Accessed 15 October 2026.

By the Factrail desk · Method: how we source and score · Last reviewed

Dispute this factNamed here, or represent someone who is? Request a right of reply.