ECB policy rate
The reference price of money in euro, set by the European Central Bank.
How to read the number
One rate is set for countries whose public finances differ enormously, and the same decision lands differently on the north and the south of the currency union.
When the metric lies
The ECB maintains several rates, and the one usually meant in the news is the deposit facility rate, at which banks park surplus funds with the regulator.
Also known as: deposit facility rate