For many years, record low interest rates drove speculation in the housing market
92% confidence
EconomyEuropean Union
Omissions
The ECB's main refinancing rate was cut to a record low of 0.05% in September 2014 and remained near zero for years
The deposit facility rate was negative from June 2014 (initially -0.1%) until July 2022, reaching -0.5% by September 2019
This prolonged period of ultra-loose monetary policy (2013-2022) coincided with significant house price increases across the euro area
Sources
PrimaryEuropean Central Bank - Key ECB interest ratesHistorical data shows ECB rates at record lows: main refinancing rate at 0.05% from September 2014 to June 2022; deposit facility rate in negative territory from June 2014 (-0.1%) to July 2022, reaching -0.5% in September 2019