Euribor Rates Today – Live 3M, 6M and 12M Data

As of 20 February 2026, the 3 month Euribor stands at 2.024% and the 6 month Euribor at 2.137%. The 3M tenor has moved up compared to the previous session, while the 6M has moved down.Understanding what moves Euribor helps borrowers and investors anticipate rate changes and plan accordingly.

European Central Bank interest rate policy

The ECB is the primary driver of Euribor. The Governing Council sets three key rates: the deposit facility rate (what banks earn on overnight deposits), the main refinancing rate (the cost of borrowing from the ECB), and the marginal lending rate. When the ECB raises these rates to combat inflation, Euribor rises in tandem. When it cuts them to support the economy, Euribor falls. Banks use Euribor as a reference for interbank lending; it naturally tracks the ECB's policy stance with a lag. Since mid-2024, the ECB has been cutting rates as inflation has declined from its 2022 peak, and Euribor has followed this downward path. Future ECB decisions on rate cuts or hikes will continue to shape Euribor over the coming quarters.

Inflation trends

Inflation expectations are at the heart of ECB policy. When headline and core inflation exceeded the ECB's 2% target in 2022, the central bank embarked on its fastest rate-hiking cycle in the euro's history. That pushed Euribor to multi-year highs. As inflation has eased—driven by lower energy prices, supply chain normalization, and tighter monetary policy—the ECB has begun to reduce rates. Lower inflation expectations generally mean lower future policy rates, which keeps short-term Euribor tenors (3M, 6M) under downward pressure. Wage growth and services inflation remain key indicators the ECB watches; any reacceleration could slow or reverse rate cuts and support higher Euribor levels.

Liquidity conditions

The supply of and demand for euro liquidity in the interbank market also affect Euribor. When liquidity is abundant—as during the ECB's quantitative easing programmes—banks have less need to borrow from each other, and rates tend to stay low. When liquidity tightens, for example during stress or as the ECB shrinks its balance sheet, borrowing costs can rise. The ECB's Targeted Longer-Term Refinancing Operations (TLTROs) and other facilities influence bank funding costs and thus Euribor. Geopolitical events, banking sector stress, and seasonal factors (such as year-end balance sheet constraints) can cause temporary spikes or dips in Euribor relative to the ECB's policy rate. Monitoring these conditions helps explain short-term movements in Euribor beyond the pure policy rate path.