Data / Rankings / Central bank policy rate / EU countries

EU countries by central bank policy rate

Hungary had the highest central bank policy rate of 15 EU countries in September 1998, at 18%. The Netherlands had the lowest, at 2.75%. The median was 5%. Source: Bank for International Settlements.

Highest18Hungary
Lowest2.75Netherlands
Median515 EU countries

All EU countries, September 1998

CSVChart (SVG)

HungaryHungary: 18 %18PolandPoland: 18 %18CzechiaCzechia: 13.5 %13.5GreeceGreece: 11.9 %11.9CroatiaCroatia: 10 %10DenmarkDenmark: 5 %5ItalyItaly: 5 %5PortugalPortugal: 5 %5BelgiumBelgium: 4.5 %4.5SpainSpain: 4.25 %4.25SwedenSweden: 4.1 %4.1FranceFrance: 3.3 %3.3GermanyGermany: 3.3 %3.3AustriaAustria: 3.2 %3.2NetherlandsNetherlands: 2.75 %2.75
%. Source: BIS. Retrieved 2026-10-09.

Full ranking

RankEU countriesSeptember 1998 (%)Change on September 1997
1Hungary18-2.5 pts
1Poland18-9 pts
3Czechia13.5-1 pts
4Greece11.9+0.6 pts
5Croatia10+1.56 pts
6Denmark5+1.5 pts
6Italy5-1.25 pts
6Portugal5-1 pts
9Belgium4.5+0.25 pts
10Spain4.25-1 pts
11Sweden4.10 pts
12France3.3+0.2 pts
12Germany3.3+0.3 pts
14Austria3.2+0.2 pts
15Netherlands2.75+0.25 pts

Other periods

About this ranking

The rate a central bank sets to steer monetary policy, or its operational target, in percent per year. United States: effective federal funds rate, monthly average of daily rates (Federal Reserve H.15). Euro area: ECB deposit facility rate in force on the last day of the month. Other countries: the policy rate in force at the end of the month as reported by the national central bank and compiled by the BIS.

Timing differs by source: the US figure is a monthly average of the market rate that the Federal Reserve targets (the target range is set by the FOMC; the BIS copy uses its midpoint), while ECB and BIS figures are end-of-month levels. The euro area series is the deposit facility rate for its whole history; the ECB has steered with it since September 2024, and before that the BIS series and most press coverage used the main refinancing rate (see ecb_main_refinancing_rate). Euro area members have no national policy rate since 1999, so their BIS series end in 1998. Each BIS series names its central bank and the instrument used in each period.

Every value in the ranking comes from the same publisher and the same period, so the EU countries are compared on one definition. 1 EU countries with data in other periods have no value for September 1998 and are left out rather than filled from another source. Equal values share a rank.

How to cite

Bank for International Settlements (BIS), from national central bank data. Central bank policy rates (WS_CBPOL), monthly, end of period, as reported by the national central bank named in the series (SOURCE_REF). https://stats.bis.org/api/v2/data/dataflow/BIS/WS_CBPOL/1.0/M.HU?format=csv. Retrieved 2026-10-09.

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Questions

Which EU country has the highest central bank policy rate?

Hungary, with 18% in September 1998, according to Bank for International Settlements.

Which EU country has the lowest central bank policy rate?

The Netherlands, with 2.75% in September 1998.

Where does this ranking come from?

Every value comes from one source and one period, so the places are comparable: Bank for International Settlements, Central bank policy rates (WS_CBPOL), monthly, end of period, as reported by the national central bank named in the series (SOURCE_REF). Retrieved 2026-10-09. 1 EU countries have no value for September 1998 and are not ranked.

Central bank policy rate: other rankings

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