InflationTheGuide
CENTRAL BANKEURO AREAGOVERNING COUNCIL

ECB Governing Council · April 2027

The European Central Bank's Governing Council meets on 17 April 2027. The decision follows the March 2027 HICP flash estimate and Q1 2027 wage data — two inputs the ECB has said are critical to assessing whether it can cut the deposit rate toward neutral.

Thursday 17 April 2027 14:15 CET Online · ecb.europa.eu
UPCOMING
174
days to go
174days
:
00hours
:
00min
:
00sec
Add to calendar

Where things stand going in

Previous release · 6 Mar 2027
ECB deposit rate (Mar 2027)
2.25%
After expected March cut
Euro area HICP, Feb 2027
2.4%
Preliminary estimate
Services HICP, Feb 2027
3.7%
Still above target-consistent level
Negotiated wages, Q4 2026
3.8%
Decelerating toward 3.5% target

What gets published

Deposit facility rate decision

The key ECB rate — the rate banks earn on overnight deposits. A cut to 2.00% is possible if Q1 data shows continued disinflation.

Monetary policy statement

The official statement explaining the decision. Language changes — particularly around "data dependence" and "restrictive" — signal future direction.

President Lagarde press conference

30-minute press conference at 14:45 CET. Questions on wage tracker, services inflation, and forward guidance will be closely watched.

No new projections

April is not a "projection meeting" — no new Staff Macroeconomic Projections. The next projections are in June 2027.

How to read it

1
The decision is binary: cut or hold

April 2027 is not a projection meeting, so the statement will be shorter than March or June. Focus on one word: "restrictive." If the statement retains "policy remains restrictive," the ECB is signalling more cuts ahead. If it changes to "policy is approaching neutral," cuts are nearly done.

Neutral rate →
2
Watch wage tracker language

The ECB has made Q1 2027 negotiated wage data the key conditionality for continued cuts. If Lagarde says wages are "evolving as expected," that opens the door. If she flags "upside surprises in services," a pause is signalled.

Wage-price spiral risk →
3
Check the vote split if disclosed

The ECB discloses votes after a 3-week delay. But Lagarde's answer to "Was there unanimity?" is informative — a split vote with hawkish dissenters constrains future cuts.

Forward guidance →

On the day

April 2027 · times in CET
14:15
ECB publishes rate decision RELEASE

Deposit facility rate, main refinancing rate, and marginal lending facility rate published simultaneously.

14:30
Monetary policy statement released RELEASE

Full text of the statement, including any changes in language from the previous meeting.

14:45
Lagarde press conference begins CENTRAL BANK

30 minutes of prepared remarks followed by Q&A. EUR/USD and Bund yields react in real time.

16:00
Euro area explorer updated EXPLORER

Rate decision reflected in the ECB policy rate tracker on the euro area page.

Evening
April ECB decision analysis in News NEWS

Detailed breakdown of what the statement and press conference signal for the June meeting.

Around this event

THU 2 APR · 11:00 CET

Euro area flash inflation · March 2027

Eurostat
THU 6 MAR · 14:15 CET

ECB Governing Council · March 2027

European Central Bank

Frequently asked questions

When is ECB Governing Council · April 2027 released?
ECB Governing Council · April 2027 is scheduled for Thursday 17 April 2027 at 14:15 CET. The data covers April 2027. The next release in the series is expected on June 2027 (with projections).
What does European Central Bank — Governing Council publish in this release?
Deposit facility rate decision: The key ECB rate — the rate banks earn on overnight deposits. A cut to 2.00% is possible if Q1 data shows continued disinflation. Monetary policy statement: The official statement explaining the decision. Language changes — particularly around "data dependence" and "restrictive" — signal future direction. President Lagarde press conference: 30-minute press conference at 14:45 CET. Questions on wage tracker, services inflation, and forward guidance will be closely watched. No new projections: April is not a "projection meeting" — no new Staff Macroeconomic Projections. The next projections are in June 2027. For detailed definitions of each measure, see the IMF inflation methodology.
How do I read the headline inflation number?
The decision is binary: cut or hold — April 2027 is not a projection meeting, so the statement will be shorter than March or June. Focus on one word: "restrictive." If the statement retains "policy remains restrictive," the ECB is signalling more cuts ahead. If it changes to "policy is approaching neutral," cuts are nearly done. Watch wage tracker language — The ECB has made Q1 2027 negotiated wage data the key conditionality for continued cuts. If Lagarde says wages are "evolving as expected," that opens the door. If she flags "upside surprises in services," a pause is signalled. Check the vote split if disclosed — The ECB discloses votes after a 3-week delay. But Lagarde's answer to "Was there unanimity?" is informative — a split vote with hawkish dissenters constrains future cuts. For a deeper explanation of how consumer price indices are constructed, the IMF's primer on inflation is a reliable starting point.
Where can I follow the release live?
The official source is Online · ecb.europa.eu. Times shown are in CET — see the time-zone table on this page for your local equivalent. The Federal Reserve's economic data page and ECB statistics portal also carry same-day updates.
How does this compare to the previous release?
Going into this release: ECB deposit rate (Mar 2027) was 2.25% (After expected March cut); Euro area HICP, Feb 2027 was 2.4% (Preliminary estimate); Services HICP, Feb 2027 was 3.7% (Still above target-consistent level); Negotiated wages, Q4 2026 was 3.8% (Decelerating toward 3.5% target). Historical releases and revisions are archived in the World Bank WDI inflation series.
All events