ECB's main interest rate in per cent per annum (2007-15)

During the crisis, the ECB reacted in a diversified way. Regarding its policy on interest rates in 2008 and 2011, the ECB countered inflationary tendencies by raising its key interest rate for main refinancing operations (MRO), only to lower them shortly after. In 2014, the interest rate on the MRO reached a historic low of 0.05%.