While most forecasters now agree with our long-held view that the first ECB rate hike will come in September 2019, there is no clear consensus over which rate will rise first or why. In this Update, we explain why the deposit rate is now the best gauge of the effective cost of borrowing and argue that it is likely to rise a little quicker than the main refinancing rate next year.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services