Key interest rate
Strictly speaking, there are several key ECB interest rates. As a rule, the key interest rate is the interest rate at which commercial banks can borrow money from the ECB. This interest rate is also called the main refinancing rate. Oesterreichische Nationalbank defines the key interest rate as follows: Short-term interest rate whose change affects other interest rates. The key interest rate is primarily used to refer to interest rates that can be set by a central bank as part of its monetary policy measures.