NORGES minus ECB (NOK/EUR)
• Coverage: 1999–2026
Norway Norges Bank vs. ECB Interest Rate Differential (1999–2026)
Historical policy rate spread between the Norges Bank (NORGES Policy Rate) and the European Central Bank (ECB Policy Rate). As of Sep 2026, NORGES stands at 4.50% vs. ECB at 2.50%, resulting in a bilateral policy rate differential of +200 bps (+2.00 percentage points).
Current Spread (Sep 2026)
+200 bps
NORGES: 4.50% · ECB: 2.50%
Mean Spread (1999–2026)
+105 bps
28 overlapping years
Widest Positive Spread (2002)
+375 bps
Maximum NORGES premium over ECB Lowest / Negative Spread (2004)
-25 bps
Minimum NORGES minus ECB differential
NORGES (Blue) vs. ECB (Amber) Policy Rates (1999–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (NORGES minus ECB, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Norges Bank · Amber: European Central Bank
Annual NORGES vs. ECB Policy Rate Differential Ledger (1999–2026)
| Year | NORGES Policy Rate | ECB Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 4.50% | 2.50% | +2.00 pp | +200 bps |
| 2025 | 4.00% | 2.00% | +2.00 pp | +200 bps |
| 2024 | 4.50% | 3.00% | +1.50 pp | +150 bps |
| 2023 | 4.50% | 4.50% | 0.00 pp | 0 bps |
| 2022 | 2.75% | 2.50% | +0.25 pp | +25 bps |
| 2021 | 0.50% | 0.00% | +0.50 pp | +50 bps |
| 2020 | 0.00% | 0.00% | 0.00 pp | 0 bps |
| 2019 | 1.50% | 0.00% | +1.50 pp | +150 bps |
| 2018 | 0.75% | 0.00% | +0.75 pp | +75 bps |
| 2017 | 0.50% | 0.00% | +0.50 pp | +50 bps |
| 2016 | 0.50% | 0.00% | +0.50 pp | +50 bps |
| 2015 | 0.75% | 0.05% | +0.70 pp | +70 bps |
| 2014 | 1.25% | 0.05% | +1.20 pp | +120 bps |
| 2013 | 1.50% | 0.25% | +1.25 pp | +125 bps |
| 2012 | 1.50% | 0.75% | +0.75 pp | +75 bps |
| 2011 | 1.75% | 1.00% | +0.75 pp | +75 bps |
| 2010 | 2.00% | 1.00% | +1.00 pp | +100 bps |
| 2009 | 1.75% | 1.00% | +0.75 pp | +75 bps |
| 2008 | 3.00% | 2.50% | +0.50 pp | +50 bps |
| 2007 | 5.25% | 4.00% | +1.25 pp | +125 bps |
| 2006 | 3.50% | 3.50% | 0.00 pp | 0 bps |
| 2005 | 2.25% | 2.25% | 0.00 pp | 0 bps |
| 2004 | 1.75% | 2.00% | -0.25 pp | -25 bps |
| 2003 | 2.25% | 2.00% | +0.25 pp | +25 bps |
| 2002 | 6.50% | 2.75% | +3.75 pp | +375 bps |
| 2001 | 6.50% | 3.25% | +3.25 pp | +325 bps |
| 2000 | 7.00% | 4.75% | +2.25 pp | +225 bps |
| 1999 | 5.50% | 3.00% | +2.50 pp | +250 bps |