{
 "id": "ez-realrate",
 "name": "Real policy rate",
 "region": "eurozone",
 "layer": "cycle",
 "unit": "%",
 "cadence": "monthly",
 "state": "normal",
 "qualifier": "0.53 pp below",
 "threshold": {
  "label": "\u003e 10-yr mean + 1 pp, and rising",
  "op": "gt",
  "value": 0.279851
 },
 "distance": 0.529851,
 "score": 63.2,
 "latest": {
  "period": "2026-07-01",
  "value": -0.25
 },
 "stale": false,
 "publisher": "worldstat.us, from the two series below",
 "series_code": "ez-dfr minus ez-corehicp",
 "licence": "Derived from the component series; see their licences",
 "description": "The policy rate minus core HICP inflation over the past year, read at the end of each month: how hard monetary policy is braking. The threshold is the series' own ten-year mean plus one point, so each region has a baseline that fits its history and nothing is estimated. It triggers only while the policy rate is also higher than six months earlier; above the level with rates on hold or falling it is on Watch.",
 "points": [
  {
   "period": "2001-05-01",
   "value": 1.6
  },
  {
   "period": "2001-08-01",
   "value": 1.45
  },
  {
   "period": "2001-09-01",
   "value": 0.75
  },
  {
   "period": "2001-10-01",
   "value": 0.55
  },
  {
   "period": "2001-11-01",
   "value": -0.05
  },
  {
   "period": "2002-12-01",
   "value": -0.45
  },
  {
   "period": "2003-03-01",
   "value": -0.4
  },
  {
   "period": "2003-06-01",
   "value": -0.8
  },
  {
   "period": "2005-12-01",
   "value": -0.15
  },
  {
   "period": "2006-03-01",
   "value": 0.2
  },
  {
   "period": "2006-06-01",
   "value": 0.25
  },
  {
   "period": "2006-08-01",
   "value": 0.6
  },
  {
   "period": "2006-10-01",
   "value": 0.75
  },
  {
   "period": "2006-12-01",
   "value": 0.9
  },
  {
   "period": "2007-03-01",
   "value": 0.85
  },
  {
   "period": "2007-06-01",
   "value": 1.1
  },
  {
   "period": "2008-07-01",
   "value": 1.45
  },
  {
   "period": "2008-10-01",
   "value": 1.25
  },
  {
   "period": "2008-11-01",
   "value": 0.75
  },
  {
   "period": "2008-12-01",
   "value": 0.1
  },
  {
   "period": "2009-01-01",
   "value": -0.7
  },
  {
   "period": "2009-02-01",
   "value": -0.7
  },
  {
   "period": "2009-03-01",
   "value": -1
  },
  {
   "period": "2009-04-01",
   "value": -1.55
  },
  {
   "period": "2009-05-01",
   "value": -1.35
  },
  {
   "period": "2011-04-01",
   "value": -1.1
  },
  {
   "period": "2011-07-01",
   "value": -0.45
  },
  {
   "period": "2011-11-01",
   "value": -1.1
  },
  {
   "period": "2011-12-01",
   "value": -1.35
  },
  {
   "period": "2012-07-01",
   "value": -1.7
  },
  {
   "period": "2013-05-01",
   "value": -1.2
  },
  {
   "period": "2013-11-01",
   "value": -0.9
  },
  {
   "period": "2014-06-01",
   "value": -0.9
  },
  {
   "period": "2014-09-01",
   "value": -1
  },
  {
   "period": "2015-12-01",
   "value": -1.2
  },
  {
   "period": "2016-03-01",
   "value": -1.4
  },
  {
   "period": "2016-04-01",
   "value": -1.1
  },
  {
   "period": "2019-09-01",
   "value": -1.5
  },
  {
   "period": "2019-10-01",
   "value": -1.6
  },
  {
   "period": "2022-07-01",
   "value": -4.1
  },
  {
   "period": "2022-08-01",
   "value": -4.4
  },
  {
   "period": "2022-09-01",
   "value": -4.05
  },
  {
   "period": "2022-11-01",
   "value": -3.5
  },
  {
   "period": "2022-12-01",
   "value": -3.2
  },
  {
   "period": "2023-01-01",
   "value": -3.4
  },
  {
   "period": "2023-02-01",
   "value": -3.2
  },
  {
   "period": "2023-03-01",
   "value": -2.7
  },
  {
   "period": "2023-04-01",
   "value": -2.6
  },
  {
   "period": "2023-05-01",
   "value": -2.15
  },
  {
   "period": "2023-06-01",
   "value": -2
  },
  {
   "period": "2023-07-01",
   "value": -2
  },
  {
   "period": "2023-08-01",
   "value": -1.55
  },
  {
   "period": "2023-09-01",
   "value": -0.5
  },
  {
   "period": "2023-10-01",
   "value": -0.2
  },
  {
   "period": "2024-06-01",
   "value": 0.85
  },
  {
   "period": "2024-09-01",
   "value": 0.8
  },
  {
   "period": "2024-10-01",
   "value": 0.55
  },
  {
   "period": "2024-11-01",
   "value": 0.55
  },
  {
   "period": "2024-12-01",
   "value": 0.3
  },
  {
   "period": "2025-01-01",
   "value": 0.3
  },
  {
   "period": "2025-02-01",
   "value": 0.15
  },
  {
   "period": "2025-03-01",
   "value": 0.1
  },
  {
   "period": "2025-04-01",
   "value": -0.45
  },
  {
   "period": "2025-05-01",
   "value": -0.05
  },
  {
   "period": "2025-06-01",
   "value": -0.3
  },
  {
   "period": "2026-06-01",
   "value": -0.15
  },
  {
   "period": "2026-07-01",
   "value": -0.25
  }
 ],
 "url": "https://worldstat.us/indicator/ez-realrate"
}