Sept 3 (Reuters) - The European Central Bank is expected to to leave its main interest rate at 1.0 percent on Thursday.
Following is a chronology of the ECB's interest rate moves since it took over responsibility for monetary policy in the euro zone on Jan. 1, 1999.
Each move is measured in basis points (bps), which are one hundredths of a percentage point. So 25 basis points equal 0.25 percentage point. Rate levels are in percentages.
DATE MAIN REFINANCING LEVEL
RATE JAN 1, 1999 -- 3.00 percent APR 8, 1999 down 50 bps 2.50 percent TIGHTENING CYCLE NOV 4, 1999 up 50 bps 3.00 percent FEB 3, 2000 up 25 bps 3.25 percent MAR 16, 2000 up 25 bps 3.50 percent APR 27, 2000 up 25 bps 3.75 percent JUN 8, 2000 up 50 bps 4.25 percent AUG 31, 2000 up 25 bps 4.50 percent OCT 5, 2000 up 25 bps 4.75 percent EASING CYCLE MAY 10, 2001 down 25 bps 4.50 percent AUG 30, 2001 down 25 bps 4.25 percent SEP 17, 2001 down 50 bps 3.75 percent NOV 8, 2001 down 50 bps 3.25 percent DEC 5, 2002 down 50 bps 2.75 percent MAR 6, 2003 down 25 bps 2.50 percent JUNE 5, 2003 down 50 bps 2.00 percent TIGHTENING CYCLE DEC 1, 2005 up 25 bps 2.25 percent MARCH 2, 2006 up 25 bps 2.50 percent JUNE 8, 2006 up 25 bps 2.75 percent AUG 3, 2006 up 25 bps 3.00 percent OCT 5, 2006 up 25 bps 3.25 percent DEC 7, 2006 up 25 bps 3.50 percent MARCH 8, 2007 up 25 bps 3.75 percent JUNE 6, 2007 up 25 bps 4.00 percent JULY 3, 2008 up 25 bps 4.25 percent EASING CYCLE OCT 8, 2008 down 50 bps 3.75 percent NOV 6, 2008 down 50 bps 3.25 percent DEC 4, 2008 down 75 bps 2.50 percent JAN 15, 2009 down 50 bps 2.00 percent MARCH 5, 2009 down 50 bps 1.50 percent APRIL 2, 2009 down 25 bps 1.25 percent MAY 7, 2009 down 25 bps 1.00 percent
NOTES
1. The ECB said on Oct. 8, 2008 it would stop auctioning off its weekly refinancing funds to the highest bidder, allocating them at a fixed main refinancing rate rather than at variable higher rates depending on demand.
2. Previously the ECB set benchmark interest rates for the euro zone by determining the minimum rate it will accept at the weekly refinancing operations.
3. The tenders are used to provide funds to the banking system over a one-week period to allow banks to meet their reserve requirements. The interest rate applied at the weekly operations is known as the refi rate and is the ECB's most important policy rate. (Editing by David Stamp)