• Working together for an effective EU
    Speech
    Working together for an effective EU

    Mario Draghi, President of the ECB, receives the De Gasperi award and highlights the EU’s need to promote the values of a free, open society, to remain inclusive and to face up to the many challenges of the 21st century jointly.

  • Towards a stronger European Union
    Speech
    Towards a stronger European Union

    European integration has achieved remarkable success and brought fundamental benefits to the people of Europe. For this to continue, the European Union needs to build on its strengths and address its institutional weaknesses, says ECB board member Yves Mersch.

Monetary policy in uncertain times
13 September 2016SPEECH

Monetary policy in uncertain times

The economic challenges of the past decade have called for new monetary policy measures to maintain price stability and facilitate growth. Executive Board member Sabine Lautenschläger explains the ECB’s recent monetary policy measures.

Strong institutions foster higher GDP growth
14 September 2016RESEARCH

Strong institutions foster higher GDP growth

Strengthening institutions in euro area countries could lead to higher GDP growth and minimise the negative effect of high levels of government debt. This reinforces the need for structural reforms and more efficient public administration in the euro area.

14/09/2016
ECB publishes indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2017 and 2018
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
12/09/2016
Statistical press release: Euro area securities issues statistics
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08/09/2016
Monetary policy decisions
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
01/09/2016
Statistical press release: MFI interest rate statistics
ENGLISH
26/08/2016
Statistical press release: Monetary developments in the euro area
ENGLISH
24/08/2016
ECB publishes Consolidated Banking Data for end-March 2016
ENGLISH
18/08/2016
Account of the monetary policy meeting of the Governing Council of the European Central Bank
held in Frankfurt am Main on Wednesday and Thursday, 20-21 July 2016
ENGLISH
18/08/2016
Statistical press release: Euro area monthly balance of payments (June 2016)
ENGLISH
18/08/2016
Statistical press release: Euro area financial vehicle corporation statistics
ENGLISH
27/07/2016
ECB publishes Eurosystem disaggregated balance sheet data
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DeutschDE

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13/09/2016
Sabine Lautenschläger:  Monetary policy in uncertain times – the ECB and the crisis
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Parliamentary evening in Strasbourg, 13 September 2016
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DeutschDE
13/09/2016
Mario Draghi:  Reviving the spirit of De Gasperi: working together for an effective and inclusive Union
Speech by Mario Draghi, President of the ECB, 
at the presentation ceremony of the De Gasperi award, 
Trento, 13 September 2016
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ItalianoIT
08/09/2016
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Vítor Constâncio, Vice-President of the ECB
Frankfurt am Main, 8 September 2016
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
03/09/2016
Yves Mersch:  Introductory remarks for the discussion panel ‘The Future of the Euro’
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the Ambrosetti Forum ‘Intelligence on the World, Europe, and Italy’
Villa d’Este, Cernobbio, 3 September 2016
ENGLISH
31/08/2016
Peter Praet:  Financial cycles and monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, in the context of a panel on “International Monetary Policy”, 
Beijing, 31 August 2016
ENGLISH

All speeches

07/09/2016
Yves Mersch:  Reaching for perfection – building the market infrastructure of tomorrow
Opinion piece by Yves Mersch, Member of the Executive Board of the ECB, 
Eurofi Magazine, 7 September 2016
ENGLISH
16/08/2016
Benoît Cœuré:  Further strengthening the resilience of financial plumbing
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, and chairman of the Committee on Payments and Market Infrastructures (CPMI), 
and Ashley Alder, chairman of the board of the International Organization of Securities Commissions (Iosco), 
published by the Financial Times, 16 August 2016
ENGLISH
18/07/2016
Sabine Lautenschläger:  Interview with Expansión
Interview of Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
conducted by Alicia Crespo on 7 July 2016, and published on 18 July 2016
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05/07/2016
Sabine Lautenschläger:  Interview mit International Bankers Forum
Interview mit Sabine Lautenschläger, Mitglied des Direktoriums der EZB und stellvertretende Vorsitzende des Aufsichtsgremiums des einheitlichen Aufsichtsmechanismus, 
geführt am 23. Mai 2016 und veröffentlicht am 5. Juli 2016
DEUTSCH
01/07/2016
Benoît Cœuré:  Interview with Le Monde
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Marie Charrel on 27 June 2016, and published on 1 July 2016
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FrançaisFR

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15/09/2016
Occasional paper no. 178: Understanding the weakness in global trade - What is the new normal?, by IRC Trade Task Force
ENGLISH
15/09/2016
Occasional paper no. 177: What do we know about the global financial safety net? Rationale, data and possible evolution, by Beatrice Scheubel, Livio Stracca
ENGLISH
14/09/2016
Eurosystem contribution to the European Commission's DG FISMA consultation paper on further considerations for the implementation of the net stable funding ratio in the European Union
ENGLISH
14/09/2016
Working paper no. 1963: Institutions, public debt and growth in Europe, by Klaus Masuch, Edmund Moshammer, et al.
ENGLISH
14/09/2016
Working paper no. 1962: Multiplex interbank networks and systemic importance: an application to European data, by Iñaki Aldasoro, Iván Alves
ENGLISH

All publications

12/09/2016
Opinion on a proposal for a Regulation amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (CON/2016/44)
ENGLISH
07/09/2016
Opinion on the role of the Financial Supervisory Authority’s representative on the ECB’s Supervisory Board, and on supervision fees (CON/2016/43)
Finland, 
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SuomiFI
31/08/2016
Opinion on a central credit register (CON/2016/42)
Slovenia, 
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SlovenščinaSL
31/08/2016
Opinion on the Banca d’Italia's circular implementing the reform of Italian cooperative banks (CON/2016/41)
Italy, 
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ItalianoIT
30/08/2016
Opinion on amendments to the minimum reserves regime (CON/2016/40)
Romania, 
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RomânăRO

All legal acts

Impact of the ECB’s asset purchases
13 September 2016RESEARCH

Impact of the ECB’s asset purchases

Since the ECB’s expanded asset purchase programme was announced in January 2015, sovereign yields on long-term bonds have fallen and the share prices of banks holding more sovereign bonds have risen. This paper suggests that the programme can be expected to have a sizeable macroeconomic impact.

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.40 %
Effective from 16 March 2016

Inflation rates

 Full inflation chart Inflation dashboard

Reference rates

USD US dollar icon arrow up 1.1218
JPY Japanese yen icon arrow up 115.37
GBP Pound sterling icon arrow up 0.85078
CHF Swiss franc icon arrow up 1.0945
Last update: Wednesday, 14 September 2016 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

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    Five facts about the new €50

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    Inside the Asset Purchase Programme

  •

    Discover the New €50 Banknote

  •

    ECB President Mario Draghi explains TLTRO II

  •

    Discover the new 20 euro banknote

  •

    Living in Frankfurt. Working for the ECB

  •

    New ECB premises: time-lapse video of the construction process

  •

    Collateral management - the role of the Eurosystem

  •

    TARGET balances in 8 minutes

  •

    ECB and the Eurosystem explained in 3 min.

  • 08 September 2016 Press Conference

    08 September 2016 Press Conference

  • Unveiling of the new €50 banknote

    Unveiling of the new €50 banknote

  • Young Economists at ECB Forum on Central Banking

    Young Economists at ECB Forum on Central Banking

  • ECB Main Building

    ECB Main Building

  • Luminale 2016 - ECB's illuminated buildings

    Luminale 2016 - ECB's illuminated buildings

  • Financial integration in Europe - cover image

    Financial integration in Europe

  • ECB statistics: a brief overview - cover image

    ECB statistics: a brief overview

  • Progress through crisis? Conference for the 20th anniversary of the establishment of the EMI - cover image

    Progress through crisis? Conference for the 20th anniversary of the establishment of the EMI

  • Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments - cover image

    Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments

  • The international role of the euro, June 2016 - cover image

    The international role of the euro, June 2016

  • Statistics for Economic and Monetary Union. Enhancements and new directions, 2003-12, by Peter Bull - cover image

    Statistics for Economic and Monetary Union. Enhancements and new directions, 2003-12, by Peter Bull

  • The monetary policy of the ECB - cover image

    The monetary policy of the ECB

  • The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field - cover image

    The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field