19 July 2016PRESS RELEASE

Ongoing improvements in bank lending

Loan growth is recovering, thanks to improving loan supply conditions for firms and households and the continued increase in loan demand. The July euro area bank lending survey also highlights that euro area banks are further strengthening their capital positions.

1 July 2016INTERVIEW

Europe is more necessary than ever

The EU landscape may change after the British referendum, but the euro is a reality and must be protected, says Executive Board member Benoît Cœuré. This will imply more integration in the fiscal and financial areas, but Europe must start with concrete initiatives and rebuild trust.

22/07/2016
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
July 2016
22/07/2016
Results of the Q3 2016 ECB Survey of Professional Forecasters (SPF)
22/07/2016
Euro banknote counterfeiting declines in first half of 2016
21/07/2016
Monetary policy decisions
20/07/2016
Statistical press release: Euro area monthly balance of payments (May 2016)
19/07/2016
Results of the July 2016 euro area bank lending survey
12/07/2016
Statistical press release: Euro area securities issues statistics
11/07/2016
Statistical press release: Euro area households and non-financial corporations: 1st Quarter 2016
08/07/2016
Statistical press release: Euro area quarterly balance of payments and international investment position (first quarter of 2016)
05/07/2016
Statistical press release: MFI interest rate statistics

All press releases

21/07/2016
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, 21 July 2016
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
ENGLISH
OTHER LANGUAGES (1) +
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07/07/2016
Vítor Constâncio:  Challenges for the European banking industry
Lecture by Vítor Constâncio, Vice-President of the ECB, 
at the Conference on “European Banking Industry: what’s next?”, organised by the University of Navarra, 
Madrid, 7 July 2016
07/07/2016
Sabine Lautenschläger:  European Banking Supervision – Business model analysis
Presentation by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
at the CEO/CFO/CRO-Roundtable, 
Madrid, 7 July 2016
06/07/2016
Mario Draghi:  Eighth ECB Statistics Conference
Welcome address by Mario Draghi, President of the ECB, at the Eighth ECB Statistics Conference, Central Bank Statistics: moving beyond the aggregates, 
Frankfurt am Main, 6 July 2016
05/07/2016
Sabine Lautenschläger:  Central bank statistics: moving beyond the aggregates
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, 
at the Eighth ECB Statistics Conference, 
Frankfurt am Main, 5 July 2016
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
01/07/2016
Peter Praet:  Transmission channels of monetary policy in the current environment
Speech by Peter Praet, Member of the Executive Board of the ECB, 
at the Financial Times Festival of Finance, 
London, 1 July 2016
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
ENGLISH
OTHER LANGUAGES (1) +
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29/06/2016
Yves Mersch:  Opening remarks at the Academy of European Law
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
Luxembourg, 29 June 2016
28/06/2016
Mario Draghi:  The International Dimension of Monetary Policy
Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, 
Sintra, 28 June 2016
ENGLISH
OTHER LANGUAGES (5) +
23/06/2016
Yves Mersch:  Monetary policy in the euro area: scope, principles and limits
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at the Natixis Meeting of Chief Economists, 
Paris, 23 June 2016
21/06/2016
Mario Draghi:  Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, 
Brussels, 21 June 2016
21/06/2016
Vítor Constâncio:  Introductory remarks at the fifth ECB conference on accounting, financial reporting and corporate governance for central banks
Speech by Vítor Constâncio, Vice-President of the ECB, 
Frankfurt am Main, 21 June 2016
20/06/2016
Sabine Lautenschläger:  Sponsors dinner of the European Cultural Days
Dinner speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, on the occasion of a get-together of friends and supporters of the European Cultural Days organised in cooperation with Deutsche Bundesbank, Frankfurt am Main, 20 June 2016
ENGLISH
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17/06/2016
Mario Draghi:  Laudatio for Theo Waigel
Speech by Mario Draghi, President of the ECB, 
in honour of Dr. Theodor Waigel at SignsAwards in Munich, 17 June 2016
ENGLISH
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17/06/2016
Benoît Cœuré:  Structural reforms on the way to a complete Economic and Monetary Union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the International Conference on Structural Reforms in Advanced Economies, 
Hertie School of Governance, Berlin, 17 June 2016
16/06/2016
Yves Mersch:  Unkonventionelle Geldpolitik – eine ordnungspolitische Würdigung
Rede von Yves Mersch, Mitglied des Direktoriums der EZB, 
Albert-Ludwigs-Universität Freiburg, den 16. Juni 2016
15/06/2016
Vítor Constâncio:  The challenge of low real interest rates for monetary policy
Lecture by Vítor Constâncio, Vice-President of the ECB, Macroeconomics Symposium at Utrecht School of Economics, 15 June 2016
14/06/2016
Yves Mersch:  Grasping the new normal of the banking industry – a view from a European Central Banker
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the European Financial Congress, Sopot, Poland, 14 June 2016
ENGLISH
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09/06/2016
Mario Draghi:  On the importance of policy alignment to fulfil our economic potential
5th Annual Tommaso Padoa-Schioppa Lecture by Mario Draghi, President of the ECB, at the Brussels Economic Forum 2016, 
Brussels, 9 June 2016
ENGLISH
OTHER LANGUAGES (5) +
09/06/2016
Benoît Cœuré:  Interview with France 24
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Stéphanie Antoine on 8 June 2016, and broadcast on 9 June 2016
ENGLISH
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07/06/2016
Yves Mersch:  Making Europe’s financial market infrastructure a bulwark of financial stability (speaking points)
Yves Mersch, Member of the Executive Board of the ECB, 
Banque de France/Sciences Po research seminar:
Financial stability in a digital world, 
Paris, 7 June 2016
ENGLISH
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06/06/2016
Vítor Constâncio:  Margins and haircuts as a macroprudential tool
Remarks by Vítor Constâncio, Vice-President of the ECB, at the ESRB international conference on the macroprudential use of margins and haircuts, 
Frankfurt am Main, 6 June 2016
06/06/2016
Benoît Cœuré:  Towards a macroprudential framework for central counterparties
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a policy panel discussion on the progress with new macroprudential instruments at the ESRB international conference on macroprudential margins and haircuts, 
Frankfurt am Main, 6 June 2016
02/06/2016
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Vítor Constâncio, Vice-President of the ECB, 
Ewald Nowotny, Governor of Oesterreichische Nationalbank, 
Vienna, 2 June 2016
02/06/2016
Mario Draghi:  Delivering a symmetric mandate with asymmetric tools: monetary policy in a context of low interest rates
Speech by Mario Draghi, President of the ECB, at the ceremony to mark the 200th anniversary of the Oesterreichische Nationalbank, 
Vienna, 2 June 2016
ENGLISH
OTHER LANGUAGES (5) +
01/06/2016
Sabine Lautenschläger:  European banking supervision – much achieved, but still much to do
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, Bundesbanksymposium "Dialogue on banking supervision", 
Frankfurt am Main, 1 June 2016
ENGLISH
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23/05/2016
Peter Praet:  Interview with Público
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Sérgio Anibal, published on 23 May 2016.
19/05/2016
Benoît Cœuré:  Interview with The Yomiuri Shimbun
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Tadashi Isozumi and published on 20 May 2016, in Japan.
ENGLISH
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19/05/2016
Benoît Cœuré:  Interview with Risk Magazine
Interview with Benoît Cœuré, Member of the Executive Board of the ECB and Chairman of the Committee on Payments and Market Infrastructures (CPMI), 
conducted by Cécile Sourbes on 10 May and published on 19 May 2016
11/05/2016
Benoît Cœuré:  Les décisions de la BCE depuis la crise : un tour d’horizon
Presentation by Benoît Cœuré, Member of the Executive Board of the ECB, 
at La Cour des comptes, 
Paris, 11 mai 2016
09/05/2016
Vítor Constâncio:  The outlook for the Global Economy
Remarks by Vítor Constâncio, Vice-President of the ECB, 
at City Week, London, 9 May 2016
05/05/2016
Yves Mersch:  Bares bleibt Wahres
Gastbeitrag von Yves Mersch, Mitglied des Direktoriums der EZB, 
Spiegel Online, 5. Mai 2016
03/05/2016
Benoît Cœuré:  Government bond markets in a changing environment
Keynote address by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the Government Borrowers Forum, 
Paris, 3 May 2016

Summary

Government bond markets in a changing environment

Keynote address by Benoit Coeuré, Member of the Executive Board of the ECB, at the Government Borrowers Forum, Paris, 3 May 2016

In a keynote address at the Government Borrowers Forum, in Paris, ECB Board member Benoît Coeuré analyses the impact of recent policy interventions on market functioning. His remarks focus on unconventional monetary policy measures, regulatory developments and private-public partnership in financial market reforms. «Policy interventions are having an impact on market functioning today» he says, but in the case of the ECB’s monetary policy, «ongoing monitoring so far does not suggest impairments to the price discovery process» and «our monetary policy has not suppressed market discipline». The new market environment is more constrained, but also more resilient. «At the same time, more safety is not a substitute but a complement to well capitalised banks and sound public finances» he concludes.

02/05/2016
Mario Draghi:  Addressing the causes of low interest rates
Introductory speech by Mario Draghi, President of the ECB, 
held at a panel on “The future of financial markets: A changing view of Asia” at the Annual Meeting of the Asian Development Bank, 
Frankfurt am Main, 2 May 2016
ENGLISH
OTHER LANGUAGES (5) +
02/05/2016
Sabine Lautenschläger:  The euro – idea and reality
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, 
at the Europa Forum Luzern, 
Luzern, 2 May 2016
ENGLISH
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01/05/2016
Benoît Cœuré:  People are not only savers
Opinion piece from Benoît Cœuré, Member of the Executive Board of the ECB, 
for the Frankfurter Allgemeine Sonntagszeitung, 1 May 2016
ENGLISH
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29/04/2016
Peter Praet:  Interview with Expansión
Interview with Peter Praet, Member of the Executive Board of the ECB, 
conducted by Daniel Badía González and Agustín Monzón Peña, on 25 April 2016 and published on 29 April 2016.
ENGLISH
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28/04/2016
Mario Draghi:  Interview with Bild
Interview with Mario Draghi, President of the ECB, conducted by Kai Diekmann, Nikolaus Blome, Daniel Biskup on 25 April 2016 and published on 28 April 2016
ENGLISH
OTHER LANGUAGES (5) +
27/04/2016
Benoît Cœuré:  Interview with Il Sole 24 Ore
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Alessandro Merli on 25 April and published on 27 April 2016
ENGLISH
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26/04/2016
Vítor Constâncio:  Principles of Macroprudential Policy
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the ECB-IMF Conference on Macroprudential Policy, 
Frankfurt am Main, 26 April 2016
25/04/2016
Yves Mersch:  Distributed ledger technology – panacea or flash in the pan?
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at Deutsche Bank Transaction Bankers' Forum 2016, 
Frankfurt am Main, 25 April 2016
25/04/2016
Vítor Constâncio:  Risk Sharing and Macroprudential Policy in an Ambitious Capital Markets Union
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the Joint conference of the European Commission and European Central Bank on European Financial Integration and Stability, 
Frankfurt am Main, 25 April 2016
25/04/2016
Peter Praet:  Presentation at Banco de España conference
Remarks by Peter Praet, Member of the Executive Board of the ECB, 
at a conference in tribute to José Luis Malo de Molina, 
Madrid, 25 April 2016
21/04/2016
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, 21 April 2016
15/04/2016
Mario Draghi:  IMFC Statement
Statement by Mario Draghi, President of the ECB, 
at the thirty-third meeting of the International Monetary and Financial Committee, 
Washington DC, 15 April 2016
13/04/2016
Vítor Constâncio:  International headwinds and the effectiveness of Monetary Policy
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the 25th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies at the Levy Economics Institute of Bard College, 
Blithewood, Annandale-on-Hudson, New York, 13 April 2016
09/04/2016
Yves Mersch:  Scope and Limits of Monetary Policy
Introductory remarks by Yves Mersch, Member of the Executive Board of the ECB, 
at panel “Europe’s Economic and Monetary Policy” during the Ambrosetti Conference on the Outlook for the Economy and Finance, 
Villa d’Este, Cernobbio, 9 April 2016
07/04/2016
Vítor Constâncio:  Presentation of the ECB Annual Report 2015 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory remarks by Vítor Constâncio, Vice-President of the ECB, 
Brussels, 7 April 2016
07/04/2016
Mario Draghi:  Participation of the President in the Portuguese Council of State
Introductory remarks by Mario Draghi, President of the ECB, 
at the Portuguese Council of State, 
Lisbon, 7 April 2016
ENGLISH
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07/04/2016
Peter Praet:  The ECB’s monetary policy response to disinflationary pressures
Speech by Peter Praet, Member of the Executive Board of the ECB, at ECB and Its Watchers XVII conference organised by Center for Financial Studies, Frankfurt, 7 April 2016
04/04/2016
Peter Praet:  The ECB's fight against low inflation: reasons and consequences
Speech by Peter Praet, Member of the Executive Board of the ECB, at Luiss School of European Political Economy, Rome, 4 April 2016
30/03/2016
Benoît Cœuré:  Interview with Politico
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Pierre Briançon on 23 March 2016, and published on 30 March 2016
22/03/2016
Yves Mersch:  Shaping the future of Europe’s financial 
market infrastructure
Opening remarks by Yves Mersch, Member of the Executive Board of the ECB, 
at the Information session on the consultative report on RTGS services, 
Frankfurt am Main, 22 March 2016
21/03/2016
Vítor Constâncio:  Capital Markets Union and the European monetary and financial framework
Keynote speech by Vítor Constâncio, Vice-President of the ECB, at Chatham House, London, 21 March 2016
21/03/2016
Benoît Cœuré:  The future of the euro area
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, 
at Le Cercle Europartenaires, 
Paris, 21 March 2016
ENGLISH
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18/03/2016
Peter Praet:  Interview with La Repubblica
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Ferdinando Giugliano and Tonia Mastrobuoni on 15 March 2016 and published on 18 March 2016
11/03/2016
Vítor Constâncio:  In defence of Monetary Policy
Opinion piece by Vítor Constâncio, Vice-President of the ECB, 
11 March 2016
ENGLISH
OTHER LANGUAGES (5) +
11/03/2016
Mario Draghi:  Interview with The Guardian
Interview with Mario Draghi, President of the ECB, 
conducted by Shiv Malik on 18 February 2016 and published on 11 March 2016
10/03/2016
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, 10 March 2016
02/03/2016
Benoît Cœuré:  A budgetary capacity for the euro area
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, 
at a public hearing at the European Parliament, Brussels, 2 March 2016
02/03/2016
Benoît Cœuré:  From challenges to opportunities: rebooting the European financial sector
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at SZ (Süddeutsche Zeitung) Finance Day 2016, 
Frankfurt am Main, 2 March 2016
ENGLISH
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01/03/2016
Sabine Lautenschläger:  Navigating uncertainty – governance, risk management and leveraged finance
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the ECB’s Supervisory Board, 
at the 17th Annual Risk Management Convention by the Global Association of Risk Professionals, 1 March 2016, New York
22/02/2016
Sabine Lautenschläger:  Caught in the middle? Small and medium-sized banks and European banking supervision
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the ECB’s Supervisory Board, 
at the Banking Evening of the Deutsche Bundesbank Regional Office in Baden-Württemberg, Stuttgart, 22 February 2016
ENGLISH
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16/02/2016
Yves Mersch:  Oral hearing of the Federal Constitutional Court 16 February 2016 in the OMT proceedings
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
Introductory statement of the European Central Bank, 
Karlsruhe, 16 February 2016
ENGLISH
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15/02/2016
Mario Draghi:  Hearing at the European Parliament’s Economic and Monetary Affairs Committee
Introductory statement by Mario Draghi, President of the ECB, 
Brussels, 15 February 2016
13/02/2016
Benoît Cœuré:  Interview with Rheinische Post
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Birgit Marschall and Georg Winters and published on 13 February 2016
ENGLISH
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11/02/2016
Benoît Cœuré:  Interview with Le Parisien
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Matthieu Pelloli and published on 11 February 2016
ENGLISH
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10/02/2016
Peter Praet:  The ECB and its role as lender of last resort during the crisis
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Committee on Capital Markets Regulation conference on The lender of last resort – an international perspective, Washington DC, 10 February 2016
04/02/2016
Yves Mersch:  Policy needs, knowns and unknowns in the aftermath of the crisis
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at UBS, Zurich, 4 February 2016
04/02/2016
Mario Draghi:  How central banks meet the challenge of low inflation
Marjolin lecture delivered by Mario Draghi, President of the ECB, 
at the SUERF conference organised by the Deutsche Bundesbank, 
Frankfurt, 4 February 2016
ENGLISH
OTHER LANGUAGES (5) +
02/02/2016
Yves Mersch:  Interview with Wall Street Journal
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Brian Blackstone and Tom Fairless on 1 February 2016
01/02/2016
Mario Draghi:  European Parliament plenary debate on the ECB Annual Report for 2014
Introductory statement by Mario Draghi, President of the ECB, 
Strasbourg, 1 February 2016
01/02/2016
Benoît Cœuré:  Time for a new Lamfalussy moment
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the Professor Lamfalussy Commemorative Conference, 
Budapest, 1 February 2016
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Summary

Time for a new Lamfalussy moment

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Professor Lamfalussy Commemorative Conference, Budapest, 1 February 2016

Recalling the crucial contribution of Alexandre Lamfalussy to European integration, Benoît Cœuré calls for a new method to accelerate this process at a commemorative conference in Budapest today. The fact that Europe is facing so many challenges should not discourage Member States from integrating further. On the contrary, says Benoît Cœuré, countries sharing the euro should show they are able to go forward in a unified manner. A successful euro area is crucial for a successful European Union. A strong political commitment to complete the Economic and Monetary Union (EMU) is also needed to strengthen the recovery and spur investment. It will show the public, business and markets that we are serious about make the euro a success. In the end, there will be no sustainable economic convergence without a political convergence, which implies a common understanding of what economic and fiscal policies look like in a monetary union. This is a root cause of why the spirit of the common rules is not sufficiently implemented. The moment has come to structure the process of integration in a new manner. This means putting the debate on European integration back where it belongs – in the political arena.

30/01/2016
Peter Praet:  Interview with NRC Handelsblad
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Mark Beunderman and published on 30 January 2016
ENGLISH
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27/01/2016
Yves Mersch:  Current developments in the German banking market
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at an event organised by the Bayerischer Sparkassenverband, 
Munich, 27 January 2016
ENGLISH
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27/01/2016
Sabine Lautenschläger:  Single Supervisory Mechanism – Single Supervisory Law?
Keynote speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
at the Workshop of the European Banking Institute (EBI) hosted by the ECB, Frankfurt, 27 January 2016
27/01/2016
Benoît Cœuré:  The importance of independent fiscal councils
Opening remarks by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the workshop on “Fiscal councils, central banks and sound public finances”, Frankfurt am Main, 27 January 2016

Summary

The importance of independent fiscal councils

Opening remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the workshop on “Fiscal councils, central banks and sound public finances”, Frankfurt am Main, 27 January 2016

Setting the stage for a workshop at the ECB on fiscal councils, central banks and sound public finances, Benoît Cœuré underlines in his opening remarks that sound public finances in all euro area member countries is a precondition for completing Economic and Monetary Union. Even if these days “there is no appetite for moving towards a ‘United States of Europe’”, he says, “there is a common understanding” that euro area member countries need to further integrate their fiscal and economic policies. Benoît Cœuré focuses on the requirements that need to be met for national fiscal councils and the European Fiscal Board (EFB) to be fully effective. “Independence” is the key word at both national and European levels. The EFB is also charged with the important task of coordinating fiscal policy in the euro area to avoid pro-cyclical fiscal policies. “At this juncture using fiscal space would speed up the euro area’s return to growth and support the ECB’s objective of medium-term price stability”, says Benoît Cœuré. “But, in many countries, such fiscal space simply does not exist, because rules have not been enforced in the past. Setting up independent institutions such as the fiscal councils at the national level and the EFB at the European level could prove to be a decisive step in this direction.”

25/01/2016
Mario Draghi:  How domestic economic strength can prevail over global weakness
Keynote speech by Mario Draghi, President of the ECB, at the Deutsche Börse Group New Year’s reception 2016, Eschborn, 25 January 2016
ENGLISH
OTHER LANGUAGES (5) +
25/01/2016
Sabine Lautenschläger:  Remarks on the collection of credit data (AnaCredit)
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs (ECON) at the European Parliament, Brussels, 25 January 2016
21/01/2016
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, 21 January 2016
18/01/2016
Yves Mersch:  Growth potential and competition – what lies ahead for card payments?
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the Banque de France Conference on card payments in Europe – latest trends and challenges, 
Paris, 18 January 2016
ENGLISH
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15/01/2016
Benoît Cœuré:  Rebalancing in the euro area: are we nearly there yet?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
Danish Economic Society, Kolding, 15 January 2016

Summary

Rebalancing in the euro area: are we nearly there yet?

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Danish Economic Society, Kolding, 15 January 2016

Imbalances have fuelled the euro area crisis. Sustainable rebalancing is key to ensuring growth and stability in the euro area. It is also key to completing our monetary union, because the political will needed to achieve this project will not exist unless economic divergences are first ironed out.

Sustainable rebalancing requires that adjustment is stable, symmetrical and structural.

Since the crisis we have seen considerable improvements, especially in the countries that entered the crisis with large current account deficits. Deficits in the (former) programme countries have adjusted dramatically. Costs adjustments have also taken place in surplus countries.

But the rebalancing process has not yet reached its steady state.

In several stressed countries adjustment was achieved through lower potential growth. Employment is still more than 10% below 2008 levels. Achieving both external rebalancing and high employment requires a better reallocation of available resources and higher productivity. The Capital Markets Union and completing the single market for services are two ways forward. Seeing rebalancing as all about cutting costs – which is what policymakers often think of as “competitiveness” – is misguided.

Surplus countries also have a contribution to make to rebalancing the euro area. Demand-side policies in these countries would support euro area price stability, but would have a very limited long-term impact. A combination of higher public investment and structural reforms to create incentives for increased private investment would address both external imbalances and the domestic challenges of weak investment and low potential growth.

The full potential of using the Macroeconomic Imbalance Procedure has so far not been realised and its corrective arm should be used forcefully. Euro area countries still have a way to go to make rebalancing sustainable. Doing so is not only essential for their own stability and growth. Ultimately, it is economic divergence that fuels political divergence, which is what makes the euro area so fragile.

13/01/2016
Peter Praet:  The ECB’s monetary policy: back to medium-term price stability of below, but close to, 2%
Opinion piece by Peter Praet, ECB Executive Board member, 
Süddeutsche Zeitung, 13 January 2016
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13/01/2016
Sabine Lautenschläger:  After one year of European banking supervision, have expectations been met?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, 
at the Austrian Bankers’ Business Lunch, Frankfurt, 13 January 2016
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13/01/2016
Benoît Cœuré:  Cyber resilience for financial market infrastructures
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the workshop on the CPMI-IOSCO Guidance on Cyber Resilience for Financial Market Infrastructures, 
Frankfurt, 13 January 2016
12/01/2016
Sabine Lautenschläger:  Einheitlicher Aufsichtsmechanismus. Das erste Jahr – die ersten Erfolge (Präsentationsfolien)
Vortrag von Sabine Lautenschläger, Mitglied des Direktoriums der EZB und stellvertretende Vorsitzende des Aufsichtsgremiums des einheitlichen Aufsichtsmechanismus, 
Zonta Club Frankfurt am Main, 
12. Januar 2016
06/01/2016
Peter Praet:  Interview with Knack
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Ewald Pironet and published on 6 January 2016
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30/12/2015
Vítor Constâncio:  Interview with Börsen-Zeitung
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Mark Schrörs and published on 31 December 2015
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29/12/2015
Yves Mersch:  Interview with International Bankers Forum
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Inken Schönauer and Andreas Scholz, published on 29 December 2015
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21/12/2015
Peter Praet:  Interview with La Libre Belgique
Interview with Peter Praet, Member of the Executive Board of the ECB, 
conducted by Isabelle de Laminne and Vincent Slits, 
published on 21 December 2015
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14/12/2015
Mario Draghi:  Monetary policy and structural reforms in the euro area
Speech by Mario Draghi, President of the ECB,  
Prometeia40,  
Bologna, 14 December 2015
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Summary

Monetary Policy and Structural Reforms in the euro area

Intervention by Mario Draghi, President of the European Central Bank, at Prometeia40, Bologna, 14 December 2015

The tools we have deployed since June 2014 are producing the intended effects, said Mario Draghi in a speech in Bologna today. Following the recalibration of our instruments decided by the Governing Council earlier this month, the ECB expects inflation to return to its objective without undue delay. The President also said that if the ECB had to intensify the use of its instruments to ensure that it achieves its price stability mandate, it would.

However, while monetary policy can deliver price stability, that alone does not guarantee lasting prosperity. To have a structural recovery we need to raise not just current growth but potential growth as well. The key to this is higher investment. Investment has been held back in the euro area by three things: weak demand dynamics, the still-high private debt overhang and fragile private sector confidence.

The euro area today needs to take additional steps, alongside supporting demand, to address the debt overhang and fragile confidence. Structural reforms are key to this end. It is clear that, in some countries, the large stock of non-performing loans (NPLs) is still preventing a stronger recovery in credit. All this explains why facilitating a work-out of NPLs has to be part of the package of policy actions to restore productive investment. The ongoing work towards a Capital Market Union (CMU) is an opportunity to accelerate progress also on this front. If we are to truly underpin confidence, it is important that, even while dealing with more pressing priorities, we do not lose sight of the need to complete our monetary union.

11/12/2015
Peter Praet:  The transmission of recent non-standard measures
Speech by Peter Praet, Member of the Executive Board of the ECB, 
Joint BoE, ECB, CEPR and CFM Conference on Credit Dynamics and the Macroeconomy; 
London, 11 December 2015
10/12/2015
Peter Praet:  Interview with Handelsblatt
Interview with Peter Praet, Member of the Executive Board of the ECB, 
conducted by Jan Mallien and Daniel Schäfer, published on 10 December 2015
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All speeches

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
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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09/06/2016
Benoît Cœuré:  Interview with France 24
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Stéphanie Antoine on 8 June 2016, and broadcast on 9 June 2016
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23/05/2016
Peter Praet:  Interview with Público
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Sérgio Anibal, published on 23 May 2016.

All interviews

22/07/2016
Statistics paper no. 15: Unit non-response in household wealth surveys, by Guillaume Osier
15/07/2016
Eurosystem oversight policy framework
15/07/2016
Working paper no. 1941: The role of price and cost competitiveness for intra- and extra-euro area trade of euro area countries, by Elena Bobeica, Styliani Christodoulopoulou, et al.
15/07/2016
Working paper no. 1940: How competitiveness shocks affect macroeconomic performance across euro area countries, by Karsten Staehr, Robert Vermeulen
15/07/2016
A guide to the Eurosystem/ECB staff macroeconomic projection exercises

All publications

12/07/2016
Opinion on the exclusion of set-off rights with respect to claims mobilised as collateral with a central bank of the European System of Central Banks (CON/2016/37)
France, 
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11/07/2016
Decision (EU) 2016/1162 of the ECB of 30 June 2016 on disclosure of confidential information in the context of criminal investigations  (ECB/2016/19)
11/07/2016
Opinion on the method and procedure for counting, sorting, packaging and labelling of banknotes and coins (CON/2016/36)
Poland, 
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28/06/2016
Opinion on extending access to the central register of bank accounts  (CON/2016/35)
Belgium, 
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28/06/2016
Opinion on credit agreements for consumers relating to residential immovable property (CON/2016/34)
Greece, 
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All legal acts

21 July 2016 MONETARY POLICY

Latest ECB press conference

President Mario Draghi explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference on 21 July 2016.

Next press conference: 8 September 2016



EXPLAINERS

Five facts about the new €50

Get a first look at the new €50 and discover five things you might not know about Europe’s most widely used banknote.

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 1.1014
JPY Japanese yen icon arrow up 116.86
GBP Pound sterling icon arrow up 0.84108
CHF Swiss franc icon arrow up 1.0860
Last update: Friday, 22 July 2016 Euro foreign exchange rates

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