23 October 2017 MONETARY POLICY

Press conference on Thursday, 26 October 2017

ECB President Mario Draghi and Vice-President Vítor Constâncio explain the Governing Council’s monetary policy decisions and answer questions from journalists.

The press conference starts at 14:30 CET.

23 October 2017PRESS RELEASE

Ongoing consolidation in the banking sector

The ECB’s 2017 Report on financial structures shows that the number of credit institutions declined by 25% between 2008 and 2016, while the overall financial sector expanded in relation to GDP. Euro area banks increased their capital in 2016 compared with 2015.

18/10/2017
Mario Draghi: Structural Reforms in the Euro Area
Introductory remarks by Mario Draghi, President of the ECB, at the ECB conference “Structural reforms in the euro area”, Frankfurt am Main, 18 October 2017
17/10/2017
Vítor Constâncio: The evolving risk landscape in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, at the Banco de Portugal Conference on Financial Stability, Lisbon, 17 October 2017
16/10/2017
Sabine Lautenschläger: Dealing with a globalised banking sector
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at George Washington University Law School, Washington D.C., 16 October 2017
15/10/2017
Vítor Constâncio: Growth in a more resilient Euro area
Remarks by Vítor Constâncio, Vice-President of the European Central Bank, on a panel entitled “The Global Economy: Prospects for Broad-Based Growth” at the 32nd Annual G30 International Banking Seminar, Washington D.C., 15 October 2017
14/10/2017
Sabine Lautenschläger: Is small beautiful? Supervision, regulation and the size of banks
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at an IMF seminar, Washington D.C., 14 October 2017

All speeches

28/09/2017
Peter Praet: Interview with Les Echos
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Isabelle Couet and Catherine Chatignoux on 25 September and published on 29 September 2017
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20/09/2017
Vítor Constâncio: Interview with Euronews
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Efthymia Koutsokosta on 15 September and published on 20 September
16/09/2017
Peter Praet: Interview with De Tijd
Interview Peter Praet, Member of the Executive Board of the ECB, conducted by Wouter Vervenne and Bart Haeck on 13 September and published on 16 September 2017
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12/09/2017
Benoît Cœuré: Europe’s moment
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, published by Börsen-Zeitung, 12 September 2017
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01/09/2017
Yves Mersch: The role of cash: Customer retention and tie to the citizen
Contribution by Yves Mersch, Member of the Executive Board of the ECB, 1 September 2017

All interviews

23/10/2017
Report on financial structures, October 2017
18/10/2017
What will monetary policy look like after the crisis?
13/10/2017
Letter from the ECB President to Mr Tajani, President of the European Parliament, regarding the draft addendum to the ECB Guidance to banks on non-performing loans
13/10/2017
Letter from Danièle Nouy, Chair of the Supervisory Board, to Mr Tajani, President of the European Parliament, regarding the draft addendum to the ECB Guidance to banks on non-performing loans
13/10/2017
Occasional paper no. 198: Large net foreign liabilities of euro area countries
12/10/2017
Working paper no. 2105: Monetary policy and bank profitability in a low interest rate environment
11/10/2017
The Crisis, Ten Years After: Lessons Learnt for Monetary and Financial Research
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11/10/2017
Working paper no. 2104: Do we want these two to tango? On zombie firms and stressed banks in Europe
11/10/2017
Working paper no. 2103: Asymmetric wage adjustment and employment in European firms
10/10/2017
User guide on the Eurosystem consolidated weekly financial statement

All publications

11/10/2017
Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (CON/2017/42)
09/10/2017
Opinion on judicial relief granted to holders of qualified bank credit (CON/2017/41)
Slovenia, 
ENGLISH
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06/10/2017
Opinion on limitations to cash payments (CON/2017/40)
Cyprus, 
ENGLISH
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04/10/2017
Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 and Regulation (EU) No 648/2012 with regard to the procedures and authorities involved for the authorisation of central counterparties and the recognition of third country central counterparties (CON/2017/39)
26/09/2017
Guideline of the ECB of 22 September 2017 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2017/28)

All legal acts

5 October 2017EDUCATIONAL

G€SA competition open to students

How does the work of a central bank impact the economy? Students across Europe can sign up in teams for the latest Generation €uro Students’ Award competition. They can learn more about monetary policy and perhaps even travel to Frankfurt for an award event with the President of the ECB.

EXPLAINER

What are structural reforms?

In the wake of the financial crisis, politicians and policymakers have often called for structural reforms to help lift economic growth. But what are structural reforms? And why does the ECB care about them if its mandate is to keep prices stable?

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 1.1818
JPY Japanese yen 133.75
GBP Pound sterling 0.89623
CHF Swiss franc 1.1597
Last update: Friday, 20 October 2017 Euro foreign exchange rates

Multimedia

  • #ECBYouthDialogue - Dublin, Ireland

  • Highlights ECB Forum on Central Banking 2017

  • #ECBYouthDialogue - Lisbon 2017

  • Breaking internal barriers for women | Celia de Anca - 12 June 2017

  • Why we need more diversity to solve complex problems | Scott Page - 12 June 2017

  • Interview Vítor Constâncio on Financial Stability Review

  • EU Open Days - May 2017

  • Generation €uro Students' Award 2017

  • The new €50 banknote is now in circulation

  • How quantitative easing works

  • 15 years of the euro

  • Five facts about the new €50

  • Inside the Asset Purchase Programme

  • Discover the New €50 Banknote

  • ECB and the Eurosystem explained in 3 min.

  • Inauguration ECB Visitor Centre – 4 October 2017

  • Sendung mit der Maus - 3 October 2017

  • #ECBYouthDialogue, Dublin - 22 September 2017

  • Opening of the Cyprus Contemporary Art Exhibition - 20 September 2017

  • ECB Press Conference - 7 September 2017

  • ECB Press Conference - 20 July 2017

  • #ECBYouthDialogue - 26 June 2017, Lisbon, Portugal

  • ECB Forum on Central Banking - Sintra, Portugal, 26-28 June 2017

  • ECB Press Conference - 8 June 2017, Tallinn

  • EU Open Day in Brussels - 6 May 2017

  • ECB Open Day for women in technical fields - 04 May 2017

  • ECB Press Conference - 27 April 2017

  • The new €50 banknote - 4 April 2017

  • Generation Euro Students' Award - 4/5 April 2017

  • Europe's digital integrated market - 31 January 2017

  • 25 November 2016 UN Orange Day

  • 17 October 2016 Cultural Days Opening Concert

  • 3 October 2016 Türen Auf!

  • Unveiling of the new €50 banknote

  • Young Economists at ECB Forum on Central Banking

  • ECB Main Building

  • Luminale 2016 - ECB's illuminated buildings

  • Financial integration in Europe - cover image

    Financial integration in Europe

  • ESCB Legal Conference 2016 - cover image

    ESCB Legal Conference 2016

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

    The international role of the euro, June 2016

  • Conference proceedings of the ECB Forum on Central Banking, Sintra 2016: The Future of the international monetary and financial architecture - cover image

    Conference proceedings of the ECB Forum on Central Banking, Sintra 2016: The Future of the international monetary and financial architecture

  • 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

  • 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