• Speech
    Cœuré assesses functioning of bond markets

    Executive Board member Benoît Cœuré takes a closer look at how the ECB’s policy measures, recent regulatory and industry initiatives are affecting the functioning of euro government bond markets. So far there are no major problems, he says in a speech at the Government Borrowers Forum.

  • Speech
    Addressing the causes of low interest rates

    The low interest rate environment is a symptom of challenges in the world economy, not its cause, says President Mario Draghi. If interest rates are to rise again to sustainably higher levels, it is those underlying causes that need to be addressed in the euro area and worldwide.

4 May 2016PRESS RELEASE

ECB ends production and issuance of €500 notes

The Governing Council has decided to stop producing €500 banknotes. All other denominations will remain in place. Existing €500 banknotes will remain legal tender and can continue to be used as a means of payment and store of value.

2 May 2016MONETARY OPERATIONS

Monthly update of ECB’s asset purchases

The ECB bought public and private sector assets worth €85 billion in April under its expanded asset purchase programme.

Reports on the asset purchases are published on the first working Monday of every month at 15:45 CET.

04/05/2016
ECB ends production and issuance of €500 banknote
03/05/2016
ECB publishes legal acts relating to the second series of targeted longer-term refinancing operations (TLTRO-II)
03/05/2016
Statistical press release: MFI interest rate statistics
28/04/2016
Statistical press release: Euro area economic and financial developments by institutional sector: 4th Quarter 2015
27/04/2016
Statistical press release: Monetary developments in the euro area
25/04/2016
Financial re-integration trend moderates, but ambitious capital markets union will boost benefits of integration
22/04/2016
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
April 2016
22/04/2016
Results of the Q2 2016 ECB Survey of Professional Forecasters (SPF)
19/04/2016
Statistical press release: Euro area monthly balance of payments (February 2016)
12/04/2016
Statistical press release: Euro area securities issues statistics

All press releases

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
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
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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
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

All speeches

05/05/2016
Yves Mersch:  Bares bleibt Wahres
Gastbeitrag von Yves Mersch, Mitglied des Direktoriums der EZB, 
Spiegel Online, 5. Mai 2016
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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All interviews

05/05/2016
Economic Bulletin Issue 3, 2016
05/05/2016
The second series of targeted longer-term refinancing operations (TLTRO II) (Economic Bulletin Issue 3, 2016)
05/05/2016
Recent wage trends in the euro area (Economic Bulletin Issue 3, 2016)
05/05/2016
Harmonised Index of Consumer Prices - Easter effects and improved seasonal adjustment (Economic Bulletin Issue 3, 2016)
04/05/2016
Government debt reduction strategies in the euro area (Economic Bulletin Issue 3, 2016)

All publications

03/05/2016
Decision (EU) 2016/XX of the ECB of 28 April 2016 on a second series of targeted longer-term refinancing operations (ECB/2016/10)
03/05/2016
Opinion on the resolution and winding-up of banks (CON/2016/28)
Slovenia, 
ENGLISH
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03/05/2016
Decision (EU) 2016/XX of the ECB of 28 April 2016 amending Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations (ECB/2016/11)
02/05/2016
Decision of the ECB of 26 April 2016 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2016/9)
29/04/2016
Opinion on a proposal for a regulation amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European union and on central securities depositories as regards certain dates, and a proposal for a directive amending Directive 2014/65/EU on markets in financial instruments as regards certain dates (CON/2016/27)

All legal acts

5 May 2016ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 3, 2016

The Economic Bulletin presents the economic and monetary information which forms the basis for the Governing Council’s policy decisions.

It is released eight times a year, two weeks after each monetary policy meeting.

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 1.1427
JPY Japanese yen icon arrow up 122.23
GBP Pound sterling icon arrow up 0.78850
CHF Swiss franc icon arrow up 1.1070
Last update: Friday, 06 May 2016 Euro foreign exchange rates

Multimedia

  • Vítor Constâncio interview on November 2015 Financial Stability Review

  • Danièle Nouy and Sabine Lautenschläger talk about the ECB's new banking supervision role [raw video]

  • Working for the ECB. Building banking supervision

  • Living in Frankfurt. Working for the ECB.

  • Collateral management - the role of the Eurosystem

  • TARGET balances in 8 minutes

  • Discover the new €20 banknote

  • ECB and the Eurosystem explained in 3 min.

  • 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, July 2015 - cover image

    The international role of the euro, July 2015

  • 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