• The state and prospects of the euro area recovery
    Speech
    The state and prospects of the euro area recovery

    Mario Draghi says GDP in the euro area has exceeded its pre-crisis level for the first time in 2016, with the economy recovering at a moderate pace. But the recovery remains reliant on financing conditions that in turn depend on continued monetary support, which the ECB is committed to providing.

Non-standard measures: essential but temporary
17 November 2016SPEECH

Non-standard measures: essential but temporary

Executive Board member Yves Mersch discusses the reasons for and effects of the ECB’s non-standard measures, explaining that without them, the euro area would probably have fallen back into recession. He adds that a return to normal conditions cannot be achieved through monetary policy alone.

Mario Draghi at the European Parliament
18 November 2016ACCOUNTABILITY

Mario Draghi at the European Parliament

President Mario Draghi appears at the European Parliament on 21 November on the occasion of the plenary debate on the ECB’s Annual Report for 2015.

The debate starts at 17:00.

18/11/2016
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
November 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
18/11/2016
Statistical press release: Euro area monthly balance of payments (September 2016)
ENGLISH
17/11/2016
Account of the monetary policy meeting of the Governing Council of the European Central Bank
held in Frankfurt am Main on Wednesday and Thursday, 19-20 October 2016
ENGLISH
11/11/2016
Statistical press release: Euro area securities issues statistics
ENGLISH
08/11/2016
Prime Minister of Norway visits the ECB
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BokmålNB
03/11/2016
ECB reviews its risk control framework for collateral assets
ENGLISH
03/11/2016
ECB amends Guidelines relating to the Eurosystem’s monetary policy implementation
ENGLISH
03/11/2016
Statistical press release: MFI interest rate statistics
ENGLISH
28/10/2016
Statistical press release: Euro area economic and financial developments by institutional sector: 2nd Quarter 2016
ENGLISH
27/10/2016
Statistical press release: Monetary developments in the euro area
ENGLISH

All press releases

18/11/2016
Peter Praet:  The euro area economy, monetary policy and structural reforms
Remarks by Peter Praet, Member of the Executive Board of the ECB, 
at the Observatory Group roundtable in New York, 18 November 2016
ENGLISH
18/11/2016
Mario Draghi:  The state and prospects of the euro area recovery
Speech by Mario Draghi, President of the ECB, at the European Banking Congress, Frankfurt, 18 November 2016
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17/11/2016
Peter Praet:  The future of global financial integration
Remarks by Peter Praet, Member of the Executive Board of the ECB, 
Global Research Forum on International Macroeconomics and Finance, Federal Reserve Bank of New York, 17 November 2016
ENGLISH
17/11/2016
Yves Mersch:  The causes of monetary policy measures and their impact – a review
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the Euro Finance Week, FAROS Institutional Investors Forum, 
Frankfurt, 17 November 2016
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DeutschDE
15/11/2016
Sabine Lautenschläger:  The European banking sector – a quick pulse check
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at a Euro Finance Week Conference, 
Frankfurt am Main, 15 November 2016
ENGLISH

All speeches

11/11/2016
Benoît Cœuré:  Interview with Le Progrès de Lyon and EBRA newspaper group
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Frank Viart of Le Progrès de Lyon and published by EBRA newspaper group (L’Alsace, Les Dernières Nouvelles d’Alsace, Le Républicain Lorrain, L’Est Républicain, Vosges Matin, Le Bien Public, Le Journal de Saône-et-Loire, Le Progrès de Lyon, Le Dauphiné Libéré and Vaucluse Matin) on 11 November 2016
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FrançaisFR
08/11/2016
Benoît Cœuré:  Low interest rates are not inevitable
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, 
Les Echos, 9 November 2016
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FrançaisFR
02/11/2016
Sabine Lautenschläger:  Interview with Süddeutsche Zeitung
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
conducted by Meike Schreiber and Markus Zydra and published on 2 November 2016
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DeutschDE
30/09/2016
Sabine Lautenschläger:  Interview with Börsen-Zeitung
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
conducted by Mark Schrörs and published on 30 September 2016
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DeutschDE
30/09/2016
Mario Draghi:  Interview with ARD Tagesthemen
Interview with Mario Draghi, President of the ECB, 
conducted by Thomas Roth and broadcast on 28 September 2016
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DeutschDE

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18/11/2016
Working paper no. 1981: Capital and labour (mis)allocation in the euro area: some stylized facts and determinants, by Elisa Gamberoni, Claire Giordano, et al.
ENGLISH
17/11/2016
Working paper no. 1980: US-euro area term structure spillovers, implications for central banks, by Ken Nyholm
ENGLISH
17/11/2016
Working paper no. 1979: Correlation changes between the risk-free rate and sovereign yields of euro area countries, by Roberto De Santis, Michael Stein
ENGLISH
17/11/2016
Letter from the ECB President to Mr Ciocca, MEP, on monetary policy
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ItalianoIT
17/11/2016
Letter from the ECB President to Mr Molnar, MEP, on the activities of the Hungarian National Bank
ENGLISH

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17/11/2016
Opinion on the conferral of powers on the Central Bank of Ireland to assess competition in the market for mortgage loans and to issue lenders with directions on variable interest rates (CON/2016/54)
Ireland, 
ENGLISH
15/11/2016
Guideline (EU) 2016/1994 of the ECB of 4 November 2016 on the approach for the recognition of institutional protection schemes for prudential purposes by national competent authorities pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council  (ECB/2016/38)
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15/11/2016
Guideline (EU) 2016/1993 of the ECB of 4 November 2016 laying down the principles for the coordination of the assessment pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council and the monitoring of institutional protection schemes including significant and less significant institutions (ECB/2016/37)
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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
11/11/2016
Decision (EU) 2016/1975 of the ECB of 8 November 2016 on the sub-delegation of the powers to grant a provisional accreditation (ECB/2016/39)
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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
07/11/2016
Memorandum of Understanding between Eurostat and the ECB/Directorate General Statistics on the quality assurance of statistics underlying the Macroeconomic Imbalances Procedure
ENGLISH

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Account of monetary policy meeting published
17 November 2016ACCOUNT

Account of monetary policy meeting published

The Governing Council is committed to preserving its monetary policy support and ready, if necessary, to use all instruments available within its mandate to secure a return of inflation back towards 2%, the account of the last monetary policy meeting shows.

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 1.0629
JPY Japanese yen 116.95
GBP Pound sterling 0.86218
CHF Swiss franc 1.0711
Last update: Friday, 18 November 2016 Euro foreign exchange rates

Financial stability

Market operations

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