• Our role as lender of last resort for banks
    Speech
    Our role as lender of last resort for banks

    The ECB’s response to the crisis involved two different approaches for its role as lender of last resort, Executive Board member Peter Praet says in a speech. He explains how this role evolved during the crisis and highlights the benefits that a complete banking union would bring.

    Speech
  • How central banks meet the challenge of low inflation
    Speech
    How central banks meet the challenge of low inflation

    Central banks should remain committed to delivering on their mandates, despite arguments by some that monetary policy should not react to low inflation, says ECB President Mario Draghi. By delivering on their mandates, central banks can tame global disinflationary forces.

    Speech
    ENGLISH
    OTHER LANGUAGES (5) +
4 February 2016ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 1, 2016

The Economic Bulletin presents the economic and monetary information which forms the basis for the ECB’s Governing Council’s policy decisions. For the first time the bulletin is being published as a searchable webpage as well as in the existing PDF and ePub formats.

Issue 1, 2016 (HTML version) Issue 1, 2016 (PDF version) Publication schedule
2 February 2016ECONOMIC BULLETIN

Changes in bank funding since the crisis

The upcoming Economic Bulletin describes how changes in the composition and the cost of bank funding affect credit supply and, ultimately, output and inflation. Steps towards a banking union and new regulation have encouraged a move towards a more resilient funding structure.

Recent developments in the composition and cost of bank funding in the euro area
10/02/2016
Statistical press release: Euro area securities issues statistics
05/02/2016
ECB explains the Agreement on Net Financial Assets
04/02/2016
Statement by the European Commission and the European Central Bank following the third post-programme surveillance mission to Portugal
04/02/2016
ECB appoints Roberto Schiavi as Director General Budget and Finance
04/02/2016
Statistical press release: MFI interest rate statistics
29/01/2016
Statistical press release: Monetary developments in the euro area
28/01/2016
Statistical press release: Euro area economic and financial developments by institutional sector: 3rd Quarter 2015
22/01/2016
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
January 2016
22/01/2016
Euro banknote counterfeiting declines slightly in second half of 2015
19/01/2016
Statistical press release: Euro area monthly balance of payments (November 2015)

All press releases

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
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) +
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
ENGLISH
OTHER LANGUAGES (1) +
Select your language

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.

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
OTHER LANGUAGES (1) +
Select your language

All speeches

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
OTHER LANGUAGES (1) +
Select your language
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
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
OTHER LANGUAGES (1) +
Select your language
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
ENGLISH
OTHER LANGUAGES (5) +
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
ENGLISH
OTHER LANGUAGES (1) +
Select your language

All interviews

08/02/2016
Working paper no. 1883: Is fiscal consolidation self-defeating? A Panel-VAR analysis for the Euro area countries, by Maria Grazia Attinasi, Luca Metelli
05/02/2016
Working paper no. 1882: Is the intrinsic value of macroeconomic news announcements related to their asset price impact?, by Thomas Gilbert, Chiara Scotti, et al.
05/02/2016
Working paper no. 1881: Assessing the efficacy of borrower-based macroprudential policy using an integrated micro-macro model for European households, by Marco Gross, Francisco Javier Población García
04/02/2016
Eurosystem contribution to the European Commission's call for evidence on the EU regulatory framework for financial services
04/02/2016
Occasional paper no. 168: What's so special about specialization in the euro area?, by Francesco Paolo Mongelli, Elisa Reinhold, et al.

All publications

03/02/2016
Opinion on the deposit guarantee scheme (CON/2016/6)
Slovenia, 
ENGLISH
OTHER LANGUAGES (1) +
Select your language
01/02/2016
Opinion on the recovery and resolution of credit institutions and investment firms (CON/2016/5)
Cyprus, 
ENGLISH
OTHER LANGUAGES (1) +
Select your language
25/01/2016
Opinion on safeguarding the redemption of coins by the Austrian Mint (CON/2016/4)
Austria, 
ENGLISH
OTHER LANGUAGES (1) +
Select your language
25/01/2016
Guideline ECB/2014/60. Unofficial consolidated text produced by the Publications Office of the European Union
21/01/2016
Opinion on the deposit guarantee scheme (CON/2016/3)
Greece, 

All legal acts

11 February 2016ACCOUNTABILITY

Hearing at European Parliament on 15 February

Mario Draghi, President of the ECB, speaks before the European Parliament’s Committee on Economic and Monetary Affairs and answers questions from its Members.
The quarterly hearing starts at 15:00 CET.

Webcast
EXPLAINERS

What is ANFA?

ANFA is the Agreement on Net Financial Assets between the national central banks of the euro area and the ECB. It sets rules and limits for non-monetary policy holdings which are related to national tasks of the national central banks within the Eurosystem.

Interest rates

Marginal lending facility 0.30 %
Main refinancing operations (fixed rate) 0.05 %
Deposit facility − 0.30 %
Effective from 9 December 2015

Inflation rates

Full inflation chart Inflation dashboard

Reference rates

USD US dollar icon arrow up 1.1257
JPY Japanese yen icon arrow up 129.42
GBP Pound sterling icon arrow up 0.77328
CHF Swiss franc icon arrow up 1.0960
Last update: Wednesday, 10 February 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