• Speech
    The implications of negative interest rates

    Very low interest rates, if sustained over a long period of time, can have cumulative effects on financial intermediation and stability. However, the euro area experience so far has been clearly positive, Executive Board Member Benoît Cœuré tells the Yale Financial Crisis Forum.

  • Speech
    Challenges for European banks

    Vice-President Vítor Constâncio reflects on the challenges faced by the banking industry, both at the global and the European level, at a conference in Madrid. European banks in particular have to deal with low profitability, bad loans and overcapacity in the banking sector. ​

18 August 2016ACCOUNT

Account of monetary policy meeting published

The account of the July monetary policy meeting confirms the need to monitor economic and financial market developments closely amid current uncertainties and notes the Governing Council’s readiness, if necessary, to use all instruments available within its mandate to move inflation levels back towards 2%.

1 August 2016MONETARY OPERATIONS

Monthly update of ECB’s asset purchases

The ECB bought public and private sector assets worth €80 billion in July 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.

24/08/2016
ECB publishes Consolidated Banking Data for end-March 2016
18/08/2016
Account of the monetary policy meeting of the Governing Council of the European Central Bank
held in Frankfurt am Main on Wednesday and Thursday, 20-21 July 2016
18/08/2016
Statistical press release: Euro area monthly balance of payments (June 2016)
18/08/2016
Statistical press release: Euro area financial vehicle corporation statistics
18/08/2016
Statistical press release: Euro area investment fund statistics
10/08/2016
Statistical press release: Euro area securities issues statistics
02/08/2016
Statistical press release: MFI interest rate statistics
27/07/2016
ECB publishes Eurosystem disaggregated balance sheet data
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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)

All press releases

28/07/2016
Benoît Cœuré:  Assessing the implications of negative interest rates
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the Yale Financial Crisis Forum, Yale School of Management, New Haven, 28 July 2016
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
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

All speeches

16/08/2016
Benoît Cœuré:  Further strengthening the resilience of financial plumbing
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, and chairman of the Committee on Payments and Market Infrastructures (CPMI), 
and Ashley Alder, chairman of the board of the International Organization of Securities Commissions (Iosco), 
published by the Financial Times, 16 August 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
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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
ENGLISH
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All interviews

25/08/2016
Working paper no. 1944: Multi-layered interbank model for assessing systemic risk, by Mattia Montagna, Christoffer Kok
25/08/2016
Working paper no. 1943: When shadows grow longer: shadow banking with endogenous entry, by Anil Ari, Matthieu Darracq Pariès, et al.
25/08/2016
Working paper no. 1942: Policy spillovers and synergies in a monetary union, by Óscar Arce, Samuel Hurtado, et al.
11/08/2016
Occasional paper no. 176: The fiscal and macroeconomic effects of government wages and employment reform, by Javier J. Pérez, Marie Aouriri, et al.
10/08/2016
Occasional paper no. 175: Labour market modelling in the light of the financial crisis, by Pierre Lafourcade, Andrea Gerali, et al.

All publications

17/08/2016
Regulation (EU) 2016/1384 of the ECB of 2 August 2016 amending Regulation (EU) No 1011/2012 (ECB/2012/24) concerning statistics on holdings of securities (ECB/2016/22)
17/08/2016
Recommendation of the ECB of 2 August 2016 on the data quality management framework for statistics on holdings of securities  (ECB/2016/24)
17/08/2016
Guideline (EU) 2016/1386 of the ECB of 2 August 2016 amending Guideline ECB/2013/7 concerning statistics on holdings of securities (ECB/2016/23)
29/07/2016
Opinion on the oversight of payment schemes (CON/2016/38)
Poland, 
ENGLISH
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29/07/2016
Opinion on specific rules for restructuring loans indexed or denominated in foreign currency (CON/2016/39)
Poland, 
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All legal acts

3 August 2016ECONOMIC BULLETIN

Smooth start to corporate sector purchases

The ECB’s purchases under its new corporate sector purchase programme are well diversified across companies, economic sectors and euro area countries. The programme, which started at the beginning of June 2016, aims to strengthen the pass-through of monetary policy to the real economy.

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 1.1290
JPY Japanese yen icon arrow up 113.45
GBP Pound sterling icon arrow up 0.85570
CHF Swiss franc icon arrow up 1.0905
Last update: Thursday, 25 August 2016 Euro foreign exchange rates

Multimedia

  • Five facts about the new €50

  • Inside the Asset Purchase Programme

  • Discover the New €50 Banknote

  • ECB President Mario Draghi explains TLTRO II

  • Discover the new 20 euro banknote

  • Living in Frankfurt. Working for the ECB

  • New ECB premises: time-lapse video of the construction process

  • Collateral management - the role of the Eurosystem

  • TARGET balances in 8 minutes

  • ECB and the Eurosystem explained in 3 min.

  • 21 July 2016 Press Conference

  • Unveiling of the new €50 banknote

  • Young Economists at ECB Forum on Central Banking

  • ECB Main Building

  • Luminale 2016 - ECB's illuminated buildings

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    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, June 2016 - cover image

    The international role of the euro, June 2016

  • 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