• Speech
    Moving to the global productivity frontier

    The diffusion of innovation is key to productivity growth in the euro area, says ECB President Mario Draghi at a joint ECB/MIT conference on innovation and entrepreneurship. Companies should learn from each other to adopt new technologies that improve productivity overall.

23 March 2017ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 2, 2017

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.

22 March 2017ECONOMIC BULLETIN

Benefits of global value chain participation

This Economic Bulletin article shows that economies participating more in global value chains than their trading partners display larger current account surpluses or smaller current account deficits. Participation improves competitiveness, which boosts exports and raises income.

22/03/2017
Statistical press release: Euro area monthly balance of payments (January 2017)
10/03/2017
Statistical press release: Euro area securities issues statistics
09/03/2017
Monetary policy decisions
03/03/2017
Statistical press release: MFI interest rate statistics
28/02/2017
Statistical press release: New statistics on euro area insurance corporations and pension funds
27/02/2017
Statistical press release: Monetary developments in the euro area
17/02/2017
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
February 2017
16/02/2017
Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 18-19 January 2017
16/02/2017
Financial statements of the ECB for 2016
14/02/2017
ECB publishes Consolidated Banking Data for end-September 2016

All press releases

23/03/2017
Sabine Lautenschläger:  Taming the fire
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Credit Risk 2017 forum, Vienna, 23 March 2017
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22/03/2017
Sabine Lautenschläger:  Caution should be the life of banking
Introductory statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the AFME Board Meeting in Frankfurt, 22 March 2017
16/03/2017
Peter Praet:  The ECB’s monetary policy: past and present
Speech by Peter Praet, Member of the Executive Board of the ECB, 
at the Febelfin Connect event, Brussels/Londerzeel, 16 March 2017
15/03/2017
Peter Praet:  The euro area economic outlook and monetary policy
Intervention by Peter Praet, Member of the Executive Board of the ECB, 
at a panel discussion at the G-20 conference "The G20 Agenda under the German Presidency" organised by the Institute of International Finance, 
Frankfurt am Main, 15 March 2017
13/03/2017
Mario Draghi:  Moving to the Frontier: Promoting the Diffusion of Innovation
Welcome address by Mario Draghi, President of the ECB, 
at the joint conference by the ECB and the MIT Lab for Innovation Science and Policy “Fostering Innovation and Entrepreneurship in the Euro area”, 
Frankfurt am Main, 13 March 2017

All speeches

19/02/2017
Sabine Lautenschläger:  Interview with Deutschlandfunk
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
conducted by Klemens Kindermann and published on 19 February 2017
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07/02/2017
Benoît Cœuré:  Interview with Le Parisien
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Séverine Cazes and Boris Cassel, published on 7 February 2017
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23/01/2017
Benoît Cœuré:  Interview with Radio Classique
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Nicolas Pierron on 23 January 2017
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20/01/2017
Benoît Cœuré:  Interview with CNBC
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Julia Chatterley in Davos on 20 January 2017
31/12/2016
Benoît Cœuré:  Interview with Börsen-Zeitung
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Mark Schrörs and Detlef Fechtner on 20 December and published on 31 December 2016
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All interviews

23/03/2017
Economic Bulletin Issue 2, 2017
23/03/2017
Conceptual issues surrounding the measurement of fiscal space (Economic Bulletin Issue 2, 2017)
23/03/2017
New euro area statistics on insurance corporations (Economic Bulletin Issue 2, 2017)
23/03/2017
Liquidity conditions and monetary policy operations in the period from 26 October 2016 to 24 January 2017 (Economic Bulletin Issue 2, 2017)
23/03/2017
Impact of the ECB's non-standard measures on financing conditions: taking stock of recent evidence (Economic Bulletin Issue 2, 2017)
23/03/2017
EME financial market developments after the 2016 US presidential election compared with developments after the 2013 tapering talk episode (Economic Bulletin Issue 2, 2017)

All publications

15/03/2017
Opinion on certain amendments to the deferred tax assets legal framework in Greece (CON/2017/7)
Greece, 
08/03/2017
Opinion on a proposal for a directive of the European Parliament and of the Council on amending Directive 2014/59/EU as regards the ranking of unsecured debt instruments in insolvency hierarchy (CON/2017/6)
01/03/2017
Opinion on provision of information and data by payment systems, payment schemes, securities depositories and clearing and settlement systems (CON/2017/5)
Poland, 
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22/02/2017
Opinion on Italy’s participation in a number of International Monetary Fund programmes: the extension of the New Arrangements to Borrow, the contribution to the Poverty Reduction and Growth Trust, and a new bilateral loan agreement (CON/2017/4)
Italy, 
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17/02/2017
Opinion on conferring new mortgage credit-related tasks on the Central Bank of Cyprus (CON/2017/3)
Cyprus, 
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All legal acts

14 March 2017CONFERENCE

ECB Forum – young economists wanted!

PhD students are invited to apply by 24 March for the young economists’ poster session at the ECB Forum on Central Banking in Sintra. Those selected will present their research and can win a prize.

This year’s Forum focuses on investment and growth in advanced economies.

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 1.0786
JPY Japanese yen 119.36
GBP Pound sterling 0.86273
CHF Swiss franc 1.0700
Last update: Thursday, 23 March 2017 Euro foreign exchange rates

Multimedia

  • Young Innovators share their views at the ECB

  • How quantitative easing works

  • ECB Press Conference - 9 March 2017

  • 15 years of the euro

  • The new €50 banknote

  • Vítor Constâncio interview: The Financial Stability Review November 2016

  • ECB European Cultural Days - Germany 2016 - preview

  • 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.

  • ECB Press Conference - 09 March 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

  • ECB statistics: a brief overview - cover image

    ECB statistics: a brief overview

  • Progress through crisis? Proceedings of the conference for the 20th anniversary of the establishment of the European Monetary Institute - cover image

    Progress through crisis? Proceedings of the conference for the 20th anniversary of the establishment of the European Monetary Institute

  • 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