• Payment systems
    Final migration wave of T2S successfully completed

    The Baltic States and Spain have successfully connected to the Eurosystem’s TARGET2-Securities (T2S) securities settlement platform under the final migration wave. T2S, a single technical platform supported by a set of harmonisation standards, now connects 20 markets across Europe.

19 September 2017ECONOMIC BULLETIN

Structural reform needs in the euro area

Structural reforms have had a positive impact on business operations, according to an ECB survey of large companies. However, the pace of reform has been “slow and fragmented” in recent years. Businesses also believe that labour market reforms are the most pressing item on this front.

19 September 2017ECONOMIC BULLETIN

Base money, broad money and the APP

The asset purchase programme (APP) has been an important driving force behind the robust developments in broad money recorded since 2015. The expanded programme also marked the start of a new phase of supply-side-induced increases in the volume of base money.

18/09/2017
Sabine Lautenschläger: Regulation, supervision and market discipline – striking a balance
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at a conference hosted by the Financial Stability Institute, 18 September 2017, Basel
15/09/2017
Sabine Lautenschläger: Monetary policy – what’s next?
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Eurofi Financial Forum, Tallinn, 15 September 2017
14/09/2017
Yves Mersch: Economic and financial priorities for relaunching the Eurozone and the EU
Speech by Yves Mersch, Member of the Executive Board of the ECB, EUROFI conference - Tallinn, 14 September 2017
13/09/2017
Peter Praet: Karl-Otto Pöhl Lecture
Remarks by Peter Praet, Member of the Executive Board of the ECB, Frankfurt am Main, 13 September 2017
12/09/2017
Vítor Constâncio: Role and effects of the ECB non-standard policy measures
Remarks by Vítor Constâncio, Vice-President of the ECB, at the ECB Workshop “Monetary Policy in Non-Standard Times”, 11 and 12 September 2017, Frankfurt am Main

All speeches

16/09/2017
Peter Praet: Interview with De Tijd
Interview Peter Praet, Member of the Executive Board of the ECB, conducted by Wouter Vervenne and Bart Haeck on 13 September and published on 16 September 2017
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12/09/2017
Benoît Cœuré: Europe’s moment
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, published by Börsen-Zeitung, 12 September 2017
ENGLISH
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01/09/2017
Yves Mersch: The role of cash: Customer retention and tie to the citizen
Contribution by Yves Mersch, Member of the Executive Board of the ECB, 1 September 2017
23/08/2017
Vítor Constâncio: Investment and Growth in Advanced Economies: Selected Takeaways from the ECB’s Sintra Forum
Contribution of Vítor Constâncio, Philipp Hartmann and Peter McAdam for VoxEU
29/07/2017
Sabine Lautenschläger: Interview with Mannheimer Morgen
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Rolf Obertreis on 25 July and published on 29 July 2017
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All interviews

11/09/2017
Opinion on the legal framework for covered bonds, reporting of credit data, macroprudential powers and tools, and SSM common procedures (CON/2017/36)
Slovakia, 
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28/08/2017
Regulation of the ECB of 25 August 2017 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2017/25)
28/08/2017
Regulation of the ECB of 25 August 2017 laying down the date of application of Regulation (EU) 2017/[XX*] amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2017/25) to less significant supervised entities which are subject to national accounting frameworks (ECB/2017/26)
25/08/2017
Opinion on amendments to the financial market supervisory regime (CON/2017/35)
Austria, 
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24/08/2017
Opinion on draft law amending the NBB Organic Statute with regard to the number of directors on the NBB’s Board (CON/2017/34)
Belgium, 
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All legal acts

#EUROVIDEOCHALLENGE

Tell us your story!

The #EuroVideoChallenge is on! If you’re aged 18-30, take part by submitting an original video on an economic topic related to the ECB’s activities and you could win a trip to Lyon and a cash prize! Enter by 24 September 2017.

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 1.1948
JPY Japanese yen 133.09
GBP Pound sterling 0.88253
CHF Swiss franc 1.1464
Last update: Monday, 18 September 2017 Euro foreign exchange rates

Multimedia

  • Highlights ECB Forum on Central Banking 2017

  • #ECBYouthDialogue - Lisbon 2017

  • Breaking internal barriers for women | Celia de Anca - 12 June 2017

  • Why we need more diversity to solve complex problems | Scott Page - 12 June 2017

  • Interview Vítor Constâncio on Financial Stability Review

  • EU Open Days - May 2017

  • Generation €uro Students' Award 2017

  • The new €50 banknote is now in circulation

  • How quantitative easing works

  • 15 years of the euro

  • Five facts about the new €50

  • Inside the Asset Purchase Programme

  • Discover the New €50 Banknote

  • ECB and the Eurosystem explained in 3 min.

  • ECB Press Conference - 7 September 2017

  • ECB Press Conference - 20 July 2017

  • #ECBYouthDialogue - 26 June 2017, Lisbon, Portugal

  • ECB Forum on Central Banking - Sintra, Portugal, 26-28 June 2017

  • ECB Press Conference - 8 June 2017, Tallinn

  • EU Open Day in Brussels - 6 May 2017

  • ECB Open Day for women in technical fields - 04 May 2017

  • ECB Press Conference - 27 April 2017

  • The new €50 banknote - 4 April 2017

  • Generation Euro Students' Award - 4/5 April 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

  • ESCB Legal Conference 2016 - cover image

    ESCB Legal Conference 2016

  • The international role of the euro, June 2016 - cover image

    The international role of the euro, June 2016

  • Conference proceedings of the ECB Forum on Central Banking, Sintra 2016: The Future of the international monetary and financial architecture - cover image

    Conference proceedings of the ECB Forum on Central Banking, Sintra 2016: The Future of the international monetary and financial architecture

  • 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

  • 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