European Central Bank

Event

Celebrating Europe

The European Cultural Days 2019 kick off today with the Europa Open Air concert. This year’s theme is “celebrating Europe” to mark 20 years of the euro. The concert can be watched live in Frankfurt or online from 20:15 CET and features music from a variety of European composers.
- More information
- Livestream
- Livestream on YouTube

In focus
Press releases1
Speeches
Interviews
Publications
Legal acts

22 August 2019 ACCOUNT

Account of July monetary policy meeting

The Governing Council underlined the need for highly accommodative monetary policy, in light of prolonged uncertainties that have continued to dampen the economic outlook and in light of persistently low inflation. It therefore decided to adjust its forward guidance on interest rates.

Account

20 August 2019 EVENT

A special day for children at the ECB

Registration now open: on 3 October 2019 we will open our doors to fans of Germany’s well-known children’s show “Die Sendung mit der Maus”. Together with TV presenter Tobias Krell, children can learn about the euro, the ECB’s tasks and much more.

22/08/2019: Account of the monetary policy meeting
ENGLISH
21/08/2019: ECB European Cultural Days 2019: Celebrating 20 years of the euro
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DeutschDE
20/08/2019: Consolidated financial statement of the Eurosystem as at 16 August 2019
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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

Commentary
ENGLISH
20/08/2019: Euro money market statistics: fourth maintenance period 2019
ENGLISH
19/08/2019: Private sector working group issues recommendations on the transition from EONIA to €STR for cash and derivatives products
ENGLISH

All press releases

25/07/2019: Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 July 2019
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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
17/07/2019: Benoît Cœuré: Exchange of views with members of the High Council of Public Finance
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, prior to an informal exchange of views with the High Council of Public Finance, Paris, 17 July 2019
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FrançaisFR
04/07/2019: Luis de Guindos: Macroprudential policy ten years after the crisis
Keynote speech by Luis de Guindos, Vice-President of the ECB, at the CIRSF Annual International Conference 2019 “Financial Supervision and Financial Stability Ten Years after the Crisis: Achievements and Next Steps”, Lisbon, 4 July 2019
ENGLISH
04/07/2019: Philip R. Lane: Welcome address
Welcome remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the ECB conference on “Challenges in the digital age”, Frankfurt, 4 July 2019
ENGLISH
01/07/2019: Philip R. Lane: Monetary Policy and Below-Target Inflation
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of Finland conference on Monetary Policy and Future of EMU
ENGLISH

All speeches

09/07/2019: Philip R. Lane: Q&A on Twitter
Interview on Twitter with Philip R. Lane, Member of the Executive Board of the ECB, conducted and published on 9 July 2019
ENGLISH
08/07/2019: Benoît Cœuré: Interview with BFM Business TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Hedwige Chevrillon, published on 9 July 2019
ENGLISH
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FrançaisFR
02/07/2019: Philip R. Lane: Interview with Yle
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Aapo Parviainen and broadcast on 1 July 2019
ENGLISH
17/06/2019: Benoît Cœuré: Interview with the Financial Times
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Claire Jones on 12 June, and published on 17 June 2019
ENGLISH
15/06/2019: Luis de Guindos: Interview with Corriere della Sera
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Federico Fubini on 13 June 2019
ENGLISH
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ItalianoIT

All interviews

21/08/2019: Working paper no. 2310: Detecting turning points in global economic activity
ENGLISH
19/08/2019: Report by the working group on euro risk-free rates on the impact of the transition from EONIA to the €STR on cash and derivatives products
ENGLISH
16/08/2019: Working paper no. 2309: Much ado about nothing? The shale oil revolution and the global supply curve
ENGLISH
14/08/2019: Working paper no. 2308: Dominant-currency pricing and the global output spillovers from US dollar appreciation
ENGLISH
14/08/2019: Working paper no. 2307: Estimation of impulse response functions when shocks are observed at a higher frequency than outcome variables
ENGLISH
12/08/2019: Working paper no. 2306: A macroeconomic vulnerability model for the euro area
ENGLISH
12/08/2019: Occasional paper no. 228: Role of cross currency swap markets in funding and investment decisions
ENGLISH
08/08/2019: Economic Bulletin Issue 5, 2019
ENGLISH
ENGLISH
08/08/2019: Priorities for fiscal policies under the 2019 European Semester
ENGLISH
Economic Bulletin Issue 5, 2019
08/08/2019: Country-specific recommendations for economic policies under the 2019 European Semester
ENGLISH
Economic Bulletin Issue 5, 2019

All publications

16/08/2019: Opinion on the sale and purchase of credit facilities (CON/2019/30)
Cyprus,
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EλληνικάEL
09/08/2019: Opinion on restrictions on transfers of mortgage claims (CON/2019/29)
Poland,
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PolskiPL
01/08/2019: Decision of the ECB of 26 July 2019 on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems (ECB/2019/25)
ENGLISH
25/07/2019: Opinion on a Council recommendation on the appointment of the President of the ECB (CON/2019/28)
ENGLISH
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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
18/07/2019: Opinion on the conversion of Swiss franc loans (CON/2019/27)
Slovenia,
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SlovenščinaSL

All legal acts

8 August 2019 ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 5, 2019

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.

Economic Bulletin

EXPLAINER

All you need to know about benchmark rates

Interest rate benchmarks are a key part of our economy. But what is it exactly that makes them so important? Why are they currently undergoing reforms? And what is the €STR?

Read our explainer
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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

Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.40 %

Effective from 16 March 2016

Past key ECB interest rates

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1104
JPY	Japanese yen	118.24
GBP	Pound sterling	0.91545
CHF	Swiss franc	1.0875

Last update: Wednesday, 21 August 2019 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

A day at the ECB: the #EuroVideoChallenge finalists
ECB Forum on Central Banking 2019
Christine Lagarde: 8th ECB CESEE - Keynote speech
Download the ECB Art App
Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir
Euro Banknotes – Our Money, Our Journey
Unveiling of the New 100 and 200 Euro Banknotes
20 years of ESCB statistics: What's next?
How are Executive Board members chosen?
Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)

ECB Press Conference – 25 July 2019
Opening of the Croatian Art Exhibition
ECB Forum on Central Banking 2019
ECB Youth Dialogue with Benoît Cœuré, Milan
Model European Council - 28 & 29 March 2019
Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018
New €100 & €200 - Security features
Estonian Art Vernissage - 27 June 2018
ECB Forum on Central Banking - 18/20 June 2018
ECB Press Conference - 14 June 2018

The international role of the euro, June 2018
Financial integration in Europe, May 2018
Price and wage-setting in advanced economies
ESCB Legal Conference 2018
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
The monetary policy of the ECB
The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field