European Central Bank

Monetary policy

Latest ECB press conference

ECB President Christine Lagarde explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference on 23 January 2020.
- Introductory statement
- Press release
- Photos

In focus
Press releases1
Speeches
Interviews
Publications
Legal acts

23 January 2020 MONETARY POLICY

ECB launches strategic review

The review of the ECB’s monetary policy strategy will be guided by two principles: thorough analysis and open minds, and the Eurosystem will engage with all stakeholders throughout the process.

The review is expected to be concluded by the end of the year.

Press release
ENGLISH
OTHER LANGUAGES (22) +

Select your language

БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

21 January 2020 PUBLICATION

January 2020 bank lending survey results

Credit standards for loans to firms and housing loans remained broadly unchanged in Q4 2019, the latest euro area bank lending survey shows. Demand for loans to firms went down while demand for housing loans increased further. Euro area banks also reported using TLTRO-III liquidity largely for granting loans.

Bank lending survey

23/01/2020: ECB launches review of its monetary policy strategy
English
OTHER LANGUAGES (22) +

Select your language

БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
23/01/2020: Monetary policy decisions
English
OTHER LANGUAGES (22) +

Select your language

БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
21/01/2020: Consolidated financial statement of the Eurosystem as at 17 January 2020
English
OTHER LANGUAGES (22) +

Select your language

БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU HrvatskiHR ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Commentary
English
21/01/2020: Central bank group to assess potential cases for central bank digital currencies
English
21/01/2020: January 2020 euro area bank lending survey
English

All press releases

23/01/2020: Christine Lagarde, Luis de Guindos: Introductory statement to the press conference
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020
English
16/01/2020: Christine Lagarde: Frankfurt and Europe in a new decade
Speech by Christine Lagarde, President of the ECB, at the New Year’s Reception of the City of Frankfurt, 16 January 2020
English
OTHER LANGUAGES (1) +

Select your language

DeutschDE
09/01/2020: Isabel Schnabel: Mehr Europa für eine stabile gemeinsame Währung
Vortrag von Isabel Schnabel, Mitglied des Direktoriums der EZB, beim Rotary Club Mainz-Rheinhessen, Mainz, 9 Januar 2020
Deutsch
09/01/2020: Philip R. Lane: Policy Frameworks and Strategies for an Open Economy
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of England Workshop on "The Future of Inflation Targeting" in London, 9 January 2020
English
08/01/2020: Luis de Guindos: Europe’s role in the global financial system
Speech by Luis de Guindos, Vice-President of the ECB, at the SUERF/De Nederlandsche Bank Conference “Forging a new future between the UK and the EU”,
English

All speeches

08/01/2020: Christine Lagarde: Interview with “Challenges” magazine
Interview with Christine Lagarde, President of the ECB, by Pierre-Henri de Menthon and Sabine Syfuss-Arnaud
English
OTHER LANGUAGES (1) +

Select your language

FrançaisFR
16/12/2019: Benoît Cœuré: Interview with Libération
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean Quatremer on 4 December, and published on 16 December 2019
English
OTHER LANGUAGES (1) +

Select your language

FrançaisFR
16/12/2019: Christine Lagarde: Interview with NOS Nieuwsuur
Transcript of the interview with Christine Lagarde, President of the ECB, conducted by Mariëlle Tweebeeke, NOS Nieuwsuur, on 12 December 2019 and broadcast (in part) on 12 December 2019
English
OTHER LANGUAGES (1) +

Select your language

NederlandsNL
02/12/2019: Luis de Guindos: Interview with El Mundo
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Pablo Rodríguez Suanzes on 25 November 2019
English
OTHER LANGUAGES (1) +

Select your language

EspañolES
23/11/2019: Philip R. Lane: Interview with Sky TG24
Transcript of the interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Alessandro Marenzi, Sky TG24, with the participation of Federico Fubini, Corriere della Sera, and Franco Bruni, Bocconi University, broadcast on 23 November 2019
English

All interviews

21/01/2020: The euro area bank lending survey – Fourth quarter of 2019
ENGLISH
15/01/2020: Working paper no. 2366: Restructuring sovereign bonds: holdouts, haircuts and the effectiveness of CACs
English
14/01/2020: Working paper no. 2365: A cointegration model of money and wealth
English
14/01/2020: Working paper no. 2364: The impact of the ECB’s targeted long-term refinancing operations on banks’ lending policies: the role of competition
English
13/01/2020: Working paper no. 2363: The long-run information effect of central bank communication
English
13/01/2020: Working paper no. 2362: Non-linear exchange rate pass-through to euro area inflation: a local projection approach
English
10/01/2020: Working paper no. 2361: Firm or bank weakness? Access to finance since the European sovereign debt crisis
English
10/01/2020: Working paper no. 2360: Rising protectionism and global value chains: quantifying the general equilibrium effects
English
09/01/2020: Working paper no. 2359: Economic policy uncertainty in the euro area: an unsupervised machine learning approach
English
09/01/2020: Working paper no. 2358: The predictive power of equilibrium exchange rate models
English

All publications

21/01/2020: Recommendation of the ECB of 17 January 2020 on dividend distribution policies (ECB/2020/1)
ENGLISH
14/01/2020: Opinion on the recovery and resolution of central counterparties (CON/2020/3)
Germany,
ENGLISH
OTHER LANGUAGES (1) +

Select your language

DeutschDE
08/01/2020: Opinion on measures limiting macroprudential risks in residential property loans (CON/2020/1)
Germany,
ENGLISH
OTHER LANGUAGES (1) +

Select your language

DeutschDE
07/01/2020: Opinion on national defence (CON/2020/2)
Estonia,
ENGLISH
OTHER LANGUAGES (1) +

Select your language

Eesti keelET
30/12/2019: Opinion on limitations to cash payments (CON/2019/46)
The Netherlands,
ENGLISH
OTHER LANGUAGES (1) +

Select your language

NederlandsNL

All legal acts

16 January 2020 SPEECH

Europe in a new decade

Europe is a symbol of who we are and who we aspire to be, says President Christine Lagarde at the City of Frankfurt’s New Year’s Reception. As we enter this new decade we need to recognise how much European integration offers us internally and acknowledge how much more we can achieve externally.

Speech
ENGLISH
OTHER LANGUAGES (1) +

Select your language

DeutschDE

PODCAST

Supervising banks: profits, transparency and Brexit

Why do we need banking supervision at the European level? What are the supervisory challenges posed by Brexit? Our host Michael Steen talks about these questions and more with Andrea Enria, Pien van Erp Taalman Kip and Linette Field. Listen, subscribe and let us know what you think!

The ECB Podcast

Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.50 %

Effective from 18 September 2019

Past key ECB interest rates

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1091
JPY	Japanese yen	121.50
GBP	Pound sterling	0.84498
CHF	Swiss franc	1.0734

Last update: Thursday, 23 January 2020 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019
ECB Governing Council Press Conference - 12 December 2019
The ECB explains: crypto-assets
ECB Forum on Central Banking 2019
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?
ECB Interview with Cornelia Holthausen

New signature for euro banknotes - 28 November 2019
Christine Lagarde's Keynote Speech - European Banking Congress 2019
Farewell President Draghi - 28 October 2019
ECB Conference on Gender and Career Progression - 21 October 2019
European Cultural Days of the ECB: Museumssalon - October 23 2019
ECB Press Conference - 24 October 2019
European Cultural Days of the ECB: Museumssalon - October 23 2019
European Cultural Days -10 October 2019
Sendung mit der Maus Tag der offenen Tür - 3 October 2019
ECB Press Conference – 12 September 2019

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