European Central Bank

Speech

Strengthening Economic and Monetary Union

Sound economic policies are necessary alongside price stability to ensure sustained and balanced growth in Europe, says Executive Board member Peter Praet. We need to keep economic policy high on Europe’s agenda and further enhance the coordination of national economic policies.
- Speech

In focus
Press releases1
Speeches
Interviews
Publications
Legal acts

23 April 2018 MONETARY POLICY

Press conference on Thursday, 26 April 2018

ECB President Mario Draghi and Vice-President Vítor Constâncio explain the Governing Council’s monetary policy decisions and answer questions from journalists.

The press conference starts at 14:30 CET.

15 March 2018PUBLIC CONSULTATION

Second consultation on new overnight interest rate

This second public consultation gives interested parties the opportunity to comment on the defined methodology of the new euro unsecured overnight interest rate, as well as on key operational and technical parameters.

The consultation closes at 17:00 CET on 20 April 2018.

19/04/2018: Euro area monthly balance of payments (February 2018)
ENGLISH
17/04/2018: Consolidated financial statement of the Eurosystem as at 13 April 2018
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Commentary
ENGLISH
16/04/2018: Statement by the staff of the European Commission and the European Central Bank following the ninth post-programme surveillance visit to Spain
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12/04/2018: ECB publishes results of second staff survey
ENGLISH
12/04/2018: Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 7-8 March 2018
ENGLISH

All press releases

20/04/2018: Mario Draghi: IMFC Statement
Statement by Mario Draghi, President of the ECB, at the thirty-seventh meeting of the International Monetary and Financial Committee, Washington D.C., 20 April 2018
ENGLISH
16/04/2018: Peter Praet: Improving the functioning of Economic and Monetary Union: lessons and challenges for economic policies
Speech by Peter Praet, Member of the Executive Board of the ECB, at the NABE Symposium, 16 April 2018
ENGLISH
12/04/2018: Benoît Cœuré: Scars that never were? Potential output and slack after the crisis
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the CEPII 40th Anniversary Conference, Paris, 12 April 2018
ENGLISH

Annex
ENGLISH
11/04/2018: Mario Draghi: Generation €uro Students’ Award 2018 event
Introductory remarks and Q&A with Mario Draghi, President of the ECB, Frankfurt, 11 April 2018
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09/04/2018: Peter Praet: Economic developments in the euro area
Speech by Peter Praet[1], Member of the Executive Board of the ECB, at the European Finance Forum, Frankfurt, 9 April 2018
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Slides from the presentation
ENGLISH

All speeches

10/04/2018: Benoît Cœuré: Interview with France Info
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean Leymarie on 9 April 2018 and published on 10 April 2018
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06/04/2018: Benoît Cœuré: Interview with CNBC
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Steve Sedgwick on 6 April 2018
ENGLISH
28/03/2018: Benoît Cœuré: Taking back control of globalisation: Sovereignty through European integration
Contribution of Benoît Cœuré, member of the Executive Board of the European Central Bank, to the 2018 Schuman Report on Europe, 28 March 2018
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16/03/2018: Peter Praet: Interview with Reuters
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Balazs Koranyi on 14 March 2018 and published on 16 March 2018
ENGLISH
14/03/2018: Yves Mersch: Interview with Luxemburger Wort
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Pierre Sorlut and Barbara Tasch on 8 March and published on 14 March 2018
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DeutschDE FrançaisFR

All interviews

18/04/2018: Detailed opinion of the European Central Bank on the European Ombudsman’s Recommendations in Case 1697/2016/ANA
ENGLISH
18/04/2018: Working paper no. 2145: Who benefits from the corporate QE? A regression discontinuity design approach
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18/04/2018: Working paper no. 2144: Countercyclical capital regulation in a small open economy DSGE model
ENGLISH
13/04/2018: AnaCredit Validation Checks – Selected validation checks performed in AnaCredit datasets – Version 1.1
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13/04/2018: Research bulletin no. 45: The effective lower bound and the desirability of gradual interest rate adjustments
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ENGLISH
11/04/2018: Occasional paper no. 208: Completing the Banking Union with a European Deposit Insurance Scheme: who is afraid of cross-subsidisation?
ENGLISH
11/04/2018: Working paper no. 2143: The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains
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10/04/2018: Working paper no. 2142: On the optimal labor income share
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10/04/2018: Working paper no. 2141: Consumption volatility risk and the inversion of the yield curve
ENGLISH
09/04/2018: Cover letter to the transmission letter of the Annual Report 2017
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ItalianoIT

All publications

16/04/2018: Opinion on the conversion of Swiss franc loans (CON/2018/21)
Slovenia,
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SlovenščinaSL
11/04/2018: Opinion on a proposal for a regulation on the establishment of the European Monetary Fund (CON/2018/20)
ENGLISH
11/04/2018: Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority) and related legal acts (CON/2018/19)
ENGLISH
09/04/2018: Opinion on the legal framework for covered bonds (CON/2018/18)
Czech Republic,
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ČeštinaCS
06/04/2018: Opinion on amendments to the Law on Hrvatska Narodna Banka and to the Law on the State Audit Office (CON/2018/17)
Croatia,
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HrvatskiHR

All legal acts

9 April 2018EDUCATIONAL

President Draghi meets #GenerationEuro

Winners of the Generation €uro Students’ Award (G€SA), representing 11 euro area countries, visited the ECB on 10 and 11 April. They had a tour of the building, attended presentations from experts and had an opportunity to ask President Mario Draghi their questions.

EXPLAINER

What is a deposit guarantee scheme?

Banks pay into a deposit guarantee scheme to make sure their customers’ deposits are safe even in times of crisis. So far, such schemes are organised on a national level. There are proposals to introduce a European scheme. Find out how these schemes work.

Tell me more

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	1.2309
JPY	Japanese yen	132.41
GBP	Pound sterling	0.87608
CHF	Swiss franc	1.1970

Last update: Friday, 20 April 2018 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Generation €uro Students' Award 2018
Communications challenges for policy effectiveness, accountability and reputation
Meeting the #EuroVideoChallenge finalists at the award ceremony
What is TARGET Instant Payment Settlement (TIPS)?
#ECBYouthDialogue - Dublin, Ireland
Highlights ECB Forum on Central Banking 2017
#ECBYouthDialogue - Lisbon 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
Inside the Asset Purchase Programme
ECB and the Eurosystem explained in 3 min.

Luminale: Cross Hatch - 18 March 2018
ECB Press Conference - 8 March 2018
Central Bank Communications Conference - 14-15 November 2017
2017 #EuroVideoChallenge Award Ceremony in Lyon - 9 November 2017
European Cultural Days - 26 October 2017
ECB Press Conference - 26 October 2017
Inauguration ECB Visitor Centre – 4 October 2017
Sendung mit der Maus - 3 October 2017
#ECBYouthDialogue, Dublin - 22 September 2017
Opening of the Cyprus Contemporary Art Exhibition - 20 September 2017
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
ESCB Legal Conference 2016
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
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