25 April 2019 ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 3, 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.

24 April 2019 ECONOMIC BULLETIN

How protectionism affects the economy

Trade tariffs implemented in 2018 pose only a modest adverse risk to the global and euro area outlooks, this article finds. If trade tensions were to escalate once again, however, the impact would be larger, compounded by heightened financial stress and a drop in confidence.

17/04/2019
Sabine Lautenschläger: Central Bankers, Supervisors and Climate-Related Risks
Panel remarks by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Network for Greening the Financial System Conference, in Paris, France, 17 April 2019
12/04/2019
Mario Draghi: IMFC Statement
Statement by Mario Draghi, President of the ECB, at the thirty-ninth meeting of the International Monetary and Financial Committee, Washington, D.C., 12 April 2019
10/04/2019
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, 10 April 2019
06/04/2019
Yves Mersch: Competitiveness of Europe and European Financial Markets
Panel contribution by Yves Mersch, Member of the Executive Board of the ECB, at The Outlook for the Economy and Finance conference, Cernobbio, 6 April 2019
01/04/2019
Luis de Guindos: Presentation of the ECB Annual Report 2018 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory remarks by Luis de Guindos, Vice-President of the ECB, Brussels, 1 April 2019

All speeches

23/04/2019
Benoît Cœuré: Interview with Frankfurter Allgemeine Zeitung
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Johannes Pennekamp and Philip Plickert on 17 April 2019 and published on 23 April 2019
ENGLISH
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02/04/2019
Benoît Cœuré: Interview with Risques
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean-Hervé Lorenzi, François-Xavier Albouy, Arnaud Chneiweiss, Pierre-Charles Pradier and Philippe Trainar, on 4 February 2019 and published on 2 April 2019
ENGLISH
OTHER LANGUAGES (1) +
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01/04/2019
Sabine Lautenschläger: Interview with Der Standard
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB, conducted by András Szigètvari on 27 March 2019 and published on 1 April 2019
ENGLISH
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29/03/2019
Peter Praet: Interview with Bloomberg TV
Interview of Peter Praet, Member of the Executive Board of the ECB, conducted by Jana Randow on 27 March 2019 and broadcast on 28 March 2019
12/03/2019
Peter Praet: Q&A on Twitter
Interview on Twitter with Peter Praet, Member of the Executive Board of the ECB, conducted and published on 12 March 2019

All interviews

17/04/2019
Opinion on participation in the Single Resolution Mechanism  (CON/2019/16)
Bulgaria, 
ENGLISH
OTHER LANGUAGES (1) +
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11/04/2019
Guideline of the ECB of 9 April 2019 on domestic asset and liability management operations by the national central banks (recast)  (ECB/2019/7)
11/04/2019
Decision of the ECB of 9 April 2019 amending Decision ECB/2014/8 on the prohibition of monetary financing and the remuneration of government deposits by national central banks (ECB/2019/8)
11/04/2019
Opinion on lobbying (CON/2019/15)
Czech Republic, 
ENGLISH
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29/03/2019
Opinion on requiring the consent of borrowers to transfers of loans secured by mortgages on residential property  (CON/2019/14)
Ireland, 

All legal acts

11 April 2019 CONFERENCE

ECB Forum 2019: programme now available

The programme for this year’s ECB Forum on Central Banking is now available. Discussions will focus on 20 years of European Economic and Monetary Union. The Forum takes place on 17-19 June in Sintra, Portugal, and will be webcast live.

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 1.1123
JPY Japanese yen 124.45
GBP Pound sterling 0.86435
CHF Swiss franc 1.1368
Last update: Thursday, 25 April 2019 Euro foreign exchange rates

Multimedia

  • Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

  • Unveiling of the New 100 and 200 Euro Banknotes

  • 20 years of ESCB statistics: What's next?

  • 20th anniversary – Staff testimonials / First Day at the ECB

  • ECB Forum on Central Banking 2018

  • How are Executive Board members chosen?

  • Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)

  • Financial Stability Review - May 2018

  • Vítor Constâncio interview on the Financial Stability Review - May 2018

  • How does the euro help Europeans do business?

  • What is ethical hacking?

  • 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.

  • ECB Press Conference - 25 October 2018

  • European Cultural Days - 25 September 2018

  • Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018

  • ECB Press Conference - 13 September 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

  • EU Open Day - 5 May 2018

  • Joint Conference of the European Central Bank and the European Commission - 3 May 2018

  • ECB Press Conference - 26 April 2018

  • Generation €uro Students’ Award - 10 -11 April 2018

  • 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

  • The international role of the euro, June 2018 - cover image

    The international role of the euro, June 2018

  • Financial integration in Europe, May 2018 - cover image

    Financial integration in Europe, May 2018

  • Price and wage-setting in advanced economies - cover image

    Price and wage-setting in advanced economies

  • ESCB Legal Conference 2018 - cover image

    ESCB Legal Conference 2018

  • 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