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Legal acts

3 August 2017ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 5, 2017

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, Issue 5, 2017

7 August 2017MONETARY OPERATIONS

Monthly update of ECB’s asset purchases

The ECB bought public and private sector assets worth €60 billion in July under its expanded asset purchase programme.

Reports on the asset purchases are published on the first working Monday of every month at 15:45 CET.

16/08/2017: ECB publishes Consolidated Banking Data for end March 2017
ENGLISH
15/08/2017: Consolidated financial statement of the Eurosystem as at 11 August 2017
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10/08/2017: Euro Area Securities Issues Statistics: June 2017
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08/08/2017: Consolidated financial statement of the Eurosystem as at 4 August 2017
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04/08/2017: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
August 2017
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All press releases

26/07/2017: Sabine Lautenschläger: Sabine Lautenschläger: 100 years of women’s suffrage – gender equality, freedom and democracy
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at an event marking the run-up to the centenary of women’s suffrage in Berlin, 26 July 2017
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25/07/2017: Yves Mersch: The ECB’s monetary policy stance
Speech by Yves Mersch, Member of the Executive Board of the ECB, MNI connect event, Singapore, 25 July 2017
ENGLISH
24/07/2017: Yves Mersch: Central banking in times of technological progress
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Bank Negara Malaysia Monetary Policy Conference, Kuala Lumpur, 24 July 2017
ENGLISH
20/07/2017: Mario Draghi, Vítor Constâncio: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 20 July 2017
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11/07/2017: Benoît Cœuré: The international dimension of the ECB’s asset purchase programme
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Foreign Exchange Contact Group meeting, 11 July 2017
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All speeches

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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DeutschDE
08/07/2017: Peter Praet: Interview with De Standaard
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Pascal Dendooven and Goele De Cort on 3 July 2017, published on 8 July 2017
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NederlandsNL
07/07/2017: Benoît Cœuré: Interview with Le Monde and La Stampa
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Marie Charrel (Le Monde) and Alessandro Barbera (La Stampa), on 3 July, published on 7 July 2017
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05/07/2017: Vítor Constâncio: We need a coordinated European NPL strategy - How to deal with Europe’s market for lemons?
Opinion piece by Vítor Constâncio, Vice-President of the ECB, 5 July 2017
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04/07/2017: Sabine Lautenschläger: Interview with the Financial Times
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Claire Jones and Caroline Binham and published on 4 July 2017
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All interviews

10/08/2017: AnaCredit Validation Checks - Selected validation checks performed in AnaCredit datasets (Version 1.0)
ENGLISH
10/08/2017: AnaCredit Reporting Manual – Questions & Answers (Version 1.0)
ENGLISH
08/08/2017: Occasional paper no. 195: The profitability of banks in a context of negative monetary policy rates: the cases of Sweden and Denmark
ENGLISH
07/08/2017: Working paper no. 2093: Why should the world care? Analysis, mechanisms and spillovers of the destination based border adjusted tax
ENGLISH
07/08/2017: Statistics paper no. 24: Spontaneous recognition: an unnecessary control on data access?
ENGLISH
04/08/2017: Working paper no. 2092: Sources of the small firm financing premium: evidence from euro area banks
ENGLISH
04/08/2017: Working paper no. 2091: The political economy of fiscal transparency and independent fiscal councils
ENGLISH
03/08/2017: Focus: How do professional forecasters assess the risks to inflation?
ENGLISH
Economic Bulletin Issue 05, 2017
03/08/2017: Focus: Lower interest rates and sectoral changes in interest income
ENGLISH
Economic Bulletin Issue 05, 2017
03/08/2017: Focus: Recent drivers of euro area equity prices
ENGLISH
Economic Bulletin Issue 05, 2017

All publications

14/08/2017: Opinion on an Act on critical infrastructure (CON/2017/31)
Slovenia,
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04/08/2017: Opinion on a draft decision on the monetary policy implementation of Hrvatska narodna banka (CON/2017/30)
Croatia,
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04/08/2017: Opinion on an additional mortgage amortisation requirement (CON/2017/29)
Sweden,
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02/08/2017: Opinion on access to the central credit register and the register of bank accounts (CON/2017/28)
Bulgaria,
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11/07/2017: Opinion on limitation of cash payments (CON/2017/27)
Bulgaria,
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All legal acts

10 August 2017STATISTICS

Q&As on AnaCredit published

AnaCredit is a project to set up a dataset containing detailed information on individual bank loans in the euro area. Data collection is scheduled to start in 2018 and a manual is available on our website to help institutions providing data. This has now been complemented by Q&As.

Tell me more: What is AnaCredit?
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Q&As

EXPLAINER

What is monetary policy?

Why does monetary policy matter? Because it has a direct impact on interest rates and an indirect impact on inflation, the economy and employment.

Tell me
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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	1.1710
JPY	Japanese yen	129.79
GBP	Pound sterling	0.90993
CHF	Swiss franc	1.1406

Last update: Wednesday, 16 August 2017 Euro foreign exchange rates

Financial stability

Market operations

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 - 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