European Central Bank

Speech

Low inflation and the rise of services

The shift of production and consumption away from goods and towards services helps explain why inflation in advanced economies is responding more slowly to monetary policy than it did a few decades ago, says Executive Board member Benoît Cœuré.
- Speech

In focus
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Speeches
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Publications
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23 May 2019 ACCOUNT

Account of April monetary policy meeting

The Governing Council acknowledged at its last monetary policy meeting that the incoming information confirmed that the slower growth momentum was extending into the current year. It was reiterated that the Governing Council stood ready to adjust all of its instruments, as appropriate.

Account

23 May 2019 INITIATIVE

Climate change and the ECB

Climate change affects everyone, including central banks. We at the ECB are well aware of this fact and we are contributing – within our mandate – to tackling this global challenge. To find out how, visit our climate change hub.

Climate change and the ECB
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24/05/2019: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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23/05/2019: Account of the monetary policy meeting
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22/05/2019: Euro area investment fund statistics − first quarter of 2019
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22/05/2019: Euro area financial vehicle corporation statistics: first quarter of 2019
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21/05/2019: Consolidated financial statement of the Eurosystem as at 17 May 2019
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Commentary
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All press releases

23/05/2019: Luis de Guindos: Building the EU’s capital markets: what remains to be done
Speech by Luis de Guindos, Vice-President of the ECB, Association for Financial Markets in Europe Conference, Supervision and Integration Opportunities for European Banking and Capital Markets, Frankfurt am Main, 23 May 2019
ENGLISH
21/05/2019: Luis de Guindos: Global financial regulation: where next? Pending tasks for regulators and macroprudential policy makers
Speech by Luis de Guindos, Vice-President of the ECB, London City Week, London, 21 May 2019
ENGLISH
16/05/2019: Benoît Cœuré: The rise of services and the transmission of monetary policy
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 21st Geneva Conference on the World Economy, 16 May 2019
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Slides
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16/05/2019: Luis de Guindos: Deepening EMU and the implications for the international role of the euro
Speech by Luis de Guindos, Vice-President of the ECB, at the occasion of the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Brussels, 16 May 2019
ENGLISH
15/05/2019: Peter Praet: On the importance of institutions as provider of stability and protection in an uncertain world
Speech by Peter Praet, Member of the Executive Board of the ECB, Steptoe Brussels Open Conference Series, Brussels, 15 May 2019
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All speeches

08/05/2019: Benoît Cœuré: Interview with the Association of German Pfandbrief Banks
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, published on 8 May 2019
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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
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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
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FrançaisFR
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
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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
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All interviews

24/05/2019: Working paper no. 2286: Bank capital in the short and in the long run
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23/05/2019: Working paper no. 2285: Cross-border effects of prudential regulation: evidence from the euro area
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23/05/2019: Research bulletin no. 58: Prudential regulation, national differences and banking stability
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22/05/2019: Working paper no. 2284: Rules and discretion(s) in prudential regulation and supervision: evidence from EU banks in the run-up to the crisis
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20/05/2019: Working paper no. 2283: Negative interest rates, excess liquidity and retail deposits: banks’ reaction to unconventional monetary policy in the euro area
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20/05/2019: Working paper no. 2282: EME financial conditions: which global shocks matter?
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17/05/2019: Working paper no. 2281: Measuring euro area monetary policy
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Appendix Measuring Euro Area Monetary Policy
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Dataset EA MPD
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17/05/2019: Occasional paper no. 223: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures
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15/05/2019: Working paper no. 2280: The global capital flows cycle: structural drivers and transmission channels
ENGLISH
15/05/2019: ECB Survey of Monetary Analysts (SMA) - questionnaire
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All publications

21/05/2019: Opinion on the revision of the legal framework of the Portuguese financial supervisory system (CON/2019/19)
Portugal,
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PortuguêsPT
13/05/2019: Guideline of the ECB of 10 May 2019 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2019/13)
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13/05/2019: Guideline of the ECB of 10 May 2019 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2019/12)
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13/05/2019: Guideline of the ECB of 10 May 2019 amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework (ECB/2019/11)
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10/05/2019: Opinion on the tax on banks’ financial assets and the interest rate benchmark for consumer credit agreements (CON/2019/18)
Romania,
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RomânăRO

All legal acts

29 April 2019 BANKNOTES

#NewBanknotes: made to last

New €100 and €200 banknotes will enter into circulation on 28 May 2019, completing the Europa series. They have enhanced security features and are as durable as always. Watch our video to see how we test banknotes to ensure they are strong enough to last.

#EUROAT20

How you benefit from the euro

The euro is nearly 20 years old and has become a part of everyday life for the 340 million people living in the euro area. How do you benefit from a safe and stable currency?

Read our explainer
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Visit #EUROat20 hub
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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	1.1187
JPY	Japanese yen	122.61
GBP	Pound sterling	0.88318
CHF	Swiss franc	1.1215

Last update: Friday, 24 May 2019 Euro foreign exchange rates

Financial stability

Market operations

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
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