European Central Bank

Speech

Fostering sustainable growth in Europe

The effects of the pandemic provide an opportunity to reassess how we organise our economy, President Christine Lagarde tells the European Banking Congress. For Europe to be successful in sustaining growth in the future, this requires a focus on two areas: innovation and education.
- Speech

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23 November 2020 INTERVIEW

Full recovery not seen until autumn 2022

Compared to the lockdown in spring, the economic impact is likely to be less strong this time, says Chief Economist Philip R. Lane. The most severe scenarios are less probable now, but full recovery to 2019 GDP level will take until autumn 2022.

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23 November 2020 PRESS RELEASE

Consultations on fallbacks for the Euribor

The working group on euro risk-free rates is seeking feedback on fallbacks for the Euribor rates via two public consultations. Interested parties are asked to provide their views before 15 January 2021.

Press release

23/11/2020: Working group on euro risk-free rates launches two public consultations on fallbacks to EURIBOR
English
20/11/2020: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
19/11/2020: Euro area monthly balance of payments: September 2020
English
17/11/2020: Consolidated financial statement of the Eurosystem as at 13 November 2020
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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
17/11/2020: Euro area financial vehicle corporation statistics: third quarter of 2020
English

Table: Annex to the statistical release on euro financial vehicle corporations statistics
English

All press releases

23/11/2020: Isabel Schnabel: Shifting tides in euro area money markets: from the global financial crisis to the COVID-19 pandemic
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the ECB Conference on Money Markets, 23 November 2020
English

Slides
English
20/11/2020: Christine Lagarde: Fostering sustainable growth in Europe
Keynote speech by Christine Lagarde, President of the ECB, at the European Banking Congress
English
19/11/2020: Isabel Schnabel: COVID-19 and the liquidity crisis of non-banks: lessons for the future
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, Financial Stability Conference on “Stress, Contagion, and Transmission” organised by the Federal Reserve Bank of Cleveland and the Office of Financial Research
English

Slides
English
19/11/2020: Christine Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Christine Lagarde, President of the ECB, at the ECON Committee of the European Parliament (by videoconference)
English
16/11/2020: Luis de Guindos: The euro area financial sector in the pandemic crisis
Keynote speech by Luis de Guindos, Vice-President of the ECB, at the 23rd EURO FINANCE WEEK
English

All speeches

22/11/2020: Philip R. Lane: Interview with Les Echos
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Guillaume Benoit, Elsa Conesa and Sophie Rolland
English
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21/11/2020: Interview with Börsen-Zeitung
Interview with Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Kai Johannsen and published on 21 November 2020
English
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DeutschDE
17/11/2020: Isabel Schnabel: Interview with CNBC
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Annette Weisbach, CNBC, on 12 November and aired on 13 November
English
17/11/2020: Christine Lagarde: Interview with The New York Times
Interview with Christine Lagarde, President of the ECB, conducted by Alison Smale and Jack Ewing on 10 November 2020
English
17/11/2020: Philip R. Lane: Transcript of interview with Portuguese public broadcaster RTP3
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Maria Nobre, broadcast on Tuesday, 17 November at 12:00 a.m. CET
English

All interviews

20/10/2020: Isabel Schnabel: Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

Summary
High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. Today’s World Statistics Day reminds us of the importance of data we can trust.
English
02/10/2020: Fabio Panetta: We must be prepared to issue a digital euro
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary
We should be ready to issue a digital euro if and when it is necessary, writes Executive Board member Fabio Panetta. The euro is a currency that Europeans trust. We need to make sure that it is fit for the future.
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11/09/2020: Philip R. Lane: The outlook for the euro area
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary
Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.
English
02/09/2020: Luis de Guindos, Fabio Panetta, Isabel Schnabel: Europe needs a fully fledged capital markets union – now more than ever
Blog post by Luis de Guindos, Vice-President of the ECB, and Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

Summary
The coronavirus crisis makes progress on capital markets union even more important, write Luis de Guindos, Fabio Panetta and Isabel Schnabel. In the light of the European Commission’s forthcoming Action Plan, they outline priority areas for reform to foster European capital markets.
English
19/08/2020: Fabio Panetta, Isabel Schnabel: The provision of euro liquidity through the ECB’s swap and repo operations
Blog post by Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

Summary
The ECB’s swap and repo lines are essential stabilising tools in the coronavirus crisis. In a joint Blog post, Executive Board members Fabio Panetta and Isabel Schnabel explain how these tools reduce funding risks, prevent financial contagion and support the euro’s use in global transactions.
English

All blog posts

23/11/2020: Working paper no. 2491: Fire sales by euro area banks and funds: what is their asset price impact?
English
23/11/2020: Working paper no. 2490: Do words hurt more than actions? The impact of trade tensions on financial markets
English
23/11/2020: ECB Survey of Monetary Analysts (SMA), December 2020
English
23/11/2020: Understanding what happens when “angels fall”
English
Financial Stability Review Issue 2, 2020
23/11/2020: Public consultation by the working group on euro risk-free rates on EURIBOR fallback trigger events
English

Response form
English
23/11/2020: Public consultation by the working group on euro risk-free rates on €STR-based Euribor fallbacks rates
English

Response form
English
23/11/2020: Assessing corporate vulnerabilities in the euro area
English
Financial Stability Review Issue 2, 2020
19/11/2020: Working paper no. 2489: Investment funds, monetary policy, and the global financial cycle
English
19/11/2020: Working paper no. 2488: Central bank digital currency in an open economy
English
19/11/2020: Letter from the ECB President to Mr Ernest Urtasun, MEP, on AnaCredit
English

All publications

18 November 2020 INTERVIEW

Explaining monetary policy to young people

Executive Board member Isabel Schnabel spoke to German YouTuber Thomas Kehl about the importance of price stability for citizens, why negative interest rates are needed and how the ECB has responded to the pandemic.

Watch the video (Part 1)

PUBLIC CONSULTATION

Digital euro: have your say!

Like the euro we already use every day, the design of a digital euro should meet the needs of a broad range of users. That’s why we want to hear the views of the public and of all interested stakeholders on the benefits and challenges of issuing a digital euro and on its possible design.

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 rate

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1901
JPY	Japanese yen	123.47
GBP	Pound sterling	0.88888
CHF	Swiss franc	1.0806

Last update: Monday, 23 November 2020 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

ECB Governing Council Press Conference - 10 September 2020
ECB Governing Council Press Conference - 16 July 2020
ECB Governing Council Press Conference - 04 June 2020
Join a Youth Dialogue with Christine Lagarde
ECB Governing Council Press Conference - 30 April 2020
Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 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

ECB Press Conference - 10 September 2020
ECB Press Conference - 16 July 2020
ECB Press Conference - 04 June 2020
Youth Dialogue with Christine Lagarde - 27 May 2020
ECB Press Conference - 30 April 2020
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
ECB Press Conference - 24 October 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