European Central Bank

Speech

Monetary policy in the euro area

President Mario Draghi expands on the decisions taken at last week’s Governing Council. He reiterates that monetary policy in the euro area will remain patient, persistent and prudent.

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18 June 2018#ECBFORUM

Meet the young economists

Simon Clark, a YouTuber and PhD graduate, caught up with the young economists participating at the ECB Forum on Central Banking. They talked about life as PhD students, their research and the future of economics.

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20 June 2018#ECBFORUM

Winners of the young economists’ session

In a first for the competition, there are two winners of the young economists’ poster session at the ECB Forum on Central Banking. Nuno Clara from London Business School and Mishel Ghassibe from the University of Oxford share this year’s prize.

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19/06/2018: ECB publishes Consolidated Banking Data for end-December 2017
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19/06/2018: Consolidated financial statement of the Eurosystem as at 15 June 2018
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Commentary
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19/06/2018: Euro area monthly balance of payments (April 2018)
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15/06/2018: Statement by European Commission and ECB staff following the conclusion of the eighth post-programme surveillance mission to Portugal
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15/06/2018: ECB appoints Petra Senkovic as Director General Secretariat to the Supervisory Board
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All press releases

19/06/2018: Mario Draghi: Monetary policy in the euro area
Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 19 June 2018
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15/06/2018: Benoît Cœuré: The euro area economic outlook and completion of EMU
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the at the Club des Trente's "Chief Investment Officer - Chief Financial Officer" conference, Paris, 15 June 2018
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14/06/2018: Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
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08/06/2018: Yves Mersch: Central bank risk management in times of monetary policy normalisation
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the International Risk Management Conference, Paris, 8 June 2018
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06/06/2018: Peter Praet: Monetary policy in a low interest rate environment
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Congress of Actuaries, Berlin, 6 June 2018
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Slides from the presentation
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15/06/2018: Benoît Cœuré: Interview with Europe 1
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Patrick Cohen on 15 June 2018 and broadcast on 15 June 2018
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29/05/2018: Vítor Constâncio: Interview with Spiegel Online
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Stefan Kaiser and Henning Jauernig on 22 May 2018 and published on 29 May 2018
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23/05/2018: Benoît Cœuré: Interview with Die Zeit
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Lisa Nienhaus and Mark Schieritz on 16 May 2018 and published on 23 May 2018
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18/05/2018: Vítor Constâncio: Interview with Bloomberg TV
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Paul Gordon on 17 May 2018
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16/05/2018: Vítor Constâncio: Interview with the Financial Times
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Claire Jones on 11 May and published on 16 May 2018
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All interviews

20/06/2018: Working paper no. 2162: Foreign-law bonds: can they reduce sovereign borrowing costs?
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20/06/2018: Working paper no. 2161: Are asset price data informative about news shocks? A DSGE perspective
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19/06/2018: Working paper no. 2160: Cross-country linkages and spill-overs in early warning models for financial crises
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19/06/2018: Working paper no. 2159: Nominal wage rigidity in the EU countries before and after the Great Recession: evidence from the WDN surveys
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15/06/2018: Revised Eurosystem assessment methodology for payment systems, June 2018
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15/06/2018: Letter from the ECB President to Mr Sander Loones, MEP, regarding the Harmonised Index of Consumer Prices
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15/06/2018: Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the Irish adjustment programme
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15/06/2018: Letter from the ECB President to Mr Paul Tang, Ms Neena Gill, Mr Jonás Fernández, MEPs, on recent initiatives on sustainable finance
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15/06/2018: Letter from the ECB President to Mr Csaba Molnár, MEP, on the activities of the Hungarian National Bank
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15/06/2018: Working paper no. 2158: Non-base wage components as a source of wage adaptability to shocks: evidence from European firms, 2010–2013
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18/06/2018: Guideline (EU) 2018/876 of the ECB of 1 June 2018 on the Register of Institutions and Affiliates Data (ECB/2018/16)
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18/06/2018: Guideline (EU) 2018/877 of the ECB of 1 June 2018 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2018/17)
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15/06/2018: Opinion on mortgage amortisation requirements (CON/2018/30)
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08/06/2018: Opinion on various financial law provisions (CON/2018/29)
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18/05/2018: Opinion on the establishment of a framework for the security of network and information systems of general interest (CON/2018/27)
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14 June 2018MONETARY POLICY

Latest ECB press conference

President Mario Draghi explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference in Riga on 14 June 2018.

Introductory statement (with Q&A)
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Press release
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EXPLAINER

How are Executive Board members chosen?

Have you ever wondered how our Executive Board members are appointed? Elected national representatives decide at European level who can join the Board for a non-renewable eight-year term. Find out who proposes the candidates and how they are selected.

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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

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Reference rates

USD	US dollar	1.1578
JPY	Japanese yen	127.39
GBP	Pound sterling	0.87878
CHF	Swiss franc	1.1537

Last update: Wednesday, 20 June 2018 Euro foreign exchange rates

Financial stability

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Multimedia

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 - 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
ECB Legal Conference 2017 - Shaping a new legal order for Europe: a tale of crises and opportunities
ECB Forum on Central Banking - Investment and growth in advanced economies
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