• Speech
    Completing European Monetary Union

    The Economic and Monetary Union is not yet complete, says Vice-President Vítor Constâncio at a colloquium held in his honour. Thus, we must complete what is missing and achieve what is essential. Among other things, he calls for completion of the banking union.

24 May 2018ACCOUNT

Account of April monetary policy meeting

The Governing Council confirmed the pace and horizon of its asset purchases at its April monetary policy meeting. Recent incoming information pointed to some moderation in activity, but remained consistent with a solid and broad-based expansion of the euro area economy, the account shows.

25 May 2018SPEECH

Central banking in times of complexity

Central bank policies have become increasingly complex, says Executive Board member Benoît Cœuré. Communication is a two-way street: central banks should enhance their communication and transparency, but fostering financial literacy and diversity would help.

25/05/2018
Benoît Cœuré: Central banking in times of complexity
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference on the occasion of Sveriges Riksbank’s 350th anniversary, Stockholm, 25 May 2018
17/05/2018
Vítor Constâncio: Completing the Odyssean journey of the European monetary union
Remarks by Vítor Constâncio, Vice-President of the ECB, at the ECB Colloquium on “The Future of Central Banking”, Frankfurt am Main 16-17 May 2018
14/05/2018
Benoît Cœuré: The future of central bank money
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the International Center for Monetary and Banking Studies, Geneva, 14 May 2018
14/05/2018
Sabine Lautenschläger: European banking union - the place to be?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Biannual high-level networking seminar on economic and financial issues organised by Danmarks Nationalbank, Copenhagen, 14 May 2018
14/05/2018
Peter Praet: Economic developments in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, at the MNI Connect Roundtable, London, 14 May 2018

All speeches

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
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
26/04/2018
Sabine Lautenschläger: Risk reduction in the euro area – how low can you go?
Contribution by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Eurofi Newsletter, 26 April 2018
26/04/2018
Yves Mersch: Monetary policy in the euro area: solid expansion with timid price pressure
Contribution of Yves Mersch, Member of the Executive Board of the ECB, to the EUROFI magazine, submitted on 21 March 2018 and published on 26 April 2018

All interviews

18/05/2018
Opinion on the establishment of a framework for the security of network and information systems of general interest (CON/2018/27)
Belgium, 
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11/05/2018
Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and related legal acts; and on a proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments and Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (CON/2018/26)
11/05/2018
Opinion on a proposal for a Council Directive laying down provisions for strengthening fiscal responsibility and the medium-term budgetary orientation in the Member States (CON/2018/25)
11/05/2018
Opinion on administrative sanctions and criminal offences in connection with the provision of false or misleading information to the Central Bank of Ireland (CON/2018/24)
Ireland, 
11/05/2018
Opinion on the governance and financial independence of the Central Bank of Cyprus (CON/2018/23)
Cyprus, 
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All legal acts

24 May 2018FINANCIAL STABILITY

Financial stability in the euro area

Financial stability conditions in the euro area remain favourable but risk-taking in most financial markets has intensified over the past six months, our latest Financial Stability Review shows. Improved economic conditions have strengthened financial stability.

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 1.1675
JPY Japanese yen 127.72
GBP Pound sterling 0.87540
CHF Swiss franc 1.1593
Last update: Friday, 25 May 2018 Euro foreign exchange rates

Multimedia

  • 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 - 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

  • Financial integration in Europe - cover image

    Financial integration in Europe

  • ESCB Legal Conference 2016 - cover image

    ESCB Legal Conference 2016

  • The international role of the euro, June 2016 - cover image

    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 - cover image

    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 - 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