European Central Bank

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.
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Speeches
Interviews
Publications
Legal acts

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.

Account

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.

Speech

24/05/2018: Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 25-26 April
ENGLISH
24/05/2018: Financial stability conditions in euro area remain favourable but risk-taking in most financial markets intensified
ENGLISH
24/05/2018: Euro area investment fund statistics: first quarter of 2018
ENGLISH
24/05/2018: Euro area financial vehicle corporation statistics: first quarter of 2018
ENGLISH
23/05/2018: EU structural financial indicators: End of 2017 (preliminary results)
ENGLISH

All press releases

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
ENGLISH
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
ENGLISH
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
ENGLISH
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
ENGLISH
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
ENGLISH

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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DeutschDE
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
ENGLISH
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
ENGLISH
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
ENGLISH
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
ENGLISH

All interviews

25/05/2018: Working paper no. 2153: What are the main obstacles to hiring after recessions in Europe?
ENGLISH
25/05/2018: Working paper no. 2152: Sticky expectations and consumption dynamics
ENGLISH
24/05/2018: Financial Stability Review, May 2018
ENGLISH
ENGLISH
24/05/2018: The distribution of interest rate risk in the euro area
ENGLISH
24/05/2018: Predicting the likelihood and severity of financial crises over the medium term with a cyclical systemic risk indicator
ENGLISH
24/05/2018: A new financial stability risk index to predict the near-term risk of recession
ENGLISH
23/05/2018: Convergence Report
ENGLISH
ENGLISH
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
23/05/2018: Statistics paper no. 28: Disentangling euro area portfolios: new evidence on cross-border securities holdings
ENGLISH
22/05/2018: Working paper no. 2151: Exchange rate forecasting on a napkin
ENGLISH
22/05/2018: Working paper no. 2150: Asset pricing and the propagation of macroeconomic shocks
ENGLISH
Published in: Journal of the European Economic Association, Vol. 16, Iss. 2, April 2018, p. 436—486

All publications

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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FrançaisFR NederlandsNL
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)
ENGLISH
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)
ENGLISH
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,
ENGLISH
11/05/2018: Opinion on the governance and financial independence of the Central Bank of Cyprus (CON/2018/23)
Cyprus,
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EλληνικάEL

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.

EXPLAINER

What does a country need to do to join the euro area?

The euro has been introduced in 19 of 28 EU Member States. What do non-euro area countries need to do to join the euro area?

Tell me more
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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

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	1.1675
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

Financial stability

Market operations

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
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