European Central Bank

Speech

A comprehensive package of measures

The Governing Council was confronted with a more extended slowdown of the euro area economy than previously anticipated, says Executive Board member Philip R. Lane. A comprehensive package of measures was judged to be the most effective way to support the convergence of inflation to our aim.
- Speech

In focus
Press releases1
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19 September 2019 EVENT

Follow us at Sibos 2019

We are attending the financial services conference Sibos, in London from 23 to 26 September. Keep an eye on our dedicated Twitter account for all the latest updates and, if you’re at the conference, come and meet us at stand G101.

18 September 2019 ACCOUNTABILITY

Hearing at European Parliament on 23 September

Mario Draghi, President of the ECB, speaks before the European Parliament’s Committee on Economic and Monetary Affairs and answers questions from its Members.

The quarterly hearing starts at 15:00 CET.

Webcast

19/09/2019: Euro area monthly balance of payments: July 2019
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17/09/2019: Consolidated financial statement of the Eurosystem as at 13 September 2019
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Commentary
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12/09/2019: ECB introduces two-tier system for remunerating excess liquidity holdings
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12/09/2019: ECB announces changes to new targeted longer-term refinancing operations (TLTRO III)
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12/09/2019: ECB provides additional details on purchases of assets with yields below the deposit facility rate
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All press releases

23/09/2019: Mario Draghi: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 23 September 2019
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17/09/2019: Benoît Cœuré: Digital challenges to the international monetary and financial system
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the Banque centrale du Luxembourg-Toulouse School of Economics conference on “The Future of the International Monetary System”
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16/09/2019: Philip R. Lane: Reflections on monetary policy
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at Bloomberg, London, 16 September 2019
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Slides
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12/09/2019: Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 September 2019
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07/09/2019: Luis de Guindos: Growth and competitiveness in the euro area
Panel contribution by Luis de Guindos, Vice-President of the ECB, at The European House-Ambrosetti Forum, Cernobbio, 7 September 2019
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All speeches

19/09/2019: Philip R. Lane: Q&A with Bloomberg
Q&A with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Stephanie Flanders on 16 September 2019 at Bloomberg in London
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30/08/2019: Sabine Lautenschläger: Interview with Market News
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB, conducted by Luke Heighton on 28 August, and published on 30 August 2019
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09/07/2019: Philip R. Lane: Q&A on Twitter
Interview on Twitter with Philip R. Lane, Member of the Executive Board of the ECB, conducted and published on 9 July 2019
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08/07/2019: Benoît Cœuré: Interview with BFM Business TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Hedwige Chevrillon, published on 9 July 2019
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FrançaisFR
02/07/2019: Philip R. Lane: Interview with Yle
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Aapo Parviainen and broadcast on 1 July 2019
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All interviews

23/09/2019: Domestic versus foreign factors behind the fall in euro area industrial production
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Economic Bulletin Issue 6, 2019
23/09/2019: Derivatives transactions data and their use in central bank analysis
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Economic Bulletin Issue 6, 2019
17/09/2019: Working paper no. 2316: Stock price cycles and business cycles
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16/09/2019: Working paper no. 2315: Introducing ECB-BASE: The blueprint of the new ECB semi-structural model for the euro area
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16/09/2019: Occasional paper no. 233: Financial stability assessment for EU candidate countries and potential candidates
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16/09/2019: The macroeconomic impact of changes in economic bank capital buffers
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16/09/2019: Thinking beyond borders: how important are reciprocity arrangements for the use of sectoral capital buffers?
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16/09/2019: Understanding the specific features of the CCyB and the SCCyB − evidence from the 3D DSGE model
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13/09/2019: AnaCredit Validation Checks – Version 1.5
Selected validation checks performed in AnaCredit datasets
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12/09/2019: ECB staff macroeconomic projections for the euro area, September 2019
ENGLISH

All publications

16/09/2019: Decision (EU) 2019/1558 of the ECB of 12 September 2019 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2019/28)
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05/09/2019: Opinion on the rules to be followed by financial undertakings when defining remuneration policies (CON/2019/32)
The Netherlands,
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04/09/2019: Opinion on freedom of information (CON/2019/31)
The Netherlands,
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NederlandsNL
28/08/2019: Decision (EU) 2019/1378 of the ECB of 9 August 2019 amending Decision ECB/2014/16 concerning the establishment of an Administrative Board of Review and its Operating Rules (ECB/2019/27)
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16/08/2019: Opinion on the sale and purchase of credit facilities (CON/2019/30)
Cyprus,
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EλληνικάEL

All legal acts

20 August 2019 EVENT

A special day for children at the ECB

Registration now open: on 3 October 2019 we will open our doors to fans of Germany’s well-known children’s show “Die Sendung mit der Maus”. Together with TV presenter Tobias Krell, children can learn about the euro, the ECB’s tasks and much more.

EXPLAINER

What is a lender of last resort?

When banks run out of short-term funding for their daily business, they can turn to their lender of last resort for help. But who is that and how does emergency lending help to stabilise the economy in times of crisis?

Read our explainer
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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	− 0.50 %

Effective from 18 September 2019

Past key ECB interest rates

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1030
JPY	Japanese yen	119.11
GBP	Pound sterling	0.88230
CHF	Swiss franc	1.0942

Last update: Friday, 20 September 2019 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

A day at the ECB: the #EuroVideoChallenge finalists
ECB Forum on Central Banking 2019
Christine Lagarde: 8th ECB CESEE - Keynote speech
Download the ECB Art App
Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir
Euro Banknotes – Our Money, Our Journey
Unveiling of the New 100 and 200 Euro Banknotes
20 years of ESCB statistics: What's next?
How are Executive Board members chosen?
Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)

European Cultural Days - 22 August 2019
ECB Press Conference – 25 July 2019
Opening of the Croatian Art Exhibition
ECB Forum on Central Banking 2019
ECB Youth Dialogue with Benoît Cœuré, Milan
Model European Council - 28 & 29 March 2019
Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018
New €100 & €200 - Security features
Estonian Art Vernissage - 27 June 2018
ECB Forum on Central Banking - 18/20 June 2018

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