3 August 2017ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 5, 2017

The Economic Bulletin presents the economic and monetary information which forms the basis for the Governing Council’s policy decisions.

It is released eight times a year, two weeks after each monetary policy meeting.

7 August 2017MONETARY OPERATIONS

Monthly update of ECB’s asset purchases

The ECB bought public and private sector assets worth €60 billion in July under its expanded asset purchase programme.

Reports on the asset purchases are published on the first working Monday of every month at 15:45 CET.

26/07/2017
Sabine Lautenschläger: Sabine Lautenschläger: 100 years of women’s suffrage – gender equality, freedom and democracy
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at an event marking the run-up to the centenary of women’s suffrage in Berlin, 26 July 2017
ENGLISH
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25/07/2017
Yves Mersch: The ECB’s monetary policy stance
Speech by Yves Mersch, Member of the Executive Board of the ECB, MNI connect event, Singapore, 25 July 2017
24/07/2017
Yves Mersch: Central banking in times of technological progress
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Bank Negara Malaysia Monetary Policy Conference, Kuala Lumpur, 24 July 2017
20/07/2017
Mario Draghi, Vítor Constâncio: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 20 July 2017
11/07/2017
Benoît Cœuré: The international dimension of the ECB’s asset purchase programme
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Foreign Exchange Contact Group meeting, 11 July 2017

All speeches

29/07/2017
Sabine Lautenschläger: Interview with Mannheimer Morgen
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Rolf Obertreis on 25 July and published on 29 July 2017
ENGLISH
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08/07/2017
Peter Praet: Interview with De Standaard
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Pascal Dendooven and Goele De Cort on 3 July 2017, published on 8 July 2017
ENGLISH
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07/07/2017
Benoît Cœuré: Interview with Le Monde and La Stampa
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Marie Charrel (Le Monde) and Alessandro Barbera (La Stampa), on 3 July, published on 7 July 2017
ENGLISH
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05/07/2017
Vítor Constâncio: We need a coordinated European NPL strategy - How to deal with Europe’s market for lemons?
Opinion piece by Vítor Constâncio, Vice-President of the ECB, 5 July 2017
04/07/2017
Sabine Lautenschläger: Interview with the Financial Times
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Claire Jones and Caroline Binham and published on 4 July 2017

All interviews

14/08/2017
Opinion on an Act on critical infrastructure (CON/2017/31)
Slovenia, 
ENGLISH
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04/08/2017
Opinion on a draft decision on the monetary policy implementation of Hrvatska narodna banka (CON/2017/30)
Croatia, 
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04/08/2017
Opinion on an additional mortgage amortisation requirement  (CON/2017/29)
Sweden, 
ENGLISH
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02/08/2017
Opinion on access to the central credit register and the register of bank accounts (CON/2017/28)
Bulgaria, 
ENGLISH
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11/07/2017
Opinion on limitation of cash payments (CON/2017/27)
Bulgaria, 
ENGLISH
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All legal acts

10 August 2017STATISTICS

Q&As on AnaCredit published

AnaCredit is a project to set up a dataset containing detailed information on individual bank loans in the euro area. Data collection is scheduled to start in 2018 and a manual is available on our website to help institutions providing data. This has now been complemented by Q&As.

EXPLAINER

What is monetary policy?

Why does monetary policy matter? Because it has a direct impact on interest rates and an indirect impact on inflation, the economy and employment.

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 1.1710
JPY Japanese yen 129.79
GBP Pound sterling 0.90993
CHF Swiss franc 1.1406
Last update: Wednesday, 16 August 2017 Euro foreign exchange rates

Multimedia

  • Highlights ECB Forum on Central Banking 2017

  • #ECBYouthDialogue - Lisbon 2017

  • Breaking internal barriers for women | Celia de Anca - 12 June 2017

  • Why we need more diversity to solve complex problems | Scott Page - 12 June 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

  • Five facts about the new €50

  • Inside the Asset Purchase Programme

  • Discover the New €50 Banknote

  • ECB and the Eurosystem explained in 3 min.

  • 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