9 August 2018ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 5, 2018

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.

8 August 2018ECONOMIC BULLETIN

Consumer spending is supporting the economy

Consumers in the euro area have been spending more since 2013, largely owing to rising household income and wealth, and this has supported the growth of the euro area economy.

Rising income is in part due to the ECB’s monetary policy, which has helped to reduce unemployment.

26/07/2018
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, 26 July 2018
10/07/2018
Sabine Lautenschläger: 20 years of ESCB statistics: Past achievements and future challenges
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Ninth ECB Statistics Conference, "20 years of ESCB statistics: What's next?", Frankfurt, 10 July 2018
09/07/2018
Mario Draghi: Hearing of 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, 9 July 2018
08/07/2018
Benoît Cœuré: Asserting Europe’s leadership
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, Les rencontres économiques d’Aix-en-Provence, 8 July 2018
05/07/2018
Yves Mersch: Deepening EMU – political integration and economic convergence
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the conference on “Economic and Monetary Union — Deepening and Convergence”, Linz, 5 July 2018
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All speeches

05/08/2018
Sabine Lautenschläger: Interview with Welt am Sonntag
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Anja Ettel and Anne Kunz on 30 July 2018 and published on 5 August 2018
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09/07/2018
Benoît Cœuré: Interview with Bloomberg TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Caroline Connan and broadcast on 9 July 2018
25/06/2018
Benoît Cœuré: Interview with Le Figaro
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Fabrice Nodé-Langlois and published on 25 June 2018
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23/06/2018
Peter Praet: Interview with Expresso
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by João Silvestre on 18 June 2018 and published on 23 June 2018
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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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All interviews

10/08/2018
Decision (EU) [2018/XX] of the ECB of 10 August 2018 on the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic and repealing Decision (EU) 2016/1041  (ECB/2018/21)
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27/07/2018
Opinion on the reciprocal implementation of macroprudential tools in Luxembourg (CON/2018/34)
Luxembourg, 
24/07/2018
Recommendation of the ECB of 6 July 2018 to the Council of the European Union on the external auditors of Banka Slovenije  (ECB/2018/18)
18/07/2018
Opinion on a proposal for a regulation of the European Parliament and of the Council on the law applicable to the third-party effects of assignments of claims (CON/2018/33)
16/07/2018
Opinion on a proposal for a regulation on minimum loss coverage for non-performing exposures (CON/2018/32)

All legal acts

13 August 2018PUBLIC CONSULTATION

Public consultation on candidate euro risk-free rates

A total of 66 market participants responded to the first public consultation by the working group on euro risk-free rates on the assessment of candidate rates. The vast majority of respondents agreed that ESTER would be the most suitable candidate.

EXPLAINER

How the ECB's policy has reduced inequality

The ECB’s monetary policy measures since 2014 have not only helped growth and eliminated the risk of deflation – they have also reduced overall inequality in the euro area, new research confirms. Take a look at our explainer video to find out how.

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 1.1321
JPY Japanese yen 125.67
GBP Pound sterling 0.89130
CHF Swiss franc 1.1289
Last update: Wednesday, 15 August 2018 Euro foreign exchange rates

Multimedia

  • 20 years of ESCB statistics: What's next?

  • 20th anniversary – Staff testimonials / First Day at the ECB

  • ECB Forum on Central Banking 2018

  • How are Executive Board members chosen?

  • 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.

  • Estonian Art Vernissage - 27 June 2018

  • ECB Forum on Central Banking - 18/20 June 2018

  • 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 - cover image

    The international role of the euro, June 2018

  • Financial integration in Europe, May 2018 - cover image

    Financial integration in Europe, May 2018

  • ECB Legal Conference 2017 - Shaping a new legal order for Europe: a tale of crises and opportunities - cover image

    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 - cover image

    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 - 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