• Speech
    Monetary policy supports euro area recovery

    The ECB’s monetary policy is strengthening the euro area recovery, Executive Board member Peter Praet says in a speech in London. There are economic and institutional uncertainties which need to be addressed by a broader set of actors. Monetary policy cannot be the only remedy.​

  • Event
    Young economists’ poster session winner

    Matteo Crosignani is the winner of the young economists’ poster session at this year’s ECB Forum on Central Banking. The PhD student from the NYU Stern School of Business examined the effect of central bank liquidity injections on bank credit supply.

1 July 2016RESEARCH

New research on the euro area’s output gap

Estimates of the output gap, the deviation of real economic activity from its potential level, suggest that output in the euro area has been 6% lower than potential. This could imply a greater role for economic policies to stimulate demand, says a new Research Bulletin article.

1 July 2016

Europe is more necessary than ever

The EU landscape may change after the British referendum, but the euro is a reality and must be protected, says Executive Board member Benoît Cœuré. This will imply more integration in the fiscal and financial areas, but Europe must start with concrete initiatives and rebuild trust.

01/07/2016
EU structural financial indicators: End of 2015
01/07/2016
Statistical press release: Euro area insurance corporation and pension fund statistics
27/06/2016
Statistical press release: Monetary developments in the euro area
24/06/2016
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
June 2016
24/06/2016
ECB is closely monitoring financial markets
22/06/2016
ECB reinstates waiver affecting the eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
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22/06/2016
Statement by the European Commission and the European Central Bank following the fourth post-programme surveillance mission to Portugal
17/06/2016
Statistical press release: Euro area monthly balance of payments (April 2016)
10/06/2016
Statistical press release: Euro area securities issues statistics
03/06/2016
Statistical press release: MFI interest rate statistics

All press releases

01/07/2016
Peter Praet:  Transmission channels of monetary policy in the current environment
Speech by Peter Praet, Member of the Executive Board of the ECB, 
at the Financial Times Festival of Finance, 
London, 1 July 2016
29/06/2016
Yves Mersch:  Opening remarks at the Academy of European Law
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
Luxembourg, 29 June 2016
28/06/2016
Mario Draghi:  The International Dimension of Monetary Policy
Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, 
Sintra, 28 June 2016
ENGLISH
OTHER LANGUAGES (5) +
23/06/2016
Yves Mersch:  Monetary policy in the euro area: scope, principles and limits
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at the Natixis Meeting of Chief Economists, 
Paris, 23 June 2016
21/06/2016
Mario Draghi:  Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, 
Brussels, 21 June 2016

All speeches

01/07/2016
Benoît Cœuré:  Interview with Le Monde
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Marie Charrel on 27 June 2016, and published on 1 July 2016
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09/06/2016
Benoît Cœuré:  Interview with France 24
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Stéphanie Antoine on 8 June 2016, and broadcast on 9 June 2016
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23/05/2016
Peter Praet:  Interview with Público
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Sérgio Anibal, published on 23 May 2016.
19/05/2016
Benoît Cœuré:  Interview with The Yomiuri Shimbun
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Tadashi Isozumi and published on 20 May 2016, in Japan.
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19/05/2016
Benoît Cœuré:  Interview with Risk Magazine
Interview with Benoît Cœuré, Member of the Executive Board of the ECB and Chairman of the Committee on Payments and Market Infrastructures (CPMI), 
conducted by Cécile Sourbes on 10 May and published on 19 May 2016

All interviews

01/07/2016
Working paper no. 1927: Violating the law of one price: the role of non-conventional monetary policy, by Stefano Corradin, Maria Rodriguez-Moreno
01/07/2016
Working paper no. 1926: Have monetary data releases helped markets to predict the interest rate decisions of the European Central Bank?, by Alexander Jung
30/06/2016
Disclosure report - TARGET2 assessment against the principles for financial market infrastructures
29/06/2016
Working paper no. 1925: Stressed interbank markets: evidence from the European financial and sovereign debt crisis, by Juan Carlos Frutos, Carlos Garcia-de-Andoain, et al.
27/06/2016
Occasional paper no. 174: Shadow banking in the euro area: risks and vulnerabilities in the investment fund sector, by Nicola Doyle, Lieven Hermans, et al.

All publications

28/06/2016
Opinion on credit agreements for consumers relating to residential immovable property (CON/2016/34)
Greece, 
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28/06/2016
Decision (EU) 2016/1041 of the ECB of 22 June 2016 on the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic and repealing Decision (EU) 2015/300 (ECB/2016/18)
28/06/2016
Opinion on extending access to the central register of bank accounts  (CON/2016/35)
Belgium, 
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15/06/2016
Opinion on amendments to the Law on Hrvatska Narodna Banka (CON/2016/33)
Croatia, 
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14/06/2016
Decision ECB/2007/7. Unofficial consolidated text produced by the Publications Office of the European Union

All legal acts

22 June 2016VISITS

Main building to open for guided tours

The ECB’s main building will be opened for guided tours on the first Saturday of every month, starting in July 2016. Visitors will get a chance to explore the office tower and the historical Grossmarkthalle, and also enjoy a breathtaking view of Frankfurt.

EXPLAINERS

What is TARGET2?

TARGET2 is a payment system owned and operated by the Eurosystem. But why is it important and how does it work?

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 icon arrow up 1.1135
JPY Japanese yen icon arrow up 114.29
GBP Pound sterling icon arrow up 0.83830
CHF Swiss franc icon arrow up 1.0835
Last update: Friday, 01 July 2016 Euro foreign exchange rates

Multimedia

  • Inside the Asset Purchase Programme

  • Vítor Constâncio interview on May 2016 Financial Stability Review

  • ECB President Mario Draghi explains TLTRO II

  • Discover the new €20 banknote

  • Living in Frankfurt. Working for the ECB.

  • Collateral management - the role of the Eurosystem

  • TARGET balances in 8 minutes

  • ECB and the Eurosystem explained in 3 min

  • Financial Integration in Europe - cover image

    Financial Integration in Europe

  • ECB statistics: a brief overview - cover image

    ECB statistics: a brief overview

  • Progress through crisis? Conference for the 20th anniversary of the establishment of the EMI - cover image

    Progress through crisis? Conference for the 20th anniversary of the establishment of the EMI

  • 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

  • The international role of the euro, July 2015 - cover image

    The international role of the euro, July 2015

  • 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