Banking Supervision
English
Other languages23 +
Menu
  • The pandemic’s distributional effects
    Speech
    The pandemic’s distributional effects

    The coronavirus crisis has reinforced pre-existing inequalities between and within euro area countries, says Executive Board member Isabel Schnabel. Monetary policy is doing its part, but targeted fiscal measures are needed to limit and reduce divergences.

Our response to the coronavirus pandemic
Payments in a digital world
10 September 2020 SPEECH

Payments in a digital world

Our payment systems must continue to modernise with Europeans consumers’ preferences, says President Lagarde. The Eurosystem hasn’t decided whether to introduce a digital euro, but will explore benefits, risks and operational challenges. We continue to ensure access to banknotes at all times.

The outlook for the euro area
11 September 2020 THE ECB BLOG

The outlook for the euro area

Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.

18/09/2020
Isabel Schnabel: Unequal scars – distributional consequences of the pandemic
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the panel discussion “Verteilung der Lasten der Pandemie” (“Sharing the burden of the pandemic”), Deutscher Juristentag 2020
English
OTHER LANGUAGES (1) +
Select your language
DeutschDE
Slides
English
OTHER LANGUAGES (1) +
Select your language
DeutschDE
15/09/2020
Fabio Panetta: Healing after the pandemic: supporting and sustaining the recovery
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the 24th Economist Roundtable with the Government of Greece
English
OTHER LANGUAGES (1) +
Select your language
EλληνικάEL
13/09/2020
Christine Lagarde: Remarks at the Annual Meeting of the Council of Governors of the Arab Central Banks and Monetary Authorities
Contribution by Christine Lagarde, President of the ECB during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”
English
11/09/2020
Yves Mersch: Supervisory action in times of crisis and the limits of the ECB’s prudential mandate
Introductory statement by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Eurofi Financial Forum in Berlin
English
11/09/2020
Isabel Schnabel: The shadow of fiscal dominance: Misconceptions, perceptions and perspectives
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Centre for European Reform and the Eurofi Financial Forum on “Is the current ECB monetary policy doing more harm than good and what are the alternatives?”
English
Slides
English

All speeches

18/09/2020
Christine Lagarde: Interview with Challenges
Interview with Christine Lagarde, President of the ECB, conducted by Jean-Pierre de La Rocque
English
OTHER LANGUAGES (1) +
Select your language
FrançaisFR
16/09/2020
Isabel Schnabel: Interview with Agence France-Presse (AFP)
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jean-Philippe Lacour
English
OTHER LANGUAGES (1) +
Select your language
FrançaisFR
31/08/2020
Isabel Schnabel: Interview with Reuters
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balazs Koranyi and Frank Siebelt on 28 August 2020 and published on 31 August 2020
English
27/08/2020
Philip R. Lane: Interview with CNBC
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Steve Liesman on 27 August 2020 and broadcast on 27 August 2020
English
31/07/2020
Christine Lagarde: Interview with Le Courrier Cauchois
Interview with Christine Lagarde, conducted by Dominique Lecoq and Marc Aubault on 29 July and published on 31 July
English
OTHER LANGUAGES (1) +
Select your language
FrançaisFR

All interviews

11/09/2020
Philip R. Lane: The outlook for the euro area
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.

English
02/09/2020
Luis de Guindos, Fabio Panetta, Isabel Schnabel: Europe needs a fully fledged capital markets union – now more than ever
Blog post by Luis de Guindos, Vice-President of the ECB, and Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

Summary

The coronavirus crisis makes progress on capital markets union even more important, write Luis de Guindos, Fabio Panetta and Isabel Schnabel. In the light of the European Commission’s forthcoming Action Plan, they outline priority areas for reform to foster European capital markets.

English
19/08/2020
Fabio Panetta, Isabel Schnabel: The provision of euro liquidity through the ECB’s swap and repo operations
Blog post by Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

Summary

The ECB’s swap and repo lines are essential stabilising tools in the coronavirus crisis. In a joint Blog post, Executive Board members Fabio Panetta and Isabel Schnabel explain how these tools reduce funding risks, prevent financial contagion and support the euro’s use in global transactions.

English
04/08/2020
Philip R. Lane: The macroeconomic impact of the pandemic and the policy response
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

While there has been some rebound in economic activity, the level of economic slack remains extraordinarily high and the outlook highly uncertain, writes Chief Economist Philip R. Lane. Progress in containing the virus will be central in determining the size and speed of the recovery.

English
23/07/2020
Christine Lagarde: Europe’s response to the crisis
Blog post by Christine Lagarde, President of the ECB

Summary

Learning the lessons of the past, Europe has moved towards a new model for dealing with crises, writes President Christine Lagarde in The ECB Blog. We have shown that we can act quickly, adapt our institutions and lay the groundwork for forging a new Europe.

English

All blog posts

ECB Listens event to take place on 21 October
23 July 2020 STRATEGY REVIEW

ECB Listens event to take place on 21 October

The ECB Listens event will be held online on 21 October 2020. President Christine Lagarde and Chief Economist Philip R. Lane will engage with civil society organisations as part of our ongoing strategy review.

We want your input!
STRATEGY REVIEW

We want your input!

Tell us what you think we should consider in our monetary policy strategy review. Share your thoughts, opinions and ideas via the ECB Listens Portal – available in all euro area languages – by the end of October 2020.

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.50 %
Effective from 18 September 2019

Inflation rates

 Full inflation chart
Inflation dashboard

Reference rates

USD US dollar 1.1833
JPY Japanese yen 123.49
GBP Pound sterling 0.91318
CHF Swiss franc 1.0776
Last update: Friday, 18 September 2020 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

  • ECB Governing Council Press Conference - 10 September 2020

    ECB Governing Council Press Conference - 10 September 2020

  • ECB Governing Council Press Conference - 16 July 2020

    ECB Governing Council Press Conference - 16 July 2020

  • ECB Governing Council Press Conference - 04 June 2020

    ECB Governing Council Press Conference - 04 June 2020

  • Join a Youth Dialogue with Christine Lagarde

    Join a Youth Dialogue with Christine Lagarde

  • ECB Governing Council Press Conference - 30 April 2020

    ECB Governing Council Press Conference - 30 April 2020

  • Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019

    Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019

  • The ECB explains: crypto-assets

    The ECB explains: crypto-assets

  • ECB Forum on Central Banking 2019

    ECB Forum on Central Banking 2019

  • Download the ECB Art App

    Download the ECB Art App

  • Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

    Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

  • ECB Press Conference - 10 September 2020

    ECB Press Conference - 10 September 2020

  • ECB Press Conference - 16 July 2020

    ECB Press Conference - 16 July 2020

  • ECB Press Conference - 04 June 2020

    ECB Press Conference - 04 June 2020

  • Youth Dialogue with Christine Lagarde - 27 May 2020

    Youth Dialogue with Christine Lagarde - 27 May 2020

  • ECB Press Conference - 30 April 2020

    ECB Press Conference - 30 April 2020

  • New signature for euro banknotes - 28 November 2019

    New signature for euro banknotes - 28 November 2019

  • Christine Lagarde's Keynote Speech - European Banking Congress 2019

    Christine Lagarde's Keynote Speech - European Banking Congress 2019

  • Farewell President Draghi - 28 October 2019

    Farewell President Draghi - 28 October 2019

  • ECB Conference on Gender and Career Progression - 21 October 2019

    ECB Conference on Gender and Career Progression - 21 October 2019

  • ECB Press Conference - 24 October 2019

    ECB Press Conference - 24 October 2019

  • 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

  • Price and wage-setting in advanced economies - cover image

    Price and wage-setting in advanced economies

  • ESCB Legal Conference 2018 - cover image

    ESCB Legal Conference 2018

  • 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