20 February 2020 PUBLICATION

Annual accounts 2019

The annual accounts reflect the financial position and the results of the ECB’s operations at the year-end. They are comprised of the management report, the financial statements, the independent auditor’s report and the note on profit distribution/allocation of losses.

20 February 2020 SPEECH

Casting light on euro area economic outlook

Fundamentals for continued moderate growth remain in place, says Vice-President Luis de Guindos, but downside risks remain and the coronavirus brings new uncertainties. The economy still needs strong support from monetary policy.

25/02/2020
Consolidated financial statement of the Eurosystem as at 21 February 2020
24/02/2020
ECB kick-starts Eurosystem listening events for strategy review
21/02/2020
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
20/02/2020
Account of the monetary policy meeting
20/02/2020
Financial statements of the ECB for 2019

All press releases

21/02/2020
Philip R. Lane: The monetary policy toolbox: evidence from the euro area
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the 2020 US Monetary Policy Forum
20/02/2020
Luis de Guindos: The euro area economic outlook and the current monetary policy stance
Remarks by Luis de Guindos, Vice-President of the ECB, at the European Banking Federation Committee meeting
18/02/2020
Fabio Panetta: Deepening and widening Economic and Monetary Union: finding the right speed
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the European Parliamentary Week
17/02/2020
Philip R. Lane: The analytical contribution of external statistics: addressing the challenges
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Joint European Central Bank, Irving Fisher Committee and Banco de Portugal conference on “Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?”
11/02/2020
Philip R. Lane: Low inflation: macroeconomic risks and the monetary policy stance
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the financial markets workshop of the Economic Council (Finanzmarktklausur des Wirtschaftsrats der CDU)
English
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All speeches

14/02/2020
Philip R. Lane: Interview with RTÉ (Ireland’s National Television and Radio Broadcaster)
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Robert Shortt on 13 February 2020 and broadcast (in part) on 13 February 2020
11/02/2020
Isabel Schnabel: Interview with Die Welt
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Anja Ettel and Holger Zschäpitz on 10 February 2020, published on 11 February 2020
English
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10/02/2020
Luis de Guindos: Interview with Expansión
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Andrés Stumpf on 6 February 2020 and published on 10 February 2020
English
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03/02/2020
Luis de Guindos: Interview with ERT TV (Hellenic Broadcasting Corporation)
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Rallou Alexopoulou on 3 February 2020 and broadcast (in part) on 3 February 2020
02/02/2020
Philip R. Lane: Interview with Financial Times
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Arnold on 27 January, and published on 2 February 2020

All interviews

25/02/2020
Working paper no. 2378: Density forecast combinations: the real-time dimension
24/02/2020
ECB Survey of Monetary Analysts (SMA), March 2020
20/02/2020
Consolidated balance sheet of the Eurosystem as at 31 December 2019
20/02/2020
Annual Accounts 2019
20/02/2020
Working paper no. 2377: Monetary policy and bank stability: the analytical toolbox reviewed
20/02/2020
Working paper no. 2376: Macroprudential policy measures: macroeconomic impact and interaction with monetary policy
20/02/2020
Statistics paper no. 33: Integrating microdata for policy needs: the ESCB experience
19/02/2020
Report by the working group on euro risk-free rates on the transfer of EONIA’s cash and derivatives markets liquidity to the €STR
19/02/2020
Working paper no. 2375: Trust in the central bank and inflation expectation
18/02/2020
Working paper no. 2374: The interbank market puzzle

All publications

12/02/2020
Decision (EU) 2020/187 of the ECB of 3 February 2020 on the implementation of the third covered bond purchase programme (recast)  (ECB/2020/8)
12/02/2020
Decision (EU) 2020/188 of the ECB of 3 February 2020 on a secondary markets public sector asset purchase programme (recast) (ECB/2020/9)
05/02/2020
Opinion on the Supervisory Board of Eesti Pank (CON/2020/7)
Estonia, 
ENGLISH
OTHER LANGUAGES (1) +
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03/02/2020
Opinion on changes to the governance of De Nederlandsche Bank and the formal establishment of the Financial Stability Committee (CON/2020/6)
The Netherlands, 
ENGLISH
OTHER LANGUAGES (1) +
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30/01/2020
Opinion on the right of insolvency administrators and liquidators of credit institutions to hold funds in an account in Latvijas Banka (CON/2020/4)
Latvia, 
ENGLISH
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All legal acts

20 February 2020 ACCOUNT

Account of January monetary policy meeting

Members of the Governing Council agreed that monetary policy should remain highly accommodative for a prolonged period of time as inflation is still some distance from where it should be. They also decided to launch a review of the ECB’s monetary policy strategy.

EVENT

ECB Forum – young economists wanted!

Are you a PhD student in economics or finance? Do you want to present your research to policymakers and academics from around the world? Apply to our young economists’ competition and join the ECB Forum on Central Banking in Sintra, Portugal – the final winner receives a €10,000 prize.

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 1.0840
JPY Japanese yen 119.92
GBP Pound sterling 0.83630
CHF Swiss franc 1.0605
Last update: Tuesday, 25 February 2020 Euro foreign exchange rates

Multimedia

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