European Central Bank

Speech

The challenge of pairing reforms with inclusiveness

There is a window of opportunity to implement structural reforms, President Mario Draghi says in a speech at the ECB. Such reforms can lead to more flexible economies that are more resilient. But reforms have to take into account equity as well as efficiency.
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18 October 2017RESEARCH

Monetary policy tools after the crisis

The latest Research Bulletin features a survey conducted among central bankers and academics across the world which suggests that unconventional monetary policy instruments should remain part of central banks’ toolkits, whether in their current or modified form.

Research Bulletin

20 October 2017#EUROPEANSTATISTICSDAY

Today we celebrate the European Statistics Day

Statistics are important for the ECB because they help policymakers to take informed decisions. The ECB collects a wide range of data on economic indicators for the euro area and they are available on this website and on the Our statistics website.

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Our statistics website

20/10/2017: Euro area monthly balance of payments (August 2017)
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19/10/2017: Results of the September 2017 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)
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17/10/2017: Commentary
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Consolidated financial statement of the Eurosystem as at 13 October 2017
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12/10/2017: Euro Area Securities Issues Statistics: August 2017
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10/10/2017: Commentary
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Consolidated financial statement of the Eurosystem as at 6 October 2017
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All press releases

18/10/2017: Mario Draghi: Structural Reforms in the Euro Area
Introductory remarks by Mario Draghi, President of the ECB, at the ECB conference “Structural reforms in the euro area”, Frankfurt am Main, 18 October 2017
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17/10/2017: Vítor Constâncio: The evolving risk landscape in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, at the Banco de Portugal Conference on Financial Stability, Lisbon, 17 October 2017
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16/10/2017: Sabine Lautenschläger: Dealing with a globalised banking sector
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at George Washington University Law School, Washington D.C., 16 October 2017
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15/10/2017: Vítor Constâncio: Growth in a more resilient Euro area
Remarks by Vítor Constâncio, Vice-President of the European Central Bank, on a panel entitled “The Global Economy: Prospects for Broad-Based Growth” at the 32nd Annual G30 International Banking Seminar, Washington D.C., 15 October 2017
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14/10/2017: Sabine Lautenschläger: Is small beautiful? Supervision, regulation and the size of banks
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at an IMF seminar, Washington D.C., 14 October 2017
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All speeches

28/09/2017: Peter Praet: Interview with Les Echos
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Isabelle Couet and Catherine Chatignoux on 25 September and published on 29 September 2017
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20/09/2017: Vítor Constâncio: Interview with Euronews
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Efthymia Koutsokosta on 15 September and published on 20 September
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16/09/2017: Peter Praet: Interview with De Tijd
Interview Peter Praet, Member of the Executive Board of the ECB, conducted by Wouter Vervenne and Bart Haeck on 13 September and published on 16 September 2017
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NederlandsNL
12/09/2017: Benoît Cœuré: Europe’s moment
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, published by Börsen-Zeitung, 12 September 2017
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01/09/2017: Yves Mersch: The role of cash: Customer retention and tie to the citizen
Contribution by Yves Mersch, Member of the Executive Board of the ECB, 1 September 2017
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All interviews

18/10/2017: What will monetary policy look like after the crisis?
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13/10/2017: Letter from the ECB President to Mr Tajani, President of the European Parliament, regarding the draft addendum to the ECB Guidance to banks on non-performing loans
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13/10/2017: Letter from Danièle Nouy, Chair of the Supervisory Board, to Mr Tajani, President of the European Parliament, regarding the draft addendum to the ECB Guidance to banks on non-performing loans
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13/10/2017: Occasional paper no. 198: Large net foreign liabilities of euro area countries
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12/10/2017: Working paper no. 2105: Monetary policy and bank profitability in a low interest rate environment
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11/10/2017: The Crisis, Ten Years After: Lessons Learnt for Monetary and Financial Research
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11/10/2017: Working paper no. 2104: Do we want these two to tango? On zombie firms and stressed banks in Europe
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11/10/2017: Working paper no. 2103: Asymmetric wage adjustment and employment in European firms
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10/10/2017: User guide on the Eurosystem consolidated weekly financial statement
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10/10/2017: Letter from the ECB President to Mr Ernest Urtasun, Mr Sven Giegold, Ms Molly Scott Cato, Mr Michel Reimon, Mr Bas Eickhout, MEPs, on climate change
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All publications

11/10/2017: Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (CON/2017/42)
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09/10/2017: Opinion on judicial relief granted to holders of qualified bank credit (CON/2017/41)
Slovenia,
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06/10/2017: Opinion on limitations to cash payments (CON/2017/40)
Cyprus,
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04/10/2017: Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 and Regulation (EU) No 648/2012 with regard to the procedures and authorities involved for the authorisation of central counterparties and the recognition of third country central counterparties (CON/2017/39)
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26/09/2017: Guideline of the ECB of 22 September 2017 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2017/28)
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All legal acts

5 October 2017EDUCATIONAL

G€SA competition open to students

How does the work of a central bank impact the economy? Students across Europe can sign up in teams for the latest Generation €uro Students’ Award competition. They can learn more about monetary policy and perhaps even travel to Frankfurt for an award event with the President of the ECB.

EXPLAINER

What are structural reforms?

In the wake of the financial crisis, politicians and policymakers have often called for structural reforms to help lift economic growth. But what are structural reforms? And why does the ECB care about them if its mandate is to keep prices stable?

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Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.40 %

Effective from 16 March 2016

Past key ECB interest rates

Inflation rates

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Reference rates

USD	US dollar	1.1818
JPY	Japanese yen	133.75
GBP	Pound sterling	0.89623
CHF	Swiss franc	1.1597

Last update: Friday, 20 October 2017 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

#ECBYouthDialogue - Dublin, Ireland
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.

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

Financial integration in Europe
ESCB Legal Conference 2016
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
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
The monetary policy of the ECB
The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field