European Central Bank

Speech

One market, one money: the path to convergence

We should consider the gains made as a result of having one market with one money, says President Draghi, outlining how the Single Market has benefited the people of Europe over the past 20 years. But, he adds, only continued progress will create the conditions for sustainable growth.
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18 December 2018RESEARCH

Sovereign risk and corporate credit risk

Can sovereign risk also affect companies outside the financial sector, in the real economy? If so, how and by how much? Could a true single market for capital in Europe help? Find the answers in our latest Research Bulletin article.

Research Bulletin

17 December 2018PUBLICATION

ESCB Legal Conference 2018 Book

The book containing the proceedings of the ESCB Legal Conference 2018 is now available online. The conference, held in September, brought together more than 200 participants from around the world to discuss current legal issues in central banking and banking supervision.

Read the book

18/12/2018: Consolidated financial statement of the Eurosystem as at 14 December 2018
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Commentary
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14/12/2018: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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13/12/2018: ECB decides on technical parameters for the reinvestment of its asset purchase programme
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13/12/2018: Monetary policy decisions
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12/12/2018: Euro area securities issues statistics: October 2018
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All press releases

18/12/2018: Luis de Guindos: Integration and convergence: from the peseta to the euro
Remarks by Luis de Guindos, Vice-President of the European Central Bank, at an event in honour of the 40th anniversary of the Spanish constitution organised by the Spanish Ministry of Economy in Madrid
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15/12/2018: Mario Draghi: Europe and the euro 20 years on
Speech by Mario Draghi, President of the ECB, at Laurea Honoris Causa in Economics by University of Sant'Anna, Pisa, 15 December 2018
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14/12/2018: Sabine Lautenschläger: The banking sector – where did we end up after all the reforms?
Opening statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, to panel 1 "After all the reforms: Where did we end up?" at the 6th Frankfurt Conference on Financial Market Policy: "European Financial Markets – Too Much Variety?" in Frankfurt, 14 December 2018
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14/12/2018: Luis de Guindos: Redesigning Europe’s financial landscape
Speech by Luis de Guindos, Vice-President of the ECB, at the 6th Frankfurt Conference on Financial Market Policy, Frankfurt, 14 December 2018
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13/12/2018: 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, 13 December 2018
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All speeches

26/11/2018: Sabine Lautenschläger: Interview with Agence France-Presse
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Agence France-Presse on 22 November 2018 and published on 26 November 2018
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22/11/2018: Peter Praet: Interview with Handelsblatt
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe on 19 November 2018 and published on 23 November 2018
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02/11/2018: Peter Praet: Interview with BdP Revista, staff magazine of Banco de Portugal
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Isabel Arriaga e Cunha on 18 June 2018 and published on 2 November 2018
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PortuguêsPT
01/10/2018: Benoît Cœuré: Interview with Der Tagesspiegel
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Carla Neuhaus on 19 September 2018 published on 1 October 2018
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05/09/2018: Benoît Cœuré: Interview with Kathimerini
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Eirini Chrysolora and published on 5 September 2018
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EλληνικάEL

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18/12/2018: Research bulletin no. 53: How is a firm’s credit risk affected by sovereign risk?
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17/12/2018: Working paper no. 2217: Gambling traps
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17/12/2018: ECB Legal Conference 2018
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17/12/2018: TIBER-EU White Team Guidance
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14/12/2018: UNITAS Crisis communication exercise report
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14/12/2018: Working paper no. 2216: International spillovers of monetary policy: evidence from France and Italy
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14/12/2018: Working paper no. 2215: Domestic and external sectoral portfolios: network structure and balance-sheet contagion
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13/12/2018: Eurosystem staff macroeconomic projections for the euro area, December 2018
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Projection charts and tables
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11/12/2018: Working paper no. 2214: A macro-financial analysis of the corporate bond market
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10/12/2018: Working paper no. 2213: Debt overhang and investment eﬃciency
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14/12/2018: Opinion on the organisation of the functioning of the central register of bank accounts and financial transactions (CON/2018/57)
Belgium,
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11/12/2018: Regulation of the ECB of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33)
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11/12/2018: Opinion on amendments to the liability regime concerning the Board members and employees of Banca Naţională a României (CON/2018/56)
Romania,
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RomânăRO
07/12/2018: Opinion on an amended proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority) and related legal acts (CON/2018/55)
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03/12/2018: Decision of the ECB of 30 November 2018 on the paying-up of the ECB’s capital by the non-euro area national central banks and repealing Decision ECB/2013/31 (ECB/2018/32)
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All legal acts

12 December 2018CALL FOR PROJECTS

Lamfalussy Research Fellowships

To celebrate 20 years since the euro’s introduction, we will award up to five Lamfalussy Fellowships – each worth €10,000 – to researchers who will be working on projects related to the architecture and performance of EMU in 2019.

#EUROAT20

How much do you know about the euro?

The euro will turn 20 on 1 January 2019. To celebrate this achievement we have put together a quiz for newbies and experts alike. Test your knowledge of the euro and the European Central Bank!

Take the quiz now!
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Visit #EUROat20 hub
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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

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1377
JPY	Japanese yen	127.86
GBP	Pound sterling	0.89715
CHF	Swiss franc	1.1281

Last update: Tuesday, 18 December 2018 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir
Unveiling of the New 100 and 200 Euro Banknotes
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.

ECB Press Conference - 25 October 2018
European Cultural Days - 25 September 2018
Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018
ECB Press Conference - 13 September 2018
New €100 & €200 - Security features
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
Financial integration in Europe, May 2018
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
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