• What are the main risks to financial stability? Play Video
    Interview
    What are the main risks to financial stability?

    Vice-President Vítor Constâncio reflects on the key risks to financial stability in the euro area in a special interview. Learn why they remain unchanged although the euro area economy is growing.

11 December 2017 MONETARY POLICY

Press conference on Thursday, 14 December 2017

ECB President Mario Draghi and Vice-President Vítor Constâncio explain the Governing Council’s monetary policy decisions and answer questions from journalists.

The press conference starts at 14:30 CET.

Christmas in a box
7 December 2017CHARITY INITIATIVE

Christmas in a box

Our staff joined forces with kids at the European School Frankfurt to contribute to the Stiftung Kinderzukunft’s Christmas in a box initiative. We have prepared gift boxes for children across Europe who might otherwise receive nothing this Christmas.

There could still be time to join a similar initiative near you!

06/12/2017
Yves Mersch:  Challenges for euro area monetary policy in early 2018
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the 32nd International ZinsFORUM, Frankfurt am Main, 6 December 2017
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30/11/2017
Peter Praet: The outlook for reform: cementing growth and delivering sustainable employment
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Ludwig Erhard Lecture, organised by the Lisbon Council, Brussels, 30 November 2017
30/11/2017
Yves Mersch: Digital transformation of the retail payments ecosystem
Introductory speech by Mr Yves Mersch, Member of the Executive Board of the ECB, at the Joint ECB and Banca d’Italia conference, Rome, 30 November 2017
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24/11/2017
Vítor Constâncio: Ricardo Reis’ contribution to Macroeconomics
Speech by Vítor Constâncio, Vice-President of the ECB, at the ceremony marking the award of the 2016 Germán Bernácer Prize for Promoting Economic Research in Europe to Ricardo Reis, Madrid, 24 November 2017
24/11/2017
Benoît Cœuré: Policy analysis with big data
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference on “Economic and Financial Regulation in the Era of Big Data”, organised by the Banque de France, Paris, 24 November 2017

All speeches

21/11/2017
Benoît Cœuré: Interview with Handelsblatt
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe on 15 November and published on 21 November 2017
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09/11/2017
Benoît Cœuré: Interview with France Info TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean-Paul Chapel on 9 November 2017
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29/10/2017
Benoît Cœuré: Interview with Le Journal du Dimanche
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Bruna Basini on 27 October and published on 29 October 2017
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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

All interviews

04/12/2017
Opinion on limiting the number of central credit unions  (CON/2017/54)
Lithuania, 
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01/12/2017
Opinion on conferring upon Lietuvos bankas the function of a fiscal agency of the International Monetary Fund (CON/2017/53)
Lithuania, 
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29/11/2017
Opinion on benchmarks in financial instruments and financial contracts (CON/2017/52)
Bulgaria, 
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27/11/2017
Opinion on amendments to the decision making framework of Българска народна банка (Bulgarian National Bank) (CON/2017/51)
Bulgaria, 
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27/11/2017
Opinion on transactions with related parties (CON/2017/50)
Bulgaria, 
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All legal acts

6 December 2017RESEARCH

Collateral, central clearing and regulation

Since the crisis, financial regulation has further encouraged the use of collateral and central clearing platforms. Our latest Research Bulletin article summarises research on why such regulation promotes financial stability.

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 1.1766
JPY Japanese yen 133.54
GBP Pound sterling 0.88068
CHF Swiss franc 1.1671
Last update: Tuesday, 12 December 2017 Euro foreign exchange rates

Multimedia

  • 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.

  • 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

  • Financial integration in Europe - cover image

    Financial integration in Europe

  • ESCB Legal Conference 2016 - cover image

    ESCB Legal Conference 2016

  • The international role of the euro, June 2016 - cover image

    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 - cover image

    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 - 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