European Central Bank

Speech

Asymmetric risks, asymmetric reaction

Our policy must remain forward-looking in the current fragile and uncertain macroeconomic situation, says Executive Board member Fabio Panetta at the Money Market Contact Group. Faced with sizeable downside risks, there is a strong case for our reaction function to be asymmetric.
- Speech

Our response to the coronavirus pandemic

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28 September 2020 SPEECH

Targeting gender imbalances in economics

The underrepresentation of women in economics persists, says Executive Board member Isabel Schnabel. However, the ECB’s experience shows that targeted measures can yield tangible results in redressing this imbalance and bolstering diversity.

Speech

24 September 2020 ACCOUNTABILITY

Hearing at European Parliament on 28 September

President Christine Lagarde will speak before the European Parliament’s Committee on Economic and Monetary Affairs and answer questions from its members on 28 September. The hearing will start at 15:45 CET.

Live webcast

28/09/2020: ECB amends monetary policy implementation guidelines
English

Guideline amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework
English
Guideline amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework
English
Guideline amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral
English
Decision amending Decision (EU) 2020/187 on the implementation of the third covered bonds purchase programme
English
28/09/2020: Euro area pension fund statistics: second quarter of 2020
English

Table: Annex to the statistical release on pension funds in the euro area
English
25/09/2020: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
English
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25/09/2020: Monetary developments in the euro area: August 2020
English

Table: Annex to the press release on monetary developments in the euro area
English
22/09/2020: Consolidated financial statement of the Eurosystem as at 18 September 2020
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU HrvatskiHR ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Commentary
English

All press releases

28/09/2020: Isabel Schnabel: Women are central, not just in central banks
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Annual Meeting 2020 of the Verein für Socialpolitik
English
22/09/2020: Fabio Panetta: Asymmetric risks, asymmetric reaction: monetary policy in the pandemic
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the meeting of the ECB Money Market Contact Group
English
21/09/2020: Christine Lagarde: Jointly shaping Europe’s tomorrow
Introductory remarks by Christine Lagarde, President of the ECB, at the Franco-German Parliamentary Assembly, 21 September 2020
English
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DeutschDE FrançaisFR
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
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DeutschDE

Slides
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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
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EλληνικάEL

All speeches

24/09/2020: Philip R. Lane: Q&A on Twitter
Interview on Twitter with Philip R. Lane, Member of the Executive Board of the ECB, conducted and published on 24 September 2020
English
23/09/2020: Yves Mersch: Interview with Bloomberg
Interview with Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Paul Gordon and Carolynn Look
English
20/09/2020: Luis de Guindos: Interview with La Razón
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jesús Rivasés on 14 September 2020
English
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EspañolES
18/09/2020: Christine Lagarde: Interview with Challenges
Interview with Christine Lagarde, President of the ECB, conducted by Jean-Pierre de La Rocque
English
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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
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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

25/09/2020: Working paper no. 2471: Does the Phillips curve help to forecast euro area inflation?
English
25/09/2020: Working paper no. 2470: Financial conditions, business cycle fluctuations and growth at risk
English
25/09/2020: Letter from the ECB President to Mr Paul Tang, MEP, on monetary policy
English
25/09/2020: Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy
English
25/09/2020: Letter from the ECB President to Ms Eleonora Evi, Ms Rosa D’Amato, Mr Ignazio Corrao and Mr Piernicola Pedicini, MEPs, on monetary policy
English
24/09/2020: Opinion on proposals for regulations amending the Union securitisation framework in response to the COVID-19 pandemic (CON/2020/22)
English
24/09/2020: Economic Bulletin Issue 6, 2020
English
English
24/09/2020: The role of indirect taxes in euro area inflation and its outlook
English
Economic Bulletin Issue 6, 2020
24/09/2020: Liquidity conditions and monetary policy operations in the period from 6 May to 21 July 2020
English
Economic Bulletin Issue 6, 2020
24/09/2020: The ECB’s enhanced effective exchange rate measures
English
Economic Bulletin Issue 6, 2020

All publications

24 September 2020 #ASKECB

Live Twitter Q&A with Philip R. Lane

Chief Economist Philip R. Lane answered questions from Twitter users on monetary policy, including our response to the coronavirus pandemic. He also discussed a possible digital euro, the ECB’s strategy review and green bonds.

Full Q&A

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.

Have your say via the ECB Listens Portal

Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.50 %

Effective from 18 September 2019

Past key ECB interest rates

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1634
JPY	Japanese yen	122.74
GBP	Pound sterling	0.91343
CHF	Swiss franc	1.0798

Last update: Friday, 25 September 2020 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

ECB Governing Council Press Conference - 10 September 2020
ECB Governing Council Press Conference - 16 July 2020
ECB Governing Council Press Conference - 04 June 2020
Join a Youth Dialogue with Christine Lagarde
ECB Governing Council Press Conference - 30 April 2020
Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019
The ECB explains: crypto-assets
ECB Forum on Central Banking 2019
Download the ECB Art App
Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

ECB Press Conference - 10 September 2020
ECB Press Conference - 16 July 2020
ECB Press Conference - 04 June 2020
Youth Dialogue with Christine Lagarde - 27 May 2020
ECB Press Conference - 30 April 2020
New signature for euro banknotes - 28 November 2019
Christine Lagarde's Keynote Speech - European Banking Congress 2019
Farewell President Draghi - 28 October 2019
ECB Conference on Gender and Career Progression - 21 October 2019
ECB Press Conference - 24 October 2019

The international role of the euro, June 2018
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