European Central Bank

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President Mario Draghi explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference on 10 April 2019.
- Introductory statement (with Q&A)
- Press release
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25 April 2019 ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 3, 2019

The Economic Bulletin presents the economic and monetary information which forms the basis for the Governing Council’s policy decisions.

It is released eight times a year, two weeks after each monetary policy meeting.

Economic Bulletin

24 April 2019 ECONOMIC BULLETIN

How protectionism affects the economy

Trade tariffs implemented in 2018 pose only a modest adverse risk to the global and euro area outlooks, this article finds. If trade tensions were to escalate once again, however, the impact would be larger, compounded by heightened financial stress and a drop in confidence.

Economic bulletin article

24/04/2019: Consolidated financial statement of the Eurosystem as at 19 April 2019
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Commentary
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17/04/2019: Euro area monthly balance of payments: February 2019
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16/04/2019: Consolidated financial statement of the Eurosystem as at 12 April 2019
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Commentary
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12/04/2019: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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11/04/2019: Results of the Q2 2019 ECB Survey of Professional Forecasters
ENGLISH

All press releases

17/04/2019: Sabine Lautenschläger: Central Bankers, Supervisors and Climate-Related Risks
Panel remarks by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Network for Greening the Financial System Conference, in Paris, France, 17 April 2019
ENGLISH
12/04/2019: Mario Draghi: IMFC Statement
Statement by Mario Draghi, President of the ECB, at the thirty-ninth meeting of the International Monetary and Financial Committee, Washington, D.C., 12 April 2019
ENGLISH
10/04/2019: 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, 10 April 2019
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06/04/2019: Yves Mersch: Competitiveness of Europe and European Financial Markets
Panel contribution by Yves Mersch, Member of the Executive Board of the ECB, at The Outlook for the Economy and Finance conference, Cernobbio, 6 April 2019
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01/04/2019: Luis de Guindos: Presentation of the ECB Annual Report 2018 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory remarks by Luis de Guindos, Vice-President of the ECB, Brussels, 1 April 2019
ENGLISH

All speeches

23/04/2019: Benoît Cœuré: Interview with Frankfurter Allgemeine Zeitung
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Johannes Pennekamp and Philip Plickert on 17 April 2019 and published on 23 April 2019
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02/04/2019: Benoît Cœuré: Interview with Risques
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean-Hervé Lorenzi, François-Xavier Albouy, Arnaud Chneiweiss, Pierre-Charles Pradier and Philippe Trainar, on 4 February 2019 and published on 2 April 2019
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01/04/2019: Sabine Lautenschläger: Interview with Der Standard
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB, conducted by András Szigètvari on 27 March 2019 and published on 1 April 2019
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DeutschDE
29/03/2019: Peter Praet: Interview with Bloomberg TV
Interview of Peter Praet, Member of the Executive Board of the ECB, conducted by Jana Randow on 27 March 2019 and broadcast on 28 March 2019
ENGLISH
12/03/2019: Peter Praet: Q&A on Twitter
Interview on Twitter with Peter Praet, Member of the Executive Board of the ECB, conducted and published on 12 March 2019
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All interviews

25/04/2019: Economic Bulletin Issue 3, 2019
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25/04/2019: The predictive power of real M1 for real economic activity in the euro area
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Economic Bulletin Issue 3, 2019
25/04/2019: Emerging market economy currencies: the role of global risk, the US dollar and domestic forces
ENGLISH
Economic Bulletin Issue 3, 2019
25/04/2019: What the maturing tech cycle signals for the global economy
ENGLISH
Economic Bulletin Issue 3, 2019
24/04/2019: The economic implications of rising protectionism: a euro area and global perspective
ENGLISH
Economic Bulletin Issue 3, 2019
23/04/2019: Working paper no. 2271: Credit supply and human capital: evidence from bank pension liabilities
ENGLISH
23/04/2019: Fiscal rules in the euro area and lessons from other monetary unions
ENGLISH
Economic Bulletin Issue 3, 2019
23/04/2019: Exploring the factors behind the 2018 widening in euro area corporate bond spreads
ENGLISH
Economic Bulletin Issue 3, 2019
18/04/2019: Working paper no. 2270: Risky assets in Europe and the US: risk vulnerability, risk aversion and economic environment
ENGLISH
18/04/2019: Working paper no. 2269: Shocks and labour cost adjustment: evidence from a survey of European firms
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All publications

17/04/2019: Opinion on participation in the Single Resolution Mechanism (CON/2019/16)
Bulgaria,
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11/04/2019: Guideline of the ECB of 9 April 2019 on domestic asset and liability management operations by the national central banks (recast) (ECB/2019/7)
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11/04/2019: Decision of the ECB of 9 April 2019 amending Decision ECB/2014/8 on the prohibition of monetary financing and the remuneration of government deposits by national central banks (ECB/2019/8)
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11/04/2019: Opinion on lobbying (CON/2019/15)
Czech Republic,
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ČeštinaCS
29/03/2019: Opinion on requiring the consent of borrowers to transfers of loans secured by mortgages on residential property (CON/2019/14)
Ireland,
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All legal acts

11 April 2019 CONFERENCE

ECB Forum 2019: programme now available

The programme for this year’s ECB Forum on Central Banking is now available. Discussions will focus on 20 years of European Economic and Monetary Union. The Forum takes place on 17-19 June in Sintra, Portugal, and will be webcast live.

#EUROAT20

How you benefit from the euro

The euro is nearly 20 years old and has become a part of everyday life for the 340 million people living in the euro area. How do you benefit from a safe and stable currency?

Read our explainer
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Visit #EUROat20 hub
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

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	1.1123
JPY	Japanese yen	124.45
GBP	Pound sterling	0.86435
CHF	Swiss franc	1.1368

Last update: Thursday, 25 April 2019 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
Price and wage-setting in advanced economies
ESCB Legal Conference 2018
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