European Central Bank

Speech

Monetary policy and climate change

Executive Board member Benoît Cœuré discusses how climate change fits into the ECB’s current monetary policy framework and how it may affect the implementation of this policy. Central banks, provided they stick to their mandate, can play a role in mitigating the risks of climate change.
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Legal acts

13 November 2018SPEECH

Preserving monetary policy accommodation

The end of net asset purchases does not mean the end of monetary policy accommodation, says Executive Board member Peter Praet. The switch to enhanced forward guidance on key ECB interest rates has preserved the ample degree of monetary policy accommodation.

Speech

12 November 2018SPEECH

Investment funds and financial stability

The investment fund sector in the euro area has been growing steadily. In order to address emerging risks and safeguard financial stability, we should aim to extend the macroprudential framework beyond banks to encompass the asset management sector, says Vice-President Luis de Guindos.

Speech

13/11/2018: Consolidated financial statement of the Eurosystem as at 9 November 2018
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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

Commentary
ENGLISH
13/11/2018: Euro area securities issues statistics: September 2018
ENGLISH
07/11/2018: ECB nominates Andrea Enria as Chair of Supervisory Board
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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
06/11/2018: Consolidated financial statement of the Eurosystem as at 2 November 2018
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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

Commentary
ENGLISH
31/10/2018: Euro area bank interest rate statistics: September 2018
ENGLISH

All press releases

13/11/2018: Luis de Guindos: Promoting the stability and efficiency of EU financial markets beyond Brexit
Speech by Luis de Guindos, Vice-President of the ECB, at the Deutsche Bundesbank reception on the occasion of Euro Finance Week, Frankfurt, 13 November 2018
ENGLISH
13/11/2018: Sabine Lautenschläger: Four years of Banking Union: where do we stand?
Opening Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Banking Supervision, Resolution and Risk Management conference during the 21st Euro Finance Week, Frankfurt am Main, 13 November 2018
ENGLISH
13/11/2018: Peter Praet: Preserving monetary accommodation in times of normalisation
Speech by Peter Praet, Member of the Executive Board of the ECB, at the UBS Conference, London, 13 November 2018
ENGLISH
12/11/2018: Luis de Guindos: Coming to the forefront: the rising role of the investment fund sector for financial stability in the euro area
Speech by Luis de Guindos, Vice-President of the ECB, at the Opening Conference, 21st Euro Finance Week, Frankfurt am Main, 12 November 2018
ENGLISH
08/11/2018: Mario Draghi: Exchange of views with members of the Irish Parliament
Introductory statement by Mario Draghi, President of the ECB, during his exchange of views with the House of Representatives in Dublin, Ireland, 8 November 2018
ENGLISH

All speeches

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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DeutschDE
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
05/08/2018: Sabine Lautenschläger: Interview with Welt am Sonntag
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Anja Ettel and Anne Kunz on 30 July 2018 and published on 5 August 2018
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DeutschDE
09/07/2018: Benoît Cœuré: Interview with Bloomberg TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Caroline Connan and broadcast on 9 July 2018
ENGLISH

All interviews

13/11/2018: Working paper no. 2195: Government debt and banking fragility: the spreading of strategic uncertainty
ENGLISH
13/11/2018: Working paper no. 2194: Semi-structural credit gap estimation
ENGLISH
08/11/2018: Economic Bulletin Issue 7, 2018
ENGLISH
ENGLISH
08/11/2018: The geography of the euro area current account balance
ENGLISH
Economic Bulletin Issue 7, 2018
08/11/2018: Purchases of green bonds under the Eurosystem’s asset purchase programme
ENGLISH
Economic Bulletin Issue 7, 2018
08/11/2018: The role of energy prices in recent inflation outcomes: a cross-country perspective
ENGLISH
Economic Bulletin Issue 7, 2018
08/11/2018: Investment in intangible assets in the euro area
ENGLISH
Economic Bulletin Issue 7, 2018
07/11/2018: Digitalisation and its impact on the economy: insights from a survey of large companies
ENGLISH
Economic Bulletin Issue 7, 2018
06/11/2018: Working paper no. 2193: Bank to sovereign risk spillovers across borders: evidence from the ECB’s Comprehensive Assessment
ENGLISH
06/11/2018: The state of the housing market in the euro area
ENGLISH
Economic Bulletin Issue 7, 2018

All publications

09/11/2018: Opinion on national legislation to be adopted for the purpose of establishing close cooperation between the ECB and Българска народна банка (Bulgarian National Bank) (CON/2018/49)
Bulgaria,
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БългарскиBG
09/11/2018: Opinion on the strengthening of financial supervision and investor protection (CON/2018/50)
Poland,
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PolskiPL
08/11/2018: Opinion on the minimum reserve requirements of the Magyar Nemzeti Bank (CON/2018/48)
Hungary,
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MagyarHU
08/11/2018: Opinion on designation of essential services and operators of essential services for the purpose of network and information systems security (CON/2018/47)
Slovenia,
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SlovenščinaSL
26/10/2018: Opinion on the legal framework of the State Audit Office (CON/2018/45)
Croatia,
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HrvatskiHR

All legal acts

6 November 2018EVENT

Monetary Policy conference

We hosted our annual monetary policy conference on 29 and 30 October. The video of the policy panel featuring Nobel Prize winner Christopher Sims is now available. We also asked a number of speakers to present their work in under a minute!

EXPLAINER

Why do statistics matter?

On 20 October we’re celebrating European Statistics Day! Statistics are important for the ECB as they support our decision-making processes. We cooperate with other EU institutions to gather and analyse a broader set of statistical data.

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	1.1261
JPY	Japanese yen	128.32
GBP	Pound sterling	0.86945
CHF	Swiss franc	1.1368

Last update: Tuesday, 13 November 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