European Central Bank

Speech

The monetary policy toolbox

We have calibrated our monetary policy tools in a way that gives sizeable support to the economy and also supports the convergence of inflation to our aim, says Chief Economist Philip R. Lane in New York. At the same time, a more expansive fiscal policy would alleviate constraints on monetary policy.
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20 February 2020 PUBLICATION

Annual accounts 2019

The annual accounts reflect the financial position and the results of the ECB’s operations at the year-end. They are comprised of the management report, the financial statements, the independent auditor’s report and the note on profit distribution/allocation of losses.

Annual accounts

20 February 2020 SPEECH

Casting light on euro area economic outlook

Fundamentals for continued moderate growth remain in place, says Vice-President Luis de Guindos, but downside risks remain and the coronavirus brings new uncertainties. The economy still needs strong support from monetary policy.

Speech

21/02/2020: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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20/02/2020: Account of the monetary policy meeting
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20/02/2020: Financial statements of the ECB for 2019
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20/02/2020: Euro area investment fund statistics: fourth quarter of 2019
English
20/02/2020: Euro area financial vehicle corporation statistics: fourth quarter of 2019
English

All press releases

21/02/2020: Philip R. Lane: The monetary policy toolbox: evidence from the euro area
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the 2020 US Monetary Policy Forum
English
20/02/2020: Luis de Guindos: The euro area economic outlook and the current monetary policy stance
Remarks by Luis de Guindos, Vice-President of the ECB, at the European Banking Federation Committee meeting
English
18/02/2020: Fabio Panetta: Deepening and widening Economic and Monetary Union: finding the right speed
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the European Parliamentary Week
English
17/02/2020: Philip R. Lane: The analytical contribution of external statistics: addressing the challenges
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Joint European Central Bank, Irving Fisher Committee and Banco de Portugal conference on “Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?”
English
11/02/2020: Philip R. Lane: Low inflation: macroeconomic risks and the monetary policy stance
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the financial markets workshop of the Economic Council (Finanzmarktklausur des Wirtschaftsrats der CDU)
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DeutschDE

All speeches

14/02/2020: Philip R. Lane: Interview with RTÉ (Ireland’s National Television and Radio Broadcaster)
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Robert Shortt on 13 February 2020 and broadcast (in part) on 13 February 2020
English
11/02/2020: Isabel Schnabel: Interview with Die Welt
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Anja Ettel and Holger Zschäpitz on 10 February 2020, published on 11 February 2020
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DeutschDE
10/02/2020: Luis de Guindos: Interview with Expansión
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Andrés Stumpf on 6 February 2020 and published on 10 February 2020
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EspañolES
03/02/2020: Luis de Guindos: Interview with ERT TV (Hellenic Broadcasting Corporation)
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Rallou Alexopoulou on 3 February 2020 and broadcast (in part) on 3 February 2020
English
02/02/2020: Philip R. Lane: Interview with Financial Times
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Arnold on 27 January, and published on 2 February 2020
English

All interviews

20/02/2020: Consolidated balance sheet of the Eurosystem as at 31 December 2019
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20/02/2020: Annual Accounts 2019
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Eesti keelET БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV MaltiMT
English
20/02/2020: Working paper no. 2377: Monetary policy and bank stability: the analytical toolbox reviewed
English
20/02/2020: Working paper no. 2376: Macroprudential policy measures: macroeconomic impact and interaction with monetary policy
English
20/02/2020: Statistics paper no. 33: Integrating microdata for policy needs: the ESCB experience
English
19/02/2020: Report by the working group on euro risk-free rates on the transfer of EONIA’s cash and derivatives markets liquidity to the €STR
English
19/02/2020: Working paper no. 2375: Trust in the central bank and inflation expectation
English
18/02/2020: Working paper no. 2374: The interbank market puzzle
English
18/02/2020: Working paper no. 2373: Simulating fire sales in a system of banks and asset managers
English
11/02/2020: Occasional paper no. 238: Revisiting the monetary presentation of the euro area balance of payments
English

All publications

12/02/2020: Decision (EU) 2020/187 of the ECB of 3 February 2020 on the implementation of the third covered bond purchase programme (recast) (ECB/2020/8)
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12/02/2020: Decision (EU) 2020/188 of the ECB of 3 February 2020 on a secondary markets public sector asset purchase programme (recast) (ECB/2020/9)
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05/02/2020: Opinion on the Supervisory Board of Eesti Pank (CON/2020/7)
Estonia,
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Eesti keelET
03/02/2020: Opinion on changes to the governance of De Nederlandsche Bank and the formal establishment of the Financial Stability Committee (CON/2020/6)
The Netherlands,
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NederlandsNL
30/01/2020: Opinion on the right of insolvency administrators and liquidators of credit institutions to hold funds in an account in Latvijas Banka (CON/2020/4)
Latvia,
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LatviešuLV

All legal acts

20 February 2020 ACCOUNT

Account of January monetary policy meeting

Members of the Governing Council agreed that monetary policy should remain highly accommodative for a prolonged period of time as inflation is still some distance from where it should be. They also decided to launch a review of the ECB’s monetary policy strategy.

Account

EVENT

ECB Forum – young economists wanted!

Are you a PhD student in economics or finance? Do you want to present your research to policymakers and academics from around the world? Apply to our young economists’ competition and join the ECB Forum on Central Banking in Sintra, Portugal – the final winner receives a €10,000 prize.

Enter the competition by 15 March

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	1.0801
JPY	Japanese yen	120.96
GBP	Pound sterling	0.83510
CHF	Swiss franc	1.0610

Last update: Friday, 21 February 2020 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019
ECB Governing Council Press Conference - 12 December 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
Euro Banknotes – Our Money, Our Journey
Unveiling of the New 100 and 200 Euro Banknotes
20 years of ESCB statistics: What's next?
ECB Interview with Cornelia Holthausen

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
European Cultural Days of the ECB: Museumssalon - October 23 2019
ECB Press Conference - 24 October 2019
European Cultural Days of the ECB: Museumssalon - October 23 2019
European Cultural Days -10 October 2019
Sendung mit der Maus Tag der offenen Tür - 3 October 2019
ECB Press Conference – 12 September 2019

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