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.
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24 September 2020 ECONOMIC BULLETIN

ECB publishes Economic Bulletin Issue 6, 2020

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 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

22/09/2020: Consolidated financial statement of the Eurosystem as at 18 September 2020
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Commentary
English
22/09/2020: ECB to accept sustainability-linked bonds as collateral
English
21/09/2020: ECB proposes to reduce reporting burden for banks and increase data quality
English
18/09/2020: Euro area monthly balance of payments: July 2020
English
17/09/2020: ECB’s Governing Council says that exceptional circumstances justify leverage ratio relief
English

All press releases

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
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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
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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
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EλληνικάEL
13/09/2020: Christine Lagarde: Remarks at the Annual Meeting of the Council of Governors of the Arab Central Banks and Monetary Authorities
Contribution by Christine Lagarde, President of the ECB during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”
English

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
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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
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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
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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

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
24/09/2020: Public loan guarantees and bank lending in the COVID-19 period
English
Economic Bulletin Issue 6, 2020
23/09/2020: Automatic fiscal stabilisers in the euro area and the COVID-19 crisis
English
Economic Bulletin Issue 6, 2020
23/09/2020: The viral effects of foreign trade and supply networks in the euro area
English
Economic Bulletin Issue 6, 2020
23/09/2020: The fiscal implications of the EU’s recovery package
English
Economic Bulletin Issue 6, 2020
22/09/2020: Occasional paper no. 247: Stablecoins: Implications for monetary policy, financial stability, market infrastructure and payments, and banking supervision in the euro area
English

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	1.1645
JPY	Japanese yen	122.73
GBP	Pound sterling	0.91228
CHF	Swiss franc	1.0772

Last update: Thursday, 24 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
Financial integration in Europe, May 2018
Price and wage-setting in advanced economies
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