• The state and prospects of the euro area recovery
    Speech
    The state and prospects of the euro area recovery

    Mario Draghi says GDP in the euro area has exceeded its pre-crisis level for the first time in 2016, with the economy recovering at a moderate pace. But the recovery remains reliant on financing conditions that in turn depend on continued monetary support, which the ECB is committed to providing.

Acting together makes Europe stronger
21 November 2016INTRODUCTORY REMARKS

Acting together makes Europe stronger

The ECB’s monetary policy played a key role in stabilising the European economy after the crisis, Executive Board member Benoît Cœuré tells students in Munich. By working together we can protect common goods that hold Europe together, such as democracy, a shared social model and the euro.

Mario Draghi at the European Parliament
18 November 2016ACCOUNTABILITY

Mario Draghi at the European Parliament

President Mario Draghi appears at the European Parliament on 21 November on the occasion of the plenary debate on the ECB’s Annual Report for 2015.

The debate starts at 17:00 CET.

21/11/2016
Statistical press release: Euro area financial vehicle corporation statistics
ENGLISH
21/11/2016
Statistical press release: Euro area investment fund statistics
ENGLISH
18/11/2016
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
November 2016
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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
18/11/2016
Statistical press release: Euro area monthly balance of payments (September 2016)
ENGLISH
17/11/2016
Account of the monetary policy meeting of the Governing Council of the European Central Bank
held in Frankfurt am Main on Wednesday and Thursday, 19-20 October 2016
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11/11/2016
Statistical press release: Euro area securities issues statistics
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08/11/2016
Prime Minister of Norway visits the ECB
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03/11/2016
ECB reviews its risk control framework for collateral assets
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03/11/2016
ECB amends Guidelines relating to the Eurosystem’s monetary policy implementation
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03/11/2016
Statistical press release: MFI interest rate statistics
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21/11/2016
Mario Draghi:  Introductory statement to the plenary debate of the European Parliament on the ECB’s Annual Report 2015
Mario Draghi, President of the ECB, 
Strasbourg, 21 November 2016
ENGLISH
21/11/2016
Benoît Cœuré:  Addressing Europe's economic and political challenges
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at TUM Speakers Series/HEC Débats organised by the Technical University of Munich, Munich, 21 November 2016
ENGLISH
18/11/2016
Mario Draghi:  The state and prospects of the euro area recovery
Speech by Mario Draghi, President of the ECB, at the European Banking Congress, Frankfurt, 18 November 2016
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18/11/2016
Peter Praet:  The euro area economy, monetary policy and structural reforms
Remarks by Peter Praet, Member of the Executive Board of the ECB, 
at the Observatory Group roundtable in New York, 18 November 2016
ENGLISH
17/11/2016
Peter Praet:  The future of global financial integration
Remarks by Peter Praet, Member of the Executive Board of the ECB, 
Global Research Forum on International Macroeconomics and Finance, Federal Reserve Bank of New York, 17 November 2016
ENGLISH

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11/11/2016
Benoît Cœuré:  Interview with Le Progrès de Lyon and EBRA newspaper group
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Frank Viart of Le Progrès de Lyon and published by EBRA newspaper group (L’Alsace, Les Dernières Nouvelles d’Alsace, Le Républicain Lorrain, L’Est Républicain, Vosges Matin, Le Bien Public, Le Journal de Saône-et-Loire, Le Progrès de Lyon, Le Dauphiné Libéré and Vaucluse Matin) on 11 November 2016
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FrançaisFR
08/11/2016
Benoît Cœuré:  Low interest rates are not inevitable
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, 
Les Echos, 9 November 2016
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02/11/2016
Sabine Lautenschläger:  Interview with Süddeutsche Zeitung
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
conducted by Meike Schreiber and Markus Zydra and published on 2 November 2016
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DeutschDE
30/09/2016
Sabine Lautenschläger:  Interview with Börsen-Zeitung
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
conducted by Mark Schrörs and published on 30 September 2016
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DeutschDE
30/09/2016
Mario Draghi:  Interview with ARD Tagesthemen
Interview with Mario Draghi, President of the ECB, 
conducted by Thomas Roth and broadcast on 28 September 2016
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DeutschDE

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21/11/2016
Working paper no. 1983: Bank efficiency and regional growth in Europe: new evidence from micro-data, by Ansgar Belke, Ulrich Haskamp, et al.
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21/11/2016
Working paper no. 1982: The impact of disasters on inflation, by Miles Parker
ENGLISH
18/11/2016
Working paper no. 1981: Capital and labour (mis)allocation in the euro area: some stylized facts and determinants, by Elisa Gamberoni, Claire Giordano, et al.
ENGLISH
17/11/2016
Working paper no. 1980: US-euro area term structure spillovers, implications for central banks, by Ken Nyholm
ENGLISH
17/11/2016
Working paper no. 1979: Correlation changes between the risk-free rate and sovereign yields of euro area countries, by Roberto De Santis, Michael Stein
ENGLISH

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17/11/2016
Opinion on the conferral of powers on the Central Bank of Ireland to assess competition in the market for mortgage loans and to issue lenders with directions on variable interest rates (CON/2016/54)
Ireland, 
ENGLISH
15/11/2016
Guideline (EU) 2016/1994 of the ECB of 4 November 2016 on the approach for the recognition of institutional protection schemes for prudential purposes by national competent authorities pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council  (ECB/2016/38)
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15/11/2016
Guideline (EU) 2016/1993 of the ECB of 4 November 2016 laying down the principles for the coordination of the assessment pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council and the monitoring of institutional protection schemes including significant and less significant institutions (ECB/2016/37)
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11/11/2016
Decision (EU) 2016/1975 of the ECB of 8 November 2016 on the sub-delegation of the powers to grant a provisional accreditation (ECB/2016/39)
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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
07/11/2016
Memorandum of Understanding between Eurostat and the ECB/Directorate General Statistics on the quality assurance of statistics underlying the Macroeconomic Imbalances Procedure
ENGLISH

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Implications of the effective lower bound
21 November 2016RESEARCH

Implications of the effective lower bound

This Research Bulletin article uses a model to examine the implications of the effective lower bound on interest rates. In particular, the research looks at the effects for monetary policy of the lower bound even when the economy has recovered and interest rates are higher.

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.40 %
Effective from 16 March 2016

Inflation rates

 Full inflation chart Inflation dashboard

Reference rates

USD US dollar 1.0631
JPY Japanese yen 117.59
GBP Pound sterling 0.85725
CHF Swiss franc 1.0727
Last update: Monday, 21 November 2016 Euro foreign exchange rates

Financial stability

Market operations

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