European Central Bank

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Our response to the coronavirus pandemic

In focus
Press releases1
Speeches
Interviews
The ECB Blog
Publications

31 July 2020 INTERVIEW

The first line of defence

The ECB acted swiftly as the first line of defence in a situation where the economy was giving way beneath our feet, says President Christine Lagarde as she accepts the Cauchoise de l'année award. She adds that institutions should think about their role in tackling climate change.

Interview
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FrançaisFR

27 July 2020 INTERVIEW

A turning point for Europe

European institutions, including the ECB, have provided a European response to a European problem, Executive Board member Fabio Panetta tells La Repubblica. By acting together, we have generated a “European dividend”.

Interview
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ItalianoIT

11/08/2020: Consolidated financial statement of the Eurosystem as at 7 August 2020
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU HrvatskiHR ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Commentary
English
11/08/2020: Euro money market statistics: fourth maintenance period 2020
English
04/08/2020: Consolidated financial statement of the Eurosystem as at 31 July 2020
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU HrvatskiHR ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Commentary
English
31/07/2020: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
English
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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
31/07/2020: Euro area pension fund statistics: first quarter of 2020
English

Table: Annex to the statistical release on pension funds in the euro area
English

All press releases

22/07/2020: Luis de Guindos: Building the Financial System of the 21st Century
Speech by Luis de Guindos, Vice-President of the ECB, at the 18th annual symposium on “Building the Financial System of the 21st Century: an Agenda for Europe and the United States” organised by the Program on International Financial Systems and Harvard Law School (by videoconference)
English
17/07/2020: Isabel Schnabel: Never waste a crisis: COVID-19, climate change and monetary policy
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a virtual roundtable on “Sustainable Crisis Responses in Europe” organised by the INSPIRE research network, 17 July 2020
English
16/07/2020: Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 July 2020
English
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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
13/07/2020: Fabio Panetta: Pursuing a successful path towards euro area accession
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at a meeting of the Euro Accession Countries Working Group of the Committee on Economic and Monetary Affairs of the European Parliament
English
07/07/2020: Fabio Panetta: Unleashing the euro’s untapped potential at global level
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, Meeting with Members of the European Parliament
English

All speeches

31/07/2020: Christine Lagarde: Interview with Le Courrier Cauchois
Interview with Christine Lagarde, conducted by Dominique Lecoq and Marc Aubault on 29 July and published on 31 July
English
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FrançaisFR
27/07/2020: Fabio Panetta: Interview with La Repubblica
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 27 July 2020
English
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ItalianoIT
26/07/2020: Luis de Guindos: Interview with El Independiente
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Casimiro García Abadillo on 21 July 2020 and published on 26 July 2020
English
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EspañolES
23/07/2020: Christine Lagarde: Interview with The Washington Post
Video interview with Christine Lagarde, President of the ECB, conducted live by David Ignatius on 22 July 2020
English
21/07/2020: Isabel Schnabel: Interview with Expansión
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Andrés Stumpf on 16 July and published on 21 July 2020
English
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EspañolES

All interviews

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
28/06/2020: Isabel Schnabel: Necessary, suitable and proportionate
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB, in Welt am Sonntag

Summary
Our crisis measures respond to the worst economic crisis in the post-war period, says Executive Board member Isabel Schnabel. They are necessary, suitable and proportionate and benefit all European citizens.
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DeutschDE
22/06/2020: Philip R. Lane: The market stabilisation role of the pandemic emergency purchase programme
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary
Evidence shows that the policies adopted by the ECB in mid-March, including the pandemic emergency purchase programme (PEPP) and other liquidity-easing measures, have contributed to stabilising markets, writes Chief Economist Philip R. Lane.
English
12/06/2020: Fabio Panetta: Sharing and strengthening the euro’s privilege
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary
The goals of boosting the euro’s global standing and sharing its advantages more evenly are one and the same, writes Executive Board member Fabio Panetta. Through the right mix of European fiscal and monetary policy, we can build a better functioning Monetary Union that achieves both of these goals.
English

All blog posts

11/08/2020: Working paper no. 2452: Risk and return in international corporate bond markets
English
11/08/2020: Working paper no. 2451: The simpler the better: measuring financial conditions for monetary policy and financial stability
English
06/08/2020: The Bulgarian lev and the Croatian kuna in the exchange rate mechanism (ERM II)
English
Economic Bulletin Issue 6, 2020
30/07/2020: Economic Bulletin Issue 5, 2020
English
English
30/07/2020: Liquidity distribution and settlement in TARGET2
English
Economic Bulletin Issue 5, 2020
30/07/2020: Drivers of firms’ loan demand in the euro area – what has changed during the COVID-19 pandemic?
English
Economic Bulletin Issue 5, 2020
30/07/2020: The impact of the ECB’s monetary policy measures taken in response to the COVID-19 crisis
English
Economic Bulletin Issue 5, 2020
30/07/2020: US dollar funding tensions and central bank swap lines during the COVID-19 crisis
English
Economic Bulletin Issue 5, 2020
29/07/2020: Occasional paper no. 246: The IMF’s financial surveillance in Europe – experiences with FSAPs and their links with Article IV consultations
English
29/07/2020: Drivers of rising labour force participation – the role of pension reforms
English
Economic Bulletin Issue 5, 2020

All publications

5 August 2020 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.

STRATEGY REVIEW

ECB Listens event to take place on 21 October

The ECB Listens event will be held online on 21 October 2020. President Christine Lagarde and Chief Economist Philip R. Lane will engage with civil society organisations as part of our ongoing strategy review.

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	1.1783
JPY	Japanese yen	124.97
GBP	Pound sterling	0.89843
CHF	Swiss franc	1.0743

Last update: Tuesday, 11 August 2020 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

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
Euro Banknotes – Our Money, Our Journey

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
European Cultural Days of the ECB: Museumssalon - October 23 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