European Central Bank

Speech

Policymaking, responsibility and uncertainty

Policymakers often take decisions in an environment of uncertainty, where outcomes are rarely known, says President Mario Draghi. Accepting an Honorary Doctorate in Milan, Mr Draghi explains that knowledge, courage and humility have, throughout history, always proven their value.
- Speech

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18 October 2019 ACCOUNTABILITY

Lagarde confirmed as next ECB President

The European Council has formally appointed Christine Lagarde as the next ECB President. Ms Lagarde will take office on 1 November.

17 October 2019 INTERVIEW

The nature of money will change

Central banks need to adapt to benefit from new technology, says Executive Board member and Chair of the BIS Committee on Payments and Market Infrastructures, Benoît Cœuré. Money will change, but we will always need a public institution to anchor trust in the currency.

18/10/2019: Euro area monthly balance of payments: August 2019
English
17/10/2019: Working group on euro risk-free rates issues recommendations to address impact of euro risk-free rates transition on risk management
English
15/10/2019: Consolidated financial statement of the Eurosystem as at 11 October 2019
English
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Commentary
English
11/10/2019: Euro area securities issues statistics: August 2019
English
10/10/2019: Account of the monetary policy meeting
English

All press releases

18/10/2019: Mario Draghi: IMFC Statement
Statement by Mario Draghi, President of the ECB, at the fortieth meeting of the International Monetary and Financial Committee
English
17/10/2019: Luis de Guindos: Speaking notes on climate-related risks
Speaking notes by Luis de Guindos, Vice-President of the ECB, at roundtable event on climate-related risks at Bloomberg
English
16/10/2019: Philip R. Lane: The economic outlook for the euro area
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at Brookings Institution in Washington DC
English
11/10/2019: Luis de Guindos: Gabriel Zucman’s contribution to research on wealth inequality and the redistributive effects on globalization
Remarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Professor Gabriel Zucman
English
11/10/2019: Mario Draghi: Policymaking, responsibility and uncertainty
Acceptance speech by Mario Draghi, President of the ECB, for the Laurea Honoris Causa from the Università Cattolica
English
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ItalianoIT

All speeches

17/10/2019: Benoît Cœuré: Interview with Bloomberg
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jana Randow and Piotr Skolimowski on 10 October and published on 17 October 2019
English
09/10/2019: Luis de Guindos: Interview with Market News
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luke Heighton on 7 October, and published on 9 October 2019
English
30/09/2019: Philip R. Lane: Q&A with Reuters
Q&A with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Daniel Burns on 27 September 2019 at Reuters Newsmaker in New York
English
30/09/2019: Mario Draghi: Interview with Financial Times
Interview with Mario Draghi, President of the ECB, conducted by Lionel Barber and Claire Jones on 25 June and 20 September, and published on 30 September 2019
English
26/09/2019: Philip R. Lane: Interview with Handelsblatt
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe on 24 September 2019
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DeutschDE

All interviews

17/10/2019: Report by the working group on euro risk-free rates on the risk management implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR
English
16/10/2019: Occasional paper no. 235: Conditionality and design of IMF-supported programmes
English
14/10/2019: Research bulletin no. 63: The gender promotion gap: what holds back female economists from making a career in central banking?
English
English
07/10/2019: ECB Survey of Monetary Analysts (SMA) - questionnaire
English
04/10/2019: Working paper no. 2321: Introducing dominant currency pricing in the ECB’s global macroeconomic model
English
04/10/2019: Working paper no. 2320: Modelling yields at the lower bound through regime shifts
English
30/09/2019: Working paper no. 2319: Financial integration in Europe through the lens of composite indicators
English
30/09/2019: Occasional paper no. 234: Early French and German central bank charts and regulations
English
27/09/2019: Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy
English
27/09/2019: Letter from the ECB President to Mr Sven Giegold, MEP, on institutional matters
English

All publications

16/10/2019: Decision of the ECB of 15 October 2019 on the remuneration of holdings of excess reserves and of certain deposits (recast) (ECB/2019/31)
ENGLISH
30/09/2019: Regulation (EU) 2019/XXX of the ECB of 27 September 2019 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2019/29)
ENGLISH
27/09/2019: Opinion on additional macroprudential tools for residential mortgages (CON/2019/34)
Luxembourg,
ENGLISH
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FrançaisFR
23/09/2019: Opinion on the protection of the euro against counterfeiting and on the authentication of euro coins (CON/2019/33)
Luxembourg,
ENGLISH
16/09/2019: Decision (EU) 2019/1558 of the ECB of 12 September 2019 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2019/28)
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All legal acts

14 October 2019 CONFERENCE

Gender and career progression

The latest research on the gender gap in economics will be showcased at this event. A panel discussion will feature representatives from key economics associations – this and speeches by Iris Bohnet (Harvard) and Andy Haldane (Bank of England) will be streamed live on the day.

Programme

EVENT

Generation €uro Students’ Award

Registration for the 2019-20 edition of the Generation €uro Students’ Award is now open. Secondary school students in 12 euro area countries can take part to win a trip to the ECB in Frankfurt.

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	1.1144
JPY	Japanese yen	120.97
GBP	Pound sterling	0.86435
CHF	Swiss franc	1.0996

Last update: Friday, 18 October 2019 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

ECB Press Conference - 12 September 2019
ECB Interview with Cornelia Holthausen
ECB Forum on Central Banking 2019
Christine Lagarde: 8th ECB CESEE - Keynote speech
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?
How are Executive Board members chosen?

European Cultural Days - 22 August 2019
ECB Press Conference – 25 July 2019
Opening of the Croatian Art Exhibition
ECB Forum on Central Banking 2019
ECB Youth Dialogue with Benoît Cœuré, Milan
Model European Council - 28 & 29 March 2019
Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018
New €100 & €200 - Security features
Estonian Art Vernissage - 27 June 2018
ECB Forum on Central Banking - 18/20 June 2018

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