European Central Bank

Speech

The quest for financial stability

Price stability and financial stability are deeply connected, says Executive Board member Sabine Lautenschläger on the 50th Anniversary of the Central Bank of Malta. Maintaining financial stability is a complex task, and European and national institutions all have a role to play.
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11 October 2018ACCOUNT

Account of September monetary policy meeting

The Governing Council agreed to maintain the current monetary policy stance at its September monetary policy meeting. Incoming information confirmed the ongoing broad-based expansion of the euro area economy while risks were assessed as being widely balanced.

Account

9 October 2018JOURNALIST SEMINAR

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11/10/2018: Account of the monetary policy meeting
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09/10/2018: Staff statement following the tenth post-programme mission to Spain
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09/10/2018: Consolidated financial statement of the Eurosystem as at 5 October 2018
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Commentary
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09/10/2018: Euro money market statistics: fifth maintenance period 2018
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04/10/2018: Households and non-financial corporations in the euro area: second quarter of 2018
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All press releases

15/10/2018: Luis de Guindos: Euro area and Spain: current status and challenges ahead
Remarks by Luis de Guindos, Vice-President of the ECB, at the Ist Edition of the Prize José Echegaray of elEconomista, Madrid, 15 October 2018
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12/10/2018: Sabine Lautenschläger: Guardians of stability – Central Banks, supervisors and the quest for financial stability
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Central Bank of Malta, Valletta, 12 October 2018
ENGLISH
12/10/2018: Mario Draghi: IMFC Statement
Statement by Mario Draghi, President of the ECB, at the thirty-eighth meeting of the International Monetary and Financial Committee, Bali (Indonesia), 12 October 2018
ENGLISH
10/10/2018: Yves Mersch: Monetary policy in the euro area - a brief assessment
Speaking points by Yves Mersch, Member of the Executive Board of the ECB, at the MNI Connect Roundtable, Singapore, 10 October 2018
ENGLISH
05/10/2018: Luis de Guindos: Building a resilient Economic and Monetary Union
Lectio magistralis by Luis de Guindos, Vice-President of the ECB, opening the XXIX Edition of the Masters Programme in European Union law of the University Carlos III of Madrid, 5 October 2018
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01/10/2018: Benoît Cœuré: Interview with Der Tagesspiegel
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Carla Neuhaus on 19 September 2018 published on 1 October 2018
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05/09/2018: Benoît Cœuré: Interview with Kathimerini
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Eirini Chrysolora and published on 5 September 2018
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EλληνικάEL
05/08/2018: Sabine Lautenschläger: Interview with Welt am Sonntag
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Anja Ettel and Anne Kunz on 30 July 2018 and published on 5 August 2018
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DeutschDE
09/07/2018: Benoît Cœuré: Interview with Bloomberg TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Caroline Connan and broadcast on 9 July 2018
ENGLISH
25/06/2018: Benoît Cœuré: Interview with Le Figaro
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Fabrice Nodé-Langlois and published on 25 June 2018
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FrançaisFR

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16/10/2018: Working paper no. 2187: Is the top tail of the wealth distribution the missing link between the Household Finance and Consumption Survey and national accounts?
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16/10/2018: Working paper no. 2186: Interest rate spreads and forward guidance
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16/10/2018: Research bulletin no. 51: Common factors of commodity prices
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15/10/2018: Working paper no. 2185: Beyond spreads: measuring sovereign market stress in the euro area
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12/10/2018: Working paper no. 2184: Trust and the household-bank relationship
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12/10/2018: Working paper no. 2183: (Un)conventional policy and the effective lower bound
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11/10/2018: Working paper no. 2182: A framework for early-warning modeling with an application to banks
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04/10/2018: Occasional paper no. 214: Systemic liquidity concept, measurement and macroprudential instruments
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02/10/2018: Geographical allocation of euro area portfolio investment income debits
Methodological notes
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02/10/2018: The implications of removing repo assets from the leverage ratio
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All publications

11/10/2018: Decision of the ECB of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24)
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28/09/2018: Opinion on the establishment of a national insurance claims database (CON/2018/43)
Ireland,
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14/09/2018: Recommendation of the ECB of 6 September 2018 to the Council of the European Union on the external auditors of Banco de España (ECB/2018/22)
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11/09/2018: Opinion on amendments to the reform of popolari banks and cooperative banks (CON/2018/42)
Italy,
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ItalianoIT
04/09/2018: Opinion on new rounding rules for payments denominated in euro (CON/2018/41)
Belgium,
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All legal acts

5 October 2018SPEECH

Building a resilient monetary union

Vice-President Luis de Guindos urges public authorities to complete reforms initiated in the aftermath of the 2008 global financial crisis, warning of reform fatigue. Such reforms should focus on reducing as well as sharing risks across national borders, including by completing the banking union.

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EXPLAINERS

The European Day of Languages is 26 September

As a European institution, the ECB is committed to communicating with Europeans in their native languages. That’s why much of our website is multilingual, including our Explainers and the banknotes page with 3D views. Take a look!

Explainers
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Banknotes page
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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

Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.40 %

Effective from 16 March 2016

Past key ECB interest rates

Inflation rates

Full inflation chart
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Reference rates

USD	US dollar	1.1581
JPY	Japanese yen	129.53
GBP	Pound sterling	0.88045
CHF	Swiss franc	1.1428

Last update: Monday, 15 October 2018 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

20 years of ESCB statistics: What's next?
20th anniversary – Staff testimonials / First Day at the ECB
ECB Forum on Central Banking 2018
How are Executive Board members chosen?
Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)
Financial Stability Review - May 2018
Vítor Constâncio interview on the Financial Stability Review - May 2018
How does the euro help Europeans do business?
What is ethical hacking?
Generation €uro Students' Award 2018
Communications challenges for policy effectiveness, accountability and reputation
Meeting the #EuroVideoChallenge finalists at the award ceremony
What is TARGET Instant Payment Settlement (TIPS)?
#ECBYouthDialogue - Dublin, Ireland
Highlights ECB Forum on Central Banking 2017
#ECBYouthDialogue - Lisbon 2017
Interview Vítor Constâncio on Financial Stability Review
EU Open Days - May 2017
Generation €uro Students' Award 2017
The new €50 banknote is now in circulation
How quantitative easing works
15 years of the euro
Inside the Asset Purchase Programme
ECB and the Eurosystem explained in 3 min.

Estonian Art Vernissage - 27 June 2018
ECB Forum on Central Banking - 18/20 June 2018
ECB Press Conference - 14 June 2018
EU Open Day - 5 May 2018
Joint Conference of the European Central Bank and the European Commission - 3 May 2018
ECB Press Conference - 26 April 2018
Generation €uro Students’ Award - 10 -11 April 2018
Luminale: Cross Hatch - 18 March 2018
ECB Press Conference - 8 March 2018
Central Bank Communications Conference - 14-15 November 2017
2017 #EuroVideoChallenge Award Ceremony in Lyon - 9 November 2017
European Cultural Days - 26 October 2017
ECB Press Conference - 26 October 2017
Inauguration ECB Visitor Centre – 4 October 2017
Sendung mit der Maus - 3 October 2017
#ECBYouthDialogue, Dublin - 22 September 2017
Opening of the Cyprus Contemporary Art Exhibition - 20 September 2017
ECB Press Conference - 7 September 2017
ECB Press Conference - 20 July 2017
#ECBYouthDialogue - 26 June 2017, Lisbon, Portugal
ECB Forum on Central Banking - Sintra, Portugal, 26-28 June 2017
ECB Press Conference - 8 June 2017, Tallinn
EU Open Day in Brussels - 6 May 2017
ECB Open Day for women in technical fields - 04 May 2017
ECB Press Conference - 27 April 2017
The new €50 banknote - 4 April 2017
Generation Euro Students' Award - 4/5 April 2017
Europe's digital integrated market - 31 January 2017
25 November 2016 UN Orange Day
17 October 2016 Cultural Days Opening Concert
3 October 2016 Türen Auf!
Unveiling of the new €50 banknote
Young Economists at ECB Forum on Central Banking
ECB Main Building
Luminale 2016 - ECB's illuminated buildings

The international role of the euro, June 2018
Financial integration in Europe, May 2018
ECB Legal Conference 2017 - Shaping a new legal order for Europe: a tale of crises and opportunities
ECB Forum on Central Banking - Investment and growth in advanced economies
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