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Our response to the coronavirus pandemic
Account of December monetary policy meeting
14 January 2021 ACCOUNT

Account of December monetary policy meeting

The pandemic was having a bigger impact on economic activity and inflation than previously envisaged, according to the latest account. Additional monetary policy measures were therefore needed to maintain favourable financing conditions and safeguard price stability over the medium term.

Medium-term inflation remains muted
12 January 2021 INTERVIEW

Medium-term inflation remains muted

Tax effects and rising energy prices are expected to put some upward pressure on inflation in 2021, says Executive Board member Isabel Schnabel. But projected inflation remains distant from our aim in the medium term, which is what matters for our monetary policy.

17/12/2020
Isabel Schnabel: Climate change and monetary policy
Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, Exchange of views with German economists on the coronavirus (COVID-19), organised by German Ministry of Finance
English
16/12/2020
Isabel Schnabel: The importance of trust for the ECB’s monetary policy
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, as part of the seminar series “Havarie Europa. Zur Pathogenese europäischer Gegenwarten” at the Hamburg Institute for Social Research (Hamburger Institut für Sozialforschung)
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Slides
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16/12/2020
Fabio Panetta: Keeping cyber risk at bay: our individual and joint responsibility
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the fifth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures
English
15/12/2020
Philip R. Lane: The resilience of the euro
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the ECB legal colloquium on Post-Pandemic Economic Governance
English
14/12/2020
Isabel Schnabel: Welcome address
Welcome address by Isabel Schnabel, Member of the Executive Board of the ECB, at the third roundtable on euro risk-free rates
English

All speeches

12/01/2021
Isabel Schnabel: Interview with Der Standard
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Andras Szigètvari on 7 January 2021 und published on 12 January 2021
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18/12/2020
Isabel Schnabel: Q&A on Twitter
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 17 December 2020
English
02/12/2020
Philip R. Lane: Transcript of the fireside chat at Reuters Global Outlook Investment Summit
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi on 1 December 2020
English
01/12/2020
Isabel Schnabel: Interview with Bloomberg
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jana Randow, Carolynn Look and Alexander Weber on 30 November 2020
English
30/11/2020
Christine Lagarde: The future of money – innovating while retaining trust
Article by Christine Lagarde, President of the ECB, in L’ENA hors les murs magazine
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02/12/2020
Fabio Panetta: Money in the digital era
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary

The results of the ECB’s latest study on payment behaviours suggest that no single means of payment currently available meets all consumer needs, Executive Board member Fabio Panetta writes in The ECB Blog. This underlines the importance of continuing to give people a choice on how to pay.

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20/10/2020
Isabel Schnabel: Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

Summary

High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. Today’s World Statistics Day reminds us of the importance of data we can trust.

English
02/10/2020
Fabio Panetta: We must be prepared to issue a digital euro
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary

We should be ready to issue a digital euro if and when it is necessary, writes Executive Board member Fabio Panetta. The euro is a currency that Europeans trust. We need to make sure that it is fit for the future.

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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.

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ECB publishes Economic Bulletin Issue 8, 2020
7 January 2021 ECONOMIC BULLETIN

ECB publishes Economic Bulletin Issue 8, 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.

Visitor Centre open for virtual lectures!
EDUCATION

Visitor Centre open for virtual lectures!

The ECB Visitor Centre is offering virtual lectures for groups. Experts stand ready to give presentations on ECB topics and answer your questions. Curious? Book a lecture for your group now.

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.50 %
Effective from 18 September 2019

Inflation rate

 Full inflation chart
Inflation dashboard

Reference rates

USD US dollar 1.2123
JPY Japanese yen 125.74
GBP Pound sterling 0.88998
CHF Swiss franc 1.0770
Last update: Friday, 15 January 2021 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

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