European Central Bank

Speech

Europe in a new decade

Europe is a symbol of who we are and who we aspire to be, says President Christine Lagarde at the City of Frankfurt’s New Year’s Reception. As we enter this new decade we need to recognise how much European integration offers us internally and acknowledge how much more we can achieve externally.
- Speech

In focus
Press releases1
Speeches
Interviews
Publications
Legal acts

20 January 2020 MONETARY POLICY

Press conference on Thursday, 23 January 2020

ECB President Christine Lagarde and Vice-President Luis de Guindos explain the Governing Council’s monetary policy decisions and answer questions from journalists.

The press conference starts at 14:30 CET.

8 January 2020 SPEECH

Europe’s role in the global financial system

Brexit underscores the need to complete the capital markets union and the banking union, says Vice-President Luis de Guindos. Further work on these agendas will also enhance the attractiveness of the EU capital markets on the global stage beyond Brexit.

Speech

17/01/2020: Euro area monthly balance of payments: November 2019
English
16/01/2020: Account of the monetary policy meeting
English
14/01/2020: Consolidated financial statement of the Eurosystem as at 10 January 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
14/01/2020: Households and non-financial corporations in the euro area: third quarter of 2019
English
13/01/2020: Euro area securities issues statistics: November 2019
English

All press releases

16/01/2020: Christine Lagarde: Frankfurt and Europe in a new decade
Speech by Christine Lagarde, President of the ECB, at the New Year’s Reception of the City of Frankfurt, 16 January 2020
English
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DeutschDE
09/01/2020: Isabel Schnabel: Mehr Europa für eine stabile gemeinsame Währung
Vortrag von Isabel Schnabel, Mitglied des Direktoriums der EZB, beim Rotary Club Mainz-Rheinhessen, Mainz, 9 Januar 2020
Deutsch
09/01/2020: Philip R. Lane: Policy Frameworks and Strategies for an Open Economy
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of England Workshop on "The Future of Inflation Targeting" in London, 9 January 2020
English
08/01/2020: Luis de Guindos: Europe’s role in the global financial system
Speech by Luis de Guindos, Vice-President of the ECB, at the SUERF/De Nederlandsche Bank Conference “Forging a new future between the UK and the EU”,
English
18/12/2019: Benoît Cœuré: Monetary policy: lifting the veil of effectiveness
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB colloquium on “Monetary policy: the challenges ahead” held in his honour
English

All speeches

08/01/2020: Christine Lagarde: Interview with “Challenges” magazine
Interview with Christine Lagarde, President of the ECB, by Pierre-Henri de Menthon and Sabine Syfuss-Arnaud
English
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FrançaisFR
16/12/2019: Benoît Cœuré: Interview with Libération
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean Quatremer on 4 December, and published on 16 December 2019
English
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FrançaisFR
16/12/2019: Christine Lagarde: Interview with NOS Nieuwsuur
Transcript of the interview with Christine Lagarde, President of the ECB, conducted by Mariëlle Tweebeeke, NOS Nieuwsuur, on 12 December 2019 and broadcast (in part) on 12 December 2019
English
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NederlandsNL
02/12/2019: Luis de Guindos: Interview with El Mundo
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Pablo Rodríguez Suanzes on 25 November 2019
English
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EspañolES
23/11/2019: Philip R. Lane: Interview with Sky TG24
Transcript of the interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Alessandro Marenzi, Sky TG24, with the participation of Federico Fubini, Corriere della Sera, and Franco Bruni, Bocconi University, broadcast on 23 November 2019
English

All interviews

15/01/2020: Working paper no. 2366: Restructuring sovereign bonds: holdouts, haircuts and the effectiveness of CACs
English
14/01/2020: Working paper no. 2365: A cointegration model of money and wealth
English
14/01/2020: Working paper no. 2364: The impact of the ECB’s targeted long-term refinancing operations on banks’ lending policies: the role of competition
English
13/01/2020: Working paper no. 2363: The long-run information effect of central bank communication
English
13/01/2020: Working paper no. 2362: Non-linear exchange rate pass-through to euro area inflation: a local projection approach
English
10/01/2020: Working paper no. 2361: Firm or bank weakness? Access to finance since the European sovereign debt crisis
English
10/01/2020: Working paper no. 2360: Rising protectionism and global value chains: quantifying the general equilibrium effects
English
09/01/2020: Working paper no. 2359: Economic policy uncertainty in the euro area: an unsupervised machine learning approach
English
09/01/2020: Working paper no. 2358: The predictive power of equilibrium exchange rate models
English
08/01/2020: Working paper no. 2357: Wealth effect on consumption during the sovereign debt crisis: households heterogeneity in the euro area
English

All publications

14/01/2020: Opinion on the recovery and resolution of central counterparties (CON/2020/3)
Germany,
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DeutschDE
08/01/2020: Opinion on measures limiting macroprudential risks in residential property loans (CON/2020/1)
Germany,
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DeutschDE
07/01/2020: Opinion on national defence (CON/2020/2)
Estonia,
ENGLISH
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Eesti keelET
30/12/2019: Opinion on limitations to cash payments (CON/2019/46)
The Netherlands,
ENGLISH
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NederlandsNL
17/12/2019: Opinion on payment services and payment systems (CON/2019/45)
Bulgaria,
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БългарскиBG

All legal acts

20 December 2019 CULTURAL DAYS

Celebrating Europe

Our 2019 European Cultural Days was dedicated to Europe’s common identity and celebrated a very special anniversary: 20 years since the introduction of the euro. A truly European programme showcased pieces of music by European composers, performed by artists from across our continent.

BANKNOTES

New signature for euro banknotes

Euro banknotes are part of our economy, identity and culture. Each one bears the signature of one of the former presidents of the ECB. Banknotes featuring President Lagarde’s signature will gradually enter into circulation next year.

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	1.1085
JPY	Japanese yen	122.14
GBP	Pound sterling	0.85275
CHF	Swiss franc	1.0737

Last update: Monday, 20 January 2020 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019
ECB Governing Council Press Conference - 12 December 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
Unveiling of the New 100 and 200 Euro Banknotes
20 years of ESCB statistics: What's next?
ECB Interview with Cornelia Holthausen

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
European Cultural Days of the ECB: Museumssalon - October 23 2019
ECB Press Conference - 24 October 2019
European Cultural Days of the ECB: Museumssalon - October 23 2019
European Cultural Days -10 October 2019
Sendung mit der Maus Tag der offenen Tür - 3 October 2019
ECB Press Conference – 12 September 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