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9 April 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tim Bartz and Stefan Kaiser on 1 April and published on 9 April 2021, in print on 10 April 2021
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25 March 2021
THE ECB BLOG
Blog post by Fabio Panetta, Member of the Executive Board of the ECB, and Ulrich Bindseil, ECB Director General Market Infrastructure and Payments
English
OTHER LANGUAGES (3) +
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Summary
At the ECB we are committed to understanding people’s needs and ensuring the digital euro would be widely accepted, writes Executive Board member Fabio Panetta with Ulrich Bindseil in The ECB Blog.
10 February 2021
SPEECHES
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at a Bruegel online seminar
16 December 2020
SPEECHES
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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Annexes
16 December 2020
SPEECHES
English
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2 December 2020
PRESS RELEASE
28 November 2020
INTERVIEW
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Marie Charrel and Eric Albert
English
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22 October 2020
SPEECHES
Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the ECB Conference “A new horizon for pan-European payments and digital euro”
12 October 2020
SPEECHES
Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament
11 October 2020
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tom Fairless on 8 October
2 October 2020
PRESS RELEASE
2 October 2020
THE ECB BLOG
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
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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.
1 October 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luke Heighton on 29 September 2020
20 September 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jesús Rivasés on 14 September 2020
English
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20 August 2020
PRESS RELEASE
19 August 2020
THE ECB BLOG
Blog post by Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB
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Summary
The ECB’s swap and repo lines are essential stabilising tools in the coronavirus crisis. In a joint Blog post, Executive Board members Fabio Panetta and Isabel Schnabel explain how these tools reduce funding risks, prevent financial contagion and support the euro’s use in global transactions.
10 July 2020
PRESS RELEASE
10 July 2020
PRESS RELEASE
7 July 2020
SPEECHES
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, Meeting with Members of the European Parliament
9 June 2020
PRESS RELEASE
Related
9 June 2020
THE INTERNATIONAL ROLE OF THE EURO
11 May 2020
SPEECHES
Speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Consensus 2020 virtual conference, 11 May 2020
28 April 2020
THE ECB BLOG
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
Details
Summary
The ECB is working to protect the continuity and safety of payments during the coronavirus pandemic, writes Executive Board member Fabio Panetta in The ECB Blog. Europeans can trust in our commitment to support them throughout this crisis.
5 February 2020
SPEECHES
Speech by Christine Lagarde, President of the ECB, at the "Grand Prix de l’Économie des Echos pour l’année 2019"
5 February 2020
SPEECHES
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at "Berliner Gespräch zum Finanzplatz Frankfurt" organised by Hessische Landesvertretung in Berlin, 5 February 2020
21 January 2020
PRESS RELEASE
9 January 2020
SPEECHES
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
27 November 2019
SPEECHES
Welcome address by Christine Lagarde, President of the ECB, on signing the euro banknotes
14 November 2019
SPEECHES
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, CEPR International Macroeconomics and Finance Programme Meeting
24 October 2019
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 October 2019
17 September 2019
SPEECHES
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the Banque centrale du Luxembourg-Toulouse School of Economics conference on “The Future of the International Monetary System”
12 September 2019
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 September 2019
2 September 2019
SPEECHES
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the ECB Legal Conference, Frankfurt am Main, 2 September 2019
16 May 2019
SPEECHES
Speech by Luis de Guindos, Vice-President of the ECB, at the occasion of the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Brussels, 16 May 2019
6 April 2019
SPEECHES
Panel contribution by Yves Mersch, Member of the Executive Board of the ECB, at The Outlook for the Economy and Finance conference, Cernobbio, 6 April 2019
22 March 2019
SPEECHES
Speech by Yves Mersch, Member of the Executive Board of the ECB, Warsaw, 22 March 2019
19 February 2019
SPEECHES
Address by Luis de Guindos, Vice-President of the ECB, at the European Parliamentary Week, Brussels, 19 February 2019
15 February 2019
SPEECHES
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Council on Foreign Relations, New York City, 15 February 2019
31 January 2019
SPEECHES
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the 2019 Annual General Meeting of the International Capital Markets Association’s European Repo and Collateral Council, Luxembourg, 31 January 2019
28 January 2019
SPEECHES
Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 28 January 2019
Annexes
28 January 2019
SPEECHES
15 January 2019
SPEECHES
Speech by Mario Draghi, President of the European Central Bank, at the session of the plenary of the European Parliament to mark the anniversary of the euro in Strasbourg, 15 January 2019
7 January 2019
SPEECHES
Keynote speech by Luis de Guindos, Vice-President of the ECB, at the conference “Five Years with the Euro”, Latvia, 7 January 2019
15 December 2018
SPEECHES
Speech by Mario Draghi, President of the ECB, at Laurea Honoris Causa in Economics by University of Sant'Anna, Pisa, 15 December 2018
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28 November 2018
SPEECHES
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the Foreign Exchange Contact Group meeting, Frankfurt, 28 November 2018
24 September 2018
ECONOMIC BULLETIN ARTICLE
Economic Bulletin Issue 6, 2018
Details
Abstract
This article presents the developments in the circulation of euro banknotes and the underlying drivers of cash demand in the euro area and abroad. Cash in circulation is on the rise, both in the euro area and abroad. In addition, data from a survey on the use of cash in the euro area indicates that by volume and number of transactions cash remained the most used payment instrument in 2016. However, the growth in banknote circulation can only partially be explained by transaction demand. Most euro banknotes in circulation are used as a store of value and households and firms inside and outside of the euro area obviously value the option of storing part of their assets in central bank money. Considering the currently low opportunity costs of holding cash, the stored euro banknotes can be expected to return if interest rates were to increase. However, as shown by developments over the past ten years, the store of value function is determined not only by interest rates, but also by external events which cannot be predicted. The demand for banknotes has also been impacted by various additional factors such as the financial and sovereign debt crises, geopolitical uncertainties, exchange rate developments and policy decisions
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
Network
Eurosystem Research Network on Cash (EURECA)
17 September 2018
SPEECHES
Presentation by Peter Praet, Member of the Executive Board of the ECB, to the Société Royale d’Economie Politique, Brussels, 17 September 2018
25 January 2018
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 25 January 2018
24 November 2017
OCCASIONAL PAPER SERIES - No. 201
Details
Abstract
Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents an extensive description of how euro area consumers pay at points of sale (POS). The aim of this study is to shed light on consumers’ payment behaviour and in particular to improve the understanding of consumers’ payment choices at POS, based on a large sample of countries. Therefore, it provides central banks and relevant payment system stakeholders with fundamental information for the development of their policies and strategic decisions that can contribute to improving the efficiency of the cash cycle and the payment system as a whole. Previous estimates of the value of cash usage by households in the euro area date from 2008. Since then some central banks have carried out their own research on cash usage. This paper is the first study to measure the transaction demand for cash in the euro area. The results show that in 2016 around 79% of all payments at POS were made with cash, 19% with cards and 2% with other payment instruments. In terms of value, the market share of main payment instruments was 54% for cash, 39% for cards and 7% for other instruments. However, results show substantial differences between euro area countries.
JEL Code
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
Network
Eurosystem Research Network on Cash (EURECA)
Annexes