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Annual Report

The Annual Report describes the tasks and activities of the European System of Central Banks (ESCB) and reports on the Eurosystem’s monetary policy. It is usually published in April of the following year and is presented by one of the ECB’s Executive Board members to the European Parliament at a public hearing.


In key figures


The economy rebounded

Following the sharp contraction in 2020 as a result of the pandemic, euro area real GDP grew by 5.3% in 2021 as the pandemic situation improved and restrictions were gradually relaxed.


The ECB introduced a symmetric 2% inflation target

After reviewing its strategy the ECB reformulated its price stability objective as a symmetric 2% inflation target over the medium term.


Sustainable and responsible investment strategy in the ECB’s non-monetary policy portfolios

The share of green securities in the ECB’s own funds portfolio doubled in 2021 to 7.6%. In its staff pension fund, the equity and corporate bond benchmarks were replaced with their low-carbon equivalents, significantly reducing the fund’s carbon footprint.


Presentation to the European Parliament

Read Luis de Guindos' speech to the Committee on Economic and Monetary Affairs of the European Parliament when presenting the Annual Report.

Read the speech

Full report

Look back at what the ECB has done as well as our assessment of the economy for the last year.

Read the full report

Annual accounts

The annual accounts show our financial position and the results of our operations. They are part of our Annual Report but are published earlier, in February. Have a look at the latest and previous releases.

Annual accounts

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Reporting obligations

The ECB is an independent institution which has discretion to use its intruments as necessary to carry out its tasks and fulfil its mandate. Accountability is the necessary counterpart to that independence.



The ECB President and other Executive Board members appear regularly before the European Parliament.

Hearings at the European Parliament

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