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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 shrank as a result of the coronavirus crisis

Euro area economic activity developed unevenly in 2020 because of the pandemic. It contracted sharply in the first half of 2020 and recovered partially in the second half. Overall, GDP fell by 6.6% compared to 2019.


Inflation declined in 2020

Price developments were also strongly affected by the pandemic: average inflation in the euro area fell to 0.3% in 2020, from 1.2% in 2019.


Extra liquidity supported businesses and households

Central bank liquidity in the banking system increased by €2.2 trillion. This is a result of the ECB’s measures to support funding conditions in the economy and safeguard medium-term price stability.


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

Find out more about related content

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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