European Central Bank

#ECBForum

Watch live: ECB Forum on Central Banking

This year’s ECB Forum on Central Banking takes place between 17 and 19 June. Discussions focus on the first 20 years of European Economic and Monetary Union and the future of growth in the euro area. You can follow the live event here today from 20:00 CET.

In focus
Press releases1
Speeches
Interviews
Publications
Legal acts

17 June 2019 ECONOMIC BULLETIN

Explaining euro area underlying inflation

Phillips curve models can account for much of the weak underlying inflation between 2013 and 2017. However, more recent weakness remains largely unexplained. This demonstrates the limitations of Phillips curves, highlighting the need for other, complementary approaches.

Economic Bulletin article

17 June 2019 #ECBFORUM

Young economists’ competition 2019

A group of young economists join our Forum on Central Banking in Sintra, Portugal, between 17 and 19 June. They will present their research to policymakers, academics and other participants, who will then vote to determine a winner.

Check out the finalists’ research

13/06/2019: International use of the euro increases
ENGLISH
13/06/2019: Euro area securities issues statistics: April 2019
ENGLISH
11/06/2019: ECB appoints Ulrich Bindseil as Director General Market Infrastructure and Payments
ENGLISH
11/06/2019: Consolidated financial statement of the Eurosystem as at 7 June 2019
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Commentary
ENGLISH
06/06/2019: ECB announces details of new targeted longer-term refinancing operations (TLTRO III)
ENGLISH

All press releases

06/06/2019: Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Vilnius, 6 June 2019
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27/05/2019: Benoît Cœuré: Payments for the people
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB and Chair of the CPMI, at the ‘High-level meeting on financial inclusion’, Basel, 27 May 2019
ENGLISH
23/05/2019: Luis de Guindos: Building the EU’s capital markets: what remains to be done
Speech by Luis de Guindos, Vice-President of the ECB, Association for Financial Markets in Europe Conference, Supervision and Integration Opportunities for European Banking and Capital Markets, Frankfurt am Main, 23 May 2019
ENGLISH
21/05/2019: Luis de Guindos: Global financial regulation: where next? Pending tasks for regulators and macroprudential policy makers
Speech by Luis de Guindos, Vice-President of the ECB, London City Week, London, 21 May 2019
ENGLISH
16/05/2019: Benoît Cœuré: The rise of services and the transmission of monetary policy
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 21st Geneva Conference on the World Economy, 16 May 2019
ENGLISH

Slides
ENGLISH

All speeches

17/06/2019: Benoît Cœuré: Interview with the Financial Times
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Claire Jones on 12 June, and published on 17 June 2019
ENGLISH
15/06/2019: Luis de Guindos: Interview with Corriere della Sera
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Federico Fubini on 13 June 2019
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ItalianoIT
31/05/2019: Peter Praet: Interview met De Tijd
Interview Peter Praet, Lid van de directie van de ECB, afgenomen door Peter de Groote en Wouter Vervenne op 22 mei en gepubliceerd op 1 juni 2019
NEDERLANDS
31/05/2019: Peter Praet: Entretien avec L‘Echo
Entretien avec Peter Praet, membre du directoire de la BCE, accordé à Marc Lambrechts le 22 mai et publié le 1 juin 2019
FRANÇAIS
08/05/2019: Benoît Cœuré: Interview with the Association of German Pfandbrief Banks
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, published on 8 May 2019
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DeutschDE

All interviews

17/06/2019: Definitions and characteristics of soft patches in the euro area
ENGLISH
Economic Bulletin Issue 4, 2019
17/06/2019: Drivers of underlying inflation in the euro area over time: a Phillips curve perspective
ENGLISH
Economic Bulletin Issue 4, 2019
14/06/2019: Letter from the ECB President to Mr Nikolaos Chountis, MEP, on monetary policy
ENGLISH
14/06/2019: Letter from the ECB President to Mr Miguel Viegas, MEP, on monetary policy
ENGLISH
14/06/2019: Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the Irish economy
ENGLISH
14/06/2019: Letter from the ECB President to Mr Markus Ferber, MEP, on the European financial sector
ENGLISH
13/06/2019: The international role of the euro, June 2019
ENGLISH
ENGLISH

Statistical annex
ENGLISH
13/06/2019: Occasional paper no. 224: Economic structures 20 years into the euro
ENGLISH
13/06/2019: Common Minimum Standards for Data Revisions as agreed between the ECB, EIOPA, National Central Banks and National Competent Authorities
ENGLISH
11/06/2019: Working paper no. 2291: An analysis of the Eurosystem/ECB projections
ENGLISH

All publications

14/06/2019: Decision (EU) 2019/976 of the ECB of 29 May 2019 laying down the principles for defining objectives and sharing feedback in joint supervisory teams and repealing Decision (EU) 2017/274 (ECB/2019/14)
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12/06/2019: Opinion on the objectives and governance of the Latvian Financial and Capital Markets Commission (CON/2019/22)
Latvia,
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LatviešuLV
31/05/2019: Opinion on reform of the banking and financial market supervisory regime (CON/2019/21)
Austria,
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DeutschDE
28/05/2019: Opinion on judicial relief granted to former holders of qualified bank credit (CON/2019/20)
Slovenia,
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SlovenščinaSL
21/05/2019: Opinion on the revision of the legal framework of the Portuguese financial supervisory system (CON/2019/19)
Portugal,
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PortuguêsPT

All legal acts

29 May 2019 INITIATIVE

ECB scholarship for women in economics

To further promote gender balance in central banking we have launched a scholarship programme to support women pursuing a Master’s degree in economics in Europe. Applications for the academic year 2019/20 are open until midnight on 19 June 2019.

Find out more

INSERTED BY ANOMYOUS PROXY

Civil war declaration

On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03.

#EUROAT20

How you benefit from the euro

The euro is nearly 20 years old and has become a part of everyday life for the 340 million people living in the euro area. How do you benefit from a safe and stable currency?

Read our explainer
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Visit #EUROat20 hub
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Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.40 %

Effective from 16 March 2016

Past key ECB interest rates

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1234
JPY	Japanese yen	122.06
GBP	Pound sterling	0.89208
CHF	Swiss franc	1.1214

Last update: Monday, 17 June 2019 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Download the ECB Art App
Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir
Unveiling of the New 100 and 200 Euro Banknotes
20 years of ESCB statistics: What's next?
20th anniversary – Staff testimonials / First Day at the ECB
ECB Forum on Central Banking 2018
How are Executive Board members chosen?
Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)
Financial Stability Review - May 2018
Vítor Constâncio interview on the Financial Stability Review - May 2018
How does the euro help Europeans do business?
What is ethical hacking?
Generation €uro Students' Award 2018
Communications challenges for policy effectiveness, accountability and reputation
Meeting the #EuroVideoChallenge finalists at the award ceremony
What is TARGET Instant Payment Settlement (TIPS)?
#ECBYouthDialogue - Dublin, Ireland
Highlights ECB Forum on Central Banking 2017
#ECBYouthDialogue - Lisbon 2017
Interview Vítor Constâncio on Financial Stability Review
EU Open Days - May 2017
Generation €uro Students' Award 2017
The new €50 banknote is now in circulation
How quantitative easing works
15 years of the euro
Inside the Asset Purchase Programme
ECB and the Eurosystem explained in 3 min.

ECB Press Conference - 25 October 2018
European Cultural Days - 25 September 2018
Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018
ECB Press Conference - 13 September 2018
New €100 & €200 - Security features
Estonian Art Vernissage - 27 June 2018
ECB Forum on Central Banking - 18/20 June 2018
ECB Press Conference - 14 June 2018
EU Open Day - 5 May 2018
Joint Conference of the European Central Bank and the European Commission - 3 May 2018
ECB Press Conference - 26 April 2018
Generation €uro Students’ Award - 10 -11 April 2018
Luminale: Cross Hatch - 18 March 2018
ECB Press Conference - 8 March 2018
Central Bank Communications Conference - 14-15 November 2017
2017 #EuroVideoChallenge Award Ceremony in Lyon - 9 November 2017
European Cultural Days - 26 October 2017
ECB Press Conference - 26 October 2017
Inauguration ECB Visitor Centre – 4 October 2017
Sendung mit der Maus - 3 October 2017
#ECBYouthDialogue, Dublin - 22 September 2017
Opening of the Cyprus Contemporary Art Exhibition - 20 September 2017
ECB Press Conference - 7 September 2017
ECB Press Conference - 20 July 2017
#ECBYouthDialogue - 26 June 2017, Lisbon, Portugal
ECB Forum on Central Banking - Sintra, Portugal, 26-28 June 2017
ECB Press Conference - 8 June 2017, Tallinn
EU Open Day in Brussels - 6 May 2017
ECB Open Day for women in technical fields - 04 May 2017
ECB Press Conference - 27 April 2017
The new €50 banknote - 4 April 2017
Generation Euro Students' Award - 4/5 April 2017
Europe's digital integrated market - 31 January 2017
25 November 2016 UN Orange Day
17 October 2016 Cultural Days Opening Concert
3 October 2016 Türen Auf!
Unveiling of the new €50 banknote
Young Economists at ECB Forum on Central Banking
ECB Main Building
Luminale 2016 - ECB's illuminated buildings

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