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Our response to the coronavirus pandemic
13 July 2020 MONETARY POLICY

Press conference on Thursday, 16 July 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.

10 July 2020 PRESS RELEASE

Bulgaria and Croatia join ERM II

The Bulgarian lev and Croatian kuna are being included in the EU’s Exchange Rate Mechanism II. An EU country must participate in ERM II for at least two years before it can adopt the euro, in addition to fulfilling other convergence criteria.

13/07/2020
Fabio Panetta: Pursuing a successful path towards euro area accession
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at a meeting of the Euro Accession Countries Working Group of the Committee on Economic and Monetary Affairs of the European Parliament
07/07/2020
Fabio Panetta: Unleashing the euro’s untapped potential at global level
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, Meeting with Members of the European Parliament
02/07/2020
The ECB’s monetary policy during the coronavirus crisis – necessary, suitable and proportionate
Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at the Berlin Economic Roundtable, 2 July 2020
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02/07/2020
Yves Mersch: In the spirit of European cooperation
Introductory remarks by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Salzburg Global webinar
01/07/2020
Fabio Panetta: The price of uncertainty and uncertainty about prices: monetary policy in the post-COVID-19 economy
Keynote speech by Fabio Panetta at a Capital Markets webinar organised by the European Investment Bank and the European Stability Mechanism

All speeches

13/07/2020
Isabel Schnabel: Interview with ARD “plusminus”
Transcript of an interview with Isabel Schnabel, Member of the Executive Board of the ECB, with ARD “plusminus”, conducted by Markus Gürne on 8 July 2020
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08/07/2020
Christine Lagarde: Interview with Financial Times
Video interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf on 7 July 2020 and posted on 8 July 2020
07/07/2020
Isabel Schnabel: Interview with NRC Handelsblad
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Beunderman on 1 July 2020
English
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01/07/2020
Philip R. Lane: Interview with Reuters news agency
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi, Francesco Canepa and Frank Siebelt
01/07/2020
Luis de Guindos: Interview with La Stampa
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Marco Zatterin on 26 June 2020 and published on 1 July 2020
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All interviews

28/06/2020
Isabel Schnabel: Necessary, suitable and proportionate
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB, in Welt am Sonntag

Summary

Our crisis measures respond to the worst economic crisis in the post-war period, says Executive Board member Isabel Schnabel. They are necessary, suitable and proportionate and benefit all European citizens.

English
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22/06/2020
Philip R. Lane: The market stabilisation role of the pandemic emergency purchase programme
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

Evidence shows that the policies adopted by the ECB in mid-March, including the pandemic emergency purchase programme (PEPP) and other liquidity-easing measures, have contributed to stabilising markets, writes Chief Economist Philip R. Lane.

12/06/2020
Fabio Panetta: Sharing and strengthening the euro’s privilege
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary

The goals of boosting the euro’s global standing and sharing its advantages more evenly are one and the same, writes Executive Board member Fabio Panetta. Through the right mix of European fiscal and monetary policy, we can build a better functioning Monetary Union that achieves both of these goals.

05/06/2020
Philip R. Lane: Expanding the pandemic emergency purchase programme
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

Two main factors called for further policy action, writes Chief Economist Philip R. Lane. First, the pandemic-related negative shock to inflation poses a threat to medium-term price stability. Second, while conditions in financial markets have stabilised substantially, the situation remains fragile.

01/05/2020
Philip R. Lane: The monetary policy response to the pandemic emergency
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

In an ECB Blog post, Chief Economist Philip R. Lane discusses the macroeconomic scenarios developed by ECB staff to illustrate the possible impact of the pandemic. He also explains current monetary policy and outlines the approach to setting the future course of monetary policy.

All blog posts

14 July 2020 PUBLICATION

Results of the July 2020 bank lending survey

Firms’ loan demand surged further in Q2 2020, reflecting the need for emergency liquidity. Credit standards for loans to firms remained favourable, supported by fiscal and monetary measures. By contrast, credit standards for loans to households tightened further.

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.

PODCAST

Banks in the coronavirus crisis

What challenges does the coronavirus pandemic pose for banks? What role can they play in helping the economy deal with this crisis? Our host Michael Steen discusses these questions and more with ECB Supervisory Board Chair Andrea Enria.

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.50 %
Effective from 18 September 2019

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD US dollar 1.1375
JPY Japanese yen 122.17
GBP Pound sterling 0.90778
CHF Swiss franc 1.0691
Last update: Tuesday, 14 July 2020 Euro foreign exchange rates

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