European Central Bank

Interview

Supporting the economic recovery

The current level of financing conditions provides substantial support to the economy, says Executive Board member Isabel Schnabel in an interview with Bloomberg. The focus should now be on preserving these favourable conditions for as long as necessary.
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30 November 2020 CONTRIBUTION

The future of money: innovation and trust

As we enter the digital age, the nature of money is changing, President Christine Lagarde explains in an article for L’ENA hors les murs magazine. The ECB must ensure that payments in the euro area remain innovative and highly trusted by all Europeans.

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28 November 2020 INTERVIEW

On the recovery and causes of concern

We expect negative growth for the end of the year, before the economy starts recovering in 2021 and continues its revival in 2022, says Vice-President Luis de Guindos. He also discusses the fiscal response to the crisis and the need to avoid long-term scars in the labour markets.

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01/12/2020: Euro area insurance corporation statistics: third quarter of 2020
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Table: Annex to the statistical release on euro area insurance corporation
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26/11/2020: Meeting of 28-29 October 2020
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26/11/2020: Monetary developments in the euro area: October 2020
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Table: Annex to the press release on monetary developments in the euro area
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25/11/2020: ECB review sees increased medium-term vulnerabilities for corporates and banks
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24/11/2020: Consolidated financial statement of the Eurosystem as at 20 November 2020
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Commentary
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All press releases

27/11/2020: Fabio Panetta: From the payments revolution to the reinvention of money
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Deutsche Bundesbank conference on the “Future of Payments in Europe”
English
26/11/2020: Philip R. Lane: Monetary policy in a pandemic: ensuring favourable financing conditions
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Economics Department and IM-TCD, Trinity College Dublin
English
24/11/2020: Philip R. Lane: IMF Policy dialogue: New policy frameworks for a "Lower-for-Longer" world
English
24/11/2020: Isabel Schnabel: COVID-19 and monetary policy: Reinforcing prevailing challenges
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at The Bank of Finland Monetary Policy webinar: New Challenges to Monetary Policy Strategies
English

Slides
English
23/11/2020: Isabel Schnabel: Shifting tides in euro area money markets: from the global financial crisis to the COVID-19 pandemic
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the ECB Conference on Money Markets, 23 November 2020
English

Slides
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01/12/2020: Isabel Schnabel: Interview with Bloomberg
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jana Randow, Carolynn Look and Alexander Weber on 30 November 2020
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30/11/2020: Christine Lagarde: The future of money – innovating while retaining trust
Article by Christine Lagarde, President of the ECB, in L’ENA hors les murs magazine
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28/11/2020: Yves Mersch: Interview with Le Monde
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Marie Charrel and Eric Albert
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28/11/2020: Luis de Guindos: Interview with Helsingin Sanomat
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari on 24 November 2020
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27/11/2020: Fabio Panetta: Interview with Expresso
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by João Silvestre on 19 November 2020
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All interviews

20/10/2020: Isabel Schnabel: Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

Summary
High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. Today’s World Statistics Day reminds us of the importance of data we can trust.
English
02/10/2020: Fabio Panetta: We must be prepared to issue a digital euro
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

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.
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11/09/2020: Philip R. Lane: The outlook for the euro area
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary
Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.
English
02/09/2020: Luis de Guindos, Fabio Panetta, Isabel Schnabel: Europe needs a fully fledged capital markets union – now more than ever
Blog post by Luis de Guindos, Vice-President of the ECB, and Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

Summary
The coronavirus crisis makes progress on capital markets union even more important, write Luis de Guindos, Fabio Panetta and Isabel Schnabel. In the light of the European Commission’s forthcoming Action Plan, they outline priority areas for reform to foster European capital markets.
English
19/08/2020: Fabio Panetta, Isabel Schnabel: The provision of euro liquidity through the ECB’s swap and repo operations
Blog post by Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB

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.
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All blog posts

30/11/2020: Working paper no. 2497: How do banking groups react to macroprudential policies? Cross-border spillover effects of higher capital buffers on lending, risk-taking and internal markets
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27/11/2020: Working paper no. 2496: Interest rate risk and monetary policy normalisation in the euro area
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27/11/2020: Working paper no. 2495: Using forecast-augmented VAR evidence to dampen the forward guidance puzzle
English
25/11/2020: Working paper no. 2494: Nowcasting business cycle turning points with stock networks and machine learning
English
25/11/2020: Developments in the sovereign-bank nexus in the euro area: the role of direct sovereign exposures
English
Financial Stability Review Issue 2, 2020
25/11/2020: A macroprudential perspective on replenishing capital buffers
English
Financial Stability Review Issue 2, 2020
25/11/2020: Interconnectedness of derivatives markets and money market funds through insurance corporations and pension funds
English
Financial Stability Review Issue 2, 2020
25/11/2020: Selecting adverse economic scenarios for the quantitative assessment of euro area banking system resilience
English
Financial Stability Review Issue 2, 2020
25/11/2020: Causes and implications of variation in euro area banks’ recent loan loss provisioning
English
Financial Stability Review Issue 2, 2020
25/11/2020: Some way to go in the transition to the €STR
English
Financial Stability Review Issue 2, 2020

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27 November 2020 SPEECH

From payments revolution to reinventing money

The digital transformation is triggering a revolution in the financial sector, which will bring innovation but also risks, says Executive Board member Fabio Panetta. Big tech and stablecoins could disrupt the European financial system. Our strategy provides a forceful policy reaction.

Speech
Hub: A digital euro
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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.

PUBLIC CONSULTATION

Digital euro: have your say!

Like the euro we already use every day, the design of a digital euro should meet the needs of a broad range of users. That’s why we want to hear the views of the public and of all interested stakeholders on the benefits and challenges of issuing a digital euro and on its possible design.

Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.50 %

Effective from 18 September 2019

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Reference rates

USD	US dollar	1.1980
JPY	Japanese yen	124.79
GBP	Pound sterling	0.89845
CHF	Swiss franc	1.0839

Last update: Monday, 30 November 2020 Euro foreign exchange rates

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Multimedia

ECB Governing Council Press Conference - 10 September 2020
ECB Governing Council Press Conference - 16 July 2020
ECB Governing Council Press Conference - 04 June 2020
Join a Youth Dialogue with Christine Lagarde
ECB Governing Council Press Conference - 30 April 2020
Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019
The ECB explains: crypto-assets
ECB Forum on Central Banking 2019
Download the ECB Art App
Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

ECB Press Conference - 10 September 2020
ECB Press Conference - 16 July 2020
ECB Press Conference - 04 June 2020
Youth Dialogue with Christine Lagarde - 27 May 2020
ECB Press Conference - 30 April 2020
New signature for euro banknotes - 28 November 2019
Christine Lagarde's Keynote Speech - European Banking Congress 2019
Farewell President Draghi - 28 October 2019
ECB Conference on Gender and Career Progression - 21 October 2019
ECB Press Conference - 24 October 2019

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