European Central Bank

Press release

Digital euro: record levels of feedback

The public consultation ended on 12 January with more than 8,000 responses. A detailed analysis will be published in the spring, and will help us decide whether to launch a digital euro project. Privacy of payments is among the most requested features of a digital euro.
- Press release
- Hub: A digital euro

Our response to the coronavirus pandemic

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Interviews
The ECB Blog
Publications

14 January 2021 ACCOUNT

Account of December monetary policy meeting

The pandemic was having a bigger impact on economic activity and inflation than previously envisaged, according to the latest account. Additional monetary policy measures were therefore needed to maintain favourable financing conditions and safeguard price stability over the medium term.

Account of December meeting

12 January 2021 INTERVIEW

Medium-term inflation remains muted

Tax effects and rising energy prices are expected to put some upward pressure on inflation in 2021, says Executive Board member Isabel Schnabel. But projected inflation remains distant from our aim in the medium term, which is what matters for our monetary policy.

Interview
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14/01/2021: Meeting of 9-10 December 2020
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13/01/2021: ECB digital euro consultation ends with record level of public feedback
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13/01/2021: Euro area securities issues statistics: November 2020
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Tables: Annex to the statistical release on euro area securities issues statistics
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Charts: Annex to the statistical release on euro area securities issues statistics
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12/01/2021: Consolidated financial statement of the Eurosystem as at 8 January 2021
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Commentary
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12/01/2021: Households and non-financial corporations in the euro area: third quarter of 2020
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Tables
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Charts
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17/12/2020: Isabel Schnabel: Climate change and monetary policy
Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, Exchange of views with German economists on the coronavirus (COVID-19), organised by German Ministry of Finance
English
16/12/2020: Isabel Schnabel: The importance of trust for the ECB’s monetary policy
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, as part of the seminar series “Havarie Europa. Zur Pathogenese europäischer Gegenwarten” at the Hamburg Institute for Social Research (Hamburger Institut für Sozialforschung)
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Slides
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16/12/2020: Fabio Panetta: Keeping cyber risk at bay: our individual and joint responsibility
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the fifth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures
English
15/12/2020: Philip R. Lane: The resilience of the euro
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the ECB legal colloquium on Post-Pandemic Economic Governance
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14/12/2020: Isabel Schnabel: Welcome address
Welcome address by Isabel Schnabel, Member of the Executive Board of the ECB, at the third roundtable on euro risk-free rates
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All speeches

12/01/2021: Isabel Schnabel: Interview with Der Standard
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Andras Szigètvari on 7 January 2021 und published on 12 January 2021
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18/12/2020: Isabel Schnabel: Q&A on Twitter
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 17 December 2020
English
02/12/2020: Philip R. Lane: Transcript of the fireside chat at Reuters Global Outlook Investment Summit
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi on 1 December 2020
English
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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02/12/2020: Fabio Panetta: Money in the digital era
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary
The results of the ECB’s latest study on payment behaviours suggest that no single means of payment currently available meets all consumer needs, Executive Board member Fabio Panetta writes in The ECB Blog. This underlines the importance of continuing to give people a choice on how to pay.
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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.
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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.
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All blog posts

13/01/2021: Occasional paper no. 253: Foreign demand for euro banknotes
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Published in: 2021-01-12T13:00:37+01:00
12/01/2021: Research bulletin no. 79: Can consumers’ inflation expectations help stabilise the economy?
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11/01/2021: Working paper no. 2510: Nowcasting in a pandemic using non-parametric mixed frequency VARs
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07/01/2021: Economic Bulletin Issue 8, 2020
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07/01/2021: Draft budgetary plans for 2021: A review in times of the Covid-19 crisis
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Economic Bulletin Issue 8, 2020
07/01/2021: Understanding the impact of the COVID-19 pandemic through an import-adjusted breakdown of euro area aggregate demand
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Economic Bulletin Issue 8, 2020
07/01/2021: Liquidity conditions and monetary policy operations in the period from 22 July to 3 November 2020
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Economic Bulletin Issue 8, 2020
07/01/2021: The scarring effects of past crises on the global economy
English
Economic Bulletin Issue 8, 2020
06/01/2021: Assessing wage dynamics during the COVID-19 pandemic: can data on negotiated wages help?
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Economic Bulletin Issue 8, 2020
06/01/2021: The digital economy and the euro area
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Economic Bulletin Issue 8, 2020

All publications

7 January 2021 ECONOMIC BULLETIN

ECB publishes Economic Bulletin Issue 8, 2020

The Economic Bulletin presents the economic and monetary information which forms the basis for the Governing Council’s policy decisions.

It is released eight times a year, two weeks after each monetary policy meeting.

Economic Bulletin

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.

EDUCATION

Visitor Centre open for virtual lectures!

The ECB Visitor Centre is offering virtual lectures for groups. Experts stand ready to give presentations on ECB topics and answer your questions. Curious? Book a lecture for your group now.

More information
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Interest rates

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

Effective from 18 September 2019

Past key ECB interest rates

Inflation rate

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.2123
JPY	Japanese yen	125.74
GBP	Pound sterling	0.88998
CHF	Swiss franc	1.0770

Last update: Friday, 15 January 2021 Euro foreign exchange rates

Financial stability

Market operations

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

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