European Central Bank

Monetary policy

Latest ECB press conference

President Mario Draghi explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference on 12 September 2019.
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4 September 2019 ACCOUNTABILITY

Lagarde recommended as new ECB President

The European Parliament’s Committee on Economic and Monetary Affairs has recommended Christine Lagarde as the next ECB President. The recommendation now needs to be put to the Parliament in a plenary vote. The European Council is expected to formally appoint Ms Lagarde in October.

Watch: Christine Lagarde at ECON

2 September 2019 PUBLICATION

Takeaways from this year’s ECB Forum

Take a look at some of the key takeaways from this year’s ECB Forum on Central Banking, which took place in June. Discussions at the Forum focused on the first 20 years of the euro and the future of growth in the euro area.

12/09/2019: ECB introduces two-tier system for remunerating excess liquidity holdings
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12/09/2019: ECB announces changes to new targeted longer-term refinancing operations (TLTRO III)
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12/09/2019: ECB provides additional details on purchases of assets with yields below the deposit facility rate
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12/09/2019: Monetary policy decisions
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11/09/2019: Euro area securities issues statistics: July 2019
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All press releases

12/09/2019: 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, Frankfurt am Main, 12 September 2019
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07/09/2019: Luis de Guindos: Growth and competitiveness in the euro area
Panel contribution by Luis de Guindos, Vice-President of the ECB, at The European House-Ambrosetti Forum, Cernobbio, 7 September 2019
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04/09/2019: Luis de Guindos: The evolution of stress-testing in Europe
Keynote speech by Luis de Guindos, Vice-President of the ECB, at the annual US-EU Symposium organised by the Program on International Financial Systems, Frankfurt, 4 September 2019
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04/09/2019: Yves Mersch: Appointment hearing as Vice-Chair of the ECB Supervisory Board
Appointment hearing of Yves Mersch, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 4 September 2019
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04/09/2019: Philip R. Lane: The Phillips Curve at the ECB
Keynote lecture by Philip R. Lane, Member of the Executive Board of the ECB, at the 50th anniversary conference of The Money, Macro and Finance Research Group, London, 4 September 2019
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All speeches

30/08/2019: Sabine Lautenschläger: Interview with Market News
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB, conducted by Luke Heighton on 28 August, and published on 30 August 2019
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09/07/2019: Philip R. Lane: Q&A on Twitter
Interview on Twitter with Philip R. Lane, Member of the Executive Board of the ECB, conducted and published on 9 July 2019
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08/07/2019: Benoît Cœuré: Interview with BFM Business TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Hedwige Chevrillon, published on 9 July 2019
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02/07/2019: Philip R. Lane: Interview with Yle
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Aapo Parviainen and broadcast on 1 July 2019
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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
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All interviews

13/09/2019: AnaCredit Validation Checks – Version 1.5
Selected validation checks performed in AnaCredit datasets
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12/09/2019: ECB staff macroeconomic projections for the euro area, September 2019
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04/09/2019: Working paper no. 2314: ECB corporate QE and the loan supply to bank-dependent firms
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04/09/2019: Working paper no. 2313: Regulating the doom loop
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03/09/2019: Occasional paper no. 232: Understanding low wage growth in the euro area and European countries
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02/09/2019: 20 Years of European Economic and Monetary Union: Selected takeaways from the ECB’s Sintra Forum
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ECB Forum on Central Banking 2019
02/09/2019: Working paper no. 2312: Effects of labour and product market regulation on worker flows: evidence for the euro area using micro data
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30/08/2019: Occasional paper no. 231: Taking stock of the functioning of the EU fiscal rules and options for reform
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29/08/2019: Occasional paper no. 230: In search for stability in crypto-assets: are stablecoins the solution?
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26/08/2019: ECB Survey of Monetary Analysts (SMA) - questionnaire
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All publications

12/09/2019: Decision of the ECB of 12 September 2019 amending Decision (EU) 2019/1311 (ECB/2019/21) on a third series of targeted longer-term refinancing operations (ECB/2019/28)
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05/09/2019: Opinion on the rules to be followed by financial undertakings when defining remuneration policies (CON/2019/32)
The Netherlands,
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04/09/2019: Opinion on freedom of information (CON/2019/31)
The Netherlands,
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28/08/2019: Decision (EU) 2019/1378 of the ECB of 9 August 2019 amending Decision ECB/2014/16 concerning the establishment of an Administrative Board of Review and its Operating Rules (ECB/2019/27)
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16/08/2019: Opinion on the sale and purchase of credit facilities (CON/2019/30)
Cyprus,
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EλληνικάEL

All legal acts

20 August 2019 EVENT

A special day for children at the ECB

Registration now open: on 3 October 2019 we will open our doors to fans of Germany’s well-known children’s show “Die Sendung mit der Maus”. Together with TV presenter Tobias Krell, children can learn about the euro, the ECB’s tasks and much 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.

EXPLAINER

What is a lender of last resort?

When banks run out of short-term funding for their daily business, they can turn to their lender of last resort for help. But who is that and how does emergency lending help to stabilise the economy in times of crisis?

Read our explainer
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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 rates

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1096
JPY	Japanese yen	119.83
GBP	Pound sterling	0.89093
CHF	Swiss franc	1.0940

Last update: Friday, 13 September 2019 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

A day at the ECB: the #EuroVideoChallenge finalists
ECB Forum on Central Banking 2019
Christine Lagarde: 8th ECB CESEE - Keynote speech
Download the ECB Art App
Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir
Euro Banknotes – Our Money, Our Journey
Unveiling of the New 100 and 200 Euro Banknotes
20 years of ESCB statistics: What's next?
How are Executive Board members chosen?
Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)

European Cultural Days - 22 August 2019
ECB Press Conference – 25 July 2019
Opening of the Croatian Art Exhibition
ECB Forum on Central Banking 2019
ECB Youth Dialogue with Benoît Cœuré, Milan
Model European Council - 28 & 29 March 2019
Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018
New €100 & €200 - Security features
Estonian Art Vernissage - 27 June 2018
ECB Forum on Central Banking - 18/20 June 2018

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