European Central Bank

Speech

Asymmetric risks, asymmetric reaction

Our policy must remain forward-looking in the current fragile and uncertain macroeconomic situation, says Executive Board member Fabio Panetta at the Money Market Contact Group. Faced with sizeable downside risks, there is a strong case for our reaction function to be asymmetric.
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28 September 2020 SPEECH

Targeting gender imbalances in economics

The underrepresentation of women in economics persists, says Executive Board member Isabel Schnabel. However, the ECB’s experience shows that targeted measures can yield tangible results in redressing this imbalance and bolstering diversity.

Speech

29 September 2020 PODCAST

Virtually everywhere? Digitalisation and jobs (Part 2)

How is AI changing what we do? What does a job in the platform economy look like? How will the coronavirus pandemic affect the way we work? Our host Michael Steen discusses these questions and more with economists Robert Anderton and Lara Vivian.

29/09/2020: Consolidated financial statement of the Eurosystem as at 25 September 2020
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Commentary
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28/09/2020: ECB amends monetary policy implementation guidelines
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Guideline amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework
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Guideline amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework
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Guideline amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral
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Decision amending Decision (EU) 2020/187 on the implementation of the third covered bonds purchase programme
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28/09/2020: Euro area pension fund statistics: second quarter of 2020
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Table: Annex to the statistical release on pension funds in the euro area
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25/09/2020: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
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25/09/2020: Monetary developments in the euro area: August 2020
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Table: Annex to the press release on monetary developments in the euro area
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All press releases

28/09/2020: Christine Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Christine Lagarde, President of the ECB, at the ECON Committee of the European Parliament (by videoconference)
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28/09/2020: Isabel Schnabel: When markets fail – the need for collective action in tackling climate change
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the European Sustainable Finance Summit, Frankfurt am Main, 28 September 2020
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Slides
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28/09/2020: Isabel Schnabel: Women are central, not just in central banks
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Annual Meeting 2020 of the Verein für Socialpolitik
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22/09/2020: Fabio Panetta: Asymmetric risks, asymmetric reaction: monetary policy in the pandemic
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the meeting of the ECB Money Market Contact Group
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21/09/2020: Christine Lagarde: Jointly shaping Europe’s tomorrow
Introductory remarks by Christine Lagarde, President of the ECB, at the Franco-German Parliamentary Assembly, 21 September 2020
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24/09/2020: 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 24 September 2020
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23/09/2020: Yves Mersch: Interview with Bloomberg
Interview with Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Paul Gordon and Carolynn Look
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20/09/2020: Luis de Guindos: Interview with La Razón
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jesús Rivasés on 14 September 2020
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18/09/2020: Christine Lagarde: Interview with Challenges
Interview with Christine Lagarde, President of the ECB, conducted by Jean-Pierre de La Rocque
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16/09/2020: Isabel Schnabel: Interview with Agence France-Presse (AFP)
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jean-Philippe Lacour
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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.
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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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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.
English
04/08/2020: Philip R. Lane: The macroeconomic impact of the pandemic and the policy response
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary
While there has been some rebound in economic activity, the level of economic slack remains extraordinarily high and the outlook highly uncertain, writes Chief Economist Philip R. Lane. Progress in containing the virus will be central in determining the size and speed of the recovery.
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23/07/2020: Christine Lagarde: Europe’s response to the crisis
Blog post by Christine Lagarde, President of the ECB

Summary
Learning the lessons of the past, Europe has moved towards a new model for dealing with crises, writes President Christine Lagarde in The ECB Blog. We have shown that we can act quickly, adapt our institutions and lay the groundwork for forging a new Europe.
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All blog posts

29/09/2020: Working paper no. 2472: Global financial markets and oil price shocks in real time
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28/09/2020: Letter from the ECB President to several MEPs, on monetary policy
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25/09/2020: Working paper no. 2471: Does the Phillips curve help to forecast euro area inflation?
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25/09/2020: Working paper no. 2470: Financial conditions, business cycle fluctuations and growth at risk
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25/09/2020: Letter from the ECB President to Mr Paul Tang, MEP, on monetary policy
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25/09/2020: Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy
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25/09/2020: Letter from the ECB President to Ms Eleonora Evi, Ms Rosa D’Amato, Mr Ignazio Corrao and Mr Piernicola Pedicini, MEPs, on monetary policy
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24/09/2020: Opinion on proposals for regulations amending the Union securitisation framework in response to the COVID-19 pandemic (CON/2020/22)
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24/09/2020: Economic Bulletin Issue 6, 2020
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24/09/2020: The role of indirect taxes in euro area inflation and its outlook
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Economic Bulletin Issue 6, 2020

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28 September 2020 SPEECH

Collective action needed to tackle climate risks

Market failures prevent a timely transition towards a carbon-neutral economy, says Executive Board member Isabel Schnabel. Central banks cannot ignore these risks and should support collective action to tackle the risks posed to society by climate change.

Speech

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.

STRATEGY REVIEW

We want your input!

Tell us what you think we should consider in our monetary policy strategy review. Share your thoughts, opinions and ideas via the ECB Listens Portal – available in all euro area languages – by the end of October 2020.

Have your say via the ECB Listens Portal

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

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Reference rates

USD	US dollar	1.1670
JPY	Japanese yen	123.02
GBP	Pound sterling	0.90508
CHF	Swiss franc	1.0816

Last update: Monday, 28 September 2020 Euro foreign exchange rates

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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
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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
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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
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