European Central Bank

Speech

Households’ inflation expectations matter

Households’ expectations of how prices will evolve have been more stable than those of financial market participants, says Executive Board member Benoît Cœuré. They are also better predictors of future inflation.
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11 July 2019 ACCOUNT

Account of June monetary policy meeting

There was broad agreement that an update of the monetary policy stance was called for in light of prolonged uncertainties and their implications for the inflation outlook. The Governing Council also needed to further prepare for adverse contingencies in the period ahead.

Account

17 July 2019 DIVERSITY

Our euro, our pride

This weekend Frankfurt’s Christopher Street Day festival takes place, celebrating LGBT+ pride. ECB colleagues will be marching in the parade on Saturday. This is an initiative of the ECB Rainbow Network, one of the employee networks helping to foster an inclusive work environment.

Diversity and inclusion at the ECB

19/07/2019: Euro area monthly balance of payments: May 2019
ENGLISH
16/07/2019: Consolidated financial statement of the Eurosystem as at 12 July 2019
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Commentary
ENGLISH
16/07/2019: Private sector working group recommends legal action plan for transition from EONIA to €STR
ENGLISH
11/07/2019: New members of the Supervisory Board appointed
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11/07/2019: Account of the monetary policy meeting
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All press releases

17/07/2019: Benoît Cœuré: Exchange of views with members of the High Council of Public Finance
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, prior to an informal exchange of views with the High Council of Public Finance, Paris, 17 July 2019
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FrançaisFR
11/07/2019: Benoît Cœuré: Inflation expectations and the conduct of monetary policy
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by the SAFE Policy Center, Frankfurt am Main, 11 July 2019
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Slides
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04/07/2019: Luis de Guindos: Macroprudential policy ten years after the crisis
Keynote speech by Luis de Guindos, Vice-President of the ECB, at the CIRSF Annual International Conference 2019 “Financial Supervision and Financial Stability Ten Years after the Crisis: Achievements and Next Steps”, Lisbon, 4 July 2019
ENGLISH
04/07/2019: Philip R. Lane: Welcome address
Welcome remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the ECB conference on “Challenges in the digital age”, Frankfurt, 4 July 2019
ENGLISH
01/07/2019: Philip R. Lane: Monetary Policy and Below-Target Inflation
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of Finland conference on Monetary Policy and Future of EMU
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All speeches

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
ENGLISH
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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FrançaisFR
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
ENGLISH
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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15/06/2019: Luis de Guindos: Interview with Corriere della Sera
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Federico Fubini on 13 June 2019
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ItalianoIT

All interviews

17/07/2019: Working paper no. 2295: Phillips curves in the euro area
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17/07/2019: Occasional paper no. 227: Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies
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16/07/2019: Research bulletin no. 60: Do low interest rates hurt banks’ equity values?
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10/07/2019: Letter from the ECB President to Mr Markus Ferber, MEP, on the European distribution of debt instruments (EDDI) initiative
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10/07/2019: Working paper no. 2294: An agent-based model for the assessment of LTV caps
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08/07/2019: Working paper no. 2293: Tracing the impact of the ECB’s asset purchase programme on the yield curve
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08/07/2019: ECB Survey of Monetary Analysts (SMA) - questionnaire
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02/07/2019: Occasional paper no. 226: Macroprudential stress test of the euro area banking system
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01/07/2019: Implications of digitalisation in retail payments for the Eurosystem’s catalyst role
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28/06/2019: Working paper no. 2292: Impact of higher capital buffers on banks’ lending and risk-taking: evidence from the euro area experiments
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All publications

18/07/2019: Opinion on the conversion of Swiss franc loans (CON/2019/27)
Slovenia,
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11/07/2019: Guideline of the ECB of 10 July 2019 on the Euro Short Term Rate (€STR) (ECB/2019/19)
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09/07/2019: Opinion on the payment of funds to uninformed holders of subordinated bonds and minority shareholders who held shares in banks in which the Republic of Slovenia had a majority shareholding affected by Banka Slovenije’s extraordinary measures (CON/2019/26)
Slovenia,
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08/07/2019: Opinion on national legislation to be adopted for the purpose of establishing close cooperation between the ECB and Hrvatska narodna banka (CON/2019/25)
Croatia,
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HrvatskiHR
24/06/2019: Opinion on the ownership structure of Banca d’Italia and the ownership of gold reserves (CON/2019/23)
Italy,
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ItalianoIT

All legal acts

19 June 2019 #ECBFORUM

Young economists’ competition 2019

A group of young economists joined our Forum on Central Banking in Sintra, Portugal. They presented their research to policymakers, academics and other participants. The prize for the best research poster was awarded to Leslie Sheng Shen – a PhD student from the United States.

Check out the finalists’ research

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

All you need to know about benchmark rates

Interest rate benchmarks are a key part of our economy. But what is it exactly that makes them so important? Why are they currently undergoing reforms? And what is the €STR?

Read our explainer
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Interest rates

Marginal lending facility	0.25 %
Main refinancing operations (fixed rate)	0.00 %
Deposit facility	− 0.40 %

Effective from 16 March 2016

Past key ECB interest rates

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD	US dollar	1.1226
JPY	Japanese yen	120.93
GBP	Pound sterling	0.89635
CHF	Swiss franc	1.1033

Last update: Friday, 19 July 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)
Financial Stability Review - May 2018
Vítor Constâncio interview on the Financial Stability Review - May 2018
How does the euro help Europeans do business?
What is ethical hacking?
Generation €uro Students' Award 2018
Communications challenges for policy effectiveness, accountability and reputation
Meeting the #EuroVideoChallenge finalists at the award ceremony
What is TARGET Instant Payment Settlement (TIPS)?
#ECBYouthDialogue - Dublin, Ireland
Highlights ECB Forum on Central Banking 2017
#ECBYouthDialogue - Lisbon 2017
Interview Vítor Constâncio on Financial Stability Review
EU Open Days - May 2017
Generation €uro Students' Award 2017
The new €50 banknote is now in circulation
How quantitative easing works
15 years of the euro
Inside the Asset Purchase Programme
ECB and the Eurosystem explained in 3 min.

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
ECB Press Conference - 14 June 2018
EU Open Day - 5 May 2018
Joint Conference of the European Central Bank and the European Commission - 3 May 2018
ECB Press Conference - 26 April 2018
Generation €uro Students’ Award - 10 -11 April 2018
Luminale: Cross Hatch - 18 March 2018
ECB Press Conference - 8 March 2018
Central Bank Communications Conference - 14-15 November 2017
2017 #EuroVideoChallenge Award Ceremony in Lyon - 9 November 2017
European Cultural Days - 26 October 2017
ECB Press Conference - 26 October 2017
Inauguration ECB Visitor Centre – 4 October 2017
Sendung mit der Maus - 3 October 2017
#ECBYouthDialogue, Dublin - 22 September 2017
Opening of the Cyprus Contemporary Art Exhibition - 20 September 2017
ECB Press Conference - 7 September 2017
ECB Press Conference - 20 July 2017
#ECBYouthDialogue - 26 June 2017, Lisbon, Portugal
ECB Forum on Central Banking - Sintra, Portugal, 26-28 June 2017
ECB Press Conference - 8 June 2017, Tallinn
EU Open Day in Brussels - 6 May 2017
ECB Open Day for women in technical fields - 04 May 2017
ECB Press Conference - 27 April 2017
The new €50 banknote - 4 April 2017
Generation Euro Students' Award - 4/5 April 2017
Europe's digital integrated market - 31 January 2017
25 November 2016 UN Orange Day
17 October 2016 Cultural Days Opening Concert
3 October 2016 Türen Auf!
Unveiling of the new €50 banknote
Young Economists at ECB Forum on Central Banking
ECB Main Building
Luminale 2016 - ECB's illuminated buildings

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