European Central Bank

RESEARCH

Monetary policy and household inequality

There has been an ongoing debate on the distributional effects of monetary policy on households’ income, wealth and consumption. A new discussion paper finds that the ECB’s monetary policy measures since 2014 have reduced inequality in the four largest euro area economies.
- Discussion paper

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Press releases1
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11 July 2018RESEARCH

Fiscal transfers without moral hazard?

The latest Research Bulletin presents a euro area central stabilisation scheme that proposes cross-border transfer payments based on changes in world trade. As these changes are not directly controlled by individual governments, the scheme would be relatively free of moral hazard.

Research Bulletin

12 July 2018ACCOUNT

Account of June monetary policy meeting

The Governing Council anticipated at its June monetary policy meeting that, after September 2018, subject to incoming data confirming the medium-term inflation outlook, monthly net asset purchases would be reduced to €15 billion until the end of December 2018. Net purchases would then end.

Account

20/07/2018: Euro area monthly balance of payments: May 2018
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17/07/2018: Consolidated financial statement of the Eurosystem as at 13 July 2018
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Commentary
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12/07/2018: Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Riga on Wednesday and Thursday, 13-14 June 2018
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11/07/2018: ECB publishes indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2019
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Indicative calendar for the Eurosystem's regular tender operations 2019
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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
11/07/2018: Euro Area Securities Issues Statistics: May 2018
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All press releases

10/07/2018: Sabine Lautenschläger: 20 years of ESCB statistics: Past achievements and future challenges
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Ninth ECB Statistics Conference, "20 years of ESCB statistics: What's next?", Frankfurt, 10 July 2018
ENGLISH
09/07/2018: Mario Draghi: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 9 July 2018
ENGLISH

Transcript of the hearing
ENGLISH
08/07/2018: Benoît Cœuré: Asserting Europe’s leadership
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, Les rencontres économiques d’Aix-en-Provence, 8 July 2018
ENGLISH
05/07/2018: Yves Mersch: Deepening EMU – political integration and economic convergence
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the conference on “Economic and Monetary Union — Deepening and Convergence”, Linz, 5 July 2018
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DeutschDE
05/07/2018: Peter Praet: Delivering on our Mandate – 20 years of ECB Monetary Policy
Keynote speech by Peter Praet, Member of the Executive Board of the ECB, at an event organised by the ECB’s Representative office in Brussels, 5 July 2018
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Slides
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All speeches

09/07/2018: Benoît Cœuré: Interview with Bloomberg TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Caroline Connan and broadcast on 9 July 2018
ENGLISH
25/06/2018: Benoît Cœuré: Interview with Le Figaro
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Fabrice Nodé-Langlois and published on 25 June 2018
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FrançaisFR
23/06/2018: Peter Praet: Interview with Expresso
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by João Silvestre on 18 June 2018 and published on 23 June 2018
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PortuguêsPT
15/06/2018: Benoît Cœuré: Interview with Europe 1
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Patrick Cohen on 15 June 2018 and broadcast on 15 June 2018
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FrançaisFR
29/05/2018: Vítor Constâncio: Interview with Spiegel Online
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Stefan Kaiser and Henning Jauernig on 22 May 2018 and published on 29 May 2018
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DeutschDE

All interviews

18/07/2018: Working paper no. 2170: Monetary policy and household inequality
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17/07/2018: Occasional paper no. 212: Real convergence in central, eastern and south-eastern Europe
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13/07/2018: Working paper no. 2169: Benefits and costs of liquidity regulation
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11/07/2018: Research bulletin no. 48: Fiscal transfers without moral hazard?
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11/07/2018: Working paper no. 2168: The natural rate of interest and the financial cycle
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11/07/2018: Working paper no. 2167: Financial frictions, international capital flows and welfare
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06/07/2018: Legal working paper no. 17: The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints
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03/07/2018: Working paper no. 2166: Credit shocks, employment protection, and growth: firm-level evidence from Spain
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29/06/2018: Euro area and national quarterly financial accounts - 2017 Quality report
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29/06/2018: Euro area and national balance of payments and international investment position statistics - 2017 Quality report
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All publications

18/07/2018: Opinion on a proposal for a regulation of the European Parliament and of the Council on the law applicable to the third-party effects of assignments of claims (CON/2018/33)
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16/07/2018: Opinion on a proposal for a regulation on minimum loss coverage for non-performing exposures (CON/2018/32)
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05/07/2018: Opinion on the regulation of the business of owning credit agreements (CON/2018/31)
Ireland,
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15/06/2018: Opinion on mortgage amortisation requirements (CON/2018/30)
Sweden,
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08/06/2018: Opinion on various financial law provisions (CON/2018/29)
Belgium,
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All legal acts

10 July 2018BANKNOTES

How to spot a counterfeit banknote

How can you be sure that the banknote you have in your hand is the real deal and not a counterfeit?

Check out the videos and animations on our banknotes webpage, where you can explore the various security features of euro banknotes.

Security features
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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.

EXPLAINER

What is economic slack?

The word slack is used often in economic discussions. What is it, why is it important for central banks and how is it measured?

Tell me more
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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	1.1670
JPY	Japanese yen	130.94
GBP	Pound sterling	0.89445
CHF	Swiss franc	1.1633

Last update: Friday, 20 July 2018 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

20 years of ESCB statistics: What's next?
20th anniversary – Staff testimonials / First Day at the ECB
ECB Forum on Central Banking 2018
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.

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
ECB Legal Conference 2017 - Shaping a new legal order for Europe: a tale of crises and opportunities
ECB Forum on Central Banking - Investment and growth in advanced economies
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