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Account of July monetary policy meeting
22 August 2019 ACCOUNT

Account of July monetary policy meeting

The Governing Council underlined the need for highly accommodative monetary policy, in light of prolonged uncertainties that have continued to dampen the economic outlook and in light of persistently low inflation. It therefore decided to adjust its forward guidance on interest rates.

A special day for children at the ECB
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.

25/07/2019
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, 25 July 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
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
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
ENGLISH
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

16/08/2019
Opinion on the sale and purchase of credit facilities (CON/2019/30)
Cyprus, 
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EλληνικάEL
09/08/2019
Opinion on restrictions on transfers of mortgage claims  (CON/2019/29)
Poland, 
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PolskiPL
01/08/2019
Decision of the ECB of 26 July 2019 on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems (ECB/2019/25)
ENGLISH
25/07/2019
Opinion on a Council recommendation on the appointment of the President of the ECB (CON/2019/28)
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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
18/07/2019
Opinion on the conversion of Swiss franc loans (CON/2019/27)
Slovenia, 
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SlovenščinaSL

All legal acts

ECB publishes Economic Bulletin Issue 5, 2019
8 August 2019 ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 5, 2019

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.

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.

All you need to know about benchmark rates
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?

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.40 %
Effective from 16 March 2016

Inflation rates

 Full inflation chart
Inflation dashboard

Reference rates

USD US dollar 1.1083
JPY Japanese yen 118.13
GBP Pound sterling 0.91150
CHF Swiss franc 1.0905
Last update: Thursday, 22 August 2019 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

  • A day at the ECB: the #EuroVideoChallenge finalists

    A day at the ECB: the #EuroVideoChallenge finalists

  • ECB Forum on Central Banking 2019

    ECB Forum on Central Banking 2019

  • Christine Lagarde: 8th ECB CESEE - Keynote speech

    Christine Lagarde: 8th ECB CESEE - Keynote speech

  • Download the ECB Art App

    Download the ECB Art App

  • Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

    Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

  • Euro Banknotes – Our Money, Our Journey

    Euro Banknotes – Our Money, Our Journey

  • Unveiling of the New 100 and 200 Euro Banknotes

    Unveiling of the New 100 and 200 Euro Banknotes

  • 20 years of ESCB statistics: What's next?

    20 years of ESCB statistics: What's next?

  • How are Executive Board members chosen?

    How are Executive Board members chosen?

  • Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)

    Interview with Vítor Constâncio. ECB Vice-President (2011 – 2018)

  • ECB Press Conference – 25 July 2019

    ECB Press Conference – 25 July 2019

  • Opening of the Croatian Art Exhibition

    Opening of the Croatian Art Exhibition

  • ECB Forum on Central Banking 2019

    ECB Forum on Central Banking 2019

  • ECB Youth Dialogue with Benoît Cœuré, Milan

    ECB Youth Dialogue with Benoît Cœuré, Milan

  • Model European Council - 28 & 29 March 2019

    Model European Council - 28 & 29 March 2019

  • Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018

    Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018

  • New €100 & €200 - Security features

    New €100 & €200 - Security features

  • Estonian Art Vernissage - 27 June 2018

    Estonian Art Vernissage - 27 June 2018

  • ECB Forum on Central Banking - 18/20 June 2018

    ECB Forum on Central Banking - 18/20 June 2018

  • ECB Press Conference - 14 June 2018

    ECB Press Conference - 14 June 2018

  • The international role of the euro, June 2018 - cover image

    The international role of the euro, June 2018

  • Financial integration in Europe, May 2018 - cover image

    Financial integration in Europe, May 2018

  • Price and wage-setting in advanced economies - cover image

    Price and wage-setting in advanced economies

  • ESCB Legal Conference 2018 - cover image

    ESCB Legal Conference 2018

  • Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments - cover image

    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 - cover image

    Statistics for Economic and Monetary Union. Enhancements and new directions, 2003-12, by Peter Bull

  • The monetary policy of the ECB - cover image

    The monetary policy of the ECB

  • The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field - cover image

    The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field