European Central Bank

Speech

Low inflation and the rise of services

The shift of production and consumption away from goods and towards services helps explain why inflation in advanced economies is responding more slowly to monetary policy than it did a few decades ago, says Executive Board member Benoît Cœuré.
- Speech

In focus
Press releases1
Speeches
Interviews
Publications
Legal acts

15 May 2019 PRESS RELEASE

Call for feedback on EONIA to €STR legal action plan

The working group on euro risk-free rates is seeking feedback on a legal action plan for the transition from EONIA to €STR, including recommendations addressing the legal implications for new and legacy contracts referencing EONIA.

Deadline for comments is 17:00 CET on 12 June.

16 May 2019 SPEECH

EMU and the international role of the euro

Deeper financial integration will strengthen Economic and Monetary Union and help us to complete the banking union and capital markets union, says ECB Vice-President Luis de Guindos. Achieving developed, integrated EU markets will ultimately enhance the international role of the euro.

Speech

22/05/2019: Euro area investment fund statistics − first quarter of 2019
ENGLISH
22/05/2019: Euro area financial vehicle corporation statistics: first quarter of 2019
ENGLISH
21/05/2019: Consolidated financial statement of the Eurosystem as at 17 May 2019
ENGLISH
OTHER LANGUAGES (22) +

Select your language

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

Commentary
ENGLISH
20/05/2019: Euro area monthly balance of payments: March 2019
ENGLISH
15/05/2019: Working group on euro risk-free rates seeks feedback on EONIA to €STR legal action plan
ENGLISH

All press releases

21/05/2019: Luis de Guindos: Global financial regulation: where next? Pending tasks for regulators and macroprudential policy makers
Speech by Luis de Guindos, Vice-President of the ECB, London City Week, London, 21 May 2019
ENGLISH
16/05/2019: Benoît Cœuré: The rise of services and the transmission of monetary policy
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 21st Geneva Conference on the World Economy, 16 May 2019
ENGLISH

Slides
ENGLISH
16/05/2019: Luis de Guindos: Deepening EMU and the implications for the international role of the euro
Speech by Luis de Guindos, Vice-President of the ECB, at the occasion of the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Brussels, 16 May 2019
ENGLISH
15/05/2019: Peter Praet: On the importance of institutions as provider of stability and protection in an uncertain world
Speech by Peter Praet, Member of the Executive Board of the ECB, Steptoe Brussels Open Conference Series, Brussels, 15 May 2019
ENGLISH
15/05/2019: Benoît Cœuré: Exchange of views with members of the French Parliament
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, prior to an informal exchange of views with the Finance Committee of the National Assembly, Paris, 15 May 2019
ENGLISH
OTHER LANGUAGES (1) +

Select your language

FrançaisFR

All speeches

08/05/2019: Benoît Cœuré: Interview with the Association of German Pfandbrief Banks
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, published on 8 May 2019
ENGLISH
OTHER LANGUAGES (1) +

Select your language

DeutschDE
23/04/2019: Benoît Cœuré: Interview with Frankfurter Allgemeine Zeitung
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Johannes Pennekamp and Philip Plickert on 17 April 2019 and published on 23 April 2019
ENGLISH
OTHER LANGUAGES (1) +

Select your language

DeutschDE
02/04/2019: Benoît Cœuré: Interview with Risques
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean-Hervé Lorenzi, François-Xavier Albouy, Arnaud Chneiweiss, Pierre-Charles Pradier and Philippe Trainar, on 4 February 2019 and published on 2 April 2019
ENGLISH
OTHER LANGUAGES (1) +

Select your language

FrançaisFR
01/04/2019: Sabine Lautenschläger: Interview with Der Standard
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB, conducted by András Szigètvari on 27 March 2019 and published on 1 April 2019
ENGLISH
OTHER LANGUAGES (1) +

Select your language

DeutschDE
29/03/2019: Peter Praet: Interview with Bloomberg TV
Interview of Peter Praet, Member of the Executive Board of the ECB, conducted by Jana Randow on 27 March 2019 and broadcast on 28 March 2019
ENGLISH

All interviews

22/05/2019: Working paper no. 2284: Rules and discretion(s) in prudential regulation and supervision: evidence from EU banks in the run-up to the crisis
ENGLISH
20/05/2019: Working paper no. 2283: Negative interest rates, excess liquidity and retail deposits: banks’ reaction to unconventional monetary policy in the euro area
ENGLISH
20/05/2019: Working paper no. 2282: EME financial conditions: which global shocks matter?
ENGLISH
17/05/2019: Working paper no. 2281: Measuring euro area monetary policy
ENGLISH

Appendix Measuring Euro Area Monetary Policy
ENGLISH
Dataset EA MPD
ENGLISH
17/05/2019: Occasional paper no. 223: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures
ENGLISH
15/05/2019: Working paper no. 2280: The global capital flows cycle: structural drivers and transmission channels
ENGLISH
15/05/2019: ECB Survey of Monetary Analysts (SMA) - questionnaire
ENGLISH
10/05/2019: Working paper no. 2279: Uncertainty shocks, monetary policy and long-term interest rates
ENGLISH
06/05/2019: Working paper no. 2278: Targeting financial stability: macroprudential or monetary policy?
ENGLISH
06/05/2019: Working paper no. 2277: Pockets of risk in European housing markets: then and now
ENGLISH

All publications

13/05/2019: Guideline of the ECB of 10 May 2019 amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework (ECB/2019/11)
ENGLISH
13/05/2019: Guideline of the ECB of 10 May 2019 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2019/13)
ENGLISH
13/05/2019: Guideline of the ECB of 10 May 2019 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2019/12)
ENGLISH
10/05/2019: Opinion on the tax on banks’ financial assets and the interest rate benchmark for consumer credit agreements (CON/2019/18)
Romania,
ENGLISH
OTHER LANGUAGES (1) +

Select your language

RomânăRO
02/05/2019: Opinion on the security of network and information systems (CON/2019/17)
Cyprus,
ENGLISH
OTHER LANGUAGES (1) +

Select your language

EλληνικάEL

All legal acts

29 April 2019 BANKNOTES

#NewBanknotes: made to last

New €100 and €200 banknotes will enter into circulation on 28 May 2019, completing the Europa series. They have enhanced security features and are as durable as always. Watch our video to see how we test banknotes to ensure they are strong enough to last.

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.

#EUROAT20

How you benefit from the euro

The euro is nearly 20 years old and has become a part of everyday life for the 340 million people living in the euro area. How do you benefit from a safe and stable currency?

Read our explainer
ENGLISH
OTHER LANGUAGES (22) +

Select your language

БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
Visit #EUROat20 hub
ENGLISH
OTHER LANGUAGES (22) +

Select your language

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	1.1171
JPY	Japanese yen	123.27
GBP	Pound sterling	0.88280
CHF	Swiss franc	1.1252

Last update: Wednesday, 22 May 2019 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir
Unveiling of the New 100 and 200 Euro Banknotes
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.

ECB Press Conference - 25 October 2018
European Cultural Days - 25 September 2018
Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018
ECB Press Conference - 13 September 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