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  • Speech
    Working together for growth in Europe

    President Mario Draghi addresses German parliamentarians and explains why the ECB is pursuing its current monetary policy, how this affects people’s finances and welfare and what else is needed from other policy areas.

  • Interview
    Expansive monetary policy is appropriate

    Sabine Lautenschläger tells Börsenzeitung that an expansive monetary policy is currently appropriate and that she sees no need for additional accommodative measures at present. Sticking to the ECB’s inflation goal of close to, but below, 2% in the medium term is crucial to remain credible.‎‎

27 September 2016RESEARCH

Rethinking the tax advantage of debt

The financial crisis has spurred a debate among regulators and politicians on capital requirements for banks. This Research Bulletin article addresses the tax benefits of debt over equity funding and discusses its implications for financial stability.

26 September 2016PUBLICATION

MIP OnLine – market infrastructure made easy

Want to know more about the financial market infrastructure that makes it possible for money, securities and collateral to move around Europe? The first issue of MIP OnLine – a newsletter dedicated to all the latest news and developments in market infrastructure and payments – is available now.

30/09/2016
Statement by the staff of the European Commission and the European Central Bank following the first post-programme surveillance mission to Cyprus
30/09/2016
Statistical press release: Euro area insurance corporation and pension fund statistics
27/09/2016
ECB and People’s Bank of China extend bilateral currency swap arrangement
27/09/2016
Statistical press release: Monetary developments in the euro area
26/09/2016
Statistical press release: Payment instruments and systems
23/09/2016
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
August – September 2016
20/09/2016
King of the Belgians visits the ECB
ENGLISH
OTHER LANGUAGES (3) +
19/09/2016
Statistical press release: Euro area monthly balance of payments (July 2016)
14/09/2016
ECB publishes indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2017 and 2018
12/09/2016
Statistical press release: Euro area securities issues statistics

All press releases

28/09/2016
Mario Draghi:  Working together for growth in Europe
Introductory remarks by Mario Draghi, President of the ECB, 
at Deutscher Bundestag, Berlin, 28 September 2016
ENGLISH
OTHER LANGUAGES (1) +
Select your language
28/09/2016
Mario Draghi:  Researching the Macroeconomic Policies of the Future
Welcome address by Mario Draghi, President of the ECB, 
at the first ECB Annual Research Conference, 
Frankfurt am Main, 28 September 2016
27/09/2016
Benoît Cœuré:  Reforming financial sector benchmarks
Welcome remarks by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the annual meeting of the Money Market Contact Group, Frankfurt am Main, Tuesday 27 September 2016
26/09/2016
Mario Draghi:  Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, 
Brussels, 26 September 2016
26/09/2016
Benoît Cœuré:  Having confidence in Europe
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at a conference organised by the Istituto Affari Internazionali, 
Rome, 26 September 2016

All speeches

30/09/2016
Mario Draghi:  Interview with ARD Tagesthemen
Interview with Mario Draghi, President of the ECB, 
conducted by Thomas Roth and broadcast on 28 September 2016
ENGLISH
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30/09/2016
Sabine Lautenschläger:  Interview with Börsen-Zeitung
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 
conducted by Mark Schrörs and published on 30 September 2016
ENGLISH
OTHER LANGUAGES (1) +
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26/09/2016
Benoît Cœuré:  Interview with Süddeutsche Zeitung
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Markus Zydra on 22 September 2016, and published on 26 September 2016
ENGLISH
OTHER LANGUAGES (1) +
Select your language
20/09/2016
Peter Praet:  Interview with L'Opinion
Interview of Peter Praet, Member of the Executive Board of the ECB, conducted by Luc de Barochez on 15 September, and published on 20 September
ENGLISH
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07/09/2016
Yves Mersch:  Reaching for perfection – building the market infrastructure of tomorrow
Opinion piece by Yves Mersch, Member of the Executive Board of the ECB, 
Eurofi Magazine, 7 September 2016

All interviews

30/09/2016
Occasional paper no. 180: Dealing with large and volatile capital flows and the role of the IMF, by IRC Task Force on IMF issues
30/09/2016
Working paper no. 1967: The response of asset prices to monetary policy shocks: stronger than thought, by Lucia Alessi, Mark Kerssenfischer
22/09/2016
Economic Bulletin Issue 6, 2016
22/09/2016
What accounts for the recent decoupling between the euro area GDP deflator and the HICP excluding energy and food? (Economic Bulletin Issue 6, 2016)
22/09/2016
Liquidity conditions and monetary policy operations in the period from 27 April to 26 July 2016 (Economic Bulletin Issue 6, 2016)

All publications

28/09/2016
Opinion on amendments to the Law on Latvijas Banka reducing the number of members of the Council of Latvijas Banka (CON/2016/47)
Latvia, 
ENGLISH
OTHER LANGUAGES (1) +
Select your language
26/09/2016
Opinion on amendments to the Book Entry Securities Act (CON/2016/46)
Slovenia, 
ENGLISH
OTHER LANGUAGES (1) +
Select your language
24/09/2016
Decision (EU) 2016/1717 of the ECB of 21 September 2016 amending Decision ECB/2004/2 adopting the Rules of Procedure of the ECB (ECB/2016/27)
19/09/2016
Opinion on the role of Národná banka Slovenska in reporting on insurance premium levy (CON/2016/45)
Slovakia, 
ENGLISH
OTHER LANGUAGES (1) +
Select your language
12/09/2016
Opinion on a proposal for a Regulation amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (CON/2016/44)

All legal acts

27 September 2016CONFERENCE

First ECB Annual Research Conference

The global financial crisis has spurred renewed interest in research on central banking issues. This conference will be the ECB’s main research event covering the fields of monetary economics and finance, and will take place on 28 and 29 September in Frankfurt.

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.

EXPLAINERS

Why does the ECB conduct research?

High-quality research at central banks is more valuable than ever. Find out why we conduct research, how it supports monetary policy and how we decide on research topics.

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 icon arrow up 1.1161
JPY Japanese yen icon arrow up 113.09
GBP Pound sterling icon arrow up 0.86103
CHF Swiss franc icon arrow equal 1.0876
Last update: Friday, 30 September 2016 Euro foreign exchange rates

Multimedia

  • Five facts about the new €50

  • Inside the Asset Purchase Programme

  • Discover the New €50 Banknote

  • ECB President Mario Draghi explains TLTRO II

  • Discover the new 20 euro banknote

  • Living in Frankfurt. Working for the ECB

  • New ECB premises: time-lapse video of the construction process

  • Collateral management - the role of the Eurosystem

  • TARGET balances in 8 minutes

  • ECB and the Eurosystem explained in 3 min.

  • 08 September 2016 Press Conference

  • Unveiling of the new €50 banknote

  • Young Economists at ECB Forum on Central Banking

  • ECB Main Building

  • Luminale 2016 - ECB's illuminated buildings

  • Financial integration in Europe - cover image

    Financial integration in Europe

  • ECB statistics: a brief overview - cover image

    ECB statistics: a brief overview

  • Progress through crisis? Conference for the 20th anniversary of the establishment of the EMI - cover image

    Progress through crisis? Conference for the 20th anniversary of the establishment of the EMI

  • 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

  • The international role of the euro, June 2016 - cover image

    The international role of the euro, June 2016

  • 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