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  • Interview
    Fiscal policy can support demand

    The euro area is facing a temporary economic slowdown, says Executive Board member Philip R. Lane. Monetary policy is still effective, but its effectiveness is dependent on how overall demand is expected to develop. And fiscal policy can support aggregate demand, especially in countries with sound finances.

27 September 2019 EVENT

Preparing for the new benchmark rate

The euro short-term rate (€STR), a new benchmark interest rate, will be published for the first time on 2 October. Our second roundtable on euro risk-free rates focused on the transition from EONIA to the €STR.

26 September 2019 ECONOMIC BULLETIN

ECB publishes Economic Bulletin
Issue 6, 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.

26/09/2019
Mario Draghi: Macroprudential policy in Europe
Welcome remarks by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the fourth annual conference of the ESRB
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25/09/2019
Beno?t C?uré: Introductory remarks
Hearing of Beno?t C?uré, Member of the Executive Board of the ECB, organised by the Committee on the Digital Agenda on the topic of “Digital currencies, focusing on Libra”, Deutscher Bundestag
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24/09/2019
Luis de Guindos: Concluding remarks
Speech by Luis de Guindos, Vice-President of the ECB, at the ECB conference “Inflation in a changing economic environment”
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24/09/2019
Luis de Guindos: Measures to support monetary policy transmission through banks
Welcome address by Luis de Guindos, Vice-President of the ECB, to the Money Market Contact Group
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23/09/2019
Mario Draghi: Hearing at 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, 23 September 2019
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Transcript of the hearing
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All speeches

26/09/2019
Philip R. Lane: Interview with Handelsblatt
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe on 24 September 2019
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19/09/2019
Philip R. Lane: Q&A with Bloomberg
Q&A with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Stephanie Flanders on 16 September 2019 at Bloomberg in London
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30/08/2019
Sabine Lautenschl?ger: Interview with Market News
Interview with Sabine Lautenschl?ger, Member of the Executive Board of the ECB, conducted by Luke Heighton on 28 August, and published on 30 August 2019
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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
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08/07/2019
Beno?t C?uré: Interview with BFM Business TV
Interview with Beno?t C?uré, Member of the Executive Board of the ECB, conducted by Hedwige Chevrillon, published on 9 July 2019
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All interviews

27/09/2019
Letter from the ECB President to Mr Domènec Ruiz Devesa, MEP, on monetary policy
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27/09/2019
Letter from the ECB President to Mr Sven Giegold, MEP, on institutional matters
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27/09/2019
Letter from the ECB President to Mr Matt Carthy MEP, on institutional matters
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27/09/2019
Letter from the ECB President to Ms Eva Kaili, MEP, on stablecoin initiatives
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27/09/2019
Euro money market study 2018
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26/09/2019
Working paper no. 2318: Finance and carbon emissions
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26/09/2019
Working paper no. 2317: Has the new bail-in framework increased the yield spread between subordinated and senior bonds?
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26/09/2019
Economic Bulletin Issue 6, 2019
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26/09/2019
Liquidity conditions and monetary policy operations in the period from 17 April to 30 July 2019
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Economic Bulletin Issue 6, 2019
26/09/2019
How do profits shape domestic price pressures in the euro area?
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Economic Bulletin Issue 6, 2019

All publications

23/09/2019
Opinion on the protection of the euro against counterfeiting and on the authentication of euro coins  (CON/2019/33)
Luxembourg, 
16/09/2019
Decision (EU) 2019/1558 of the ECB of 12 September 2019 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2019/28)
05/09/2019
Opinion on the rules to be followed by financial undertakings when defining remuneration policies (CON/2019/32)
The Netherlands, 
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04/09/2019
Opinion on freedom of information (CON/2019/31)
The Netherlands, 
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16/08/2019
Opinion on the sale and purchase of credit facilities (CON/2019/30)
Cyprus, 
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All legal acts

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.

EXPLAINER

What is a lender of last resort?

When banks run out of short-term funding for their daily business, they can turn to their lender of last resort for help. But who is that and how does emergency lending help to stabilise the economy in times of crisis?

Interest rates

Marginal lending facility 0.25 %
Main refinancing operations (fixed rate) 0.00 %
Deposit facility − 0.50 %
Effective from 18 September 2019

Inflation rates

Full inflation chart
Inflation dashboard

Reference rates

USD US dollar 1.0935
JPY Japanese yen 118.21
GBP Pound sterling 0.88778
CHF Swiss franc 1.0860
Last update: Friday, 27 September 2019 Euro foreign exchange rates

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 Beno?t C?uré visiting Vorwerk factory in Cloyes-sur-le-Loir

    Travelogue: ECB Executive Board member Beno?t C?uré 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 Constancio. ECB Vice-President (2011 – 2018)

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

  • European Cultural Days - 22 August 2019

  • ECB Press Conference – 25 July 2019

  • Opening of the Croatian Art Exhibition

  • ECB Forum on Central Banking 2019

  • ECB Youth Dialogue with Beno?t C?uré, 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

  • 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

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