European Central Bank

Educational

ECB opens doors to Germany’s "Maus" programme

We were happy to open our doors to fans of Germany’s well-known TV programme “Die Sendung mit der Maus”. Children discovered the security features of banknotes and played interactive games on inflation and banking.
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9 October 2017SPEECH

Economic policy and the need for humility

Uncertainty is the defining characteristic of the monetary policy landscape. Despite the sophisticated tools and analysis at their disposal, policymakers must show humility in their understanding of how the economy and policies work, says Executive Board member Yves Mersch.

Speech

5 October 2017ACCOUNT

Account of monetary policy meeting published

The Governing Council concluded at its September monetary policy meeting that a very substantial degree of monetary accommodation was still necessary. It was reiterated that a decision on the calibration of its policy instruments beyond the end of the year would be made in the autumn.

Account

05/10/2017: Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 6-7 September 2017
ENGLISH
05/10/2017: Households and non-financial corporations in the euro area: second quarter of 2017
ENGLISH
04/10/2017: Consolidated financial statement of the Eurosystem as at 29 September 2017
ENGLISH
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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
04/10/2017: ECB opens Visitor Centre
ENGLISH
04/10/2017: MFI interest rate statistics
ENGLISH

All press releases

09/10/2017: Sabine Lautenschläger: Between low interest rates and bond purchases - has European monetary policy reached a dead end?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Hohenheim University, Stuttgart, 9 October 2017
ENGLISH
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DeutschDE
09/10/2017: Yves Mersch: Economic Policy and the Need for Humility
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Conference “Banking and Financial Regulation”, Bocconi University, 9 October 2017
ENGLISH
02/10/2017: Peter Praet: Maintaining price stability with unconventional monetary policy measures
Speech by Peter Praet, Member of the Executive Board of the ECB, at the MMF Monetary and Financial Policy Conference, London, 2 October 2017
ENGLISH
28/09/2017: Sabine Lautenschläger: European banking supervision – achievements, challenges and the way forward
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the ESE Conference 2017, Vienna, 28 September 2017
ENGLISH
28/09/2017: Peter Praet: The ECB asset purchase programme and European financial markets (Slides from the presentation)
Presentation by Peter Praet, Member of the Executive Board of the ECB, at the TSI Congress Berlin, 28 September 2017
ENGLISH

All speeches

28/09/2017: Peter Praet: Interview with Les Echos
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Isabelle Couet and Catherine Chatignoux on 25 September and published on 29 September 2017
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FrançaisFR
20/09/2017: Vítor Constâncio: Interview with Euronews
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Efthymia Koutsokosta on 15 September and published on 20 September
ENGLISH
16/09/2017: Peter Praet: Interview with De Tijd
Interview Peter Praet, Member of the Executive Board of the ECB, conducted by Wouter Vervenne and Bart Haeck on 13 September and published on 16 September 2017
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NederlandsNL
12/09/2017: Benoît Cœuré: Europe’s moment
Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB, published by Börsen-Zeitung, 12 September 2017
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DeutschDE
01/09/2017: Yves Mersch: The role of cash: Customer retention and tie to the citizen
Contribution by Yves Mersch, Member of the Executive Board of the ECB, 1 September 2017
ENGLISH

All interviews

10/10/2017: Letter from the ECB President to Mr Ernest Urtasun, Mr Sven Giegold, Ms Molly Scott Cato, Mr Michel Reimon, Mr Bas Eickhout, MEPs, on climate change
ENGLISH
10/10/2017: Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek adjustment programme
ENGLISH
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EλληνικάEL
10/10/2017: Working paper no. 2102: Price rigidities and the granular origins of aggregate fluctuations
ENGLISH
29/09/2017: ECB Forum on Central Banking: "Investment and growth in advanced economies", June 2017 (conference proceedings)
ENGLISH
27/09/2017: Occasional paper no. 197: Access to finance in the Western Balkans
ENGLISH
21/09/2017: Economic Bulletin Issue 6, 2017
ENGLISH
ENGLISH
21/09/2017: Focus: Reducing unemployment from a historical perspective
ENGLISH
Economic Bulletin Issue 06, 2017
21/09/2017: Focus: Recent developments in euro area labour supply
ENGLISH
Economic Bulletin Issue 06, 2017
21/09/2017: Focus: Liquidity conditions and monetary policy operations in the period from 3 May to 25 July 2017
ENGLISH
Economic Bulletin Issue 06, 2017
20/09/2017: Article: Modelling euro banknote quality
ENGLISH
Economic Bulletin Issue 06, 2017

All publications

09/10/2017: Opinion on judicial relief granted to holders of qualified bank credit (CON/2017/41)
Slovenia,
ENGLISH
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SlovenščinaSL
06/10/2017: Opinion on limitations to cash payments (CON/2017/40)
Cyprus,
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EλληνικάEL
04/10/2017: Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 and Regulation (EU) No 648/2012 with regard to the procedures and authorities involved for the authorisation of central counterparties and the recognition of third country central counterparties (CON/2017/39)
ENGLISH
26/09/2017: Guideline of the ECB of 22 September 2017 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2017/28)
ENGLISH
20/09/2017: Opinion on interbank clearing and settlements (CON/2017/37)
Poland,
ENGLISH
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PolskiPL

All legal acts

5 October 2017EDUCATIONAL

G€SA competition open to students

How does the work of a central bank impact the economy? Students across Europe can sign up in teams for the latest Generation €uro Students’ Award competition. They can learn more about monetary policy and perhaps even travel to Frankfurt for an award event with the President of the ECB.

EXPLAINERS

Why are interest rates low?

Find out why low interest rates are needed to keep prices stable.

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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	1.1746
JPY	Japanese yen	132.36
GBP	Pound sterling	0.89195
CHF	Swiss franc	1.1497

Last update: Monday, 09 October 2017 Euro foreign exchange rates

Financial stability

Market operations

Multimedia

Highlights ECB Forum on Central Banking 2017
#ECBYouthDialogue - Lisbon 2017
Breaking internal barriers for women | Celia de Anca - 12 June 2017
Why we need more diversity to solve complex problems | Scott Page - 12 June 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
Five facts about the new €50
Inside the Asset Purchase Programme
Discover the New €50 Banknote
ECB and the Eurosystem explained in 3 min.

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

Financial integration in Europe
ESCB Legal Conference 2016
The international role of the euro, June 2016
Conference proceedings of the ECB Forum on Central Banking, Sintra 2016: The Future of the international monetary and financial architecture
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