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ECB Forum – young economists wanted!

Are you a PhD student in economics or finance? Do you want to present your research to policymakers and top academics? Apply to our young economists’ competition and win a trip to the ECB Forum on Central Banking in Sintra, Portugal – the final winner receives a €10,000 prize.
- Enter the competition until 11 March

1 February 2019BANKNOTES

Do you know about ink-stained banknotes?

If criminals break into a protected cash container – like an ATM – security ink is released, leaving traces on the banknotes. This makes them worthless and unusable. Do you know what to do if someone gives you a banknote covered in ink?

Find out here
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31 January 2019SPEECH

Fintech for the people

Enhancing financial inclusion is a priority for policymakers, says Chair of the Committee on Payments and Market Infrastructure and Executive Board member Benoît Cœuré. Innovations like the ECB’s Target Instant Payment Settlement help by limiting the rise of “shadow payments”.

01/02/2019: Euro area bank interest rate statistics: December 2018
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31/01/2019: Results of the December 2018 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)
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Report
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30/01/2019: ECB to launch a survey of market participants’ expectations in 2019
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29/01/2019: Consolidated financial statement of the Eurosystem as at 25 January 2019
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Commentary
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29/01/2019: Euro area economic and financial developments by institutional sector: third quarter of 2018
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All press releases

31/01/2019: Yves Mersch: The possible triangle: frictionless movement of payments, securities and collateral across Europe
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the 2019 Annual General Meeting of the International Capital Markets Association’s European Repo and Collateral Council, Luxembourg, 31 January 2019
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31/01/2019: Benoît Cœuré: Fintech for the people
Keynote speech by Benoît Cœuré, Chair of the CPMI and Member of the Executive Board of the ECB, at the 14th BCBS-FSI high-level meeting for Africa on strengthening financial sector supervision and current regulatory priorities, Cape Town, 31 January 2019
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28/01/2019: Mario Draghi: Hearing of 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, 28 January 2019
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Transcript of the hearing
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24/01/2019: 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, 24 January 2019
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17/01/2019: Sabine Lautenschläger: A supervisory perspective on 2019 and beyond
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at Risk Management & Supervisory Conference organised by Banking & Payments Federation Ireland, in Dublin, Ireland, 17 January 2019
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All speeches

01/02/2019: Sabine Lautenschläger: Interview mit hr-iNFO – das Interview
Interview mit Sabine Lautenschläger, Mitglied des Direktoriums der EZB und stellvertretende Vorsitzende des Aufsichtsgremiums der EZB, geführt von Mariela Milkowa am 29. Januar 2019 und veröffentlicht am 1. Februar 2019
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25/01/2019: Benoît Cœuré: Interview with Bloomberg TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Francine Lacqua on 25 January 2019
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17/01/2019: Sabine Lautenschläger: Interview with Politico
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Politico on 14 January 2019 and published on 17 January 2019
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16/01/2019: Yves Mersch: Interview with Hospodarske noviny
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Kristina Votrubova on 11 January 2019
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09/01/2019: Luis de Guindos: Interview with Latvian TV
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Toms Pastors on 7 January and broadcast on 9 January for Latvian TV1 “Pasaules Panorama (World Panorama”)
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01/02/2019: Working paper no. 2234: Markets, banks, and shadow banks
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01/02/2019: Occasional paper no. 218: Availability of high-quality liquid assets and monetary policy operations: an analysis for the euro area
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31/01/2019: Working paper no. 2233: A dynamic model of bank behaviour under multiple regulatory constraints
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31/01/2019: Working paper no. 2232: From cash- to securities-driven euro area repo markets: the role of financial stress and safe asset scarcity
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30/01/2019: Working paper no. 2231: Do public wages in the euro area explain private wage developments? An empirical investigation
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30/01/2019: Working paper no. 2230: Some borrowers are more equal than others: bank funding shocks and credit reallocation
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29/01/2019: Working paper no. 2229: Medium term treatment and side effects of quantitative easing: international evidence
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29/01/2019: Manual on MFI balance sheet statistics
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29/01/2019: Research bulletin no. 54: Quantitative easing did not increase inequality in the euro area
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28/01/2019: Working paper no. 2228: When losses turn into loans: the cost of undercapitalized banks
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30/01/2019: Opinion on remuneration for executives and senior management in Narodowy Bank Polski (CON/2019/03)
Poland,
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23/01/2019: Decision of the ECB of 23 January 2019 on the selection of Eurosystem Single Market Infrastructure Gateway (ESMIG) (ECB/2019/2)
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21/01/2019: Opinion on the Central Bank of Malta’s supervision of credit reference agencies and its oversight of payment services (CON/2019/02)
Malta,
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11/01/2019: Recommendation of the ECB of 7 January 2019 on dividend distribution policies (ECB/2019/1)
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03/01/2019: Opinion on the legal framework for covered bonds (CON/2019/01)
Estonia,
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All legal acts

31 January 2019SPEECH

Next steps for a single financial market

Market infrastructures are the basis for safe and efficient financial services and transactions in Europe, says Executive Board member Yves Mersch. Our agenda includes further development of centralised liquidity management in the TARGET system, and harmonised collateral management.

Speech

#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
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Visit #EUROat20 hub
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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	1.1471
JPY	Japanese yen	124.91
GBP	Pound sterling	0.87888
CHF	Swiss franc	1.1396

Last update: Friday, 01 February 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