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  • Publication
    Financial stability environment remains challenging

    Key vulnerabilities in the euro area financial system include the potential for future asset price corrections, ongoing debt sustainability concerns, growing bank profitability challenges and increased risk-taking by non-banks.

21 November 2019 ACCOUNT

Account of October monetary policy meeting

The Governing Council underlined that incoming information since the September meeting had confirmed the pronounced slowdown in euro area growth. It was stressed that the September package of measures supported the sustained return of inflation to levels below, but close to, 2%.

20 November 2019 INTERVIEW

The importance of reforms and policies to foster growth

The ECB’s accommodative monetary policy provides favourable conditions for reforms and policies to foster growth, Philip R. Lane tells Italian newspaper La Repubblica. The current monetary stimulus will also help inflation move up over time, as already seen in wage inflation.

21/11/2019
Luis de Guindos: Implications of the transition to a low-carbon economy for the euro area financial system
Speech by Luis de Guindos, Vice-President of the ECB, at the European Savings and Retail Banking Group Conference, “Creating sustainable financial structures by putting citizens first”
21/11/2019
Yves Mersch: Future-proofing the European banking market – removing the obstacles to exit
Speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the S&P Global’s European Financial Institutions Conference, Paris
18/11/2019
Luis de Guindos: Opportunities and challenges for the euro area financial sector
Opening speech by Luis de Guindos, Vice-President of the ECB, at the 22nd Euro Finance Week
15/11/2019
Philip R. Lane: Europe’s role in a changing global economy
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the European Commission’s Annual Research Conference in Brussels, 15 November 2019
15/11/2019
Yves Mersch: Anti-money laundering and combating the financing of terrorism – recent initiatives and the role of the ECB
Speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Colloque de l’AEDBF-Europe, Paris, 15 November 2019
English
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All speeches

20/11/2019
Philip R. Lane: Q&A with Fortune
Q&A with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Maithreyi Seetharaman on 18 November 2019 at Fortune Global Forum
20/11/2019
Philip R. Lane: Interview with La Repubblica
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni on 14 November 2019
12/11/2019
Luis de Guindos: Interview with Börsen-Zeitung
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Mark Schrörs and Detlef Fechtner on 5 November 2019 and published on 12 November
English
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26/10/2019
Luis de Guindos: Interview with El País
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luis Doncel on 11 October 2019
English
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17/10/2019
Benoît Cœuré: Interview with Bloomberg
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jana Randow and Piotr Skolimowski on 10 October and published on 17 October 2019

All interviews

20/11/2019
Opinion on tax disincentives for the use of cash (CON/2019/39)
Greece, 
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15/11/2019
Agreement of 25 October 2019 on net financial assets
11/11/2019
Opinion on the security of network and information systems (CON/2019/38)
Spain, 
ENGLISH
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05/11/2019
Decision (EU) 2019/1848 of the ECB of 29 October 2019 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB  (ECB/2019/32)
31/10/2019
Opinion on a proposal for a regulation on a governance framework for the budgetary instrument for convergence and competitiveness for the euro area  (CON/2019/37)

All legal acts

18 November 2019 PUBLICATION

Bank profitability and consolidation

Some banks in the euro area are underperforming as a result of legacy asset problems, weak income generation, and combined cost and revenue problems. Consolidation can help address the latter two causes.

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.

EVENT

Generation €uro Students’ Award

Registration for the 2019-20 edition of the Generation €uro Students’ Award is now open. Secondary school students in 12 euro area countries can take part to win a trip to the ECB in Frankfurt.

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 1.1091
JPY Japanese yen 120.46
GBP Pound sterling 0.85548
CHF Swiss franc 1.0998
Last update: Thursday, 21 November 2019 Euro foreign exchange rates

Multimedia

  • ECB Press Conference - 12 September 2019

    ECB Press Conference - 12 September 2019

  • ECB Interview with Cornelia Holthausen

    ECB Interview with Cornelia Holthausen

  • 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 Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir

    Travelogue: ECB Executive Board member Benoît Cœuré 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?

  • ECB Press Conference - 24 October 2019

  • European Cultural Days of the ECB: Museumssalon - October 23 2019

  • European Cultural Days -10 October 2019

  • Sendung mit der Maus Tag der offenen Tür - 3 October 2019

  • ECB Press Conference – 12 September 2019

  • 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 Benoît Cœuré, Milan

  • 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