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  • RESEARCH
    Monetary policy and household inequality

    There has been an ongoing debate on the distributional effects of monetary policy on households’ income, wealth and consumption. A new discussion paper finds that the ECB’s monetary policy measures since 2014 have reduced inequality in the four largest euro area economies.

11 July 2018RESEARCH

Fiscal transfers without moral hazard?

The latest Research Bulletin presents a euro area central stabilisation scheme that proposes cross-border transfer payments based on changes in world trade. As these changes are not directly controlled by individual governments, the scheme would be relatively free of moral hazard.

12 July 2018ACCOUNT

Account of June monetary policy meeting

The Governing Council anticipated at its June monetary policy meeting that, after September 2018, subject to incoming data confirming the medium-term inflation outlook, monthly net asset purchases would be reduced to €15 billion until the end of December 2018. Net purchases would then end.

20/07/2018
Euro area monthly balance of payments: May 2018
17/07/2018
Consolidated financial statement of the Eurosystem as at 13 July 2018
12/07/2018
Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Riga on Wednesday and Thursday, 13-14 June 2018
11/07/2018
ECB publishes indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2019
11/07/2018
Euro Area Securities Issues Statistics: May 2018

All press releases

10/07/2018
Sabine Lautenschläger: 20 years of ESCB statistics: Past achievements and future challenges
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Ninth ECB Statistics Conference, "20 years of ESCB statistics: What's next?", Frankfurt, 10 July 2018
09/07/2018
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, 9 July 2018
08/07/2018
Benoît Cœuré: Asserting Europe’s leadership
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, Les rencontres économiques d’Aix-en-Provence, 8 July 2018
05/07/2018
Yves Mersch: Deepening EMU – political integration and economic convergence
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the conference on “Economic and Monetary Union — Deepening and Convergence”, Linz, 5 July 2018
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05/07/2018
Peter Praet: Delivering on our Mandate – 20 years of ECB Monetary Policy
Keynote speech by Peter Praet, Member of the Executive Board of the ECB, at an event organised by the ECB’s Representative office in Brussels, 5 July 2018

All speeches

09/07/2018
Benoît Cœuré: Interview with Bloomberg TV
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Caroline Connan and broadcast on 9 July 2018
25/06/2018
Benoît Cœuré: Interview with Le Figaro
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Fabrice Nodé-Langlois and published on 25 June 2018
ENGLISH
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23/06/2018
Peter Praet: Interview with Expresso
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by João Silvestre on 18 June 2018 and published on 23 June 2018
ENGLISH
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15/06/2018
Benoît Cœuré: Interview with Europe 1
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Patrick Cohen on 15 June 2018 and broadcast on 15 June 2018
ENGLISH
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29/05/2018
Vítor Constâncio: Interview with Spiegel Online
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Stefan Kaiser and Henning Jauernig on 22 May 2018 and published on 29 May 2018
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All interviews

18/07/2018
Opinion on a proposal for a regulation of the European Parliament and of the Council on the law applicable to the third-party effects of assignments of claims (CON/2018/33)
16/07/2018
Opinion on a proposal for a regulation on minimum loss coverage for non-performing exposures (CON/2018/32)
05/07/2018
Opinion on the regulation of the business of owning credit agreements (CON/2018/31)
Ireland, 
15/06/2018
Opinion on mortgage amortisation requirements (CON/2018/30)
Sweden, 
ENGLISH
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08/06/2018
Opinion on various financial law provisions  (CON/2018/29)
Belgium, 

All legal acts

10 July 2018BANKNOTES

How to spot a counterfeit banknote

How can you be sure that the banknote you have in your hand is the real deal and not a counterfeit?

Check out the videos and animations on our banknotes webpage, where you can explore the various security features of euro banknotes.

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.

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 1.1670
JPY Japanese yen 130.94
GBP Pound sterling 0.89445
CHF Swiss franc 1.1633
Last update: Friday, 20 July 2018 Euro foreign exchange rates

Multimedia

  • 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.

  • 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 - cover image

    The international role of the euro, June 2018

  • Financial integration in Europe, May 2018 - cover image

    Financial integration in Europe, May 2018

  • ECB Legal Conference 2017 - Shaping a new legal order for Europe: a tale of crises and opportunities - cover image

    ECB Legal Conference 2017 - Shaping a new legal order for Europe: a tale of crises and opportunities

  • ECB Forum on Central Banking - Investment and growth in advanced economies - cover image

    ECB Forum on Central Banking - Investment and growth in advanced economies

  • 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