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MONETARY POLICY

Our monetary policy statement at a glance

What are the main points in our new monetary policy statement and what mattered to us in our decision?

Our visual statement explains this in short and easy-to-understand language.

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MONETARY POLICY 22 luglio 2021

Latest ECB press conference

President Christine Lagarde and Vice-President Luis de Guindos explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference on 22 July 2021.

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PUBLICATION 20 luglio 2021

Results of July 2021 bank lending survey

Credit standards for loans to firms and households were broadly unchanged in Q2 after tightening significantly last year, reflecting the improving economy and continued policy support. Loan demand increased, supported by fixed investment and higher consumer confidence.

Euro area bank lending survey
STRATEGY REVIEW 8 luglio 2021

Outcome of the ECB strategy review

Our new monetary policy strategy is a strong foundation that will help guide us in the conduct of monetary policy for years to come. It is the result of a thorough review launched in January 2020.

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23 July 2021
OTHER GOVERNING COUNCIL DECISION
23 July 2021
PRESS RELEASE
23 July 2021
PAYMENT INSTRUMENTS AND SYSTEMS
23 July 2021
PRESS RELEASE
22 July 2021
MONETARY POLICY DECISION
22 July 2021
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 22 July 2021
14 July 2021
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the virtual Financial Statements series hosted by the Peterson Institute for International Economics
Annexes
14 July 2021
11 July 2021
Speech by Christine Lagarde, President of the ECB, at the International Climate Change Conference in Venice
8 July 2021
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 8 July 2021
3 July 2021
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Petersberger Sommerdialog
Annexes
3 July 2021
13 July 2021
Interview with Christine Lagarde, President of the ECB, conducted by Martin Arnold on 11 July 2021
10 July 2021
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer on 8 July and published on 10 July 2021
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2 July 2021
Interview with Christine Lagarde, President of the ECB, conducted by Marie Cécile Berenger
English
OTHER LANGUAGES (1) +
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20 June 2021
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Martin Arnold on 14 June 2021
English
OTHER LANGUAGES (1) +
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17 June 2021
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Paul Gordon on 17 June 2021
14 July 2021
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
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Summary
We have decided to launch a project to prepare for possibly issuing a digital euro. A digital euro will be successful if it adds value for people, merchants and financial intermediaries in the euro area, explains Executive Board member Fabio Panetta in The ECB Blog.
11 May 2021
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
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Summary
Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member Fabio Panetta. We need international disclosure standards and principles to categorise sustainable activities.
1 April 2021
Blog post by Philip R. Lane, Member of the Executive Board of the ECB
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Summary
The recent volatility of inflation can largely be attributed to the nature of the pandemic shock, writes Chief Economist Philip R. Lane. The increase in inflation during early 2021 does not constitute the basis for a sustained shift in inflation dynamics.
25 March 2021
Blog post by Fabio Panetta, Member of the Executive Board of the ECB, and Ulrich Bindseil, ECB Director General Market Infrastructure and Payments
English
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Summary
At the ECB we are committed to understanding people’s needs and ensuring the digital euro would be widely accepted, writes Executive Board member Fabio Panetta with Ulrich Bindseil in The ECB Blog.
22 March 2021
Blog post by Christine Lagarde, President of the ECB
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Summary
Our pandemic emergency purchase programme (PEPP) has provided crucial support to euro area citizens since its launch a year ago, writes President Christine Lagarde in The ECB Blog. The PEPP has been, and remains, at the core of our pandemic policy response.
23 July 2021
MEP LETTER
23 July 2021
MEP LETTER
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23 July 2021
OTHER PUBLICATION
23 July 2021
OCCASIONAL PAPER SERIES - No. 258
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Abstract
This paper assesses the macroeconomic implications of the Basel III finalisation for the euro area, employing a large-scale semi-structural model encompassing over 90 banks and 19-euro area economies. The new regulatory framework will influence banks’ reactions to economic conditions and, as a result, affect the ability of the banking system to amplify or dampen economic shocks. The assessment covers the entire distribution of conditional economic predictions to measure the cost and benefit of the reforms. Looking at the means of conditional forecasts of output growth provides an indication of the costs of the reform, namely a transitory reduction in euro area gross domestic product (GDP) and in lending to the non-financial private sector. Looking at the lower percentile of output growth forecasts, i.e. growth at risk, captures the long-term benefits of the Basel III finalisation package in terms of improved resilience and the ability of the banking system to supply lending to the real economy under adverse conditions. These permanent growth-at-risk benefits ultimately outweigh the short-term costs of the reform.
JEL Code
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
23 July 2021
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 5, 2021
Details
Abstract
This box summarises the main findings from contacts between ECB staff and representatives of 63 leading non-financial companies operating in the euro area. The exchanges took place between 28 June and 7 July 2021. According to these contacts, overall activity was growing strongly in the second quarter of 2021 and this was expected to continue in the third quarter, reflecting the gradual easing of lockdowns and travel restrictions, which benefited services, and the continued strong demand for manufactured goods. At the same time, shortages of inputs and transport bottlenecks were limiting activity somewhat in the manufacturing sector and generating pipeline pressures, some of which would feed through to final consumer prices and wages. These pressures should gradually ease over the next 6-18 months.
JEL Code
E2 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
L2 : Industrial Organization→Firm Objectives, Organization, and Behavior
23 July 2021
SURVEY OF PROFESSIONAL FORECASTERS
Annexes
23 July 2021
SURVEY OF PROFESSIONAL FORECASTERS
Related
21 July 2021
OTHER PUBLICATION
20 July 2021
THE EURO AREA BANK LENDING SURVEY
Annexes
20 July 2021
BANK LENDING SURVEY - ANNEX
14 July 2021
OTHER PUBLICATION
14 July 2021
OTHER PUBLICATION

Tassi di interesse

Operazioni di rifinanziamento marginale 0.25 %
Operazioni di rifinanziamento principali (tasso fisso) 0.00 %
Depositi presso la banca centrale − 0.50 %
18 settembre 2019 Precedenti tassi della BCE

Inflation rate

Inflation dashboard

Reference rates

USD US dollar 1.1767
JPY Japanese yen 130.11
GBP Pound sterling 0.85543
CHF Swiss franc 1.0838
Last update: Friday, 23 July 2021 Euro foreign exchange rates