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Since 1 January 1999 the European Central Bank (ECB) has been responsible for conducting monetary policy for the euro area - the world’s largest economy after the United States.

ECB Press Releases

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 20181. Review of financial, economic and monetary developments and policy options Financial market developmentsMr Cœuré reviewed the latest financial market developments.Since the Governing Council’s previous monetary policy meeting on 25-26 April 2018, global bond markets had seen an increase in risk aversion, amid rising geopolitical tensions and political uncertainty, which was...

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ECB publishes indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2019

PRESS RELEASE11 July 2018 ECB publishes indicative tender calendar for 2019ECB publishes indicative reserve maintenance period calendar for 2019 The European Central Bank (ECB) is today publishing the indicative calendar for the Eurosystem’s regular tender operations and the indicative calendar for the Eurosystem’s reserve maintenance periods for 2019.The indicative calendar for the Eurosystem’s regular tender operations includes only main refinancing operations (MROs) and three-month...

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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 2018Ladies and gentlemen,I believe the words of the late US politician Daniel Moynihan are a good starting point tonight. He famously said, “Everyone is entitled to their own opinion, but not their own facts”. I would add that the best opinions are certainly rooted in...

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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 2018Mr Chairman,Honourable members of the Economic and Monetary Affairs Committee,Ladies and gentlemen,It is a pleasure to be back at the European Parliament before your Committee.Since we last met, the ECB’s Governing Council has taken important decisions on the recalibration of our monetary policy stance after September this year. In my remarks today, I will...

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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 2018Donald Trump has pulled the trigger on tariffs on China; China is retaliating. Could that complicate the ECB’s task going forward?What’s really important for us to gauge is the impact on business confidence, which so far has been limited. We see this escalation process: we start with skirmishes and then skirmishes may turn into clashes and then, at some point,...

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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 2018Global governance since World War II has been characterised by American leadership. According to the famous distinction introduced by Thucydides in his History of the Peloponnesian War[1], leadership can be exercised in two very distinct ways. “Legitimate” leadership builds on trust and common identities. This is what the ancient Greeks called hegemonia. But...

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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 2018Ladies and gentlemen,We could have known better.The discussions on the first meaningful blueprint for a European monetary union already highlighted challenges that we have not yet fully overcome. The plan to establish a single currency by 1980, drawn up in 1970 by a committee of experts chaired by the then Luxembourg Prime Minister...

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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 2018Since[1] the ECB was founded 20 years ago the world has changed considerably. Ten years ago the global financial crisis has challenged the European Union and its Member States. Several of them have implemented significant macroeconomic and financial adjustments. The euro area sovereign debt crisis exposed the institutional weaknesses of our...

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Peter Praet: Ensuring a sustained adjustment in inflation

Keynote speech by Peter Praet, Member of the Executive Board of the ECB, at Banca Naţională a României, Bucharest, 3 July 2018It is a great pleasure for me to be here in Bucharest today. Since Romania joined the European Union on 1 January 2007, the world has changed considerably. The global financial crisis has challenged the European Union and its Member States. Several of them, including Romania, have implemented significant macroeconomic and financial adjustments. The euro area sovereign...

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Yves Mersch: Are the economy and monetary policy at a turning point – and where are the European and US economies headed?

Speech by Yves Mersch, Member of the Executive Board of the ECB, Panel at the Petersberger Sommerdialog, Königswinter, 30 June 2018Economic outlookThe euro area economy is still growing, albeit at a slightly slower pace.Euro area growth stood at 0.4% in the first quarter, following growth of 0.7% in the previous four quarters. This moderation reflects some pull-back from last year’s exceptionally strong growth as well as some temporary and supply side factors. At the same time, concerns about...

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