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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

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, 25 September 2017Mr Chairman,Honourable Members of the Economic and Monetary Affairs Committee,Ladies and gentlemen,I am very pleased to be back speaking to your committee for the third hearing of this year.A year ago, we were discussing together the moderate pace of the recovery in the euro area. We were witnessing a slight loss of momentum and assessing the impact of the...

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Yves Mersch: Risk management in times of non-conventional monetary policy

Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at the Joint Banco de Portugal and European Central Bank Conference on Risk Management for Central Banks, Lisbon, 25 September 2017Let me start by thanking you for coming to this joint ECB-Banco de Portugal conference, and the Banco de Portugal for hosting us on this occasion. I am delighted to see central bank risk managers, practitioners and academics here in Lisbon to exchange views on risk management for central...

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Vítor Constâncio: Developing models for policy analysis in central banks

Opening speech by Vítor Constâncio, Vice-President of the ECB, at the Annual Research Conference, Frankfurt am Main, 25-26 September 2017I am pleased to welcome you to the second Annual Research Conference of the European Central Bank. Every year this aims to be our flagship research event, bringing together academics and central bank researchers working at the cutting edge of economics. We value research because it contributes to shape the intellectual framework that we use to understand...

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Benoît Cœuré: The use of local currencies in EU candidate and potential candidate countries

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the International Conference on the occasion of the 20th anniversary of the Central Bank of Bosnia and Herzegovina, Sarajevo, 22 September 2017Dear Governor,Dear Member of the Presidency of Bosnia and Herzegovina,Dear Chairman of the Council of Ministers of Bosnia and Herzegovina, Dear Ambassador, Dear colleagues from the central banks, Ladies and gentlemen,I am delighted to be here in Sarajevo today to celebrate the 20th...

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Mario Draghi: Youth unemployment in the euro area

Keynote speech by Mario Draghi, President of the ECB, for the Henry Grattan Lecture Series at Trinity College, Dublin, 22 September 2017First, let me thank the Provost, Patrick Prendergast, for the warm welcome, Professor Gail McElroy for the introduction and indeed Trinity College Dublin.I am happy to see my friend Philip Lane, Governor of the Central Bank of Ireland. We see each other in Frankfurt every other week so I am pleased to see him in a different setting. It’s also nice to see my...

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Vítor Constâncio: Understanding and overcoming low inflation

Remarks by Vítor Constâncio, Vice-President of the ECB, at the Conference on “Understanding inflation: lessons from the past, lessons for the future?”, Frankfurt am Main, 21 and 22 September 2017IntroductionLadies and gentleman,As this successful conference draws to an end, I wish to extend a warm thank you to all participants, for collaborating with this ECB research initiative, which has been very fruitful.In my concluding remarks, I will discuss a few issues raised during the conference....

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Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

September 2017Market operationsProvision by the Eurosystem of a new unsecured overnight interest rate On 20 September 2017 the Governing Council decided to develop a euro unsecured overnight interest rate based on data already available to the Eurosystem. The interest rate, which would be produced before 2020, would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate. The high-level features of this new overnight interest rate will be...

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Vítor Constâncio: Macroprudential stress-tests and tools for the non-bank sector

Prepared remarks by Vítor Constâncio, Vice-President of the ECB, at the ESRB Annual Conference, Frankfurt am Main, 22 September 20171. Introduction: Systemic risks in the non-bank sectorAssessing the impact of a large shock on financial soundness of non-bank financial institutions, stress testing can improve measurement of the risks and can help in the calibration of instruments mitigating those risks. There is a need to further develop these policy tools while at the same time adaptation of...

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Mario Draghi: Building on the achievements of post-crisis reforms

Speech by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the second annual conference of the ESRB, Frankfurt am Main, 21 September 2017It is my pleasure to welcome you to the second annual conference of the European Systemic Risk Board (ESRB). The conference coincides with the tenth anniversary of the start of the global financial crisis in the summer of 2007. The crisis shook the European Union to the core, and required substantial policy actions to...

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ECB to publish new unsecured overnight interest rate

Overnight benchmark interest rates important for financial markets and monetary policy implementationECB overnight rate will complement existing benchmark rates produced by the private sector and serve as a backstop to private sector benchmark ratesPreparations for rate to be finalised before 2020, including industry consultationThe Governing Council of the European Central Bank (ECB) decided to develop a euro unsecured overnight interest rate based on data already available to the...

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