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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

Benoît Cœuré: Interview with Handelsblatt

Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe on 15 November and published on 21 November 2017Mr Cœuré, the European Central Bank (ECB) took on a very important role in stabilising the euro area during the crisis. How can Europe avoid overburdening the ECB with problems which should be solved by politicians?To avoid overburdening the ECB, the euro area needs a strong economic pillar and a strong fiscal pillar. And let me add a...

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Sabine Lautenschläger: The European banking sector – the big challenges

Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, IIF European Chief Risk Officer Forum, Frankfurt, 20 November 2017Have you ever heard of Metéora? Metéora is a group of rock pillars in Greece at the very top of which several monasteries were built centuries ago. As you can imagine, it is quite hard to reach these monasteries. In fact, until the 1920s or so, the only way to get there was by sitting in a basket which...

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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, 20 November 2017Mr Chairman,Honourable Members of the Economic and Monetary Affairs Committee,Ladies and gentlemen,I am glad to be back at the European Parliament for my last hearing of this year.Since we last met, the ECB Governing Council has taken important decisions on the recalibration of its monetary policy instruments beyond the end of the year. Therefore, in my...

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Mario Draghi: Monetary policy and the outlook for the economy

Speech by Mario Draghi, President of the ECB, at the Frankfurt European Banking Congress “Europe into a New Era – How to Seize the Opportunities”, Frankfurt am Main, 17 November 2017Today I would like to describe how the euro area economy is developing and explain our latest monetary policy decisions. The economic recovery is continuing but inflation developments remain subdued. So, while we are confident in the recovery, we still need a patient and persistent approach to our monetary policy...

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Peter Praet: Recent economic developments in the euro area

Remarks by Peter Praet, Member of the Executive Board of the ECB, at the Febelfin working group of bank economists, Brussels, 16 November 2017The ECB has introduced several monetary policy measures since June 2014, which have played a crucial role in supporting the economy and have been demonstratively effective in preventing a period of disinflation from slipping into one of outright deflation. More than three years later, the risks of deflation have mostly disappeared due to the effective...

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Yves Mersch: Securitisation Revisited

Keynote Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Euro Finance Week, Frankfurt am Main, 16 November 2017Today I would like to come back on an issue that has found some of our attention in the recent past: securitisation. What has happened: Is it part of CMU agenda? It is not helping banks to sanitize their balance sheets more rapidly when there is such a great need?Simple, transparent and standardised (STS) securitisationsLet me start with some good news. The...

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ECB publishes Consolidated Banking Data for end-June 2017

The European Central Bank (ECB) has published the Consolidated Banking Data (CBD) with reference to end-June 2017, a data set of the European Union (EU) banking system compiled on a group consolidated basis.The quarterly CBD cover relevant information required for the analysis of the EU banking sector, as a subset of the information available in the end-year dataset. The end-June 2017 data refer to 337 banking groups and 3,063 stand-alone credit institutions operating in the EU (including...

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Peter Praet: Communicating the complexity of unconventional monetary policy in EMU

Speech by Peter Praet, Member of the Executive Board of the ECB, at the 2017 ECB Central Bank Communications Conference, Frankfurt am Main, 15 November 2017[1]Central bank communication has been fundamentally affected by the fallout from the global financial and economic crisis. Throughout that period, central banks succeeded in preventing a de-anchoring of inflation expectations. To do so, they adopted a broad range of unconventional measures, the functioning of which is very difficult to...

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Benoît Cœuré: Asset purchases, financial regulation and repo market activity

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ERCC General Meeting on “The repo market: market conditions and operational challenges”, Brussels, 14 November 2017Let me thank the organisers for inviting me here today.[1]The repo market is a cornerstone in the transmission of monetary policy. In its traditional role, it is a prime short-term funding market for banks. Before the outbreak of the global financial crisis, secured transactions accounted for around a third...

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