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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

ECB appoints Fernando Monar Lora as Director Risk Management

PRESS RELEASE26 March 2020Mr Monar Lora to start on 1 April 2020He will replace Carlos Bernadell, who is now adviser to the ECB Executive BoardThe European Central Bank (ECB) today announced the appointment of Fernando Monar Lora as Director Risk Management.Mr Monar Lora is currently Head of the Risk Analysis Division in the Directorate Risk Management (D-RM), a post he has held since 2016. In this position he also deputised for the director and chaired the Risk Management Committee. Prior to...

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Isabel Schnabel: Interview with Frankfurter Allgemeine Sonntagszeitung

INTERVIEWInterview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer21 March 2020Ms Schnabel, never before has the ECB provided so much money for asset purchases in such a short period of time. Is this crisis worse than anything we’ve seen before? It’s an extraordinary crisis. It’s not just Europe that is affected, it’s the whole world. And in addition to the health problems and the human suffering, we’re also experiencing a severe...

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Luis de Guindos: Interview with Telediario 2, Televisión Española

INTERVIEWInterview with Luis de Guindos, Vice-President of the ECB, conducted by Carlos Franganillo on 19 March 202020 March 2020One way or another, this massive asset purchase programme will be of particular help to those countries that have been deeply affected, such as Spain or Italy, to ensure that spreads don’t widen dramatically at this critical time.It will help all euro area countries. Some were in a weaker position; their public finances were also more vulnerable than others. But...

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Coordinated central bank action to further enhance the provision of US dollar liquidity

Press release20 March 2020ECB and other major central banks to offer 7-day US dollar operations on a daily basisOperations with 84-day maturity continue to be offered weeklyNew frequency effective as of 23 March 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding marketsThe Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated...

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ECB and Danmarks Nationalbank reactivate swap line to provide euro liquidity

PRESS RELEASE20 March 2020Swap line reactivated as of 20 March 2020, to remain in place for as long as needed Size of swap line was increased from €12 billion to €24 billion The European Central Bank (ECB) and Danmarks Nationalbank have today reactivated a currency arrangement (swap line) and increased the maximum amount to be borrowed by Danmarks Nationalbank from €12 billion to €24 billion. It will remain in place for as long as needed. The purpose of the reactivation is for Danmarks...

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Fabio Panetta: Interview with TG1

Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Gennaro Pellino on 19 March 202019 March 2020Only a week ago, one sentence suggested we were looking at an abrupt change of direction. What has changed in a week?I don’t think it’s particularly useful to dwell on one sentence – especially one which President Lagarde herself quickly corrected. I believe that our actions and our policies are clearly demonstrated by our decision yesterday, namely our strong...

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ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)

PRESS RELEASE18 March 2020The Governing Council decided the following: (1) To launch a new temporary asset purchase programme of private and public sector securities to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19. This new Pandemic Emergency Purchase Programme (PEPP) will have an overall envelope of €750 billion. Purchases will be conducted until the end of...

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Luis de Guindos: Interview with Radio Nacional

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Iñigo Alfonso on 18 March 202018 March 2020Mr de Guindos, how are you? Good morning.Good morning.Thank you very much for being with us during these very challenging times for our country, and for Europe in general. You were one of the government ministers who had to deal with the long economic crisis that began in 2008. Are there any parallels with this crisis? Is there a risk that it could be as damaging as the Great...

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Isabel Schnabel: Interview with Die Zeit

INTERVIEWInterview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Lisa Nienhaus on 16 March 2020 and published on 18 March 202018 March 2020Ms Schnabel, where are you speaking from at the moment: your home office?No, I’m in the main building of the European Central Bank in Frankfurt. As the board member responsible for market operations, I need to be on site. But many of us, including other members of the ECB’s Executive Board, are indeed working from home. And I...

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ECB statement

PRESS RELEASE18 March 2020With regards to comments made by Governor Holzmann, the ECB states:The Governing Council was unanimous in its analysis that in addition to the measures it decided on 12 March 2020, the ECB will continue to monitor closely the consequences for the economy of the spreading coronavirus and that the ECB stands ready to adjust all of its measures, as appropriate, should this be needed to safeguard liquidity conditions in the banking system and to ensure the smooth...

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