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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: Trade as an engine of growth: Prospects and lessons for Europe

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, NBRM High Level International Conference on Monetary Policy and Asset Management, Skopje, 16 February 2018I thank you for inviting me to speak here in Skopje today[1]. I would like to take this opportunity to discuss an issue which I believe is key for the economic future of Europe and particularly relevant here, in the Western Balkans: the prospects for trade as an engine of growth.For several years now, global trade growth...

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ECB publishes Consolidated Banking Data for end-September 2017

The European Central Bank (ECB) has published the Consolidated Banking Data (CBD) with reference to end-September 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, a subset of the information available in the end-year dataset. The end-September 2017 data refer to 335 banking groups and 3,021 stand-alone credit institutions operating in the EU...

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Sabine Lautenschläger: A stable financial system – more than the sum of its parts

Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Dutch Banking Day, Amsterdam, 15 February 2018Logic can be a tricky thing. Apply it in the right way, and you always arrive at a consistent conclusion. But apply it in the wrong way, and it can lead you astray. And that happens all too easily.There are indeed many wrong ways in which we can apply logic.One of them is known as the fallacy of composition. It refers to...

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Yves Mersch: Rencontres du Club SEPA

Speech by Yves Mersch, Member of the Executive Board of the ECB, Paris, 15 February 2018With the launch of instant payments in euro in November 2017, the European retail payments market entered a new era. We are moving from a world where it is considered normal to wait a day or more for a payment to arrive to a world where payments are delivered in real time. This is overdue as I consider it anachronistic that services in an e-commerce transaction are delivered in real time and even goods...

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Yves Mersch: The role of euro banknotes as legal tender

Speech by Yves Mersch, Member of the Executive Board of the ECB, at the 4th Bargeldsymposium of the Deutsche Bundesbank, Frankfurt am Main, 14 February 2018First of all, I would like to thank the Deutsche Bundesbank organisers for inviting me to speak at this symposium. The particularly good cooperation between the various Eurosystem central banks in the field of cash is not only part of our core business. It also serves the people of Europe, for whom euro cash has an important function. But...

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Yves Mersch: Virtual or virtueless? The evolution of money in the digital age

Lecture by Yves Mersch, Member of the Executive Board of the ECB, Official Monetary and Financial Institutions Forum, London, 8 February 2018European folklore warns of the will-o’-the-wisp, a malignant creature that dwelt in marshes. It would appear as a light in the distance, which a traveller would mistake for houses. As they reached the place where they thought the light was, it would move further ahead, drawing them deeper into the marsh to their untimely death and a watery grave. In some...

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ECB amends guidelines relating to the Eurosystem’s monetary policy implementation

Implements previously announced changes to the eligibility criteria of unsecured bank bondsAdjusts haircuts for floating rate assets and risk control measures for retained covered bonds with extendible maturitiesAmends criteria on interest payment structures for eligible credit claims and other technical changes related to collateral frameworkThe European Central Bank (ECB) has today published three new guidelines (Guidelines ECB/2018/3, ECB/2018/4 and ECB/2018/5). These guidelines amend (i)...

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Peter Praet: Panel on global monetary policies – similarities and differences on the way to the new normal

Remarks by Peter Praet, Member of the Executive Board of the ECB, at the GIC/SUERF/Deutsche Bundesbank Conference, Frankfurt am Main, 8 February 2018One of the main features of central banks’ response to the crisis – and the threat it posed to their statutory objectives – was the deployment of additional monetary policy instruments.[1] Some of these instruments, such as asset purchases, had featured in the traditional toolkit of central banks in the early years of central banking before...

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Yves Mersch: Interview with Bloomberg

Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Piotr Skolimowski and Carolynn Look on 6 February 2018BIS General Manager Augustine Carstens said in his speech in Frankfurt the other day that there is a “strong case” for authorities to rein in digital currencies because of their links to the established financial system. How would you respond?The General Manager of the BIS is usually also reflecting the views that are expressed around the table when central...

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