18 September 2025 Current account recorded €28 billion surplus in July 2025, down from €36 billion in previous month Current account surplus amounted to €315 billion (2.0% of euro area GDP) in the 12 months to July 2025, down from €394 billion (2.6%) one …
Frankfurt am Main, 17 September 2025 It is my pleasure to welcome you all to the ECB Annual Research Conference, a flagship event that brings together researchers from academia and central banks with policymakers. This year’s conference, organised jointly …
17 September 2025 ECB wage tracker updated with wage agreements signed up to end of August 2025; forward-looking horizon extended to end-June 2026 Forward-looking information continues to indicate easing of negotiated wage growth, consistent with data …
Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Resilience Conference hosted by De Nederlandsche Bank Amsterdam, 17 September 2025 At a time of digital and geopolitical disruptions, enhancing our financial sector’s …
17 September 2025 President Donald Trump is openly attacking the independence of the US Federal Reserve. At the ECB, you are the highest level of protection when it comes to financial stability. How worried are you about events in the United States? An …
16 September 2025 By Alexander Jung, Francesco Paolo Mongelli and Christian Scherf A field experiment indicates that direct communication with ECB visitors better anchors their inflation expectations. Visitors with little knowledge of monetary policy are …
Speech by Christine Lagarde, President of the ECB, 'Conversations pour demain' on the occasion of the 25th anniversary of Institut Montaigne in Paris, France Paris, 15 September 2025 It is a great honour to be invited to celebrate the 25th …
Trade tariffs and related uncertainty contributed to strong fluctuations in economic activity during the first half of 2025, with frontloading of activity, especially in Ireland. The unwinding of these factors in the second half of the year is expected to …
8 September 2025 ECB and People’s Bank of China extend euro-renminbi currency swap arrangement for another three years Swap arrangement has maximum size of CNY 350 billion and €45 billion Arrangement serves as backstop liquidity facility to address …
Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament Brussels, 4 September 2025 It’s my pleasure to be back for our regular update on the digital …
The digital euro project has a simple motivation: to ensure that people in a digital world retain the option to make or receive payments in central bank money. Supplementing physical cash with digital cash will support the modernization of the traditional …
3 September 2025 Bank interest rates for corporations Chart 1 Bank interest rates on new loans to, and deposits from, euro area corporations (percentages per annum) Data for cost of borrowing and deposit interest rates for corporations (Chart 1)The …
Welcome address by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board, at the ninth annual conference of the ESRB Frankfurt am Main, 3 September 2025 It is my pleasure to welcome you to the ninth annual conference of the …
Dinner speech by Christine Lagarde, President of the ECB, at 2025 ECB Legal Conference “Building Europe’s Autonomy: Law, Institutions, Cooperation” in Frankfurt, Germany Frankfurt, 1 September 2025 It is a real pleasure to join you tonight at the 2025 ECB …
1 September 2025 By Andrea Falconio and Julian Schumacher Economic uncertainty has been elevated recently due to geopolitical conflicts and trade tensions. This blog post investigates whether, and how much, high economic uncertainty affects monetary policy …
29 August 2025 Compared with June 2025: median consumer perceptions of inflation over the previous 12 months remained unchanged, as did median expectations for inflation over the next 12 months and five years ahead, while median inflation expectations for …
Account of the agenda item on the monetary policy strategy assessment at the meeting of the Governing Council of the European Central Bank held by means of videoconference on Wednesday, 25 June 2025 28 August 2025 Conclusion of the ECB’s monetary policy …
Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 23-24 July 2025 28 August 2025 1. Review of financial, economic and monetary developments and policy options …
28 August 2025 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 stood at 3.4% in July 2025, after 3.3% in June, averaging 3.5% in the three months up to July. The components of M3 showed the following …
2 September 2025 Could you give us your assessment of economic developments since your June projections? How is the euro area doing compared to your baseline? Incoming data have confirmed the resilience of the euro area economy. Over the past one and a …
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