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DISCURSO
30 de septiembre de 2025
Innovación para la estabilidad
Los bancos centrales deben innovar para que el dinero de banco central permanezca en la frontera tecnológica, afirma Piero Cipollone, miembro del Comité Ejecutivo. Esto es esencial para garantizar que siga siendo el ancla de la confianza y la estabilidad en un sistema financiero en rápida evolución.
Leer el discurso de Piero Cipollone
EURO DIGITAL
26 de septiembre de 2025
Euro digital: plataforma de innovación
Hemos colaborado con casi 70 expertos de bancos, fintechs, comercios y universidades para probar una simulación del euro digital. Compartiendo ideas sobre el diseño y formas de uso, los participantes mostraron el potencial de innovación del euro digital para facilitar la vida de los consumidores y las empresas.
Más información sobre la plataforma de innovación
EL BLOG DEL BCE
26 de septiembre de 2025
Por qué la independencia estadística es indispensable
Las estadísticas de buena calidad son precisas, puntuales, coherentes y comparables. El blog del BCE examina los errores del pasado y lo que Europa ha aprendido de ellos.
Leer el blog del BCE- 30 September 2025
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 30 September 2025
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 26 September 2025
- GOVERNING COUNCIL DECISIONS - OTHER DECISIONSEnglishOTHER LANGUAGES (23) +
- 26 September 2025
- PRESS RELEASE
- 26 September 2025
- PRESS RELEASERelated
- 26 September 2025
- SPEECH
- 25 September 2025
- INTERVIEW
- 25 September 2025
- MONETARY DEVELOPMENTS IN THE EURO AREAAnnexes
- 24 September 2025
- MONETARY DEVELOPMENTS IN THE EURO AREA
- 30 September 2025
- Welcome address by Piero Cipollone, Member of the Executive Board of the ECB, at an event hosted by the Deutsche Bundesbank for central bank representatives attending the Sibos conference
- 30 September 2025
- Keynote speech by Christine Lagarde, President of the ECB, at the Bank of Finland’s 4th International Monetary Policy Conference
- 29 September 2025
- Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Baltic digital euro conference “Payments & Policy in a Changing Environment” organised by Eesti Pank in cooperation with Latvijas Banka and Lietuvos bankas
- 26 September 2025
- Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference “The future of payments: CBDC, digital assets and digital capital markets”, hosted by Bocconi University, the Centre for Economic Policy Research and the European Central BankRelated
- 26 September 2025
- 26 September 2025
- EnglishOTHER LANGUAGES (22) +
- 25 September 2025
- 17 September 2025
- Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Resilience Conference hosted by De Nederlandsche Bank
- 25 September 2025
- Interview with Piero Cipollone, Member of the Executive Board of the European Central Bank, conducted by Francesco Ninfole on 24 September 2025
- 17 September 2025
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Anja Ettel and Holger Zschäpitz
- 3 September 2025
- Contribution by Philip R. Lane, Member of the Executive Board of the ECB, to IMF Finance & Development Magazine
- 28 August 2025
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Francesco Canepa and Balazs Koranyi on 28 August 2025
- 26 July 2025
- Interview with Piero Cipollone, conducted by Miha Jenko on 10 July 2025
- 26 September 2025
- Good statistics are accurate, timely, consistent and comparable. Only then can they be the unbiased reality check needed for responsible decision-making. The ECB blog looks back at past mistakes and what Europe has learned from them.Details
- JEL Code
- C10 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→General
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 25 September 2025
- While overall inflation has normalised and currently lies at the ECB’s 2% medium-term target, food inflation is higher. To put a meal on the table, consumers pay roughly a third more than before the pandemic. This ECB Blog looks at the causes and consequences for monetary policy.Details
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
- 22 September 2025
- A small group of banks is crucial for the smooth functioning of euro area sovereign bond markets. They buy bonds from issuing governments and sell them on to final holders. To play this role, they need sufficient resources, especially capital. This blog examines potential signs of strain in the intermediation process.Details
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
- 16 September 2025
- A field experiment indicates that direct communication with ECB visitors better anchors their inflation expectations. Visitors with little knowledge of monetary policy are particularly likely to align their expectations with the ECB’s inflation target after speaking to central bankers.Details
- JEL Code
- E69 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Other
- 1 September 2025
- 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 transmission in the euro area.
- 30 September 2025
- WORKING PAPER SERIES - No. 3126Details
- Abstract
- Using novel data on sectoral safe asset positions in 21 advanced economies since 1980, we document the central role of the foreign sector in the market for safety and its macroeconomic implications. We show that safe asset holdings have expanded significantly relative to GDP, driven by rising net holdings of the foreign sector and accommodated by increased issuance from the financial and public sectors. Furthermore, fluctuations in safe assets are almost exclusively driven by the foreign and financial sectors, with close links between the two. Finally, increases in foreign demand for safety-or its counterpart, the supply by financials-are associated with domestic credit expansions and weaker medium-term output growth, both in raw data and when using FX reserve accumulation in Asian economies as instrument.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
F33 : International Economics→International Finance→International Monetary Arrangements and Institutions
F34 : International Economics→International Finance→International Lending and Debt Problems
G15 : Financial Economics→General Financial Markets→International Financial Markets
- 30 September 2025
- WORKING PAPER SERIES - No. 3125Details
- Abstract
- We develop a model in which agents face unemployment risk, but also age and eventually retire. We study the impact of different retirement schemes on life-cycle consumption and the monetary transmission mechanism. Agents save because of a fall in income upon retirement, changes along the life-cycle wage profile, and unemployment risk. Changes in retirement policies affect the distribution of available assets (bonds) among the middle aged and the young, which in turn can have a strong impact on the ability of the young to insure themselves against unemployment risk. Interestingly, it is possible that an increase in retirement benefits leads to higher consumption levels during sustained unemployment spells even though the associated increase in taxes reduces unemployment benefits. The reason is that this policy induces the middle aged to save less which leaves more of the available asset supply to the young. A reduction in the interest rate has a bigger impact on those for whom labor market conditions improve the most and – due to a larger negative income effect – has a smaller impact on those who save more. In terms of the aggregate impact of monetary-policy shocks, our paper confirms conventional wisdom that the expansion is magnified in the presence of incomplete markets, since it is then accompanied by a fall in precautionary savings. The novel aspect of our analysis is that the extent of the incompleteness, i.e., the ability of those subject to unemployment risk to insure themselves, is endogenous. Specifically, it is reduced as the young (middle-aged) hold a larger (smaller) fraction of the available asset supply and this distribution is not only affected by retirement policies, but also by government bond supply and the life-cycle wage profile. Thus, understanding the distribution of assets across different age cohorts is not only important for understanding life-cycle consumption patterns, but also business cycles.
- JEL Code
- E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital
- 29 September 2025
- WORKING PAPER SERIES - No. 3124Details
- Abstract
- This study examines the drivers of inflation levels, inflation variability, and growth variability collectively representing long-term central bank performance across 37 advanced economies in the Great Moderation era. A key finding is that central bank performance is consistently linked to the overall quality of institutions, while central bank-specific factors such as independence, exchange rate regimes, or inflation targeting show no significant impact. The analysis is extended to the 2022 inflation resurgence, using pre-2022 country characteristics. The results indicate that reliance on imports from Russia (likely gas) and its interaction with post-COVID GDP growth are the primary determinants, suggesting that the inflation surge was not a reversal of the Great Moderation.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
- 29 September 2025
- WORKING PAPER SERIES - No. 3123Details
- Abstract
- Business cycles with pronounced inflation can have sectoral origins and often feature a growing share of price-adjusting firms. Rationalizing such phenomena requires enhancing our modeling toolkit. We do that by building a non-linear equilibrium multi-sector framework featuring a general input-output network and optimal decisions on the timing and size of price adjustments. The interaction of our ingredients creates equilibrium cascades: large movements in aggregates trigger price adjustment decisions on the extensive margin. Following demand shocks, such as monetary interventions, networks dampen cascades, thus slowing down price adjustment decisions and giving central banks substantial power to stimulate the real economy with limited inflationary consequences. In contrast, under supply shocks, networks amplify cascades, leading to fast increases in the frequency of repricing and large inflationary swings. Applied to Euro Area data, the interaction of networks with cascades allows to quantitatively match the surges in inflation and repricing frequency in the post-Covid era.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles - Network
- Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP)
- 29 September 2025
- AMI-SECO REPORT
- 26 September 2025
- LETTERS TO MEPS
- 26 September 2025
- LETTERS TO MEPS
- 25 September 2025
- WORKING PAPER SERIES - No. 3122Details
- Abstract
- This study introduces a novel approach to dictionary-based sentiment analysis that extracts valuable insights from economic newspaper articles in the euro area without requiring article translation. We develop sentiment indices that accurately measure economic, labour, and inflation perceptions in Germany, France, Italy, and Spain using native-language texts. The aggregation of these country-specific sentiments provides a reliable indicator for the euro area as a whole, demonstrating the effectiveness of our approach in several nowcasting and forecasting experiments. This translation-free method significantly reduces resource requirements, facilitates easy replication across various languages, and enables daily updates. By eliminating the translation bottleneck, our approach emerges as one of the most timely and cost-effective economic measures available, offering a powerful tool for monitoring and forecasting business cycles in the multilingual context of the euro area.
- JEL Code
- E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
C82 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Data Access
- 25 September 2025
- DISCUSSION PAPER SERIES - No. 27Details
- Abstract
- How large are the distributional effects of monetary policy in the euro area? Does heterogeneity matter for monetary policy? We answer these questions based on the results of research projects conducted at the ECB under the aegis of a dedicated research task force. A monetary policy easing causes a temporary reduction in consumption inequality; this is the case for both conventional and unconventional monetary policy. Accounting for heterogeneity at the household level provides a new perspective on the policy transmission mechanism, but it doesnot fundamentally alter our views of aggregate dynamics. Heterogeneity across firms appearsto provide useful information to explain and forecast aggregate variables.
- JEL Code
- E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 25 September 2025
- ECONOMIC BULLETIN
- 25 September 2025
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 6, 2025Details
- Abstract
- This article uses a suite of macroeconomic models to assess the economic impacts of an increase in euro area defence spending. Multipliers of government purchases average just below 1, and there is notable model uncertainty. Pressures on HICP (Harmonised Index of Consumer Prices) inflation increase only gradually over time. An analysis of the transmission channels suggests that private sector expectations of higher future interest rates and taxes may substantially reduce fiscal multipliers. As regards the distributional consequences of increased spending, we find mild cross-country spillovers and markedly different effects on consumption across the wealth distribution.
- JEL Code
- E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
- 25 September 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 6, 2025Details
- Abstract
- This box describes the Eurosystem liquidity conditions and monetary policy operations in the third and fourth reserve maintenance periods of 2025, from 23 April to 29 July 2025.
- JEL Code
- E40 : Macroeconomics and Monetary Economics→Money and Interest Rates→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 25 September 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 6, 2025Details
- Abstract
- Manufacturing activity in the euro area rebounded in early 2025, while services activity slowed, marking a reversal of the trends observed in the previous two years. This box analyses the role of frontloading effects and trade policy uncertainty in driving recent production dynamics. It argues that manufacturing benefited temporarily from frontloading ahead of US tariff measures, while services were more directly affected by rising trade policy uncertainty. In particular, hard data reveal that manufacturing subsectors with higher exposure to the United States (e.g. pharmaceuticals) exhibited larger fluctuations around the April tariff announcements. Moreover, survey data indicate that business services, which are closely linked to business investment, have been more sensitive to uncertainty than consumer services. Looking ahead, if trade policy uncertainty were to remain high, it could continue to weigh on services and more visibly affect manufacturing as frontloading effects fade, yet the recent EU US trade agreement is expected to reduce uncertainty.
- JEL Code
- E23 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Production
E27 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Forecasting and Simulation: Models and Applications
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 25 September 2025
- RESEARCH BULLETIN - No. 134Details
- Abstract
- In surveys with information provision experiments, researchers can observe how people change beliefs, and sometimes also actions, after having been confronted with information. This article interprets information provision experiments from the perspective of the theory of rational inattention, discussing what survey findings tell us about economic behaviour outside the survey and deriving implications for central bank communication. One implication is that there may be a weak response from individuals to certain kinds of real‑world policy communication even though they respond strongly during an information provision experiment.
- JEL Code
- D8 : Microeconomics→Information, Knowledge, and Uncertainty
D9 : Microeconomics→Intertemporal Choice
E7 : Macroeconomics and Monetary Economics
- 24 September 2025
- LETTERS AND RESPONSES
- 24 September 2025
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 6, 2025Details
- Abstract
- Despite payment digitisation, euro banknote demand remains robust and has sharply intensified during crises. This article examines the role of cash as a safe haven and contingency instrument during four diverse crisis episodes in the euro area (the COVID-19 pandemic, Russia’s invasion of Ukraine, the April 2025 Iberian blackout and the Greek sovereign debt crisis), each differing in shock type (health, geopolitical, infrastructure, sovereign debt) and geographical scope (euro area-wide, regional and national). We combine descriptive analysis of monthly and daily currency data with Bayesian causal impact models using daily net issuance and automated teller machine (ATM) withdrawals. This allows us, for the first time in this context, to statistically attribute significant public demand surges to specific shocks. The results highlight that the unique attributes of cash – its tangibility, offline functionality and status as a direct central bank liability – become paramount during stress, across different types of crises and geographies, fulfilling specific roles in each case. We argue that, beyond individual utility, cash provides crucial system-wide benefits such as payment redundancy and decentralised liquidity. These findings underscore the importance of policies ensuring continued access to cash and recognising its fundamental contribution to economic stability and crisis preparedness.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
H12 : Public Economics→Structure and Scope of Government→Crisis Management
C54 : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling
- 24 September 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 6, 2025Details
- Abstract
- The level of attention paid to inflation affects people’s inflation expectations and, in turn, price and wage-setting decisions. This box puts forward a measure of inflation attention based on a substantial corpus of newspaper articles from the largest euro area countries. The measure is derived from the proportion of articles that contain inflation-related keywords. The indicator spiked during the recent high inflation period, reflecting an increased focus on price developments. Although inflation attention has eased since, this decrease has been more gradual than the decline in inflation itself, mirroring trends observed in consumers’ inflation perceptions. Attention remains relatively high, particularly with regard to food price developments, which could have implications for how future inflation shocks affect inflation expectations and propagate through the economy.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
C82 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Data Access
- 24 September 2025
- WORKING PAPER SERIES - No. 3121Details
- Abstract
- This paper assesses the environmental performance of sustainability-related investment funds compared to conventional ones across three dimensions: financed activities, portfolio carbon footprint, and investment in firms with ambitious science-based targets. We identify ESG funds using Morningstar (MS) strategies, the Sustainable Finance Disclosure Regulation’s Article 8/9 classification, and funds’ self-naming. We find that the greenest funds invest more in low-carbon sectors, but their carbon footprints are comparable to conventional funds. Also, MS Low-Carbon and Art.8 funds tend to invest in the same sectors as conventional funds but target less polluting firms. Overall, results reveal inconsistencies between ESG labels and outcomes, highlighting the limited role these funds currently play in financing the transition to a net-zero economy.
- JEL Code
- C58 : Mathematical and Quantitative Methods→Econometric Modeling→Financial Econometrics
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
Q50 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
- 24 September 2025
- WORKING PAPER SERIES - No. 3120Details
- Abstract
- The COVID-19 pandemic and Russia’s invasion of Ukraine have complicated macroeconomic forecasting and policymaking due to unprecedented disruptions in supply chains and energy markets, suggesting a new macroeconomic regime. However, we are unable to reject the null hypothesis of no structural break in March 2020. We then examine whether these shocks have increased post-COVID-19. Their sizes were initially elevated, but then have been gradually returning to pre-pandemic levels. The linear and nonlinear models reveal that supply chain disruptions cause persistent increases in expected inflation and headline goods prices, while energy supply shocks have a transitory inflation effect. The nonlinear model shows that real GDP is adversely affected by supply shocks in low growth periods.
- JEL Code
- C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 23 September 2025
- WORKING PAPER SERIES - No. 3119Details
- Abstract
- This paper introduces the European Central Bank’s Multi Country model (ECB-MC), a coherent macroeconomic framework designed to support economic forecasting and policy analysis within the Eurosystem. The ECB-MC captures the economic dynamics of the five major economies in the euro area – Germany, France, Italy, Spain, and the Netherlands – which account for more than 80 percent of the euro area total GDP. By incorporating detailed structural features and data-driven insights, the model provides the main reference for the ECB’s staff macroeconomic projections, acting as a disciplined tool for forecasting, enabling scenario, risk and sensitivity analyses, and giving a framework to understand the transmission channels of various economic shocks. The paper offers a detailed account of the structure, the estimation and the model properties, and provides a primer on the potential uses of the ECB-MC in the Eurosystem macroeconomic projections.
- JEL Code
- C3 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables
C5 : Mathematical and Quantitative Methods→Econometric Modeling
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
Tipos de interés
| Facilidad de depósito | 2,00 % |
| Operaciones principales de financiación (tipo fijo) | 2,15 % |
| Facilidad marginal de crédito | 2,40 % |
Tasa de inflación
Más información sobre la inflaciónTipos de cambio
| USD | US dollar | 1.1741 | |
| JPY | Japanese yen | 173.76 | |
| GBP | Pound sterling | 0.87340 | |
| CHF | Swiss franc | 0.9364 |
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