Decisions taken by the Governing Council of the ECB: November 2020. Learn more about how we use cookies, We are always working to improve this website for our users. Every six weeks, it takes its monetary policy decision, i.e. *Euro Appreciates To 1.2119 Against U.S. Dollar After ECB Decision *ECB: To Reinvest Principal Payments From Maturing Securities Under PEPP Until At Least End Of 2023 *ECB: Governing Council … Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. ECB press release 10 September 2020. Discover euro banknotes and their security features and find out more about the euro. The President, assisted by the Vice-President, chairs the press conference. Since 2014, the ECB has published "accounts" of its monetary policy meetings, [117] but those remain rather vague and do not include individual votes. The Governing Council assesses economic and monetary developments and takes its monetary policy decisions every six weeks. Browse the ECB’s reports, publications and research papers and filter them by date or activity. At the other meetings, the Council discusses mainly issues related to other tasks and responsibilities of the ECB and the Eurosystem. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 per cent within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics. In detail: how are interest rate decisions passed on to the economy and prices? By steering financing conditions, the ECB can influence the overall level of activity in the economy and can ensure that the inflation aim is met. The Governing Council usually meets twice a month at the ECB’s premises in Frankfurt am Main, Germany. On 4 May 2020 the Governing Council took note of the 2019 annual report of the Eurosystem Procurement Coordination Office (EPCO) and approved the 2020 update of the EPCO procurement plan. Explainer on the rotation of voting rightsOverview of the full schedule, Governor, Nationale Bank van België/Banque Nationale de Belgique, We are always working to improve this website for our users. Organisation chart of the ECB; Decision-making. 10 December 2020. Repo line arrangements with the central banks of the Republic of North Macedonia and the Republic of San Marino The accession of Lithuania to the euro area on 1 January 2015 triggered a system under which National Central Bank Governors take turns holding voting rights on the Governing Council. On 8 September 2020 the Governing Council adopted Decision (EU) 2020/1264 amending Decision (EU) 2019/1743 on the remuneration of holdings of excess reserves and of certain deposits (ECB/2020/38) in connection with the administration of loans disbursed under the instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) recently established by the European Commission. Governing Council; Executive Board; General Council; Supervisory Board; Independence; Transparency; Accountability; Corporate governance; Ethics – working with integrity; Capital subscription; Climate change and the ECB. At the other meetings, the Council discusses mainly issues related to other tasks and responsibilities of the ECB and the Eurosystem. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. the governors of the national central banks of the 19 euro area countries. See what has changed in our privacy policy, Financial stability and macroprudential policy, Euro area economic and financial developments by institutional sector, Euro area insurance corporation statistics, Euro area financial vehicle corporation statistics, Webcasts: hearings at European Parliament, Meetings of the Governing Council and the General Council, Banking Industry Dialogue on ESCB statistics, Implementation of ESA 2010 in euro area accounts, About the Statistical Data Warehouse (SDW), Selected euro area statistics and national breakdowns, Credit institutions and money market funds, Estimated MFI loans to NFCs by economic activity (NACE), Financial corporations engaged in lending, Long-term interest rate statistics for convergence purposes, Financial integration and structure in the euro area, Balance of payments and other external statistics, Balance of payments and international investment position, International reserves and foreign currency liquidity, Cross-border collateral in Eurosystem credit operations, Payment services, large-value and retail payment systems, Securities trading, clearing and settlement, ECB survey of professional forecasters (SPF), Survey on the access to finance of enterprises (SAFE), Household finance and consumption survey (HFCS), Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD), Emergency liquidity assistance (ELA) and monetary policy, Securities settlement systems and central counterparties, Other infrastructures and service providers, Advisory groups on market infrastructures, Debt Issuance Market Contact Group (DIMCG), European Forum for Innovation in Payments (EFIP), Calendar of the Governing Council meetings, Explainer on the rotation of voting rights, I understand and I accept the use of cookies, See what has changed in our privacy policy, the six members of the Executive Board, plus. Calendar of the Governing Council meetings To do this, we use the anonymous data provided by cookies. Key figures and latest releases at a glance. setting the key interest rates for the euro area. On 5 November 2020 the Governing Council adopted several amendments related to the publication of liquidity management data, with the aim of streamlining processes and increasing … to adopt the guidelines and take the decisions necessary to ensure the performance of the tasks entrusted to the ECB and the Eurosystem; to formulate monetary policy for the euro area. Other decisions, We are always working to improve this website for our users. Voting secrecy : while other central banks publish the voting record of its decision makers, the ECB's Governing Council decisions are made in full discretion. Get an overview of what the European Central Bank does and how it operates. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 per cent within its projection horizon, and such convergence has … On the same day, the Governing Council also adopted Decision ECB/2020/27 amending Decision ECB/2008/17 laying down the framework for joint Eurosystem procurement. At today’s meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. Decisions on topics other than monetary policy are published in a press release at 15:00 CET on the Friday immediately after the last Governing Council meeting of a given calendar month. Monetary policy Recalibration of monetary policy instruments On 10 December 2020 the Governing Council decided on recalibrating the ECB’s monetary policy instruments to contribute to preserving favourable financing conditions over the pandemic period, thereby supporting the flow of credit to all sectors of the economy, underpinning economic activity and safeguarding medium-term price stability. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. Discover more about working at the ECB and apply for vacancies. Home›About›Organisation›Decision-making› Governing Council, The Governing Council is the main decision-making body of the ECB. The mentioned decisions were in line with the markets expectations. In the meantime, the Governing Council of the ECB took the following monetary policy decisions: (1) The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council also adopted an ECB Decision delegating to the ECB Executive Board such future decisions on the transmission of confidential statistical information on economic and financial statistics to Eurostat. The ECB publishes an account of the Governing Council’s monetary policy discussions four weeks after each monetary policy meeting to make the rationale behind the decisions transparent. Discover more about working at the ECB and apply for vacancies. The ECB initially proposed to raise this limit to 60 per cent in plans presented to its governing council. The Decision, w… Key interest rates. Every six weeks, it takes its monetary policy decision, i.e. It consists of. The Governing Council usually meets twice a month at the ECB’s premises in Frankfurt am Main, Germany. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. in the context of the ECB’s new responsibilities related to banking supervision, to adopt decisions relating to the general framework under which supervisory decisions are taken, and to adopt the complete draft decisions proposed by the Supervisory Board under the non-objection procedure. The ECB’s monetary policy decisions are published in a press release at 13:45 CET on the day of the Governing Council monetary policy meeting. Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) Changes to the publication of liquidity management data. Discover euro banknotes and their security features and find out more about the euro. This includes decisions relating to monetary objectives, key interest rates, the supply of reserves in the Eurosystem, and the establishment of guidelines for the implementation of those decisions. The currency’s recent rise to the strongest level since 2018 is being watched carefully by the Governing Council, the president said. Environmental protection; Tasks. To do this, we use the anonymous data provided by cookies. On 3 February 2020 the Governing Council adopted Decision ECB/2020/8 on the implementation of the third covered bond purchase programme (recasting Decision ECB/2014/40) and Decision ECB/2020/9 on a secondary markets public sector asset purchase programme (recasting Decision ECB/2015/10). In this text, the ECB answers some frequently asked questions on how the system works and why it exists. Market operations. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. See what has changed in our privacy policy, Financial stability and macroprudential policy, Euro area economic and financial developments by institutional sector, Euro area insurance corporation statistics, Euro area financial vehicle corporation statistics, Webcasts: hearings at European Parliament, Meetings of the Governing Council and the General Council, Banking Industry Dialogue on ESCB statistics, Implementation of ESA 2010 in euro area accounts, About the Statistical Data Warehouse (SDW), Selected euro area statistics and national breakdowns, Credit institutions and money market funds, Estimated MFI loans to NFCs by economic activity (NACE), Financial corporations engaged in lending, Long-term interest rate statistics for convergence purposes, Financial integration and structure in the euro area, Balance of payments and other external statistics, Balance of payments and international investment position, International reserves and foreign currency liquidity, Cross-border collateral in Eurosystem credit operations, Payment services, large-value and retail payment systems, Securities trading, clearing and settlement, ECB survey of professional forecasters (SPF), Survey on the access to finance of enterprises (SAFE), Household finance and consumption survey (HFCS), Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD), Emergency liquidity assistance (ELA) and monetary policy, Securities settlement systems and central counterparties, Other infrastructures and service providers, Advisory groups on market infrastructures, Debt Issuance Market Contact Group (DIMCG), European Forum for Innovation in Payments (EFIP), I understand and I accept the use of cookies, See what has changed in our privacy policy. In addition, the ECB publishes regular accounts of the Governing Council’s monetary policy meetings before the date of the next one. setting the key interest rates for the euro area. The Decision will be published in EUR-Lex. The euro hit a 1-week high of $1.1902 during the press conference following the policy decision. October 202030 October 2020Market operationsAmendments to monetary policy implementation guidelinesOn 25 September 2020 the Governing Council adopted amendments to the ECB legal framework for the implementation of monetary policy, applicable from 1 January 2021. To ensure the separation of the ECB’s monetary policy and other tasks from its supervisory responsibilities, separate meetings of the G… The amending Decision legally introduces the decisions taken on 4-5 June 2020 by the Governing Council to increase the size of the programme and extend the intended horizon of net purchases. At a press conference starting at 14:30 CET, ECB President Christine Lagarde explains the decisions in an introductory statement and answers questions from journalists. The Governing Council assesses economic and monetary developments and takes its monetary policy decisions every six weeks. ECB Governing Council Press Conference - 10 September 2020 From youtube.com ECB President Christine Lagarde will explain the Governing Council's monetary policy decisions and answer questions from journalists at the Governing Council press conference being held on 10 September 2020 at 14:30 CEST in Frankfurt am Main. To do this, we use the anonymous data provided by cookies. Statistics Report on the confidentiality of individual statistical information collected by the European System of Central Banks On 20 November 2020 the Governing Council took note of the report, covering the period from July 2018 to December 2019, on the confidentiality of the individual statistical information collected by the ECB, assisted by the national central banks (NCBs). To ensure the separation of the ECB’s monetary policy and other tasks from its supervisory responsibilities, separate meetings of the Governing Council are held. Home / Central Banks / ECB: Monetary policy decisions. The Governing Council of the European Central Bank is the main decision-making body of the European Central Bank (ECB) and has "sole responsibility" for formulating monetary policy in the Eurozone. Key figures and latest releases at a glance. The monetary policy decision is explained in detail at a press conference held every six weeks. 25 September 2020. Background to monetary policy decisions, Find out more about decision-making within the Single Supervisory Mechanism.Banking supervision website. That is why ECB President Duisenberg declared in July 2002 that “the Governing Council’s decisions are decisions by a collegiate body and that every individual member of that body will defend and describe the outcome of certain discussions as if he had been 100% enthusiastic about those decisions. ECB Decision on the procedure to be followed by the Eurosystem for the recognition of Member States whose currency is not the euro as reporting Member States under Regulation (EU) 2016/867 on the collection of granular credit and credit risk data On 18 July 2019 the Governing Council adopted Decision ECB/2019/20 on the procedure for recognising non-euro area Member States as reporting Member States under Regulation (EU) 2016/867 on the collection of granular credit and credit risk data. Organisation chart of the ECB; Decision-making. On 28 July 2020 the Governing Council adopted Decision ECB/2020/36 amending Decision (EU) 2020/440 on a temporary pandemic emergency purchase programme. At the other meetings, the Governing Council takes decisions related to other tasks, such as payment systems, financial stability, statistics, banknotes, legal affairs, and banking supervision. Environmental protection; Tasks. "The Governing Council discussed the appreciation of … Governing Council; Executive Board; General Council; Supervisory Board; Independence; Transparency; Accountability; Corporate governance; Ethics – working with integrity; Capital subscription; Climate change and the ECB. At the other meetings, the Governing Council takes decisions related to other tasks, such as payment systems, financial stability, statistics, banknotes, legal affairs, and banking supervision. Look at press releases, speeches and interviews and filter them by date, speaker or activity. Look at press releases, speeches and interviews and filter them by date, speaker or activity. The Governing Council of the ECB held a monetary policy meeting in Frankfurt yesterday and below you can find the decisions brought by the Council. Get an overview of what the European Central Bank does and how it operates. The Governing Council, the main decision-making body of the ECB, usually meets every two weeks. Navigation Path: To do this, we use the anonymous data provided by cookies. ECB: Monetary policy decisions. The Governing Council, the main decision-making body of the ECB, usually meets every two weeks. Learn more about how we use cookies, We are always working to improve this website for our users. Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) August-September 2020. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. 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