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European Central Bank - eurosystem
European Central Bank - eurosystem
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  • Monetary policy & markets
    Monetary policy & markets

    Our monetary policy strategy, the tools we use and the impact they have

    Overview of monetary policy and markets
    Quick links
    • What is monetary policy?
    • Strategy review
    • Asset purchase programmes
    Latest monetary policy press conference
    24 July 2025
    • Introduction
      • Benefits of price stability
      • Scope of monetary policy
      • Transmission mechanism
    • Decisions, statements & accounts
    • Monetary policy strategy
      • Strategy review
      • Medium-term orientation
      • Two per cent inflation target
    • Economic, monetary and financial analysis
      • Economic analysis
      • Monetary and financial analysis
    • Instruments
      • Open market operations
        • TLTROs
      • Asset purchase programmes
        • Securities lending
      • Pandemic emergency purchase programme
      • Standing facilities
      • Minimum reserves
        • Two-tier system
    • International market operations
      • Euro central bank liquidity lines
    • Emergency liquidity assistance (ELA)
    • Liquidity analysis
    • Collateral
      • Eligibility criteria and assessment
        • Marketable assets
        • Non-marketable assets
      • List of eligible marketable assets
        • User guide
      • Collateral management
        • Eligible SSSs
        • Eligible links
        • Eligible triparty agents
      • Risk mitigation
        • ECAF
        • Risk control
        • Haircut categories
        • Valuation
      • Loan-level requirements
        • Data templates
        • Eligibility requirements
        • Frequently asked questions
      • Contacts
    • Structure of the euro area economy
      • Economic policy
      • Fiscal policies
      • External trade
      • Effective exchange rates
      • Financial structure
      • Financial markets
      • Financial intermediaries
      • Economic diversity
      • Labour market
    • Market contact groups
      • Bond market (BMCG)
      • Money market (MMCG)
      • Debt Issuance Market Contact Group (DIMCG)
      • ECB Operations managers group (ECB OMG)
      • Foreign exchange (FXCG)
      • Institutional Investor Dialogue (IID)
      • Monetary Analysis Contact Group (MACG)
  • Payments & financial stability
    Payments & financial stability

    Insights into our work on financial stability and payments and market infrastructures

    Overview of payments and financial stability
    Quick links
    • Digital euro
    • Payments news & events
    • TARGET professional use documents and links
    Latest Financial Stability Review
    16 May 2024
    • Payments
    • TARGET Services
      • Shared features
      • T2
        • Facts and figures
        • Governance
      • T2S
        • Governance
        • Facts and figures
        • Pricing
      • TIPS
        • Cross-border payments
        • Governance
        • Facts and figures
        • Onboarding
      • ECMS
      • TARGET professional use documents & links
        • Shared features documents & links
        • T2 documents & links
        • T2S documents & links
        • TIPS documents & links
        • ECMS documents & links
    • Integration and innovation
      • Distributed ledger technologies
        • Exploratory work
      • Retail payments
        • Retail payments strategy
        • ECB as a catalyst
        • SEPA
        • Instant payments
      • Collateral management harmonisation
        • Implementation
        • FAQ
    • Cyber resilience
      • Financial market infrastructures
      • TIBER-EU
    • Oversight
      • Payment systems
      • TARGET2-Securities
      • Electronic payments
      • Securities settlement systems and central counterparties
      • Critical service providers
      • Correspondent and custodian banks
      • SecuRe Pay forum
    • Reserve management services
      • Key aspects
      • Range of services
    • Cash professionals
      • Cash handling
        • Authentication devices
        • Recirculation of banknotes
      • Common detector interface specifications
      • Banknote manufacturer accreditation
    • Payment contact groups
      • Advisory groups on market infrastructures
      • Euro Cyber Resilience Board
      • Euro Retail Payments Board (ERPB)
      • European Forum for Innovation in Payments (EFIP)
    • Financial stability
    • Introduction to financial stability
    • Macroprudential Measures
    • Financial stability contact groups
  • Statistics
    Statistics

    Access to all ECB statistics and background information

    Overview of ECB statistics
    Quick links
    • Main figures
    • ECB Data Portal
    • Statistical releases
    PRESS RELEASE - ECB launches pilot project for research access to confidential statistical data
    13 March 2025
    • Frequently accessed
    • Euro exchange rates
    • Key ECB interest rates
    • Euro short-term rate (€STR)
      • Interest rate benchmarks
        • Working group on euro risk-free rates
    • Inflation
    • Euro area yield curves
    • All statistics & background
    • All key statistics
    • All data services
    • Data reporting & standards
      • Governance and quality framework
      • Co-operation and standards
      • Banks’ data reporting
      • AnaCredit
        • AnaCredit Q&A
      • Public consultations
      • Banking industry dialogue on ESCB statistics and integrated reporting
      • SDMX – statistical data exchange model
      • INEXDA - granular data network
  • The euro
    The euro

    All you need to know about our common currency

    Overview of the euro
    Quick links
    • Cash professionals
    • Banknote and coins statistics
    • Euro exchange rates
    Study on the payment attitudes of consumers in the euro area (SPACE) – 2024
    19 December 2024
    • Digital euro
      • What it is
        • Digital euro and privacy
      • How it works
      • Why we need it
      • Timeline and progress
      • In-depth information
        • Governance and stakeholder engagement
        • Technical documents and research
        • Scheme rulebook
      • Frequently asked questions
    • Cash
    • The Eurosystem cash strategy
      • The role of cash
      • Issuance and circulation
      • Access to and acceptance of cash
      • Frequently asked questions
    • Banknotes
      • Future banknotes
        • Redesign process
      • Current banknotes
        • Denominations
        • Design elements
        • Security features
      • Anti-counterfeiting
      • Banknote production and stocks
      • Damaged and inked-stained banknotes
      • Environment, health and safety
        • Product environmental footprint
      • Research and development
      • Images and reproduction rules
      • Information and training materials
    • Coins
      • €2
      • €1
      • 50 cent
      • 20 cent
      • 10 cent
      • 5 cent
      • 2 cent
      • 1 cent
      • Common sides
      • €2 commemorative coins
      • Security features
      • Collector coins
    • Joining the euro area
      • Croatia (2023)
      • Lithuania (2015)
      • Latvia (2014)
      • Estonia (2011)
      • Slovakia (2009)
      • Cyprus (2008)
      • Malta (2008)
      • Slovenia (2007)
      • Initial changeover (2002)
    • Exchanging national cash
      • Austria
      • Belgium
      • Croatia
      • Cyprus
      • Estonia
      • Finland
      • France
      • Germany
      • Greece
      • Ireland
      • Italy
      • Latvia
      • Lithuania
      • Luxembourg
      • Malta
      • The Netherlands
      • Portugal
      • Slovakia
      • Slovenia
      • Spain
    • Visually impaired people
  • Research
    Research

    In-depth studies and expert analyses covering diverse topics and fields

    Overview of ECB research
    Quick links
    • Conferences & seminars
    • Opportunities for researchers
    Research Bulletin
    • Economic research
      • Research agenda
        • Monetary policy, strategy and implementation
        • Fiscal policy and governance within EMU
        • International macro and finance
        • Real sector and microeconomic analysis
        • Forecasting and business cycle analysis
        • Macro-finance, systemic risk and macroprudential policy
        • Financial institutions, microprudential policy, financial markets and payments
      • Opportunities for researchers
        • Wim Duisenberg Fellowship
        • Regular Research Visitors
        • Lamfalussy Fellowship
        • Summer Research Graduate Programme
        • Student Research Traineeship Programme
    • Legal Research
      • Legal conferences and seminars
      • Legal Research Programme
    • Research papers
      • Papers by authors
    • ECB researchers
    • Research networks
  • News & publications
    News & Publications
    Browse all news & publications
    • News
    • Press releases
    • Statistical releases
    • Speeches
    • Interviews
    • The ECB Blog
    • Podcasts & webcasts
    • Payments news & events
    • Press hub
    • Publications
    • Governing Council decisions
      • Monetary policy decisions
      • Other decisions
    • Monetary policy accounts
    • Economic Bulletin
      • Articles
      • Focus
      • Monthly Bulletin
    • Macroeconomic projections
    • Annual reports & financial statements
      • Annual Report
        • Annual Accounts
        • Eurosystem balance sheet
          • Monetary policy operations
      • Weekly financial statements
        • Disaggregated data
    • Financial stability publications
      • Financial Stability Review
        • Special features & boxes
      • Macroprudential Bulletin
    • Research publications
      • Research Bulletin
      • Working papers
      • Discussion papers
      • Occasional papers
      • Legal working papers
      • Statistics papers
    • Other publications
      • Letters to MEPs
      • Convergence Report
      • International Role of the Euro
    • Events & calendars
    • Monetary policy press conference
      • Monetary policy statements
      • Monetary policy statements at a glance
    • Conferences & seminars
      • Forum on Central Banking
        • Young Economist Prize
        • Past editions
      • Civil society engagement
    • Calendars
      • Weekly schedule
      • Meetings of the Governing Council and the General Council
      • Statistical calendars
        • Money, banking and financial markets
        • Euro area economic and financial developments by institutional sector
        • External transactions and positions
        • Prices, output, demand and labour
        • Government finance
        • Supervisory and prudential statistics
      • Eurosystem's tender operations
      • Reserve maintenance period
  • ECB banking supervision
  • About us
    About us

    • All about us
    • Our leadership
      • Executive Board
      • Governing Council
      • General Council
      • Supervisory Board
    • Our organisation
      • ECB, ESCB and the Eurosystem
        • ECB mission
        • Eurosystem mission
        • Strategic intents
        • Organisational principles
      • Our tasks and responsibilities
        • Monetary policy
        • Statistics
        • Financial stability and macroprudential policy
          • Our tasks
          • Strategy
          • Institutional framework
        • Banknotes
        • Payments & securities
        • European relations
          • European cooperation
          • EMU economic governance
        • International affairs
          • International relations and analysis
          • International central bank cooperation
        • Foreign reserves and own funds
        • Foreign exchange operations
      • Organisation chart of the ECB
      • Capital subscription
      • Corporate governance
    • Our values
      • Independence
      • Transparency
      • Accountability
      • Ethics – working with integrity
        • Ethics Network of Multilateral Organizations (ENMO)
    • Our history, arts and culture
      • Our history
        • 25 years of the ECB
        • Economic and Monetary Union
        • EU enlargement
        • European Union
      • Archives
        • Committee of Governors
        • European Monetary Cooperation Fund
        • Delors Committee
        • European Monetary Institute
        • European Central Bank
      • Arts and culture
    • Our legal framework
      • EUR-Lex - Frequently asked questions
      • Institutional framework
    • Climate change and the ECB
      • Our climate and nature plan
      • Climate-related financial disclosures
      • Managing climate-related risks
      • Supporting the green transition
      • Fostering wider action
      • Our approach
      • Environmental protection
      • Climate Insurance Protection Gap
    • Sanctions imposed by the ECB
    • Procurement
      • Tenders
      • Archive
      • Electronic tendering system
    • Access to documents
      • Public Register of Documents
    • Contacts
      • Address
      • ECB public holidays
  • ECB & You
    ECB & You

    • All about ECB & You
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