Christine Lagarde: IMFC Statement
Christine Lagarde told the IMF that the euro area faces heightened uncertainty from the war in the Middle East, which is pushing energy prices higher and nudging headline inflation to 2.6% in March. ECB staff now project real GDP growth of 0.9% in 2026, with downside risks from tighter financial conditions and trade frictions. The Governing Council left interest rates unchanged, highlighted a data‑dependent stance, and expanded the EUREP liquidity facility. Lagarde also outlined the Eurosystem’s digital‑euro roadmap and reaffirmed cooperation with the IMF on financial stability.
Piero Cipollone: Sparking the Transformation of Finance: Tokenisation and the Role of Central Banks
In a Harvard‑Law‑School keynote, ECB Executive Board member Piero Cipollone argued that tokenisation and distributed‑ledger technology (DLT) represent a general‑purpose innovation capable of reshaping the entire financial architecture. He highlighted the historic constancy of intermediation costs—about 2% of assets—and suggested...
Philip R. Lane: The Economic Outlook and Monetary Policy in the Euro Area
Philip R. Lane, ECB Executive Board member, delivered a comprehensive briefing on the euro area’s monetary‑policy toolkit, recent balance‑sheet composition and the latest macroeconomic outlook. He highlighted that inflation, especially the non‑energy core component, remains sticky as of Q1 2026, while...
ECB Governing Council Urges Single Market Boost to Strengthen Bank Competitiveness
The European Central Bank’s Governing Council released a set of proposals aimed at creating a truly single banking market across the euro area. The plan calls for shifting banking rules from directives to directly applicable regulations, merging macro‑prudential buffers, and...
ECB Consumer Expectations Survey Results – February 2026
Euro area consumers’ February 2026 Consumer Expectations Survey shows inflation expectations easing slightly, with the median 12‑month outlook falling to 2.5% from 2.6% and the three‑year horizon also at 2.5%. Perceived inflation over the past year stayed at 3.0%, while nominal...
Monetary Policy Decisions
The European Central Bank kept its three key policy rates unchanged on 19 March 2026, maintaining the deposit facility at 2.00 %, the main refinancing rate at 2.15 % and the marginal lending facility at 2.40 %. It highlighted that inflation is hovering around the...
Eurosystem Unveils Appia Roadmap for Europe’s Tokenised Finance
The Eurosystem unveiled the Appia roadmap, a two‑year plan to build a European tokenised wholesale finance ecosystem while keeping central‑bank money as the system’s anchor. Appia will work alongside the Pontes DLT settlement platform, with a detailed blueprint slated for...
Isabel Schnabel: Navigating Inflation and Employment in an Era of Supply Shocks and AI
In a March 2026 speech, ECB Executive Board member Isabel Schnabel argued that, despite calls for a dual mandate, single‑mandate and dual‑mandate central banks usually adopt similar policy actions because price stability constrains any employment‑focused easing. She highlighted that more...
Christine Lagarde: Technology, Fragmentation and the New Uncertainty
In her 2026 Global Risk Lecture, ECB President Christine Lagarde warned that the world is shifting from a measurable‑risk environment to genuine uncertainty driven by rapid AI adoption and escalating geopolitical fragmentation. She cited estimates that AI could add up...
Meeting of 4-5 February 2026
The ECB Governing Council met on 4‑5 February 2026 and kept its three key rates unchanged, signalling a data‑dependent stance through 2027. Market reactions to recent geopolitical and tariff shocks were muted, with the euro gaining about 1 % against the dollar...
Financial Statements of the ECB for 2025
The European Central Bank posted a €1.3 billion loss for 2025, a sharp improvement from the €7.9 billion deficit recorded in 2024. The turnaround stems mainly from a dramatic reduction in net interest expense as liability remuneration rates fell and TARGET balances...
Christine Lagarde: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Christine Lagarde told the European Parliament that euro‑area inflation has fallen sharply, reaching 1.7% in January and hovering near the ECB’s 2% target. Despite the data, surveys show households still perceive price growth about 1.2 percentage points higher than official...
ECB Publishes Consolidated Banking Data for End-September 2025
The European Central Bank released its consolidated banking data for end‑September 2025, covering 336 banking groups and 2,289 stand‑alone credit institutions across the EU‑27. Total assets rose 0.95 % to €33.44 trillion, while the non‑performing loan ratio edged up to 1.97 %. Return on...