By Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECBEurope’s energy dependence increasingly complicates the task of maintaining price stability. Meeting the continent’s clean‑energy targets would weaken the link between volatile global markets and domestic prices. Crucially, the tools to make thi...
Holistic strategy covers wholesale, business‑to‑business, retail and cross‑border paymentsForward-looking approach promotes competitive, innovative and resilient European paymentsEurosystem outlines position on tokenised settlement assets, including tokenised deposits and stablecoinsThe Eurosystem has today published its comprehensive payments stra...
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at ECB-SAFE-RCEA International Conference on the Climate-Macro-Finance Interface (3CMFI)Frankfurt, 23 March 2026IntroductionArtificial intelligence (AI) stands out as a potentially-transformative general-purpose technology (GPT).[1][2] Like electricity or the internet before i...
1 OverviewThe euro area economy remained resilient in 2025, despite uncertainty and trade policy shocks. Growth expectations were consistently revised up over the course of last year and the economy broadly maintained this positive momentum into the start of 2026. However, the war in the Middle East has brought renewed uncertainty and the economic outlook ...
The Governing Council today decided to keep the three key ECB interest rates unchanged. It is determined to ensure that inflation stabilises at the 2% target in the medium term. The war in the Middle East has made the outlook significantly more uncertain, creating upside risks for inflation and downside risks for economic growth. It will have a material im...
Appia will shape development of European tokenised financial ecosystemCentral bank money to remain anchor of financial system amid digital transformationAppia roadmap sets out Eurosystem objectives and approach, expected to conclude in 2028The Eurosystem today published the roadmap for Appia, a strategic initiative to shape the development of a Europe...
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the 2026 US Monetary Policy ForumThe post-pandemic inflation surge placed severe strain on our societies, fuelled political frustration and amplified institutional distrust. It also hit the most vulnerable hardest – those with low incomes and without real assets.But although the scars...
Economic forecasts rarely hit the mark as reality is full of surprises. Thankfully we can learn from the patterns of forecast errors. They shed light on the types of shocks that are shaping the economy beyond what forecasts anticipated.Forecast errors are often seen as unavoidable gaps between forecasts and reality.[1] Nobody likes to make mistakes, s...
ECB reports loss of €1.3 billion (2024: loss of €7.9 billion)Losses will be offset against future profitsThe financial statements of the European Central Bank (ECB) for 2025 show a loss of €1,254 million, which is much lower than the loss of €7,944 million reported in 2024, owing mainly to a significant reduction in net interest expense. The 2025 loss,...
Consolidated financial statement of the Eurosystem as at 20 February 2026
