Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European ParliamentBrussels, 3 June 2026I am pleased to be back here again to discuss the digital euro.I am encouraged by the good progress being made on the Single Currency Package negotiations by the ECON Committee...
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Goldman Sachs European Financials Conference 2026Zurich, 3 June 2026Thank you for inviting me to speak today.Europe is facing a set of unprecedented challenges.The geopolitical environment is becoming increasingly fragmented...
ForewordThe international role of the euro grew moderately in 2025, with its share across various indicators of global currency use reaching around 20%. Viewed from a longer-term perspective, the role of the euro has grown gradually but steadily. Since the escalation of geopolitical tensions triggered by Russia’s invasion of Crimea in 2014, the euro’s sh...
Annual growth rate of broad monetary aggregate M3 decreased to 2.7% in April 2026 from 3.2% in MarchAnnual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 3.8% in April from 4.7% in March (revised from 4.6%)Annual growth rate of adjusted loans to households stood at 3.0% in April, uncha...
Compared with March 2026:median consumer perceptions of inflation over the past 12 months increased significantly, while median inflation expectations for three years ahead decreased slightly; median expectations for inflation for the next 12 months and for five years ahead remained unchanged;expectations for nominal income growth over the next 12 months d...
The Governing Council today decided to keep the three key ECB interest rates unchanged. While the incoming information has been broadly consistent with the Governing Council’s previous assessment of the inflation outlook, the upside risks to inflation and the downside risks to growth have intensified. The Governing Council is committed to setting monetary...
Banks tightened credit standards across all loan categories, driven by higher perceived risks and lower risk toleranceBanks expect to also tighten credit standards in the second quarter, influenced by geopolitical tensions, energy developments, and higher funding costsLoan demand from firms and households expected to decrease, resulting from reduced financ...
European Card Payment Cooperation (ECPC), nexo standards and Berlin Group to work with ECB to implement digital euroStandards to allow European payment solutions to minimise costs, expand geographical reach and diversify use casesAdoption of the digital euro regulation by co-legislators to unlock potential and provide certainty for market actors’ future i...
Keynote address by Piero Cipollone, Member of the Executive Board of the ECB, at the 24th Annual Symposium on “Building the Financial System of the 21st Century: an Agenda for Europe and the United States”, hosted by the Harvard Law School and the Program on International Financial SystemsWashington DC, 15 April 2026Today I will discuss the role of techn...
Euro area must function more as a single jurisdiction, with capital and liquidity moving freely within banking groupsBarriers still hold back cross-border banking integration and scaleResilient banks underpin sustainable growth and competitivenessSimplification must cut undue complexity, not lower resilienceGoverning Council’s 2025 simplification proposal...
