Frankfurt am Main, 27 October 2022 | Good afternoon, the Vice-President and I welcome you to our press conference. The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. With this third major policy rate increase in a row, we have made substantial progress in withdrawing monetary policy accommodation. We took today’s decision, and expect to raise interest rates further, to ensure the timely return of inflation to our two per cent medium-term inflation...

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ECB recalibrates third series of targeted longer-term refinancing operations (TLTRO III) to ensure consistency with broader monetary policy normalisation process Recalibration will help address unexpected and extraordinary inflation increases by reinforcing transmission of policy rates to bank lending conditions From 23 November 2022, interest rate on all remaining TLTRO III operations to be indexed to average applicable key ECB interest rates from that date onward Existing interest rate calculation maintained for period up to 22 November 2022 Modification...

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Today the Commission is proposing stronger rules on ambient air, surface and groundwater pollutants, and treatment of urban wastewater. Clean air and water are essential for the health of people and ecosystems. Air pollution alone means nearly 300,000 Europeans die prematurely each year, and the proposed new rules will reduce deaths resulting from levels of the main pollutant PM2.5 above World Health Organization guidelines by more than 75% in ten years. Across air and water, all of the new...

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The Commission has today adopted a legislative proposal to make instant payments in euro, available to all citizens and businesses holding a bank account in the EU and in EEA countries. The proposal aims to ensure that instant payments in euro are affordable, secure, and processed without hindrance across the EU. Instant payments allow people to transfer money at any time of any day within ten seconds. This is much faster compared to traditional credit transfers, which are received by...

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Joint op-ed on Ukraine Reconstruction Conference by German Chancellor Olaf Scholz and President of the European Commission Ursula von der Leyen The courage shown by Ukrainians since Russia invaded their country is impressive. Their resilience and steadfastness in the face of this violation of international law are equally impressive. Ultimately, it is because of the courage shown by Ukraine that we will be gathering together on 25 October in Berlin, where we intend to discuss with experts how the international...

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It’s been eight months since Russia launched its full-scale aggression against Ukraine. Already a year ago, in autumn last year, the military build-up became obvious, as were efforts to lay the ground for the aggression in the information space. In the last three months leading up to the invasion of 24 February, EEAS East Stratcom Task Force observed a distinctive spike in disinformation narratives promoted by the Russian (dis)information ecosystem. In outlets known for spreading disinformation, the use of the...

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Authorities must tighten macroeconomic policies to bring down inflation, while helping vulnerable households and viable firms cope with the energy crisis As Russia’s war in Ukraine takes a rising toll on Europe’s economies, growth is flagging across the continent, while inflation shows little sign of abating. Europe’s advanced economies will grow by just 0.6 percent next year, while emerging economies (excluding Türkiye and conflict countries Belarus, Russia, Ukraine) will expand by 1.7 percent, according to projections in our latest World Economic...

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Welcome, and thank you for joining us to discuss topics important to the nation's economy. This research seminar is part of the Federal Reserve's series of events called "Toward an Inclusive Recovery." Today's seminar, hosted by the Board of Governors, will focus on how the COVID-19 pandemic affected educational outcomes and the subsequent impact we anticipate for transitions to the labor force. We have invited accomplished researchers to discuss their work—and what practical lessons might be drawn from it—that could...

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The Commission is today proposing a new emergency regulation to address high gas prices in the EU and ensure security of supply this winter. This will be done through joint gas purchasing, price limiting mechanisms on the TTF gas exchange, new measures on transparent infrastructure use and solidarity between Member States, and continuous efforts to reduce gas demand. The regulation contains the following main elements: Aggregation of EU demand and joint gas purchasing to negotiate better prices and reduce...

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The ECB Blog investigates how change in the policy rate affects wages very differently depending on characteristics of employees and firms, such as firms’ size and their access to credit. Results show that the effects are symmetric during times of easing and tightening. The ECB uses its policy rates to achieve price stability. But its decisions also have side effects on labour markets. To better understand how interest rate cuts and hikes affect labour market outcomes we look at workers,...

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