Interest rates and inflation

General

The main objective of the European Central Bank (ECB) is to keep prices stable. This means that prices should not rise too much (inflation) or fall too much (deflation). With price stability, the central bank can contribute to the prosperity of people in Europe.

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Monetary policy

The Governing Council of the European Central Bank (ECB) sets interest rates in the euro area. The Council consists of the central bank governors of all euro countries plus the ECB Executive Board, with all members having an equal vote. The Eurosystem is responsible for preparing and implementing monetary policy and is made up of the ECB and the euro countries’ central banks.

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ECB rates

The ECB Governing Council sets the key interest rates for the euro area on a monthly basis: the (minimum bid) rate on the main refinancing operations that are the basis for money market rates and the rates on the marginal lending facility and the deposit facility.

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Eligible assets

Assets used in the ECB's monetary policy transactions and for payment system purposes must meet the Eurosystem's eligibility criteria.

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Reserve management

We hold reserves, which include gold and investments. At year-end 2019, their combined worth was roughly EUR 39 billion. They serve as the cornerstone of financial stability and trust.

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Market Intelligence

DNB is active in the financial markets on a daily basis, staying abreast of all relevant developments. In our dealing rooms, our teams are working full-time to implement the ECB's monetary operations. We also operate in the markets in our capacity as manager of DNB’s foreign exchange reserves. Thanks to our contacts with a wide range of market participants and institutions we are able to gather extensive information on the sentiments and developments in the financial markets. Our market intelligence (MI) experts use data from various sources, conduct research and identify new trends and risks to analyse this information and provide DNB with a detailed understanding of the financial markets. This understanding is crucial to ensure that we can make informed policy decisions in DNB’s main  policy areas: financial stability, monetary policy and supervision.

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Weekly statement by the European Central Bank

The weekly statement by the European Central Bank (ECB) provides insight into the ECB’s balance-sheet positions.

Read more about: Weekly statement by the European Central Bank