Interest rates and inflation


The stated objective of European monetary policy is to maintain price stability, where price stability is defined as inflation below, but close to, 2%.

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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

De Nederlandsche Bank (DNB) manages over EUR 38 billion in investments, making it one of the larger asset managers in the Netherlands. The Financial Markets Division is responsible for DNB's portfolio and financial risk management. This Division is also responsible for managing the gold reserves and the assets that DNB holds for official financial institutions, such as the IMF, ECB and other central banks.

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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.

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