CINXE.COM

Foreign exchange contact group (FXCG)

<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>Foreign exchange contact group (FXCG)</title> <meta name = "citation_title" content="Foreign exchange contact group (FXCG)"> <meta name = "citation_online_date" content="13 November 2024"> <meta property="article:published_time" content="2024-11-13"> <link rel="canonical" href="https://www.ecb.europa.eu/mopo/market-contact-groups/fxcg/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency."> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'en'; ECB.isoLocalLanguageName = 'English'; ECB.isLive = true; ECB.version = '2646225'; ECB.navigationVersion = '1732198280'; ECB.clientTimeError = 1732399706 - (new Date().getTime()); ECB.availableLanguages = [{"en": "English"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2646225" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1 January 1970"> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="Foreign exchange contact group (FXCG)"> <meta property="og:url" content="https://www.ecb.europa.eu/mopo/market-contact-groups/fxcg/html/index.en.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/mopo/shared/img/socialmedia/social-default.jpg?06035f12747458d70b9eefbe7a314429"> <meta property="og:image" content="https://www.ecb.europa.eu/mopo/shared/img/socialmedia/social-default.jpg?06035f12747458d70b9eefbe7a314429" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2646225"></script> </head> <body class="project-ecb section-mopo sub-market-contact-groups sub-fxcg "> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <div class="logo-name"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.en.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_EN.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" tabindex="1" aria-haspopup="true"><i></i><span class="ecb-full">EN</span></div> <div id="language-values"> <a href="index.bg.html" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="selected available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy & markets"></a><a href="/mopo/html/index.en.html" title="visit page Monetary policy & markets">Monetary policy & markets</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetary policy & markets</div> <p>Our monetary policy strategy, the tools we use and the impact they have</p> <a href="/mopo/html/index.en.html">Overview of monetary policy and markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">17 October 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Introduction"></a><a href="/mopo/intro/html/index.en.html" title="visit page Introduction">Introduction</a><ul><li><a href="/mopo/intro/benefits/html/index.en.html" title="visit page Benefits of price stability">Benefits of price stability</a></li><li><a href="/mopo/intro/role/html/index.en.html" title="visit page Scope of monetary policy">Scope of monetary policy</a></li><li><a href="/mopo/intro/transmission/html/index.en.html" title="visit page Transmission mechanism">Transmission mechanism</a></li></ul></li><li><a href="/mopo/decisions/html/index.en.html" title="visit page Decisions, statements & accounts">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy strategy"></a><a href="/mopo/strategy/html/index.en.html" title="visit page Monetary policy strategy">Monetary policy strategy</a><ul><li><a href="/mopo/strategy/strategy-review/html/index.en.html" title="visit page Strategy review">Strategy review</a></li><li><a href="/mopo/strategy/medium-term-orientation/html/index.en.html" title="visit page Medium-term orientation">Medium-term orientation</a></li><li><a href="/mopo/strategy/pricestab/html/index.en.html" title="visit page Two per cent inflation target">Two per cent inflation target</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic, monetary and financial analysis"></a><a href="/mopo/devel/html/index.en.html" title="visit page Economic, monetary and financial analysis">Economic, monetary and financial analysis</a><ul><li><a href="/mopo/devel/ecana/html/index.en.html" title="visit page Economic analysis">Economic analysis</a></li><li><a href="/mopo/devel/monan/html/index.en.html" title="visit page Monetary and financial analysis">Monetary and financial analysis</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Instruments"></a><a href="/mopo/implement/html/index.en.html" title="visit page Instruments">Instruments</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Open market operations"></a><a href="/mopo/implement/omo/html/index.en.html" title="visit page Open market operations">Open market operations</a><ul><li><a href="/mopo/implement/omo/tltro/html/index.en.html" title="visit page TLTROs">TLTROs</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Asset purchase programmes"></a><a href="/mopo/implement/app/html/index.en.html" title="visit page Asset purchase programmes">Asset purchase programmes</a><ul><li><a href="/mopo/implement/app/lending/html/index.en.html" title="visit page Securities lending">Securities lending</a></li></ul></li><li><a href="/mopo/implement/pepp/html/index.en.html" title="visit page Pandemic emergency purchase programme">Pandemic emergency purchase programme</a></li><li><a href="/mopo/implement/sf/html/index.en.html" title="visit page Standing facilities">Standing facilities</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Minimum reserves"></a><a href="/mopo/implement/mr/html/index.en.html" title="visit page Minimum reserves">Minimum reserves</a><ul><li><a href="/mopo/implement/mr/two-tier/html/index.en.html" title="visit page Two-tier system">Two-tier system</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for International market operations"></a><a href="/mopo/international-market-operations/html/index.en.html" title="visit page International market operations">International market operations</a><ul><li><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html" title="visit page Euro central bank liquidity lines">Euro central bank liquidity lines</a></li></ul></li><li><a href="/mopo/ela/html/index.en.html" title="visit page Emergency liquidity assistance (ELA)">Emergency liquidity assistance (ELA)</a></li><li><a href="/mopo/liq/html/index.en.html" title="visit page Liquidity analysis">Liquidity analysis</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Collateral"></a><a href="/mopo/coll/html/index.en.html" title="visit page Collateral">Collateral</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eligibility criteria and assessment"></a><a href="/mopo/coll/standards/html/index.en.html" title="visit page Eligibility criteria and assessment">Eligibility criteria and assessment</a><ul><li><a href="/mopo/coll/standards/marketable/html/index.en.html" title="visit page Marketable assets">Marketable assets</a></li><li><a href="/mopo/coll/standards/nonmarketable/html/index.en.html" title="visit page Non-marketable assets">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for List of eligible marketable assets"></a><a href="/mopo/coll/assets/html/index.en.html" title="visit page List of eligible marketable assets">List of eligible marketable assets</a><ul><li><a href="/mopo/coll/assets/guide/html/index.en.html" title="visit page User guide">User guide</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Mobilising collateral"></a><a href="/mopo/coll/coll/html/index.en.html" title="visit page Mobilising collateral">Mobilising collateral</a><ul><li><a href="/mopo/coll/coll/ccbm/html/index.en.html" title="visit page CCBM">CCBM</a></li><li><a href="/mopo/coll/coll/eligiblesss/html/index.en.html" title="visit page Eligible SSSs">Eligible SSSs</a></li><li><a href="/mopo/coll/coll/ssslinks/html/index.en.html" title="visit page Eligible links">Eligible links</a></li><li><a href="/mopo/coll/coll/triparty/html/index.en.html" title="visit page Eligible triparty agents">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Risk mitigation"></a><a href="/mopo/coll/risk/html/index.en.html" title="visit page Risk mitigation">Risk mitigation</a><ul><li><a href="/mopo/coll/risk/ecaf/html/index.en.html" title="visit page ECAF">ECAF</a></li><li><a href="/mopo/coll/risk/riskcontrol/html/index.en.html" title="visit page Risk control">Risk control</a></li><li><a href="/mopo/coll/risk/liquidity/html/index.en.html" title="visit page Haircut categories">Haircut categories</a></li><li><a href="/mopo/coll/risk/valuation/html/index.en.html" title="visit page Valuation">Valuation</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Loan-level requirements"></a><a href="/mopo/coll/loanlevel/html/index.en.html" title="visit page Loan-level requirements">Loan-level requirements</a><ul><li><a href="/mopo/coll/loanlevel/transmission/html/index.en.html" title="visit page Data templates">Data templates</a></li><li><a href="/mopo/coll/loanlevel/implementation/html/index.en.html" title="visit page Eligibility requirements">Eligibility requirements</a></li><li><a href="/mopo/coll/loanlevel/faq/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li><a href="/mopo/coll/contacts/html/index.en.html" title="visit page Contacts">Contacts</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Structure of the euro area economy"></a><a href="/mopo/eaec/html/index.en.html" title="visit page Structure of the euro area economy">Structure of the euro area economy</a><ul><li><a href="/mopo/eaec/ecopolicy/html/index.en.html" title="visit page Economic policy">Economic policy</a></li><li><a href="/mopo/eaec/fiscal/html/index.en.html" title="visit page Fiscal policies">Fiscal policies</a></li><li><a href="/mopo/eaec/trade/html/index.en.html" title="visit page External trade">External trade</a></li><li><a href="/mopo/eaec/eer/html/index.en.html" title="visit page Effective exchange rates">Effective exchange rates</a></li><li><a href="/mopo/eaec/structure/html/index.en.html" title="visit page Financial structure">Financial structure</a></li><li><a href="/mopo/eaec/markets/html/index.en.html" title="visit page Financial markets">Financial markets</a></li><li><a href="/mopo/eaec/intermediaries/html/index.en.html" title="visit page Financial intermediaries">Financial intermediaries</a></li><li><a href="/mopo/eaec/diversity/html/index.en.html" title="visit page Economic diversity">Economic diversity</a></li><li><a href="/mopo/eaec/labour/html/index.en.html" title="visit page Labour market">Labour market</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Market contact groups"></a><a href="/mopo/market-contact-groups/html/index.en.html" title="visit page Market contact groups">Market contact groups</a><ul><li><a href="/mopo/market-contact-groups/bmcg/html/index.en.html" title="visit page Bond market (BMCG)">Bond market (BMCG)</a></li><li><a href="/mopo/market-contact-groups/mmcg/html/index.en.html" title="visit page Money market (MMCG)">Money market (MMCG)</a></li><li><a href="/mopo/market-contact-groups/dimcg/html/index.en.html" title="visit page Debt Issuance Market Contact Group (DIMCG)">Debt Issuance Market Contact Group (DIMCG)</a></li><li><a href="/mopo/market-contact-groups/omg/html/index.en.html" title="visit page ECB Operations managers group (ECB OMG)">ECB Operations managers group (ECB OMG)</a></li><li><a href="/mopo/market-contact-groups/fxcg/html/index.en.html" title="visit page Foreign exchange (FXCG)">Foreign exchange (FXCG)</a></li><li><a href="/mopo/market-contact-groups/iid/html/index.en.html" title="visit page Institutional Investor Dialogue (IID)">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Payments & financial stability"></a><a href="/paym/html/index.en.html" title="visit page Payments & financial stability">Payments & financial stability</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments infrastructure</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</a></li> </ul> </div> <a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li><span>Payments</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGET Services"></a><a href="/paym/target/html/index.en.html" title="visit page TARGET Services">TARGET Services</a><ul><li><a href="/paym/target/coco/html/index.en.html" title="visit page Shared features">Shared features</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2"></a><a href="/paym/target/t2/html/index.en.html" title="visit page T2">T2</a><ul><li><a href="/paym/target/t2/governance/html/index.en.html" title="visit page Governance">Governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2S"></a><a href="/paym/target/t2s/html/index.en.html" title="visit page T2S">T2S</a><ul><li><a href="/paym/target/t2s/governance/html/index.en.html" title="visit page Governance">Governance</a></li><li><a href="/paym/target/t2s/facts/html/index.en.html" title="visit page Facts and figures">Facts and figures</a></li><li><a href="/paym/target/t2s/pricing/html/index.en.html" title="visit page Pricing">Pricing</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TIPS"></a><a href="/paym/target/tips/html/index.en.html" title="visit page TIPS">TIPS</a><ul><li><a href="/paym/target/tips/governance/html/index.en.html" title="visit page Governance">Governance</a></li><li><a href="/paym/target/tips/facts/html/index.en.html" title="visit page Facts and figures">Facts and figures</a></li><li><a href="/paym/target/tips/onboarding/html/index.en.html" title="visit page Onboarding">Onboarding</a></li></ul></li><li><a href="/paym/target/ecms/html/index.en.html" title="visit page ECMS">ECMS</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGET professional use documents & links"></a><a href="/paym/target/target-professional-use-documents-links/html/index.en.html" title="visit page TARGET professional use documents & links">TARGET professional use documents & links</a><ul><li><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html" title="visit page Shared features documents & links">Shared features documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html" title="visit page T2 documents & links">T2 documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html" title="visit page T2S documents & links">T2S documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html" title="visit page TIPS documents & links">TIPS documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html" title="visit page ECMS documents & links">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Integration and innovation"></a><a href="/paym/integration/html/index.en.html" title="visit page Integration and innovation">Integration and innovation</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Distributed ledger technologies"></a><a href="/paym/integration/distributed/html/index.en.html" title="visit page Distributed ledger technologies">Distributed ledger technologies</a><ul><li><a href="/paym/integration/distributed/exploratory/html/index.en.html" title="visit page Exploratory work">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Retail payments"></a><a href="/paym/integration/retail/html/index.en.html" title="visit page Retail payments">Retail payments</a><ul><li><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html" title="visit page Retail payments strategy">Retail payments strategy</a></li><li><a href="/paym/integration/retail/ecb/html/index.en.html" title="visit page ECB as a catalyst">ECB as a catalyst</a></li><li><a href="/paym/integration/retail/sepa/html/index.en.html" title="visit page SEPA">SEPA</a></li><li><a href="/paym/integration/retail/instant_payments/html/index.en.html" title="visit page Instant payments">Instant payments</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Collateral management harmonisation"></a><a href="/paym/integration/collateral/html/index.en.html" title="visit page Collateral management harmonisation">Collateral management harmonisation</a><ul><li><a href="/paym/integration/collateral/implementation/html/index.en.html" title="visit page Implementation">Implementation</a></li><li><a href="/paym/integration/collateral/faq/html/index.en.html" title="visit page FAQ">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cyber resilience"></a><a href="/paym/cyber-resilience/html/index.en.html" title="visit page Cyber resilience">Cyber resilience</a><ul><li><a href="/paym/cyber-resilience/fmi/html/index.en.html" title="visit page Financial market infrastructures">Financial market infrastructures</a></li><li><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html" title="visit page TIBER-EU">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Oversight"></a><a href="/paym/pol/html/index.en.html" title="visit page Oversight">Oversight</a><ul><li><a href="/paym/pol/systems/html/index.en.html" title="visit page Payment systems">Payment systems</a></li><li><a href="/paym/pol/target2-securities/html/index.en.html" title="visit page TARGET2-Securities">TARGET2-Securities</a></li><li><a href="/paym/pol/instr/html/index.en.html" title="visit page Electronic payments">Electronic payments</a></li><li><a href="/paym/pol/clearing/html/index.en.html" title="visit page Securities settlement systems and central counterparties">Securities settlement systems and central counterparties</a></li><li><a href="/paym/pol/critical/html/index.en.html" title="visit page Critical service providers">Critical service providers</a></li><li><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html" title="visit page Correspondent and custodian banks">Correspondent and custodian banks</a></li><li><a href="/paym/pol/forum/html/index.en.html" title="visit page SecuRe Pay forum">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Reserve management services"></a><a href="/paym/erms/html/index.en.html" title="visit page Reserve management services">Reserve management services</a><ul><li><a href="/paym/erms/aspects/html/index.en.html" title="visit page Key aspects">Key aspects</a></li><li><a href="/paym/erms/service/html/index.en.html" title="visit page Range of services">Range of services</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cash professionals"></a><a href="/paym/cashprof/html/index.en.html" title="visit page Cash professionals">Cash professionals</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cash handling"></a><a href="/paym/cashprof/cashhand/html/index.en.html" title="visit page Cash handling">Cash handling</a><ul><li><a href="/paym/cashprof/cashhand/devices/html/index.en.html" title="visit page Authentication devices">Authentication devices</a></li><li><a href="/paym/cashprof/cashhand/recycling/html/index.en.html" title="visit page Recirculation of banknotes">Recirculation of banknotes</a></li></ul></li><li><a href="/paym/cashprof/cdispec/html/index.en.html" title="visit page Common detector interface specifications">Common detector interface specifications</a></li><li><a href="/paym/cashprof/accreditation/html/index.en.html" title="visit page Banknote manufacturer accreditation">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Payment contact groups"></a><a href="/paym/groups/html/index.en.html" title="visit page Payment contact groups">Payment contact groups</a><ul><li><a href="/paym/groups/ami/html/index.en.html" title="visit page Advisory groups on market infrastructures">Advisory groups on market infrastructures</a></li><li><a href="/paym/groups/euro-cyber-board/html/index.en.html" title="visit page Euro Cyber Resilience Board">Euro Cyber Resilience Board</a></li><li><a href="/paym/groups/erpb/html/index.en.html" title="visit page Euro Retail Payments Board (ERPB)">Euro Retail Payments Board (ERPB)</a></li><li><a href="/paym/groups/efip/html/index.en.html" title="visit page European Forum for Innovation in Payments (EFIP)">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li><span>Financial stability</span></li><li><a href="/paym/financial-stability/html/index.en.html" title="visit page Introduction to financial stability">Introduction to financial stability</a></li><li><a href="/paym/macroprudential-measures/html/index.en.html" title="visit page Macroprudential Measures">Macroprudential Measures</a></li><li><a href="/paym/financial_stability_contact_groups/html/index.en.html" title="visit page Financial stability contact groups">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Statistics"></a><a href="/stats/html/index.en.html" title="visit page Statistics">Statistics</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li><span>Frequently accessed</span></li><li><a href="/stats/euro-exchange-rates/html/index.en.html" title="visit page Euro exchange rates">Euro exchange rates</a></li><li><a href="/stats/key-ecb-interest-rates/html/index.en.html" title="visit page Key ECB interest rates">Key ECB interest rates</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Euro short-term rate (€STR)"></a><a href="/stats/euro-short-term-rates/html/index.en.html" title="visit page Euro short-term rate (€STR)">Euro short-term rate (€STR)</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Interest rate benchmarks"></a><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html" title="visit page Interest rate benchmarks">Interest rate benchmarks</a><ul><li><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html" title="visit page Working group on euro risk-free rates">Working group on euro risk-free rates</a></li></ul></li></ul></li><li><a href="/stats/inflation/html/index.en.html" title="visit page Inflation">Inflation</a></li><li><a href="/stats/euro-area-yield-curves/html/index.en.html" title="visit page Euro area yield curves">Euro area yield curves</a></li><li><span>All statistics & background</span></li><li><a href="/stats/all-key-statistics/html/index.en.html" title="visit page All key statistics">All key statistics</a></li><li><a href="/stats/accessing-our-data/html/index.en.html" title="visit page All data services">All data services</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Data reporting & standards"></a><a href="/stats/ecb_statistics/html/index.en.html" title="visit page Data reporting & standards">Data reporting & standards</a><ul><li><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html" title="visit page Governance and quality framework">Governance and quality framework</a></li><li><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html" title="visit page Co-operation and standards">Co-operation and standards</a></li><li><a href="/stats/ecb_statistics/reporting/html/index.en.html" title="visit page Banks’ data reporting">Banks’ data reporting</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for AnaCredit"></a><a href="/stats/ecb_statistics/anacredit/html/index.en.html" title="visit page AnaCredit">AnaCredit</a><ul><li><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html" title="visit page AnaCredit Q&A">AnaCredit Q&A</a></li></ul></li><li><a href="/stats/ecb_statistics/consultations/html/index.en.html" title="visit page Public consultations">Public consultations</a></li><li><a href="/stats/ecb_statistics/dialogue/html/index.en.html" title="visit page Banking industry dialogue on ESCB statistics and integrated reporting">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li><a href="/stats/ecb_statistics/sdmx/html/index.en.html" title="visit page SDMX – statistical data exchange model">SDMX – statistical data exchange model</a></li><li><a href="/stats/ecb_statistics/inexda/html/index.en.html" title="visit page INEXDA - granular data network">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for The euro"></a><a href="/euro/html/index.en.html" title="visit page The euro">The euro</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">First progress report on the preparation phase of a digital euro</div> <div class="image-date">24 June 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Digital euro"></a><a href="/euro/digital_euro/html/index.en.html" title="visit page Digital euro">Digital euro</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for What it is"></a><a href="/euro/digital_euro/features/html/index.en.html" title="visit page What it is">What it is</a><ul><li><a href="/euro/digital_euro/features/privacy/html/index.en.html" title="visit page Digital euro and privacy">Digital euro and privacy</a></li></ul></li><li><a href="/euro/digital_euro/how-it-works/html/index.en.html" title="visit page How it works">How it works</a></li><li><a href="/euro/digital_euro/why-we-need-it/html/index.en.html" title="visit page Why we need it">Why we need it</a></li><li><a href="/euro/digital_euro/progress/html/index.en.html" title="visit page Timeline and progress">Timeline and progress</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for In-depth information"></a><a href="/euro/digital_euro/timeline/html/index.en.html" title="visit page In-depth information">In-depth information</a><ul><li><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html" title="visit page Governance and stakeholder engagement">Governance and stakeholder engagement</a></li><li><a href="/euro/digital_euro/timeline/profuse/html/index.en.html" title="visit page Technical documents and research">Technical documents and research</a></li><li><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html" title="visit page Scheme rulebook">Scheme rulebook</a></li></ul></li><li><a href="/euro/digital_euro/faqs/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li><span>Cash</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for The Eurosystem cash strategy"></a><a href="/euro/cash_strategy/html/index.en.html" title="visit page The Eurosystem cash strategy">The Eurosystem cash strategy</a><ul><li><a href="/euro/cash_strategy/cash_role/html/index.en.html" title="visit page The role of cash">The role of cash</a></li><li><a href="/euro/cash_strategy/issuance/html/index.en.html" title="visit page Issuance and circulation">Issuance and circulation</a></li><li><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html" title="visit page Access to and acceptance of cash">Access to and acceptance of cash</a></li><li><a href="/euro/cash_strategy/faqs/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Banknotes"></a><a href="/euro/banknotes/html/index.en.html" title="visit page Banknotes">Banknotes</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Future banknotes"></a><a href="/euro/banknotes/future_banknotes/html/index.en.html" title="visit page Future banknotes">Future banknotes</a><ul><li><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html" title="visit page Redesign process">Redesign process</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Current banknotes"></a><a href="/euro/banknotes/current/html/index.en.html" title="visit page Current banknotes">Current banknotes</a><ul><li><a href="/euro/banknotes/current/denominations/html/index.en.html" title="visit page Denominations">Denominations</a></li><li><a href="/euro/banknotes/current/design/html/index.en.html" title="visit page Design elements">Design elements</a></li><li><a href="/euro/banknotes/current/security/html/index.en.html" title="visit page Security features">Security features</a></li></ul></li><li><a href="/euro/banknotes/ac/html/index.en.html" title="visit page Anti-counterfeiting">Anti-counterfeiting</a></li><li><a href="/euro/banknotes/production/html/index.en.html" title="visit page Banknote production and stocks">Banknote production and stocks</a></li><li><a href="/euro/banknotes/damaged/html/index.en.html" title="visit page Damaged and inked-stained banknotes">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Environment, health and safety"></a><a href="/euro/banknotes/environmental/html/index.en.html" title="visit page Environment, health and safety">Environment, health and safety</a><ul><li><a href="/euro/banknotes/environmental/pef/html/index.en.html" title="visit page Product environmental footprint">Product environmental footprint</a></li></ul></li><li><a href="/euro/banknotes/research/html/index.en.html" title="visit page Research and development">Research and development</a></li><li><a href="/euro/banknotes/images/html/index.en.html" title="visit page Images and reproduction rules">Images and reproduction rules</a></li><li><a href="/euro/banknotes/info/html/index.en.html" title="visit page Information and training materials">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Coins"></a><a href="/euro/coins/html/index.en.html" title="visit page Coins">Coins</a><ul><li><a href="/euro/coins/2euro/html/index.en.html" title="visit page €2">€2</a></li><li><a href="/euro/coins/1euro/html/index.en.html" title="visit page €1">€1</a></li><li><a href="/euro/coins/50cents/html/index.en.html" title="visit page 50 cent">50 cent</a></li><li><a href="/euro/coins/20cents/html/index.en.html" title="visit page 20 cent">20 cent</a></li><li><a href="/euro/coins/10cents/html/index.en.html" title="visit page 10 cent">10 cent</a></li><li><a href="/euro/coins/5cents/html/index.en.html" title="visit page 5 cent">5 cent</a></li><li><a href="/euro/coins/2cents/html/index.en.html" title="visit page 2 cent">2 cent</a></li><li><a href="/euro/coins/1cent/html/index.en.html" title="visit page 1 cent">1 cent</a></li><li><a href="/euro/coins/common/html/index.en.html" title="visit page Common sides">Common sides</a></li><li><a href="/euro/coins/comm/html/index.en.html" title="visit page €2 commemorative coins">€2 commemorative coins</a></li><li><a href="/euro/coins/security/html/index.en.html" title="visit page Security features">Security features</a></li><li><a href="/euro/coins/collect/html/index.en.html" title="visit page Collector coins">Collector coins</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Joining the euro area"></a><a href="/euro/changeover/html/index.en.html" title="visit page Joining the euro area">Joining the euro area</a><ul><li><a href="/euro/changeover/croatia/html/index.en.html" title="visit page Croatia (2023)">Croatia (2023)</a></li><li><a href="/euro/changeover/lithuania/html/index.en.html" title="visit page Lithuania (2015)">Lithuania (2015)</a></li><li><a href="/euro/changeover/latvia/html/index.en.html" title="visit page Latvia (2014)">Latvia (2014)</a></li><li><a href="/euro/changeover/estonia/html/index.en.html" title="visit page Estonia (2011)">Estonia (2011)</a></li><li><a href="/euro/changeover/slovakia/html/index.en.html" title="visit page Slovakia (2009)">Slovakia (2009)</a></li><li><a href="/euro/changeover/cyprus/html/index.en.html" title="visit page Cyprus (2008)">Cyprus (2008)</a></li><li><a href="/euro/changeover/malta/html/index.en.html" title="visit page Malta (2008)">Malta (2008)</a></li><li><a href="/euro/changeover/slovenia/html/index.en.html" title="visit page Slovenia (2007)">Slovenia (2007)</a></li><li><a href="/euro/changeover/2002/html/index.en.html" title="visit page Initial changeover (2002)">Initial changeover (2002)</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Exchanging national cash"></a><a href="/euro/exchange/html/index.en.html" title="visit page Exchanging national cash">Exchanging national cash</a><ul><li><a href="/euro/exchange/au/html/index.en.html" title="visit page Austria">Austria</a></li><li><a href="/euro/exchange/be/html/index.en.html" title="visit page Belgium">Belgium</a></li><li><a href="/euro/exchange/hr/html/index.en.html" title="visit page Croatia">Croatia</a></li><li><a href="/euro/exchange/cy/html/index.en.html" title="visit page Cyprus">Cyprus</a></li><li><a href="/euro/exchange/et/html/index.en.html" title="visit page Estonia">Estonia</a></li><li><a href="/euro/exchange/fi/html/index.en.html" title="visit page Finland">Finland</a></li><li><a href="/euro/exchange/fr/html/index.en.html" title="visit page France">France</a></li><li><a href="/euro/exchange/de/html/index.en.html" title="visit page Germany">Germany</a></li><li><a href="/euro/exchange/gr/html/index.en.html" title="visit page Greece">Greece</a></li><li><a href="/euro/exchange/ir/html/index.en.html" title="visit page Ireland">Ireland</a></li><li><a href="/euro/exchange/it/html/index.en.html" title="visit page Italy">Italy</a></li><li><a href="/euro/exchange/lv/html/index.en.html" title="visit page Latvia">Latvia</a></li><li><a href="/euro/exchange/lt/html/index.en.html" title="visit page Lithuania">Lithuania</a></li><li><a href="/euro/exchange/lu/html/index.en.html" title="visit page Luxembourg">Luxembourg</a></li><li><a href="/euro/exchange/mt/html/index.en.html" title="visit page Malta">Malta</a></li><li><a href="/euro/exchange/nl/html/index.en.html" title="visit page The Netherlands">The Netherlands</a></li><li><a href="/euro/exchange/pt/html/index.en.html" title="visit page Portugal">Portugal</a></li><li><a href="/euro/exchange/slovakia/html/index.en.html" title="visit page Slovakia">Slovakia</a></li><li><a href="/euro/exchange/sl/html/index.en.html" title="visit page Slovenia">Slovenia</a></li><li><a href="/euro/exchange/es/html/index.en.html" title="visit page Spain">Spain</a></li></ul></li><li><a href="/euro/visually/html/index.en.html" title="visit page Visually impaired people">Visually impaired people</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Research"></a><a href="/pub/html/index.en.html" title="visit page Research">Research</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Research</div> <p>In-depth studies and expert analyses covering diverse topics and fields</p> <a href="/pub/html/index.en.html">Overview of ECB research</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/press/conferences/html/index.en.html">Conferences & seminars</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a></li> </ul> </div> <a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Research Bulletin</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic research"></a><a href="/pub/economic-research/html/index.en.html" title="visit page Economic research">Economic research</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research agenda"></a><a href="/pub/economic-research/research_agenda/html/index.en.html" title="visit page Research agenda">Research agenda</a><ul><li><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.en.html" title="visit page Monetary policy, strategy and implementation">Monetary policy, strategy and implementation</a></li><li><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.en.html" title="visit page Fiscal policy and governance within EMU">Fiscal policy and governance within EMU</a></li><li><a href="/pub/economic-research/research_agenda/international/html/index.en.html" title="visit page International macro and finance">International macro and finance</a></li><li><a href="/pub/economic-research/research_agenda/real_sector/html/index.en.html" title="visit page Real sector and microeconomic analysis">Real sector and microeconomic analysis</a></li><li><a href="/pub/economic-research/research_agenda/forecasting/html/index.en.html" title="visit page Forecasting and business cycle analysis">Forecasting and business cycle analysis</a></li><li><a href="/pub/economic-research/research_agenda/macro-finance/html/index.en.html" title="visit page Macro-finance, systemic risk and macroprudential policy">Macro-finance, systemic risk and macroprudential policy</a></li><li><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.en.html" title="visit page Financial institutions, microprudential policy, financial markets and payments">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Opportunities for researchers"></a><a href="/pub/economic-research/programmes/html/index.en.html" title="visit page Opportunities for researchers">Opportunities for researchers</a><ul><li><a href="/pub/economic-research/programmes/duisenberg/html/index.en.html" title="visit page Wim Duisenberg Fellowship">Wim Duisenberg Fellowship</a></li><li><a href="/pub/economic-research/programmes/visitors/html/index.en.html" title="visit page Regular Research Visitors">Regular Research Visitors</a></li><li><a href="/pub/economic-research/programmes/lamfalussy/html/index.en.html" title="visit page Lamfalussy Fellowship">Lamfalussy Fellowship</a></li><li><a href="/pub/economic-research/programmes/graduate/html/index.en.html" title="visit page Summer Research Graduate Programme">Summer Research Graduate Programme</a></li><li><a href="/pub/economic-research/programmes/traineeship/html/index.en.html" title="visit page Student Research Traineeship Programme">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Legal Research"></a><a href="/pub/legal-research/html/index.en.html" title="visit page Legal Research">Legal Research</a><ul><li><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.en.html" title="visit page Legal conferences and seminars">Legal conferences and seminars</a></li><li><a href="/pub/legal-research/legal-research-programme/html/index.en.html" title="visit page Legal Research Programme">Legal Research Programme</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research papers"></a><a href="/pub/research/html/index.en.html" title="visit page Research papers">Research papers</a><ul><li><a href="/pub/research/authors/html/index.en.html" title="visit page Papers by authors">Papers by authors</a></li></ul></li><li><a href="/pub/researchers/html/index.en.html" title="visit page ECB researchers">ECB researchers</a></li><li><a href="/pub/research-networks/html/index.en.html" title="visit page Research networks">Research networks</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for News & publications"></a><a href="/press/html/index.en.html" title="visit page News & publications">News & publications</a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">News &amp; Publications</div> <a href="/press/pubbydate/html/index.en.html">Browse all news &amp; publications</a> <hr> </div> </div><ul><li><span>News</span></li><li><a href="/press/pr/html/index.en.html">Press releases</a></li><li><a href="/press/stats/html/index.en.html">Statistical releases</a></li><li><a href="/press/key/html/index.en.html">Speeches</a></li><li><a href="/press/inter/html/index.en.html">Interviews</a></li><li><a href="/press/blog/html/index.en.html">The ECB Blog</a></li><li><a href="/press/tvservices/html/index.en.html">Podcasts & webcasts</a></li><li><a href="/press/intro/html/index.en.html">Payments news</a></li><li><a href="/press/contacts/html/index.en.html">Media contacts</a></li></ul></div><ul><li><span>Publications</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Governing Council decisions"></a><a href="/press/govcdec/html/index.en.html" title="visit page Governing Council decisions">Governing Council decisions</a><ul><li><a href="/press/govcdec/mopo/html/index.en.html" title="visit page Monetary policy decisions">Monetary policy decisions</a></li><li><a href="/press/govcdec/otherdec/html/index.en.html" title="visit page Other decisions">Other decisions</a></li></ul></li><li><a href="/press/accounts/html/index.en.html" title="visit page Monetary policy accounts">Monetary policy accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic Bulletin"></a><a href="/press/economic-bulletin/html/index.en.html" title="visit page Economic Bulletin">Economic Bulletin</a><ul><li><a href="/press/economic-bulletin/articles/html/index.en.html" title="visit page Articles">Articles</a></li><li><a href="/press/economic-bulletin/focus/html/index.en.html" title="visit page Focus">Focus</a></li><li><a href="/press/economic-bulletin/mb/html/index.en.html" title="visit page Monthly Bulletin">Monthly Bulletin</a></li></ul></li><li><a href="/press/projections/html/index.en.html" title="visit page Macroeconomic projections">Macroeconomic projections</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Annual reports & financial statements"></a><a href="/press/annual-reports-financial-statements/html/index.en.html" title="visit page Annual reports & financial statements">Annual reports & financial statements</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Annual Report"></a><a href="/press/annual-reports-financial-statements/annual/html/index.en.html" title="visit page Annual Report">Annual Report</a><ul><li><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.en.html" title="visit page Annual Accounts">Annual Accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eurosystem balance sheet"></a><a href="/press/annual-reports-financial-statements/annual/balance/html/index.en.html" title="visit page Eurosystem balance sheet">Eurosystem balance sheet</a><ul><li><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.en.html" title="visit page Monetary policy operations">Monetary policy operations</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Weekly financial statements"></a><a href="/press/annual-reports-financial-statements/wfs/html/index.en.html" title="visit page Weekly financial statements">Weekly financial statements</a><ul><li><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.en.html" title="visit page Disaggregated data">Disaggregated data</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial stability publications"></a><a href="/press/financial-stability-publications/html/index.en.html" title="visit page Financial stability publications">Financial stability publications</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial Stability Review"></a><a href="/press/financial-stability-publications/fsr/html/index.en.html" title="visit page Financial Stability Review">Financial Stability Review</a><ul><li><a href="/press/financial-stability-publications/fsr/special/html/index.en.html" title="visit page Special features & boxes">Special features & boxes</a></li></ul></li><li><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.en.html" title="visit page Macroprudential Bulletin">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research publications"></a><a href="/press/research-publications/html/index.en.html" title="visit page Research publications">Research publications</a><ul><li><a href="/press/research-publications/resbull/html/index.en.html" title="visit page Research Bulletin">Research Bulletin</a></li><li><a href="/press/research-publications/working-papers/html/index.en.html" title="visit page Working papers">Working papers</a></li><li><a href="/press/research-publications/discussion-papers/html/index.en.html" title="visit page Discussion papers">Discussion papers</a></li><li><a href="/press/research-publications/occasional-papers/html/index.en.html" title="visit page Occasional papers">Occasional papers</a></li><li><a href="/press/research-publications/legal-working-papers/html/index.en.html" title="visit page Legal working papers">Legal working papers</a></li><li><a href="/press/research-publications/statistics-papers/html/index.en.html" title="visit page Statistics papers">Statistics papers</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Other publications"></a><a href="/press/other-publications/html/index.en.html" title="visit page Other publications">Other publications</a><ul><li><a href="/press/other-publications/mep-letters/html/index.en.html" title="visit page Letters to MEPs">Letters to MEPs</a></li><li><a href="/press/other-publications/convergence/html/index.en.html" title="visit page Convergence Report">Convergence Report</a></li><li><a href="/press/other-publications/ire/html/index.en.html" title="visit page International Role of the Euro">International Role of the Euro</a></li></ul></li><li><span>Events & calendars</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy press conference"></a><a href="/press/press_conference/html/index.en.html" title="visit page Monetary policy press conference">Monetary policy press conference</a><ul><li><a href="/press/press_conference/monetary-policy-statement/html/index.en.html" title="visit page Monetary policy statements">Monetary policy statements</a></li><li><a href="/press/press_conference/visual-mps/html/index.en.html" title="visit page Monetary policy statements at a glance">Monetary policy statements at a glance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Conferences & seminars"></a><a href="/press/conferences/html/index.en.html" title="visit page Conferences & seminars">Conferences & seminars</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Forum on Central Banking"></a><a href="/press/conferences/ecbforum/html/index.en.html" title="visit page Forum on Central Banking">Forum on Central Banking</a><ul><li><a href="/press/conferences/ecbforum/YE_competition/html/index.en.html" title="visit page Young Economist Prize">Young Economist Prize</a></li><li><a href="/press/conferences/ecbforum/previous_fora/html/index.en.html" title="visit page Past editions">Past editions</a></li></ul></li><li><a href="/press/conferences/civil_society_engagement/html/index.en.html" title="visit page Civil society engagement">Civil society engagement</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Calendars"></a><a href="/press/calendars/html/index.en.html" title="visit page Calendars">Calendars</a><ul><li><a href="/press/calendars/weekly/html/index.en.html" title="visit page Weekly schedule">Weekly schedule</a></li><li><a href="/press/calendars/mgcgc/html/index.en.html" title="visit page Meetings of the Governing Council and the General Council">Meetings of the Governing Council and the General Council</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Statistical calendars"></a><a href="/press/calendars/statscal/html/index.en.html" title="visit page Statistical calendars">Statistical calendars</a><ul><li><a href="/press/calendars/statscal/mfm/html/index.en.html" title="visit page Money, banking and financial markets">Money, banking and financial markets</a></li><li><a href="/press/calendars/statscal/eaa/html/index.en.html" title="visit page Euro area economic and financial developments by institutional sector">Euro area economic and financial developments by institutional sector</a></li><li><a href="/press/calendars/statscal/ext/html/index.en.html" title="visit page External transactions and positions">External transactions and positions</a></li><li><a href="/press/calendars/statscal/ges/html/index.en.html" title="visit page Prices, output, demand and labour">Prices, output, demand and labour</a></li><li><a href="/press/calendars/statscal/gf/html/index.en.html" title="visit page Government finance">Government finance</a></li><li><a href="/press/calendars/statscal/sps/html/index.en.html" title="visit page Supervisory and prudential statistics">Supervisory and prudential statistics</a></li></ul></li><li><a href="/press/calendars/caleu/html/index.en.html" title="visit page Eurosystem's tender operations">Eurosystem's tender operations</a></li><li><a href="/press/calendars/reserve/html/index.en.html" title="visit page Reserve maintenance period">Reserve maintenance period</a></li></ul></li></ul></div></li><li class="-ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.en.html" title="visit page Banking Supervision">Banking Supervision<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for About us"></a><a href="/ecb/html/index.en.html" title="visit page About us">About us</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">About us</div> <a href="/ecb">Overview of About us</a><hr> </div> </div></div><ul><li><a href="/ecb/all-about-us/html/index.en.html" title="visit page All about us">All about us</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our leadership"></a><a href="/ecb/decisions/html/index.en.html" title="visit page Our leadership">Our leadership</a><ul><li><a href="/ecb/decisions/eb/html/index.en.html" title="visit page Executive Board">Executive Board</a></li><li><a href="/ecb/decisions/govc/html/index.en.html" title="visit page Governing Council">Governing Council</a></li><li><a href="/ecb/decisions/genc/html/index.en.html" title="visit page General Council">General Council</a></li><li><a href="/ecb/decisions/ssm/html/index.en.html" title="visit page Supervisory Board">Supervisory Board</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our organisation"></a><a href="/ecb/orga/html/index.en.html" title="visit page Our organisation">Our organisation</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for ECB, ESCB and the Eurosystem"></a><a href="/ecb/orga/escb/html/index.en.html" title="visit page ECB, ESCB and the Eurosystem">ECB, ESCB and the Eurosystem</a><ul><li><a href="/ecb/orga/escb/ecb-mission/html/index.en.html" title="visit page ECB mission">ECB mission</a></li><li><a href="/ecb/orga/escb/eurosystem-mission/html/index.en.html" title="visit page Eurosystem mission">Eurosystem mission</a></li><li><a href="/ecb/orga/escb/strategic-intents/html/index.en.html" title="visit page Strategic intents">Strategic intents</a></li><li><a href="/ecb/orga/escb/organisational-principles/html/index.en.html" title="visit page Organisational principles">Organisational principles</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our tasks and responsibilities"></a><a href="/ecb/orga/tasks/html/index.en.html" title="visit page Our tasks and responsibilities">Our tasks and responsibilities</a><ul><li><a href="/ecb/orga/tasks/monpol/html/index.en.html" title="visit page Monetary policy">Monetary policy</a></li><li><a href="/ecb/orga/tasks/statistics/html/index.en.html" title="visit page Statistics">Statistics</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial stability and macroprudential policy"></a><a href="/ecb/orga/tasks/stability/html/index.en.html" title="visit page Financial stability and macroprudential policy">Financial stability and macroprudential policy</a><ul><li><a href="/ecb/orga/tasks/stability/tasks/html/index.en.html" title="visit page Our tasks">Our tasks</a></li><li><a href="/ecb/orga/tasks/stability/strategy/html/index.en.html" title="visit page Strategy">Strategy</a></li><li><a href="/ecb/orga/tasks/stability/framework/html/index.en.html" title="visit page Institutional framework">Institutional framework</a></li></ul></li><li><a href="/ecb/orga/tasks/euro/html/index.en.html" title="visit page Banknotes">Banknotes</a></li><li><a href="/ecb/orga/tasks/paym/html/index.en.html" title="visit page Payments & securities">Payments & securities</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for European relations"></a><a href="/ecb/orga/tasks/europe/html/index.en.html" title="visit page European relations">European relations</a><ul><li><a href="/ecb/orga/tasks/europe/cooperation/html/index.en.html" title="visit page European cooperation">European cooperation</a></li><li><a href="/ecb/orga/tasks/europe/emu/html/index.en.html" title="visit page EMU economic governance">EMU economic governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for International affairs"></a><a href="/ecb/orga/tasks/international/html/index.en.html" title="visit page International affairs">International affairs</a><ul><li><a href="/ecb/orga/tasks/international/institutions/html/index.en.html" title="visit page International relations and analysis">International relations and analysis</a></li><li><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.en.html" title="visit page International central bank cooperation">International central bank cooperation</a></li></ul></li><li><a href="/ecb/orga/tasks/reserves/html/index.en.html" title="visit page Foreign reserves and own funds">Foreign reserves and own funds</a></li><li><a href="/ecb/orga/tasks/forex/html/index.en.html" title="visit page Foreign exchange operations">Foreign exchange operations</a></li></ul></li><li><a href="/ecb/orga/orgachart/html/index.en.html" title="visit page Organisation chart of the ECB">Organisation chart of the ECB</a></li><li><a href="/ecb/orga/capital/html/index.en.html" title="visit page Capital subscription">Capital subscription</a></li><li><a href="/ecb/orga/governance/html/index.en.html" title="visit page Corporate governance">Corporate governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our values"></a><a href="/ecb/our-values/html/index.en.html" title="visit page Our values">Our values</a><ul><li><a href="/ecb/our-values/independence/html/index.en.html" title="visit page Independence">Independence</a></li><li><a href="/ecb/our-values/transparency/html/index.en.html" title="visit page Transparency">Transparency</a></li><li><a href="/ecb/our-values/accountability/html/index.en.html" title="visit page Accountability">Accountability</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ethics – working with integrity"></a><a href="/ecb/our-values/ethics/html/index.en.html" title="visit page Ethics – working with integrity">Ethics – working with integrity</a><ul><li><a href="/ecb/our-values/ethics/enmo/html/index.en.html" title="visit page Ethics Network of Multilateral Organizations (ENMO)">Ethics Network of Multilateral Organizations (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our history, arts and culture"></a><a href="/ecb/history-arts-culture/html/index.en.html" title="visit page Our history, arts and culture">Our history, arts and culture</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our history"></a><a href="/ecb/history-arts-culture/history/html/index.en.html" title="visit page Our history">Our history</a><ul><li><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.en.html" title="visit page 25 years of the ECB">25 years of the ECB</a></li><li><a href="/ecb/history-arts-culture/history/emu/html/index.en.html" title="visit page Economic and Monetary Union">Economic and Monetary Union</a></li><li><a href="/ecb/history-arts-culture/history/enlargement/html/index.en.html" title="visit page EU enlargement">EU enlargement</a></li><li><a href="/ecb/history-arts-culture/history/ec/html/index.en.html" title="visit page European Union">European Union</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Archives"></a><a href="/ecb/history-arts-culture/archives/html/index.en.html" title="visit page Archives">Archives</a><ul><li><a href="/ecb/history-arts-culture/archives/cog/html/index.en.html" title="visit page Committee of Governors">Committee of Governors</a></li><li><a href="/ecb/history-arts-culture/archives/emcf/html/index.en.html" title="visit page European Monetary Cooperation Fund">European Monetary Cooperation Fund</a></li><li><a href="/ecb/history-arts-culture/archives/delors/html/index.en.html" title="visit page Delors Committee">Delors Committee</a></li><li><a href="/ecb/history-arts-culture/archives/emi/html/index.en.html" title="visit page European Monetary Institute">European Monetary Institute</a></li><li><a href="/ecb/history-arts-culture/archives/european/html/index.en.html" title="visit page European Central Bank">European Central Bank</a></li></ul></li><li><a href="/ecb/history-arts-culture/artsculture/html/index.en.html" title="visit page Arts and culture">Arts and culture</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our legal framework"></a><a href="/ecb/legal/html/index.en.html" title="visit page Our legal framework">Our legal framework</a><ul><li><a href="/ecb/legal/faqs/html/index.en.html" title="visit page EUR-Lex - Frequently asked questions">EUR-Lex - Frequently asked questions</a></li><li><a href="/ecb/legal/fsla/html/index.en.html" title="visit page Institutional framework">Institutional framework</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Climate change and the ECB"></a><a href="/ecb/climate/html/index.en.html" title="visit page Climate change and the ECB">Climate change and the ECB</a><ul><li><a href="/ecb/climate/our-climate-and-nature-plan/html/index.en.html" title="visit page Our climate and nature plan">Our climate and nature plan</a></li><li><a href="/ecb/climate/climate-related-financial-disclosures/html/index.en.html" title="visit page Climate-related financial disclosures">Climate-related financial disclosures</a></li><li><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html" title="visit page Managing climate-related risks">Managing climate-related risks</a></li><li><a href="/ecb/climate/green_transition/html/index.en.html" title="visit page Supporting the green transition">Supporting the green transition</a></li><li><a href="/ecb/climate/wider_action/html/index.en.html" title="visit page Fostering wider action">Fostering wider action</a></li><li><a href="/ecb/climate/our_approach/html/index.en.html" title="visit page Our approach">Our approach</a></li><li><a href="/ecb/climate/green/html/index.en.html" title="visit page Environmental protection">Environmental protection</a></li><li><a href="/ecb/climate/climate/html/index.en.html" title="visit page Climate Insurance Protection Gap">Climate Insurance Protection Gap</a></li></ul></li><li><a href="/ecb/sanctions/html/index.en.html" title="visit page Sanctions imposed by the ECB">Sanctions imposed by the ECB</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Procurement"></a><a href="/ecb/jobsproc/html/index.en.html" title="visit page Procurement">Procurement</a><ul><li><a href="/ecb/jobsproc/tenders/html/index.en.html" title="visit page Tenders">Tenders</a></li><li><a href="/ecb/jobsproc/archive/html/index.en.html" title="visit page Archive">Archive</a></li><li><a href="/ecb/jobsproc/sourcing/html/index.en.html" title="visit page Electronic tendering system">Electronic tendering system</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Access to documents"></a><a href="/ecb/access_to_documents/html/index.en.html" title="visit page Access to documents">Access to documents</a><ul><li><a href="/ecb/access_to_documents/document/html/index.en.html" title="visit page Public Register of Documents">Public Register of Documents</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Contacts"></a><a href="/ecb/contacts/html/index.en.html" title="visit page Contacts">Contacts</a><ul><li><a href="/ecb/contacts/address/html/index.en.html" title="visit page Address">Address</a></li><li><a href="/ecb/contacts/working-hours/html/index.en.html" title="visit page ECB public holidays">ECB public holidays</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for ECB & You"></a><a href="/ecb-and-you/html/index.en.html" title="visit page ECB & You">ECB & You</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">ECB & You</div> <a href="/ecb-and-you">Overview of ECB & You</a><hr> </div> </div></div><ul><li><a href="/ecb-and-you/educational/html/index.en.html" title="visit page All about ECB & You">All about ECB & You</a></li><li><a href="/ecb-and-you/explainers/html/index.en.html" title="visit page Explainers">Explainers</a></li><li><a href="/ecb-and-you/test-your-knowledge/html/index.en.html" title="visit page Test your knowledge">Test your knowledge</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Youth initiatives"></a><a href="/ecb-and-you/youth-initiatives/html/index.en.html" title="visit page Youth initiatives">Youth initiatives</a><ul><li><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.en.html" title="visit page Girls' IT Bootcamp">Girls' IT Bootcamp</a></li></ul></li><li><a href="/ecb-and-you/everyone-needs-stability/html/index.en.html" title="visit page Everyone needs stability">Everyone needs stability</a></li><li><a href="/ecb-and-you/ecb_and_you/html/index.en.html" title="visit page ECB & You broadcasts">ECB & You broadcasts</a></li><li><a href="/ecb-and-you/ask_us/html/index.en.html" title="visit page Ask us">Ask us</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Visit us"></a><a href="/ecb-and-you/visits/html/index.en.html" title="visit page Visit us">Visit us</a><ul><li><a href="/ecb-and-you/visits/premises/html/index.en.html" title="visit page Main building">Main building</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Careers"></a><a href="/careers/html/index.en.html" title="visit page Careers">Careers</a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Careers</div> <a href="/careers">Overview of Careers</a><hr> </div> </div></div><ul><li><a href="/careers/all-about-careers/html/index.en.html" title="visit page All about careers">All about careers</a></li><li><a href="/careers/vacancies/html/index.en.html" title="visit page Vacancies">Vacancies</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Who we are"></a><a href="/careers/working-at-the-ecb/html/index.en.html" title="visit page Who we are">Who we are</a><ul><li><a href="/careers/working-at-the-ecb/about/html/index.en.html" title="visit page About the ECB">About the ECB</a></li><li><a href="/careers/working-at-the-ecb/employee-portraits/html/index.en.html" title="visit page Meet our people">Meet our people</a></li><li><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.en.html" title="visit page Life in Frankfurt">Life in Frankfurt</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Why we value diversity"></a><a href="/careers/why-we-value-diversity/html/index.en.html" title="visit page Why we value diversity">Why we value diversity</a><ul><li><a href="/careers/why-we-value-diversity/women/html/index.en.html" title="visit page Women@ECB">Women@ECB</a></li><li><a href="/careers/why-we-value-diversity/diversity-networks/html/index.en.html" title="visit page Diversity networks">Diversity networks</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for What we offer"></a><a href="/careers/what-we-offer/html/index.en.html" title="visit page What we offer">What we offer</a><ul><li><a href="/careers/what-we-offer/benefits/html/index.en.html" title="visit page Benefits & rewards">Benefits & rewards</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Contract types"></a><a href="/careers/what-we-offer/contract/html/index.en.html" title="visit page Contract types">Contract types</a><ul><li><a href="/careers/what-we-offer/contract/fixed/html/index.en.html" title="visit page Fixed-term">Fixed-term</a></li><li><a href="/careers/what-we-offer/contract/short/html/index.en.html" title="visit page Short-term">Short-term</a></li><li><a href="/careers/what-we-offer/contract/escb/html/index.en.html" title="visit page ESCB/IO">ESCB/IO</a></li><li><a href="/careers/what-we-offer/contract/other/html/index.en.html" title="visit page Other">Other</a></li></ul></li><li><a href="/careers/what-we-offer/traineeship/html/index.en.html" title="visit page Traineeship">Traineeship</a></li><li><a href="/careers/what-we-offer/graduate/html/index.en.html" title="visit page Graduate programme">Graduate programme</a></li><li><a href="/careers/what-we-offer/wecs/html/index.en.html" title="visit page ECB Scholarship for Women">ECB Scholarship for Women</a></li><li><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.en.html" title="visit page ECB Scholarship for Ukrainian graduates">ECB Scholarship for Ukrainian graduates</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for How you can join us"></a><a href="/careers/before-you-apply/html/index.en.html" title="visit page How you can join us">How you can join us</a><ul><li><a href="/careers/before-you-apply/how-to-apply/html/index.en.html" title="visit page How to apply">How to apply</a></li><li><a href="/careers/before-you-apply/how-we-hire/html/index.en.html" title="visit page How we hire">How we hire</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for You have been selected, what next?"></a><a href="/careers/before-you-apply/newcomers/html/index.en.html" title="visit page You have been selected, what next?">You have been selected, what next?</a><ul><li><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.en.html" title="visit page Fixed-term employee">Fixed-term employee</a></li><li><a href="/careers/before-you-apply/newcomers/short-term/html/index.en.html" title="visit page Short-term employee">Short-term employee</a></li><li><a href="/careers/before-you-apply/newcomers/trainee/html/index.en.html" title="visit page Trainee">Trainee</a></li><li><a href="/careers/before-you-apply/newcomers/cost-free/html/index.en.html" title="visit page Cost-free secondee">Cost-free secondee</a></li></ul></li></ul></li><li><a href="/careers/faq/html/index.en.html" title="visit page FAQs">FAQs</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">ANYTIME <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">PAST MONTH <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">PAST YEAR <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Search Options</div> <div id="text-image-preview" class="title-option hidden">Image Preview</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Sort by</label> <div id="dropdownFilter" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">ANYTIME </option> <option value="month" class="count-hits-month">PAST MONTH </option> <option value="year" class="count-hits-year">PAST YEAR </option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Suggestions</label> <div id="dropdownSuggestions" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="result-main-panel"> <!--<h1 class="ecb0 title-stick">Search Results</h1>--> <div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"> <span id="adcat_home">Home</span> <span id="adcat_press">Media</span> <span id="adcat_explainers">Explainers</span> <span id="adcat_pub">Research &amp; Publications</span> <span id="adcat_stats">Statistics</span> <span id="adcat_mopo">Monetary Policy</span> <span id="adcat_euro">The &euro;uro</span> <span id="adcat_paym">Payments &amp; Markets</span> <span id="adcat_career">Careers</span> </div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"> <span>Suggestions</span> <div id="suggestions-container"> </div> </div> <div id="result-sortBy"> <span>Sort by</span> <div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Relevance </label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Date </label> </div> </div> </div> </div> <div id="addsearch-image-container" aria-hidden="true"><img src="" id="addsearch-image" alt="" /></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/mopo/shared/img/header.webp" data-image="/mopo/shared/img/header.jpg"> <div data-image="/mopo/shared/img/header.jpg" data-image-webp="/mopo/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <!-- block-conversion --> <div class="title"> <h1>Foreign exchange contact group (FXCG)</h1> </div> <div class="section"> <p> The FXCG is a forum for interaction between the ECB and industry-wide market professionals involved in the wholesale foreign exchange (FX) market. The objective of the FXCG is to discuss developments in FX markets and share ideas and experiences on the structure and the functioning of the FX markets. </p><ul> <li><a href="/paym/groups/pdf/fxcg/ECB_FXCG_Terms_of_Reference.en.pdf">FXCG terms of reference</a></li> <li><a href="/paym/groups/pdf/fxcg/FXCG_work_programme_2024.pdf">Work programme for 2024</a><br></li> </ul><h2>Members and composition</h2><p>The chair is the Deputy Director General Market Operations of the ECB.</p><p>The FXCG is composed of representatives of the ECB as well as financial and other institutions with a prominent role in the area of foreign exchange. </p><p> The composition of the group is reviewed at the end of the calendar year. Foreign exchange market participants are welcome to express their interest in joining the Contact Group by submitting the&nbsp;<a href="/paym/groups/pdf/fxcg/ECB_Contact_Group_Application_form_FXCG.pdf">application form</a>&nbsp;and relevant documentation at the latest by end October. To further enhance the diversity of our contact group, we particularly encourage institutions to nominate female representatives.</p><ul> <li><a href="/paym/groups/pdf/fxcg/FXCG_Members_2024.pdf">List of members</a></li> </ul><h2>Observers</h2><p>Representatives from the euro area national central banks, who have the status of observer, may follow the discussions in the group. </p><h2>Other Foreign Exchange Committees </h2> <a href="/mopo/market-contact-groups/fxcg/html/othercommittees.en.html">Links</a> <h2>Other market contact groups</h2> <ul><li><a href="/mopo/market-contact-groups/mmcg/html/index.en.html">Money market contact group (MMCG)</a></li><li><a href="/mopo/market-contact-groups/bmcg/html/index.en.html">Bond market contact group (BMCG)</a></li></ul> <h2>Documents</h2><ul> <li><a href="/pub/pdf/annex/ecb.pr220215_annex.en.pdf">ECB Statement of Commitment to the FX Global Code:</a> February 2022<br></li><li><a href="/press/pr/date/2017/html/2017-11-29_Statement_FX_Global_Code.pdf">ECB Statement of Commitment to the FX Global Code:</a> November 2017<br></li> <li><a href="/press/pr/date/2017/html/ecb.pr170525.en.html">ESCB central banks welcome the FX Global Code:</a> May 2017</li> <li><a href="/paym/groups/pdf/fxcg/201705_Joint_FXC_Statement.pdf">Joint Statement on the Publication of the FX Global Code:</a> May 2017</li> </ul> <a href="/mopo/market-contact-groups/fxcg/html/relatedinf.en.html">Related information</a> </div> <div class="accordion"> <div class="header"> <div class="title">2024</div> </div> <div class="content-box"> <div class="definition-list"> <dl> <dt>20 November</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2024/20241120/FXCG_agenda_November_2024.pdf">Agenda</a></p> </dd> <dt>4 September</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2024/20240904/FXCG_agenda_September_2024.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2024/20240904/2024-09-04_List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2024/20240904/2024-09-04_FXCG_summary.pdf">Summary</a></p> </dd> <dt>13 June </dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2024/20240613/FXCG_agenda_June_2024.pdf">Agenda</a><br> <a href="/paym/groups/pdf/fxcg/2024/20240613/2024-06-13_List_of_participants.pdf">List of participants</a><br> <a href="/paym/groups/pdf/fxcg/2024/20240613/2024-06-13_FXCG_summary.pdf">Summary</a></p><p><a href="/paym/groups/pdf/fxcg/2024/20240613/Item_1_Presentation_by_State_Street.pdf">Item 1 - Presentation by State Street</a><br><a href="/paym/groups/pdf/fxcg/2024/20240613/Item_2_Transition_to_T+1.pdf">Item 2 - Presentation Transition to T+1</a><br><a href="/paym/groups/pdf/fxcg/2024/20240613/Item_3_GFXC_3_Year_Review.pdf">Item 3 -&nbsp;Presentation GFXC 3 Year Review</a></p> </dd> <dt>19 March</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2024/20240319/FXCG_agenda_March_2024.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2024/20240319/2024-03-19_List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2024/20240319/2024-03-19_FXCG_ summary.pdf">Summary</a></p><p><a href="/paym/groups/pdf/fxcg/2024/20240319/Item_1_Presentation_by_BNPP.pdf">Item 1 - Presentation by BNPP</a><br><a href="/paym/groups/pdf/fxcg/2024/20240319/Item_2_Presentation_by_ECB_and_Union_Investment.pdf">Item 2 - Presentation by ECB and Union Investment</a><br><a href="/paym/groups/pdf/fxcg/2024/20240319/Item_3_Presentation_by_CME_and_Eurex_and_Deutsche_Bank.pdf">Item 3 -&nbsp;Presentation by CME, Eurex and Deutsche Bank</a></p> </dd> </dl> </div> </div> <div class="header"> <div class="title">2023</div> </div> <div class="content-box"> <div class="definition-list"> <dl> <dt>16 November</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2023/20231116/FXCG_agenda_November_2023.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2023/20231116/2023_11_16_List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2023/20231116/2023_11_16_FXCG_summary.pdf">Summary</a></p><p><a href="/paym/groups/pdf/fxcg/2023/20231116/Item_1_Presentation_by_HSBC_and_Total Energies.pdf">Item 1 -&nbsp;Presentation by HSBC and Total Energies</a><br><a href="/paym/groups/pdf/fxcg/2023/20231116/Item_2_Presentation_by_Bloomberg.pdf">Item 2 -&nbsp;Presentation by Bloomberg and Société Générale</a></p> </dd> <dt>22 June</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2023/20230622/2023-06-22_FXCG_Agenda.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2023/20230622/2023-06-22_FXCG_meeting-List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2023/20230622/summary_2023-06-22.pdf">Summary</a></p><p><a href="/paym/groups/pdf/fxcg/2023/20230622/Item_1_Presentation_by_State_Street_and_EBRD.pdf">Item 1 – Presentation by State Street and EBRD</a><br><a href="/paym/groups/pdf/fxcg/2023/20230622/Item_2_Presentation_by_GFMA_and_OMG_and_SSM.pdf">Item 2 – Presentation by GFMA, OMG and SSM</a><br><a href="/paym/groups/pdf/fxcg/2023/20230622/Item_3_Presentation_by_ECB_DG_International_and_EuropeanRelations.pdf">Item 3 – Presentation by ECB DG International &amp; European Relations</a><br><a href="/paym/groups/pdf/fxcg/2023/20230622/Item_4_GFXC_Key_Takeaways.pdf">Item 4 – Presentation GFXC Key Takeaways</a><br></p> </dd> <dt>23 March</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2023/20230323/2023-03-23_FXCG_Agenda.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2023/20230323/2023-03-23_FXCG_meeting_List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2023/20230323/2023-03-23_Summary.pdf">Summary</a></p><p><a href="/paym/groups/pdf/fxcg/2023/20230323/Item_1_Presentation_by_Commerzbank.pdf">Item 1 - Presentation by Commerzbank</a><br><a href="/paym/groups/pdf/fxcg/2023/20230323/Item_2_Presentation_by_ESMA_and_360T.pdf">Item 2 - Presentation by ESMA and 360T</a></p> </dd> </dl> </div> </div> <div class="header"> <div class="title">2022</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>7 December</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2022/20221207/2022-12-07_Agenda.pdf">Agenda</a><br> <a href="/paym/groups/pdf/fxcg/2022/20221207/2022-12-07_List_of_participants.pdf">List of participants&nbsp;</a><br> <a href="/paym/groups/pdf/fxcg/2022/20221207/FXCG_Summary.pdf">Summary</a><br><br> <a href="/paym/groups/pdf/fxcg/2022/20221207/Item_1_Presentation_by_Goldman_Sachs.pdf">Item 1 - Presentation by Goldman Sachs</a><br> <a href="/paym/groups/pdf/fxcg/2022/20221207/Item_2_Presentation_by_ING_and_Flow_Traders.pdf">Item 2 - Presentation by ING and Flow Traders</a><br> <a href="/paym/groups/pdf/fxcg/2022/20221207/Item_3_Presentation_by_SocGen_and_MEAG.pdf">Item 3 - Presentation by SocGen and MEAG</a><br> <a href="/paym/groups/pdf/fxcg/2022/20221207/Item_4_Presentation_by_BIS.pdf">Item 4 - Presentation by BIS</a><br> </p> </dd> <dt>22 September</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2022/20220922/220922_FXCG_Agenda.en.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2022/20220922/220922_FXCG_List_of_participants.en.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2022/20220922/220922_FXCG_Summary.en.pdf">Summary&nbsp;</a><br><br><a href="/paym/groups/pdf/fxcg/2022/20220922/Item_1a_FX_market_developments_UBS.en.pdf">Item 1a -&nbsp;Presentation by UBS</a><br><a href="/paym/groups/pdf/fxcg/2022/20220922/Item_1b_FX_market_conditions_StateStreet.en.pdf">Item 1b -&nbsp;Presentation by State Street</a><br><a href="/paym/groups/pdf/fxcg/2022/20220922/Item_2._ESG_in_FX_BNPParibas.en.pdf">Item 2 -&nbsp;Presentation by BNP Paribas</a><br><a href="/paym/groups/pdf/fxcg/2022/20220922/Item_3._FXCG_debrief_of_GFXC_meeting.en.pdf">Item 3 -&nbsp;Debrief Global FX Committee</a><br></p> </dd> <dt>5 May</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2022/20220505/2022-05-05_FXCG_Agenda.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2022/20220505/2022-05-05_List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2022/20220505/2022-05-05_FXCG_summary.pdf">Summary</a></p><p><a href="/paym/groups/pdf/fxcg/2022/20220505/2022-05-05_ECB_FXCG Update_ May_2022_EBS.pdf">Item 1 - Presentation by EBS </a><br><a href="/paym/groups/pdf/fxcg/2022/20220505/2022-05-05_FX_market_review_and_outlook_Deutsche_Bank.pdf">Item 2 -&nbsp;Presentation by Deutsche Bank</a><br><br></p> </dd> <dt>1 March</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2022/20220301/2022-03-01_List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2022/20220301/2022-03-01_FXCG_summary.pdf">Summary</a></p> </dd> <dt>8 February</dt> <dd> <p><a href="/paym/groups/pdf/fxcg/2022/20220208/2022-02-08_FXCG_Agenda.pdf">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2022/20220208/2022-02-08_List_of_participants.pdf">List of participants</a><br><a href="/paym/groups/pdf/fxcg/2022/20220208/2022-02-08_FXCG_summary.pdf">Summary</a></p><p><a href="/paym/groups/pdf/fxcg/2022/20220208/Item1a_FX_Outlook_BNP_Paribas.pdf">Item 1a - FX Outlook BNP Paribas</a><br><a href="/paym/groups/pdf/fxcg/2022/20220208/Item1b_Airbus_update_FXCG_Meeting_February_2022.pdf">Item 1b - Airbus update</a>&nbsp;<br><a href="/paym/groups/pdf/fxcg/2022/20220208/Item2a_WMR_Presentation_ECB_FXCG.pdf">Item 2a - WMR presentation</a>&nbsp;<br><a href="/paym/groups/pdf/fxcg/2022/20220208/Item2b_WMR_TradingVolume_Update_ECB_FXCG.pdf">Item 2b - WMR trading volume</a></p><p></p> </dd> </dl> </div> </div> <div class="header"> <div class="title">2021</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>25 November</dt> <dd> <a href="/paym/groups/pdf/fxcg/2021/20211125/2021-11-25_FXCG_Agenda.pdf" class="title">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2021/20211125/2021-11-25_List_of_participants.pdf">List of participants</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20211125/2021-11-25_FXCG_summary.pdf">Summary</a><br><hr><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20211125/Item_1_-_FX_Market_review_and_outlook_Credit_Suisse.pdf">Item 1 - FX Market review and outlook Credit Suisse</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20211125/Item_2_-_Presentation_by_TotalEnergies_oil_market_developments.pdf">Item 2 - Presentation by TotalEnergies oil market developments</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20211125/Item_3_-_Cross-currency_settlement_in_TIPS_platform.pdf">Item 3 - Cross-currency settlement in TIPS platform</a> </dd> <dt>21 September</dt> <dd> <a href="/paym/groups/pdf/fxcg/2021/20210921/2021-09-21_FXCG_Agenda.pdf" class="title">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2021/20210921/2021-09-21_List_of_participants.pdf">List of participants</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210921/2021-09-21_FXCG_summary.pdf">Summary</a><br><hr><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210921/Item_1_-_Market_Review_and_Outlook_ECB_FXCG_-_GS.pdf">Item 1 - Market Review and Outlook - Goldman Sachs</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210921/Item_2a_-_Digital_Euro-Presentation_to_FXCG_ECB_DG-MIP.pdf">Item 2a - Digital Euro - DG-MIP</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210921/Item_2b_-_Digital_currencies_ECB_FXCG_September_2021_DWS_SHJ.pdf">Item 2b - Digital currencies - DWS</a> </dd> <dt>26 May</dt> <dd> <a href="/paym/groups/pdf/fxcg/2021/20210526/fxcg20210526_Agenda.pdf" class="title">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2021/20210526/fxcg20210526_List_of_participants.pdf">List of participants</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210526/fxcg20210526_summary.pdf">Summary</a><br><hr><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210526/fxcg20210526_Item 1_Market_review_and_outlook_Commerzbank.pdf">Item 1 Market review and outlook - Commerzbank</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210526/fxcg20210526_Item 2_Listed_FX_Futures_Eurex.pdf">Item 2 Listed FX futures - Eurex</a> </dd> <dt>16 March</dt> <dd> <a href="/paym/groups/pdf/fxcg/2021/20210316/2021-03-16_FXCG_Agenda.pdf" class="title">Agenda</a><br><a href="/paym/groups/pdf/fxcg/2021/20210316/2021-03-16_List_of_participants.pdf">List of participants</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210316/Summary_FXCG_16_March_2021.pdf">Summary</a><br><hr><a class="pdf" href="/paym/groups/pdf/fxcg/2021/20210316/Item_1_Market_Review_ECB_FXCG_StateStreet.pdf">Item 1 Charts on FX market review and outlook - State Street Global Markets</a> </dd> </dl> </div> </div> <div class="header"> <div class="title">2020</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>18 November</dt> <dd> <a href="/paym/groups/pdf/fxcg/2020/20201118/2020-11-18_FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2020/20201118/2020-11-18_List_of_participants.pdf">List of participants</a><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20201118/Summary_FXCG_18_November_2020.pdf">Summary</a><hr><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20201118/Item_1_FX_market_review_and_outlook_HSBC.pdf">Item 1 Review of recent market developments and outlook – HSBC</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20201118/Item_2a_FX_options_market_Deutsche_Bank.pdf">Item 2a FX options market from a structural perspective – Deutsche Bank</a><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20201118/Item_2b_FX_options_market_Bloomberg.pdf">Item 2b FX options market from a structural perspective – Bloomberg </a> </dd> <dt>14 September</dt> <dd> <a href="/paym/groups/pdf/fxcg/2020/20200914/2020-09-14_FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2020/20200914/2020-09-14_List_of_participants.pdf">List of participants</a><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20200914/Summary_FXCG_14_September_2020.pdf"> Summary </a><hr><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20200914/Item1_GFXC-3-year-review.pdf">Item 1 GFXC 3 year review</a><br><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20200914/Item2_FX_Review_Outlook_BNP.pdf">Item 2 FX Review Outlook BNP</a><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20200914/Item3a_ECB _Gold_Market_Dynamics_UBS_Investment_Bank.pdf">Item 3a ECB Gold Market Dynamics UBS Investment Bank</a><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20200914/Item3b_Stablecoins_and_Cryptoassets.pdf">Item 3b Stablecoins and Cryptoassets</a> </dd> <dt>18 June</dt> <dd> <a href="/paym/groups/pdf/fxcg/2020/20200618/2020-06-18_FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2020/20200618/2020-06-18_List_of_participants.pdf">List of participants</a><a class="pdf" href="/paym/groups/pdf/fxcg/2020/20200618/2020-06-18_FXCG_summary.pdf">Summary</a> </dd> <dt>20 March</dt> <dd> <a href="/paym/groups/pdf/fxcg/2020/20200320/2020-03-20_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2020/20200320/2020-03-20_FXCG_teleconference_summary.pdf" class="title">Summary</a> </dd> <dt>9 March</dt> <dd> <a href="/paym/groups/pdf/fxcg/2020/20200309/2020-03-09_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2020/20200309/2020-03-09_FXCG_teleconference_summary.pdf" class="title">Summary</a> </dd> <dt>12 February</dt> <dd> <a href="/paym/groups/pdf/fxcg/2020/20200212/2020-02-12_FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2020/20200212/2020-02-12_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2020/20200212/2020-02-12_FXCG_public_summary.pdf">Summary</a><hr><a href="/paym/groups/pdf/fxcg/2020/20200212/Item1_Operations_Managers_Group_FXCG.pdf">Item 1 Introduction to ECB Operations Managers Group</a><a href="/paym/groups/pdf/fxcg/2020/20200212/Item2_FX_swap_market_SoC_Gen.pdf">Item 2a Structural developments in the foreign exchange swap market – Société Générale</a><a href="/paym/groups/pdf/fxcg/2020/20200212/Item2_FX_swap_market_Union_Invest.pdf">Item 2b Structural developments in the foreign exchange swap market – Union Investment</a><a href="/paym/groups/pdf/fxcg/2020/20200212/Item3_Currency_Management_MEAG.pdf">Item 3 The FX Global Code and the Global Foreign Exchange Committee </a><a href="/paym/groups/pdf/fxcg/2020/20200212/Item4_FXCG_Global_Code.pdf">Item 4 FX management and trading at MEAG MUNICH ERGO Asset Management</a><a href="/press/pr/date/2020/html/ecb.pr200123~3b8d9fc08d.en.html">Item 5 ECB launches review of its monetary policy strategy </a><a href="/paym/groups/pdf/fxcg/2020/20200212/Item6_Market_Outlook_DWS.pdf">Item 6 Outlook – Review of FX market developments and outlook</a> </dd> </dl> </div> </div> <div class="header"> <div class="title">2019</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>19 November</dt> <dd> <a href="/paym/groups/pdf/fxcg/2019/20191119/2019-11-19_FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2019/20191119/2019-11-19__ List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2019/20191119/2019-11-19_FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2019/20191119/1a_Structural_developments_FX_market_BIS.pdf">Item 1a Structural developments in the FX market - BIS</a><a href="/paym/groups/pdf/fxcg/2019/20191119/1b_Structural_developments_FX_market_COBA.pdf">Item 1b Structural developments in the FX market – Commerzbank</a><a href="/paym/groups/pdf/fxcg/2019/20191119/2_FX_Global_Code_and_GFXC.pdf">Item 2a FX Global Code and the Global Foreign Exchange Committee</a><a href="/paym/groups/pdf/fxcg/2019/20191119/2a_WMR_FX_spot_fixing_CS.pdf">Item 2b WMR FX Spot fixing – Credit Suisse</a><a href="/paym/groups/pdf/fxcg/2019/20191119/2_WMR_FX_spot_fixing_Refinitiv.pdf">Item 2c WMR FX Spot fixing - Refinitiv</a><a href="/paym/groups/pdf/fxcg/2019/20191119/3_FX_Outlook_ECB_GS.pdf">Item 3 FX Outlook – Review of FX market developments and outlook -GS</a> </dd> <dt>24 September</dt> <dd> <a href="/paym/groups/pdf/fxcg/2019/20190924/2019-09-24_FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2019/20190924/2019-09-24_FXCG_meeting_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2019/20190924/FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2019/20190924/Item_1a_Execution_algorithms_stock_taking_NBIM.pdf">Item 1a Stock taking of execution algorithms – NBIM</a><a href="/paym/groups/pdf/fxcg/2019/20190924/Item_1b_Execution_algorithms_decision_logic_BNP.pdf">Item 1b Decision logic of execution algorithms – BNP Paribas</a><a href="/paym/groups/pdf/fxcg/2019/20190924/Item_1b_Execution_algorithms_decision_logic_HSBC.pdf">Item 1b Decision logic of execution algorithms – HSBC</a><a href="/paym/groups/pdf/fxcg/2019/20190924/Item_1c_Execution algorithms_Market_functioning_Refinitiv.pdf">Item 1c Execution algorithms and market functioning – Refinitiv</a><a href="/paym/groups/pdf/fxcg/2019/20190924/Item_1c_Execution algorithms_Market_functioning_GS.pdf">Item 1c Execution algorithms and market functioning – Goldman Sachs</a><a href="/paym/groups/pdf/fxcg/2019/20190924/Item_2_FX_Global_Code_and_GFXC.pdf">Item 2 FX Global Code and Global Foreign Exchange Committee</a><a href="/paym/groups/pdf/fxcg/2019/20190924/Item_3_FX_Outlook__Review_of_FX_markets_developments_and_outlook__DWS.pdf">Item 3 FX Outlook – Review of FX markets developments and outlook – DWS</a> </dd> <dt>18 June</dt> <dd> <a href="/paym/groups/pdf/fxcg/2019/20190618/FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2019/20190618/FXCG_ meeting_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2019/20190618/Summary_FXCG_18 June_2019.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2019/20190618/1_Best_Execution_and_Transaction_Cost_Analysis_DB.pdf">Item 1a Best execution and transaction cost analysis – Deutsche Bank</a><a href="/paym/groups/pdf/fxcg/2019/20190618/1_Best_Execution_and_Transaction_Cost_Analysis_Union_Invest.pdf">Item 1b Best execution and transaction cost analysis – Union Investment</a><a href="/paym/groups/pdf/fxcg/2019/20190618/2_Anonymous_FX_platforms_CS.pdf">Item 2a Anonymous FX platforms – trading practices and engagement – Credit Suisse</a><a href="/paym/groups/pdf/fxcg/2019/20190618/2_Anonymous_FX_platforms_HSBC.pdf">Item 2b Anonymous FX platforms – trading practices and engagement – HSBC</a><a href="/paym/groups/pdf/fxcg/2019/20190618/3_FX_Global_Code_and_GFXC_final.pdf">Item 3 FX Global Code and Global Foreign Exchange Committee</a><a href="/paym/groups/pdf/fxcg/2019/20190618/4_FXCG_Presentation_on_financial_market_developments.pdf">Item 4 FX Outlook – review of FX market developments and outlook</a> </dd> <dt>20 March</dt> <dd> <a href="/paym/groups/pdf/fxcg/2019/20190320/FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2019/20190320/FXCG_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2019/20190320/FXCG_Summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2019/20190320/Item_1a_UK_withdrawal_from_EU_key_considerations_for_FX_market.pdf">Item 1a - UK withdrawal from EU - key considerations for FX market</a><a href="/paym/groups/pdf/fxcg/2019/20190320/Item_1b_UK_withdrawal_from_EU_key_considerations_for_FX_market.pdf">Item 1b - UK withdrawal from EU - key considerations for FX market</a><a href="/paym/groups/pdf/fxcg/2019/20190320/Item_2_FX_Outlook.pdf">Item 2 - Review of FX markets developments and outlook</a><a href="/paym/groups/pdf/fxcg/2019/20190320/Item_3_Global_Foreign_Exchange_Committee.pdf">Item 3 - Global Foreign Exchange Committee</a><a href="/paym/groups/pdf/fxcg/2019/20190320/Item_4_Update_on_euro_interest_rates_benchmark_reforms.pdf">Item 4 - Update on euro interest rates benchmark reforms</a> </dd> </dl> </div> </div> <div class="header"> <div class="title">2018</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>28 November 2018</dt> <dd> <a href="/paym/groups/pdf/fxcg/2018/20181128/FXCG_-_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2018/20181128/FXCG_meeting_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2018/20181128/FXCG_Summary.pdf">Summary</a><a href="/press/key/date/2018/html/ecb.sp181128.en.html">Item 1 - Welcome remarks</a><a href="/paym/groups/pdf/fxcg/2018/20181128/Item_2_-_China_s_Interbank_FX_Market_and_China_FX_Committee.pdf">Item 2 - Chinese FX market structure and recent developments</a><a href="/paym/groups/pdf/fxcg/2018/20181128/Item_3_-_FX_Global_Code_and_Global_Foreign_Exchange_Committee.pdf">Item 3 - FX Global Code and Global FX Committee </a><a href="/paym/groups/pdf/fxcg/2018/20181128/Item_4_-_The_Future_of_Foreign_Exchange.pdf">Item 4 - The Future of Foreign Exchange </a><a href="/paym/groups/pdf/fxcg/FXCG_work_programme_2019.pdf">Item 5 - Work programme</a> </dd> <dt>6 September 2018</dt> <dd> <a href="/paym/groups/pdf/fxcg/2018/20180906/2018-09-06_FXCG_-_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2018/20180906/List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2018/20180906/FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2018/20180906/Item_1_-_The_role_of_credit_in_the_FX_market.pdf">Item 1 – The role of credit in the FX market </a><a href="/paym/groups/pdf/fxcg/2018/20180906/Item_2a_-_Cryptocurrencies_and_tokens.pdf">Item 2a – Crypto-assets and tokens</a><a href="/paym/groups/pdf/fxcg/2018/20180906/Item_2b_-_Technological_developments_-_crypto-assets.pdf">Item 2b - Technological developments – crypto-assets</a><a href="/paym/groups/pdf/fxcg/2018/20180906/Item_3a_-_Review_of_market_developments_ and_outlook.pdf">Item 3a – Review of FX markets developments and outlook</a><a href="/paym/groups/pdf/fxcg/2018/20180906/Item_3b_-_Analysis_of_foreign_exchange_developments_in_China.pdf">Item 3b - Analysis of foreign exchange developments in China</a><a href="/paym/groups/pdf/fxcg/2018/20180906/Item_4_-_FX_Global_Code_and_Global_FX_Committee.pdf">Item 4 - FX Global Code and Global FX Committee</a> </dd> <dt>20 June 2018</dt> <dd> <a href="/paym/groups/pdf/fxcg/2018/20180620/2018-06-20_FXCG_-_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2018/20180620/2018-06-20_FXCG_meeting_-_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2018/20180620/2018-06-20_FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2018/20180620/Item_1_ FX_Global_Code_ECB.pdf">Item 1 – FX Global Code and Global FX Committee</a><a href="/paym/groups/pdf/fxcg/2018/20180620/Item_2_Recent_Trends_in_FX_Market_Structure_and_Liquidity-presentation.pdf">Item 2 - Trends in FX Market Structure and Liquidity</a><a href="/paym/groups/pdf/fxcg/2018/20180620/Item_3_FX_developments_FX_outlook.pdf">Item 3 - Review of FX Market Developments and Outlook</a> </dd> <dt>20 March 2018</dt> <dd> <a href="/paym/groups/pdf/fxcg/2018/20180320/2018-03-20_Agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2018/20180320/2018-03-20_FXCG_meeting_-_List_of_participants.pdf">List of participants</a><a href="/paym/groups/pdf/fxcg/2018/20180320/2018-03-20_FXCG_Summary.pdf">Summary</a><a href="https://www.ca-cib.com/our-solutions/global-markets/foreign-exchange-and-precious-metals">Item 1a - MIFID 2 its Impact on FX Market functionality - Credit Agricole</a><a href="/paym/groups/pdf/fxcg/2018/20180320/Item_1b_-_MIFID_2_its_Impact_on_FX_Market_functionality_-_NEX.pdf">Item 1b - MiFID 2 its Impact on FX Market functionality - NEX </a><a href="/paym/groups/pdf/fxcg/2018/20180320/Item_1c_-_MIFID_2_its_Impact_on_FX_Market_functionality_-_Airbus.pdf">Item 1c - MiFID 2 its Impact on FX Market Functionality - Airbus</a><a href="/paym/groups/pdf/fxcg/2018/20180320/Item_2a_-_Overview_Jump_Trading.pdf">Item 2a - Overview Jump Trading</a><a href="/paym/groups/pdf/fxcg/2018/20180320/Item_2b_-_Overview_of_the_FX_cash_vs_futures_markets.pdf">Item 2b - Overview of the Cash vs Futures markets in FX</a><a href="/paym/groups/pdf/fxcg/2018/20180320/Item_3_-_FX_Global_Code_-_way_forward.pdf">Item 3 - FX Global Code current status and way forward</a><a href="/paym/groups/pdf/fxcg/2018/20180320/Item_4a-_FX_Outlook_Review_of_FX_markets_developments_and_outlook.pdf">Item 4a - FX Review of FX market developments and outlook</a><a href="/paym/groups/pdf/fxcg/2018/20180320/Item_4b-_FX_swap_market_recent_trends_underlying_factors_possible_future_risks.pdf">Item 4b - FX swap market recent trends underlying factors and possible future risks</a> </dd> </dl> </div> </div> <div class="header"> <div class="title">2017</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>5 October</dt> <dd> <a href="/paym/groups/pdf/fxcg/2017/20171005_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2017/20171005_Summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2017/20171005_Item_1_FX_outlook_CSFX.pdf">Item 1 - Market Review – Credit Suisse</a><a href="/paym/groups/pdf/fxcg/2017/20171005_Item_2_the_international_role_of_the_euro.pdf">Item 2 - The international role of the euro – ECB</a><a href="/paym/groups/pdf/fxcg/2017/20171005_Item_3_MiFiD_II_Top_considerations_and_challenges_Bloomberg.pdf">Item 3.1 - MiFID II: Top considerations and challenges - Bloomberg </a><a href="/paym/groups/pdf/fxcg/2017/20171005_Item_3_MiFiD_II_Top_considerations_and_challenges_CoBa.pdf">Item 3.2 - MiFID II: Top considerations and challenges - Commerzbank</a><a href="/paym/groups/pdf/fxcg/2017/20171005_Item_3_MiFiD_II_Top_considerations_and_challenges_DeAM.pdf">Item 3.3 - MiFID II: Top considerations and challenges - Deutsche Asset Management </a> </dd> <dt>11 July</dt> <dd> <a href="/paym/groups/pdf/fxcg/2017/20170711_FXCG_Agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2017/20170711_FXCG_summary.pdf">Summary</a><a href="/press/key/date/2017/html/ecb.sp170711.en.html">Item 1 - The international dimension of the ECB’s asset purchase programme</a><a href="/paym/groups/pdf/fxcg/2017/FXCG_item_2_FX_Market_review_by_HSBC.pdf">Item 2 - Market review HSBC </a><a href="/paym/groups/pdf/fxcg/2017/20170711_FXCG_item_3.1_FX_Global_Code_future_governance.pdf">Item 3.1 - FX Global Code: future governance</a><a href="/paym/groups/pdf/fxcg/2017/20170711_FXCG_item_3.2_FX_Global_Code_progress_on_adherence.pdf">Item 3.2 - FX Global Code: progress on adherence</a><a href="/paym/groups/pdf/fxcg/2017/20170711_FXCG_item_4.1_FX_Global_Code_request_for_feedback.pdf">Item 4.1 - FX Global Code: request for feedback</a><a href="/paym/groups/pdf/fxcg/2017/20170711_FXCG_item_4.2_GFXC_request_for_feedback.pdf">Item 4.2 - GFXC request for feedback</a><a href="/paym/groups/pdf/fxcg/2017/20170711_FXCG_item_5_ FX_activities _a_corporate_example.pdf">Item 5 - FX activities: a corporate example by Siemens</a> </dd> <dt>26 April</dt> <dd> <a href="/paym/groups/pdf/fxcg/2017/2017-04-26_Agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2017/2017-04-26_FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2017/Item_1_Regulatory_Update.pdf">Item 1 - Regulatory Update </a><a href="/paym/groups/pdf/fxcg/2017/Item1RegulatoryUpdateTransparencyandReportinginUSandEU.pdf">Item 1 - Regulator Update: Transparency and reporting in US and EU</a><a href="/paym/groups/pdf/fxcg/2017/Item_2-2017-04-26_FX_Global_Code_and_adherence.pdf">Item 2 - FX Global Code and adherence: an update</a><a href="/paym/groups/pdf/fxcg/2017/Item_3_Market_Review_Santander.pdf">Item 3 - Market Review Santander</a> </dd> <dt>9 February</dt> <dd> <a href="/paym/groups/pdf/fxcg/2017/2017-02-09_Agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2017/2017-02-09_FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2017/Item_1_20170209_ECB_Operations_Managers_Group.pdf">Item 1 - ECB Operations Managers Group (ECB OMG): Towards increased cooperation between the ECB Contact Groups</a><a href="/paym/groups/pdf/fxcg/2017/Item_2_DEAM_Presentation.pdf">Item 2 - DEAM presentation</a><a href="/paym/groups/pdf/fxcg/2017/Item_4-2017-02-09_FX_Global_Code_and_adherence.pdf">Item 4 - Single Code and adherence: an update</a><a href="/paym/groups/pdf/fxcg/2017/Item 5_20170209_FXCG_market_review.pdf">Item 5 - Presentation Market review</a> </dd> </dl> </div> </div> <div class="header"> <div class="title">2016</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>23 November</dt> <dd> <a href="/paym/groups/pdf/fxcg/2016/1123/2016-11-23_Agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2016/1123/2016-11-23_FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2016/1123/Item_1-2016-11-23_FXCG_ECBRR_assessment_and_survey_results.pdf">Presentation: ECB Reference rates and FX Fixings</a><a href="/paym/groups/pdf/fxcg/2016/1123/Item_2-2016-11-23_FX_Global_Code_and_adherence.pdf">Presentation: BIS’s FX Working Group on single code: state of play</a><a href="/paym/groups/pdf/fxcg/2016/1123/item_3_FXCG_market_review.pdf">Presentation Market review</a> </dd> <dt>30 June</dt> <dd> <a href="/paym/groups/pdf/fxcg/2016/0630/2016-06-30_Agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2016/0630/2016-06-30_FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2016/0630/2016-06-30_Curex_Corporate_Overview_2016.pdf">Presentation: Cürex Group</a><a href="/paym/groups/pdf/fxcg/2016/0630/2016-06-30_ECB_FX_global_economic_outlook.pdf">Presentation Market review</a><a href="/paym/groups/pdf/fxcg/2016/0630/2016-06-30_FXCG_Single_Code_Way_forward.pdf">Presentation: Global Code - way forward</a><a href="/paym/groups/pdf/fxcg/2016/0630/2016-06-30_Global_FXC_ASG.pdf">Presentation: Global Code - Global FXC and ASG debriefing</a> </dd> <dt>26 April</dt> <dd> <a href="/paym/groups/pdf/fxcg/2016/0426/2016-04-26_Agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2016/0426/2016-04-26_FXCG_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2016/0426/2016_04_26_EACT_Presentation.pdf">Presentation: EACT</a><a href="/paym/groups/pdf/fxcg/2016/0426/2016-04-26_FXCG_Single_Code_Update.pdf">Presentation: Single Code Update</a><a href="/paym/groups/pdf/fxcg/2016/0426/2016-04-26_followup_implementation_of_the_new_framework_ECBRR.pdf">Presentation: ECB reference rates </a><a href="/paym/groups/pdf/fxcg/2016/0426/2016-04-26_WMReuters_ Spot_Rates_2_pm_CET_Fix.pdf">Presentation: WMReuters fixing rates</a><a href="/paym/groups/pdf/fxcg/2016/0426/2016-04-26_BFIX-methodology.pdf">Presentation: Bloomberg BFIX</a><a href="/paym/groups/pdf/fxcg/2016/0426/2016-04-26_FXCG_market_review final.pdf">Presentation: Market review</a> </dd> <dt>18 February</dt> <dd> <a href="/paym/groups/pdf/fxcg/2016/0218/2016-02-18_agenda.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2016/0218/2016-02-18_summary.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2016/0218/2016-02-18_Developing_a_Single_Code.pdf">Presentation: Developing a Single Code</a><a href="/paym/groups/pdf/fxcg/2016/0218/2016-02-18_FXCG_survey_results.pdf">Presentation: ECB reference rates </a><a href="/paym/groups/pdf/fxcg/2016/0218/2016-02-18_The_Role_of_Last_Look_FXCG__presentation.pdf">Presentation: Last look</a><a href="/paym/groups/pdf/fxcg/2016/0218/2016-02-18-FXCG_Market_review.pdf">Presentation: Market review</a> </dd> </dl> </div> </div> <div class="header"> <div class="title">2015</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>12 November</dt> <dd> <a href="/paym/groups/pdf/fxcg/2015/1211/agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2015/1211/summary_Nov_2015.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2015/1211/2015_11_12_Developing_a_Single_Code.pdf">Developing a Single Code presentation</a><a href="/paym/groups/pdf/fxcg/2015/1211/2015-11-12_FSB_progress_report.pdf">FSB progress report presentation</a><a href="/paym/groups/pdf/fxcg/2015/1211/2015-11-12_WM_presentation.pdf">WM/Reuters presentation</a><a href="/paym/groups/pdf/fxcg/2015/1211/2015-11-12_SG_RMB_ECB_FXCG.pdf">SG on RMB presentation</a> </dd> <dt>7 July</dt> <dd> <a href="/paym/groups/pdf/fxcg/2015/0707/2015-07-07_Agenda_FXCG.pdf" class="title">Agenda</a><a href="/paym/groups/pdf/fxcg/2015/0707/20150716_FXCG_summary_July_2015_final.pdf">Summary</a><a href="/paym/groups/pdf/fxcg/2015/0707/2015_07_07_ECB_Presentation_item_1.pdf">GFMA Presentation</a><a href="/paym/groups/pdf/fxcg/2015/0707/2015-07-07_FX_Liquidity_Moving_Into_2015.pdf">Liquidity Analysis Presentation</a><a href="/paym/groups/pdf/fxcg/2015/0707/2015_07_07_Single_Code_FXCG_item_3.pdf">Single Code Presentation</a> </dd> <dt>16 April</dt> <dd> </dd> <dt>23 March</dt> <dd> </dd> <dt>29 January</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2014</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>17 October</dt> <dd> </dd> <dt>7 July</dt> <dd> </dd> <dt>6 May</dt> <dd> </dd> <dt>11 April</dt> <dd> </dd> <dt>23 January</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2013</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>24 October</dt> <dd> </dd> <dt>13 June</dt> <dd> </dd> <dt>31 January</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2012</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>3 September</dt> <dd> </dd> <dt>19 January</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2011</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>5 October</dt> <dd> </dd> <dt>8 June</dt> <dd> </dd> <dt>2 February</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2010</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>3 November</dt> <dd> </dd> <dt>24 June</dt> <dd> </dd> <dt>10 March</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2009</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>8 December</dt> <dd> </dd> <dt>8 September</dt> <dd> </dd> <dt>10 June</dt> <dd> </dd> <dt>10 March</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2008</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>4 December</dt> <dd> </dd> <dt>9 September</dt> <dd> </dd> <dt>3 June</dt> <dd> </dd> <dt>5 Februar</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2007</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>21 November</dt> <dd> </dd> <dt>4 September</dt> <dd> </dd> <dt>23 May</dt> <dd> </dd> <dt>6 February</dt> <dd> </dd> </dl> </div> </div> <div class="header"> <div class="title">2006</div> </div> <div class="content-box"> <div class="definition-list"> <div class="header"> <div class="title"></div> </div> <dl> <dt>29 November</dt> <dd> </dd> <dt>7 September</dt> <dd> </dd> <dt>31 May</dt> <dd> </dd> <dt>2 March</dt> <dd> </dd> </dl> </div> </div> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>All pages in this section</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" id="feedback-content">Information not useful</a> <a class="button -inverted-color" id="feedback-design">Design not attractive</a> <a class="button -inverted-color" id="feedback-other">Something else</a> </div> <div class="final hidden"> <div class="title">Thank you for letting us know!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"> <a href="/home/sitedir/html/index.en.html" title="Site Directory">Site directory</a> </div> <div class="socialLinks"> <a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Official social media channels">FOLLOW US</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS news feeds"></a> </div> </div><div class="ecb-footerBottom"> <p><span>Copyright 2024, </span>European Central Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Useful links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Work with us</a></li> <li><a href="/services/glossary/html/index.en.html">Glossary</a></li> <li><a href="/services/links/html/index.en.html">Other institutions</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Using our site</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Disclaimer &amp; Copyright</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li> <li><a href="/services/using-our-site/technical-updates/html/index.en.html">Technical updates to this site</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Corporate Policies</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Data Protection</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a></li> <li><a href="/services/responsible-disclosure/html/index.en.html">Responsible disclosure</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Contact</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li> <li><a href="/services/contacts/address/html/index.en.html">Address</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li> </ul> </div> </div> </div> </div> <!-- <button id='back-to-top' class='fa fa-angle-up'>Back to top</button> --> </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2646225" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Our website uses cookies</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons initial cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="updated hidden"> <h2>We have updated our privacy policy</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">See what has changed in our privacy policy</a></p> <div class="consentButtons updated cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="expired hidden"> <h2>Your cookie preference has expired</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons expired cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">This feature requires cookies.</div> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="button">Privacy statement</a> </div> </div> <script src="/shared/js/analytics/pa_events.js?v=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>

Pages: 1 2 3 4 5 6 7 8 9 10