CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>European Central Bank - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"ac1d8de6-1eb2-48be-9617-4ebbc21d6c1b","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"European_Central_Bank","wgTitle":"European Central Bank","wgCurRevisionId":1258411323,"wgRevisionId":1258411323,"wgArticleId":9474,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["All articles with unsourced statements","Articles with unsourced statements from September 2015","Pages with login required references or sources","CS1 German-language sources (de)","CS1: long volume value","CS1 French-language sources (fr)","CS1 Dutch-language sources (nl)","CS1 errors: missing periodical","CS1 maint: location missing publisher","CS1 maint: numeric names: authors list","Articles with short description","Short description is different from Wikidata", "Use British English from March 2013","Use dmy dates from March 2022","Pages using gadget WikiMiniAtlas","Articles to be expanded from April 2021","All articles to be expanded","Articles with unsourced statements from April 2019","Articles containing potentially dated statements from 2021","All articles containing potentially dated statements","Articles needing additional references from December 2015","All articles needing additional references","Articles with unsourced statements from July 2016","Articles with unsourced statements from August 2020","Wikipedia articles with style issues from May 2020","All articles with style issues","Articles with unsourced statements from July 2024","Commons category link is on Wikidata","European Central Bank","1998 establishments in the European Union","Banks established in 1998","Eurosystem","Eurozone","Institutions of the European Union","Banks based in Frankfurt","European System of Central Banks","European Banking Supervision"], "wgPageViewLanguage":"en","wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"European_Central_Bank","wgRelevantArticleId":9474,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true,"wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":200000,"wgRelatedArticlesCompat":[],"wgCentralAuthMobileDomain":false,"wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true,"wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId" :"Q8901","wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model","platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready","user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.tablesorter.styles":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready","ext.uls.interlanguage":"ready","wikibase.client.init":"ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","mediawiki.page.media","ext.scribunto.logs","site","mediawiki.page.ready", "jquery.tablesorter","jquery.makeCollapsible","mediawiki.toc","skins.vector.js","ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips","ext.gadget.switcher","ext.gadget.WikiMiniAtlas","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions","wikibase.client.vector-2022","ext.checkUser.clientHints","ext.growthExperiments.SuggestedEditSession","wikibase.sidebar.tracking"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cjquery.tablesorter.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.4"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Logo_European_Central_Bank.svg/1200px-Logo_European_Central_Bank.svg.png"> <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="989"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Logo_European_Central_Bank.svg/800px-Logo_European_Central_Bank.svg.png"> <meta property="og:image:width" content="800"> <meta property="og:image:height" content="660"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Logo_European_Central_Bank.svg/640px-Logo_European_Central_Bank.svg.png"> <meta property="og:image:width" content="640"> <meta property="og:image:height" content="528"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="European Central Bank - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/European_Central_Bank"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=European_Central_Bank&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/European_Central_Bank"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="//login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-European_Central_Bank rootpage-European_Central_Bank skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Main menu </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z">Main page</a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia">Contents</a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events">Current events</a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x">Random article</a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works">About Wikipedia</a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia">Contact us</a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia">Help</a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia">Learn to edit</a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors">Community portal</a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r">Recent changes</a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia">Upload file</a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"> Search </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Appearance </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class="">Donate</a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=European+Central+Bank" title="You are encouraged to create an account and log in; however, it is not mandatory" class="">Create account</a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=European+Central+Bank" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class="">Log in</a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Personal tools </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en">Donate</a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=European+Central+Bank" title="You are encouraged to create an account and log in; however, it is not mandatory"> Create account</a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=European+Central+Bank" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"> Log in</a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing">learn more</a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y">Contributions</a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n">Talk</a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> 1 History </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle History subsection </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-Early_years_(1998–2007)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_years_(1998–2007)"> <div class="vector-toc-text"> 1.1 Early years (1998–2007) </div> </a> <ul id="toc-Early_years_(1998–2007)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Response_to_the_financial_crises_(2008–2014)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Response_to_the_financial_crises_(2008–2014)"> <div class="vector-toc-text"> 1.2 Response to the financial crises (2008–2014) </div> </a> <ul id="toc-Response_to_the_financial_crises_(2008–2014)-sublist" class="vector-toc-list"> <li id="toc-Early_response_to_the_Eurozone_debt_crisis" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Early_response_to_the_Eurozone_debt_crisis"> <div class="vector-toc-text"> 1.2.1 Early response to the Eurozone debt crisis </div> </a> <ul id="toc-Early_response_to_the_Eurozone_debt_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_interventions_(2010–2011)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Market_interventions_(2010–2011)"> <div class="vector-toc-text"> 1.2.2 Market interventions (2010–2011) </div> </a> <ul id="toc-Market_interventions_(2010–2011)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Role_in_the_Troika_(2010–2015)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Role_in_the_Troika_(2010–2015)"> <div class="vector-toc-text"> 1.2.3 Role in the Troika (2010–2015) </div> </a> <ul id="toc-Role_in_the_Troika_(2010–2015)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Response_under_Mario_Draghi_(2012–2015)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Response_under_Mario_Draghi_(2012–2015)"> <div class="vector-toc-text"> 1.2.4 Response under Mario Draghi (2012–2015) </div> </a> <ul id="toc-Response_under_Mario_Draghi_(2012–2015)-sublist" class="vector-toc-list"> <li id="toc-"Whatever_it_takes"_(26_July_2012)" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#"Whatever_it_takes"_(26_July_2012)"> <div class="vector-toc-text"> 1.2.4.1 "Whatever it takes" (26 July 2012) </div> </a> <ul id="toc-"Whatever_it_takes"_(26_July_2012)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Low_inflation_and_quantitative_easing_(2015–2019)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Low_inflation_and_quantitative_easing_(2015–2019)"> <div class="vector-toc-text"> 1.3 Low inflation and quantitative easing (2015–2019) </div> </a> <ul id="toc-Low_inflation_and_quantitative_easing_(2015–2019)-sublist" class="vector-toc-list"> <li id="toc-Long_Term_Refinancing_Operations_(LTRO)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Long_Term_Refinancing_Operations_(LTRO)"> <div class="vector-toc-text"> 1.3.1 Long Term Refinancing Operations (LTRO) </div> </a> <ul id="toc-Long_Term_Refinancing_Operations_(LTRO)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Christine_Lagarde's_era_(2019_–_)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Christine_Lagarde's_era_(2019_–_)"> <div class="vector-toc-text"> 1.4 Christine Lagarde's era (2019 – ) </div> </a> <ul id="toc-Christine_Lagarde's_era_(2019_–_)-sublist" class="vector-toc-list"> <li id="toc-COVID-19" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#COVID-19"> <div class="vector-toc-text"> 1.4.1 COVID-19 </div> </a> <ul id="toc-COVID-19-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Pandemic_Emergency_Purchase_Programme_(PEPP)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Pandemic_Emergency_Purchase_Programme_(PEPP)"> <div class="vector-toc-text"> 1.4.2 Pandemic Emergency Purchase Programme (PEPP) </div> </a> <ul id="toc-Pandemic_Emergency_Purchase_Programme_(PEPP)-sublist" class="vector-toc-list"> <li id="toc-Assets_eligible_under_the_PEPP" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Assets_eligible_under_the_PEPP"> <div class="vector-toc-text"> 1.4.2.1 Assets eligible under the PEPP </div> </a> <ul id="toc-Assets_eligible_under_the_PEPP-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Timeline_of_the_PEPP_and_TLTRO_announcements_and_purchases" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Timeline_of_the_PEPP_and_TLTRO_announcements_and_purchases"> <div class="vector-toc-text"> 1.4.2.2 Timeline of the PEPP and TLTRO announcements and purchases </div> </a> <ul id="toc-Timeline_of_the_PEPP_and_TLTRO_announcements_and_purchases-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Supports_and_critiques" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Supports_and_critiques"> <div class="vector-toc-text"> 1.4.2.3 Supports and critiques </div> </a> <ul id="toc-Supports_and_critiques-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-PEPP_challenged_before_the_German_Federal_Constitutional_Court" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#PEPP_challenged_before_the_German_Federal_Constitutional_Court"> <div class="vector-toc-text"> 1.4.3 PEPP challenged before the German Federal Constitutional Court </div> </a> <ul id="toc-PEPP_challenged_before_the_German_Federal_Constitutional_Court-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Transmission_Protection_instrument_(TPI)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Transmission_Protection_instrument_(TPI)"> <div class="vector-toc-text"> 1.4.4 Transmission Protection instrument (TPI) </div> </a> <ul id="toc-Transmission_Protection_instrument_(TPI)-sublist" class="vector-toc-list"> <li id="toc-Eligible_securities_under_the_TPI" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Eligible_securities_under_the_TPI"> <div class="vector-toc-text"> 1.4.4.1 Eligible securities under the TPI </div> </a> <ul id="toc-Eligible_securities_under_the_TPI-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effects_of_and_critiques_on_the_TPI" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Effects_of_and_critiques_on_the_TPI"> <div class="vector-toc-text"> 1.4.4.2 Effects of and critiques on the TPI </div> </a> <ul id="toc-Effects_of_and_critiques_on_the_TPI-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Strategy_Review_(2020-2021)" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Strategy_Review_(2020-2021)"> <div class="vector-toc-text"> 1.4.4.3 Strategy Review (2020-2021) </div> </a> <ul id="toc-Strategy_Review_(2020-2021)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Inflation_surge_of_2021" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflation_surge_of_2021"> <div class="vector-toc-text"> 1.5 Inflation surge of 2021 </div> </a> <ul id="toc-Inflation_surge_of_2021-sublist" class="vector-toc-list"> <li id="toc-Framing_of_the_crisis" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Framing_of_the_crisis"> <div class="vector-toc-text"> 1.5.1 Framing of the crisis </div> </a> <ul id="toc-Framing_of_the_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Response_to_the_2021_inflation_crisis" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Response_to_the_2021_inflation_crisis"> <div class="vector-toc-text"> 1.5.2 Response to the 2021 inflation crisis </div> </a> <ul id="toc-Response_to_the_2021_inflation_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Critics_regarding_the_new_monetary_policy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Critics_regarding_the_new_monetary_policy"> <div class="vector-toc-text"> 1.5.3 Critics regarding the new monetary policy </div> </a> <ul id="toc-Critics_regarding_the_new_monetary_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effects_of_the_monetary_tightening" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Effects_of_the_monetary_tightening"> <div class="vector-toc-text"> 1.5.4 Effects of the monetary tightening </div> </a> <ul id="toc-Effects_of_the_monetary_tightening-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Mandate_and_inflation_target" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Mandate_and_inflation_target"> <div class="vector-toc-text"> 2 Mandate and inflation target </div> </a> <button aria-controls="toc-Mandate_and_inflation_target-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Mandate and inflation target subsection </button> <ul id="toc-Mandate_and_inflation_target-sublist" class="vector-toc-list"> <li id="toc-Primary_mandate" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Primary_mandate"> <div class="vector-toc-text"> 2.1 Primary mandate </div> </a> <ul id="toc-Primary_mandate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Secondary_mandate" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Secondary_mandate"> <div class="vector-toc-text"> 2.2 Secondary mandate </div> </a> <ul id="toc-Secondary_mandate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tasks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Tasks"> <div class="vector-toc-text"> 2.3 Tasks </div> </a> <ul id="toc-Tasks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monetary_policy_tools" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monetary_policy_tools"> <div class="vector-toc-text"> 2.4 Monetary policy tools </div> </a> <ul id="toc-Monetary_policy_tools-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Difference_with_US_Federal_Reserve" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Difference_with_US_Federal_Reserve"> <div class="vector-toc-text"> 2.5 Difference with US Federal Reserve </div> </a> <ul id="toc-Difference_with_US_Federal_Reserve-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Organization" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Organization"> <div class="vector-toc-text"> 3 Organization </div> </a> <button aria-controls="toc-Organization-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Organization subsection </button> <ul id="toc-Organization-sublist" class="vector-toc-list"> <li id="toc-Decision-making_bodies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Decision-making_bodies"> <div class="vector-toc-text"> 3.1 Decision-making bodies </div> </a> <ul id="toc-Decision-making_bodies-sublist" class="vector-toc-list"> <li id="toc-Executive_Board" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Executive_Board"> <div class="vector-toc-text"> 3.1.1 Executive Board </div> </a> <ul id="toc-Executive_Board-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Governing_Council" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Governing_Council"> <div class="vector-toc-text"> 3.1.2 Governing Council </div> </a> <ul id="toc-Governing_Council-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-General_Council" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#General_Council"> <div class="vector-toc-text"> 3.1.3 General Council </div> </a> <ul id="toc-General_Council-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Supervisory_Board" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Supervisory_Board"> <div class="vector-toc-text"> 3.1.4 Supervisory Board </div> </a> <ul id="toc-Supervisory_Board-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Capital_subscription" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Capital_subscription"> <div class="vector-toc-text"> 3.2 Capital subscription </div> </a> <ul id="toc-Capital_subscription-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reserves" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Reserves"> <div class="vector-toc-text"> 3.3 Reserves </div> </a> <ul id="toc-Reserves-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Languages" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Languages"> <div class="vector-toc-text"> 3.4 Languages </div> </a> <ul id="toc-Languages-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Independence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Independence"> <div class="vector-toc-text"> 3.5 Independence </div> </a> <ul id="toc-Independence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Democratic_accountability" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Democratic_accountability"> <div class="vector-toc-text"> 3.6 Democratic accountability </div> </a> <ul id="toc-Democratic_accountability-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Transparency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Transparency"> <div class="vector-toc-text"> 3.7 Transparency </div> </a> <ul id="toc-Transparency-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Location" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Location"> <div class="vector-toc-text"> 4 Location </div> </a> <ul id="toc-Location-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Debates_surrounding_the_ECB" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Debates_surrounding_the_ECB"> <div class="vector-toc-text"> 5 Debates surrounding the ECB </div> </a> <button aria-controls="toc-Debates_surrounding_the_ECB-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Debates surrounding the ECB subsection </button> <ul id="toc-Debates_surrounding_the_ECB-sublist" class="vector-toc-list"> <li id="toc-Debates_on_ECB_independence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Debates_on_ECB_independence"> <div class="vector-toc-text"> 5.1 Debates on ECB independence </div> </a> <ul id="toc-Debates_on_ECB_independence-sublist" class="vector-toc-list"> <li id="toc-Arguments_in_favour_of_independence" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Arguments_in_favour_of_independence"> <div class="vector-toc-text"> 5.1.1 Arguments in favour of independence </div> </a> <ul id="toc-Arguments_in_favour_of_independence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_arguments_against_too_much_independence" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_arguments_against_too_much_independence"> <div class="vector-toc-text"> 5.1.2 The arguments against too much independence </div> </a> <ul id="toc-The_arguments_against_too_much_independence-sublist" class="vector-toc-list"> <li id="toc-An_independence_that_would_be_the_source_of_a_democratic_deficit." class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#An_independence_that_would_be_the_source_of_a_democratic_deficit."> <div class="vector-toc-text"> 5.1.2.1 An independence that would be the source of a democratic deficit. </div> </a> <ul id="toc-An_independence_that_would_be_the_source_of_a_democratic_deficit.-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_arguments_in_favour_of_a_counter_power" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#The_arguments_in_favour_of_a_counter_power"> <div class="vector-toc-text"> 5.1.2.2 The arguments in favour of a counter power </div> </a> <ul id="toc-The_arguments_in_favour_of_a_counter_power-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Debates_on_the_role_of_central_bank_reserves_in_monetary_policy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Debates_on_the_role_of_central_bank_reserves_in_monetary_policy"> <div class="vector-toc-text"> 5.1.3 Debates on the role of central bank reserves in monetary policy </div> </a> <ul id="toc-Debates_on_the_role_of_central_bank_reserves_in_monetary_policy-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 6 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> 7 Notes </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 8 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 9 External links </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">European Central Bank</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 83 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-83" aria-hidden="true" > 83 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Europese_Sentrale_Bank" title="Europese Sentrale Bank – Afrikaans" lang="af" hreflang="af" data-title="Europese Sentrale Bank" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target">Afrikaans</a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%A8%D9%86%D9%83_%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A_%D8%A7%D9%84%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%8A" title="البنك المركزي الأوروبي – Arabic" lang="ar" hreflang="ar" data-title="البنك المركزي الأوروبي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Bancu_Central_Europ%C3%A9u" title="Bancu Central Européu – Asturian" lang="ast" hreflang="ast" data-title="Bancu Central Européu" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target">Asturianu</a></li><li class="interlanguage-link interwiki-av mw-list-item"><a href="https://av.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D0%B0%D1%8F%D0%BB%D1%8A%D1%83%D0%BB_%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%B8%D1%8F%D0%B1_%D0%B1%D0%B0%D0%BD%D0%BA" title="Европаялъул централияб банк – Avaric" lang="av" hreflang="av" data-title="Европаялъул централияб банк" data-language-autonym="Авар" data-language-local-name="Avaric" class="interlanguage-link-target">Авар</a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Avropa_M%C9%99rk%C9%99zi_Bank%C4%B1" title="Avropa Mərkəzi Bankı – Azerbaijani" lang="az" hreflang="az" data-title="Avropa Mərkəzi Bankı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target">Azərbaycanca</a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%87%E0%A6%89%E0%A6%B0%E0%A7%8B%E0%A6%AA%E0%A7%80%E0%A6%AF%E0%A6%BC_%E0%A6%95%E0%A7%87%E0%A6%A8%E0%A7%8D%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A7%80%E0%A6%AF%E0%A6%BC_%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95" title="ইউরোপীয় কেন্দ্রীয় ব্যাংক – Bangla" lang="bn" hreflang="bn" data-title="ইউরোপীয় কেন্দ্রীয় ব্যাংক" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target">বাংলা</a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Au-chiu_Tiong-iong_G%C3%AEn-h%C3%A2ng" title="Au-chiu Tiong-iong Gîn-hâng – Minnan" lang="nan" hreflang="nan" data-title="Au-chiu Tiong-iong Gîn-hâng" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target">閩南語 / Bân-lâm-gú</a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%95%D1%9E%D1%80%D0%B0%D0%BF%D0%B5%D0%B9%D1%81%D0%BA%D1%96_%D1%86%D1%8D%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B_%D0%B1%D0%B0%D0%BD%D0%BA" title="Еўрапейскі цэнтральны банк – Belarusian" lang="be" hreflang="be" data-title="Еўрапейскі цэнтральны банк" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target">Беларуская</a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%AD%D1%9E%D1%80%D0%B0%D0%BF%D0%B5%D0%B9%D1%81%D0%BA%D1%96_%D1%86%D1%8D%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B_%D0%B1%D0%B0%D0%BD%D0%BA" title="Эўрапейскі цэнтральны банк – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Эўрапейскі цэнтральны банк" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target">Беларуская (тарашкевіца)</a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D0%B5%D0%B9%D1%81%D0%BA%D0%B0_%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Европейска централна банка – Bulgarian" lang="bg" hreflang="bg" data-title="Европейска централна банка" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Evropska_centralna_banka" title="Evropska centralna banka – Bosnian" lang="bs" hreflang="bs" data-title="Evropska centralna banka" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target">Bosanski</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Banc_Central_Europeu" title="Banc Central Europeu – Catalan" lang="ca" hreflang="ca" data-title="Banc Central Europeu" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Evropsk%C3%A1_centr%C3%A1ln%C3%AD_banka" title="Evropská centrální banka – Czech" lang="cs" hreflang="cs" data-title="Evropská centrální banka" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Banc_Canolog_Ewrop" title="Banc Canolog Ewrop – Welsh" lang="cy" hreflang="cy" data-title="Banc Canolog Ewrop" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target">Cymraeg</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Den_Europ%C3%A6iske_Centralbank" title="Den Europæiske Centralbank – Danish" lang="da" hreflang="da" data-title="Den Europæiske Centralbank" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-de badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://de.wikipedia.org/wiki/Europ%C3%A4ische_Zentralbank" title="Europäische Zentralbank – German" lang="de" hreflang="de" data-title="Europäische Zentralbank" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Euroopa_Keskpank" title="Euroopa Keskpank – Estonian" lang="et" hreflang="et" data-title="Euroopa Keskpank" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target">Eesti</a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CF%85%CF%81%CF%89%CF%80%CE%B1%CF%8A%CE%BA%CE%AE_%CE%9A%CE%B5%CE%BD%CF%84%CF%81%CE%B9%CE%BA%CE%AE_%CE%A4%CF%81%CE%AC%CF%80%CE%B5%CE%B6%CE%B1" title="Ευρωπαϊκή Κεντρική Τράπεζα – Greek" lang="el" hreflang="el" data-title="Ευρωπαϊκή Κεντρική Τράπεζα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target">Ελληνικά</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Banco_Central_Europeo" title="Banco Central Europeo – Spanish" lang="es" hreflang="es" data-title="Banco Central Europeo" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/E%C5%ADropa_Centra_Banko" title="Eŭropa Centra Banko – Esperanto" lang="eo" hreflang="eo" data-title="Eŭropa Centra Banko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target">Esperanto</a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Europako_Banku_Zentrala" title="Europako Banku Zentrala – Basque" lang="eu" hreflang="eu" data-title="Europako Banku Zentrala" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%A7%D9%86%DA%A9_%D9%85%D8%B1%DA%A9%D8%B2%DB%8C_%D8%A7%D8%B1%D9%88%D9%BE%D8%A7" title="بانک مرکزی اروپا – Persian" lang="fa" hreflang="fa" data-title="بانک مرکزی اروپا" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Banque_centrale_europ%C3%A9enne" title="Banque centrale européenne – French" lang="fr" hreflang="fr" data-title="Banque centrale européenne" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-fy mw-list-item"><a href="https://fy.wikipedia.org/wiki/Jeropeeske_Sintrale_Bank" title="Jeropeeske Sintrale Bank – Western Frisian" lang="fy" hreflang="fy" data-title="Jeropeeske Sintrale Bank" data-language-autonym="Frysk" data-language-local-name="Western Frisian" class="interlanguage-link-target">Frysk</a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Banc_Ceannais_Eorpach" title="Banc Ceannais Eorpach – Irish" lang="ga" hreflang="ga" data-title="Banc Ceannais Eorpach" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target">Gaeilge</a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Banco_Central_Europeo" title="Banco Central Europeo – Galician" lang="gl" hreflang="gl" data-title="Banco Central Europeo" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target">Galego</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9C%A0%EB%9F%BD_%EC%A4%91%EC%95%99%EC%9D%80%ED%96%89" title="유럽 중앙은행 – Korean" lang="ko" hreflang="ko" data-title="유럽 중앙은행" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B5%D5%BE%D6%80%D5%B8%D5%BA%D5%A1%D5%AF%D5%A1%D5%B6_%D5%AF%D5%A5%D5%B6%D5%BF%D6%80%D5%B8%D5%B6%D5%A1%D5%AF%D5%A1%D5%B6_%D5%A2%D5%A1%D5%B6%D5%AF" title="Եվրոպական կենտրոնական բանկ – Armenian" lang="hy" hreflang="hy" data-title="Եվրոպական կենտրոնական բանկ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target">Հայերեն</a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AF%E0%A5%82%E0%A4%B0%E0%A5%8B%E0%A4%AA%E0%A5%80%E0%A4%AF_%E0%A4%95%E0%A5%87%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A5%80%E0%A4%AF_%E0%A4%AC%E0%A5%88%E0%A4%82%E0%A4%95" title="यूरोपीय केन्द्रीय बैंक – Hindi" lang="hi" hreflang="hi" data-title="यूरोपीय केन्द्रीय बैंक" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target">हिन्दी</a></li><li class="interlanguage-link interwiki-hr badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://hr.wikipedia.org/wiki/Europska_sredi%C5%A1nja_banka" title="Europska središnja banka – Croatian" lang="hr" hreflang="hr" data-title="Europska središnja banka" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target">Hrvatski</a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Europana_Centrala_Banko" title="Europana Centrala Banko – Ido" lang="io" hreflang="io" data-title="Europana Centrala Banko" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target">Ido</a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Bank_Sentral_Eropa" title="Bank Sentral Eropa – Indonesian" lang="id" hreflang="id" data-title="Bank Sentral Eropa" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target">Bahasa Indonesia</a></li><li class="interlanguage-link interwiki-ia mw-list-item"><a href="https://ia.wikipedia.org/wiki/Banca_Central_Europee" title="Banca Central Europee – Interlingua" lang="ia" hreflang="ia" data-title="Banca Central Europee" data-language-autonym="Interlingua" data-language-local-name="Interlingua" class="interlanguage-link-target">Interlingua</a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Se%C3%B0labanki_Evr%C3%B3pu" title="Seðlabanki Evrópu – Icelandic" lang="is" hreflang="is" data-title="Seðlabanki Evrópu" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target">Íslenska</a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Banca_centrale_europea" title="Banca centrale europea – Italian" lang="it" hreflang="it" data-title="Banca centrale europea" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%91%D7%A0%D7%A7_%D7%94%D7%9E%D7%A8%D7%9B%D7%96%D7%99_%D7%94%D7%90%D7%99%D7%A8%D7%95%D7%A4%D7%99" title="הבנק המרכזי האירופי – Hebrew" lang="he" hreflang="he" data-title="הבנק המרכזי האירופי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%94%E1%83%95%E1%83%A0%E1%83%9D%E1%83%9E%E1%83%98%E1%83%A1_%E1%83%AA%E1%83%94%E1%83%9C%E1%83%A2%E1%83%A0%E1%83%90%E1%83%9A%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%91%E1%83%90%E1%83%9C%E1%83%99%E1%83%98" title="ევროპის ცენტრალური ბანკი – Georgian" lang="ka" hreflang="ka" data-title="ევროპის ცენტრალური ბანკი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target">ქართული</a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Argentaria_primaria_Europaea" title="Argentaria primaria Europaea – Latin" lang="la" hreflang="la" data-title="Argentaria primaria Europaea" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target">Latina</a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Eiropas_Centr%C4%81l%C4%81_banka" title="Eiropas Centrālā banka – Latvian" lang="lv" hreflang="lv" data-title="Eiropas Centrālā banka" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target">Latviešu</a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Europ%C3%A4esch_Zentralbank" title="Europäesch Zentralbank – Luxembourgish" lang="lb" hreflang="lb" data-title="Europäesch Zentralbank" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target">Lëtzebuergesch</a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Europos_Centrinis_Bankas" title="Europos Centrinis Bankas – Lithuanian" lang="lt" hreflang="lt" data-title="Europos Centrinis Bankas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target">Lietuvių</a></li><li class="interlanguage-link interwiki-li mw-list-item"><a href="https://li.wikipedia.org/wiki/Europese_Centraol_Baank" title="Europese Centraol Baank – Limburgish" lang="li" hreflang="li" data-title="Europese Centraol Baank" data-language-autonym="Limburgs" data-language-local-name="Limburgish" class="interlanguage-link-target">Limburgs</a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Eur%C3%B3pai_K%C3%B6zponti_Bank" title="Európai Központi Bank – Hungarian" lang="hu" hreflang="hu" data-title="Európai Központi Bank" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target">Magyar</a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D1%81%D0%BA%D0%B0_%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Европска централна банка – Macedonian" lang="mk" hreflang="mk" data-title="Европска централна банка" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target">Македонски</a></li><li class="interlanguage-link interwiki-mg mw-list-item"><a href="https://mg.wikipedia.org/wiki/Banky_Foibe_Eoropeana" title="Banky Foibe Eoropeana – Malagasy" lang="mg" hreflang="mg" data-title="Banky Foibe Eoropeana" data-language-autonym="Malagasy" data-language-local-name="Malagasy" class="interlanguage-link-target">Malagasy</a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%AF%E0%A5%81%E0%A4%B0%E0%A5%8B%E0%A4%AA%E0%A4%BF%E0%A4%AF%E0%A4%A8_%E0%A4%AE%E0%A4%A7%E0%A5%8D%E0%A4%AF%E0%A4%B5%E0%A4%B0%E0%A5%8D%E0%A4%A4%E0%A5%80_%E0%A4%AC%E0%A4%81%E0%A4%95" title="युरोपियन मध्यवर्ती बँक – Marathi" lang="mr" hreflang="mr" data-title="युरोपियन मध्यवर्ती बँक" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target">मराठी</a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Bank_Pusat_Eropah" title="Bank Pusat Eropah – Malay" lang="ms" hreflang="ms" data-title="Bank Pusat Eropah" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target">Bahasa Melayu</a></li><li class="interlanguage-link interwiki-mwl mw-list-item"><a href="https://mwl.wikipedia.org/wiki/Banco_Central_Ouropeu" title="Banco Central Ouropeu – Mirandese" lang="mwl" hreflang="mwl" data-title="Banco Central Ouropeu" data-language-autonym="Mirandés" data-language-local-name="Mirandese" class="interlanguage-link-target">Mirandés</a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D1%8B%D0%BD_%D0%A2%D3%A9%D0%B2_%D0%91%D0%B0%D0%BD%D0%BA" title="Европын Төв Банк – Mongolian" lang="mn" hreflang="mn" data-title="Европын Төв Банк" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target">Монгол</a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Europese_Centrale_Bank" title="Europese Centrale Bank – Dutch" lang="nl" hreflang="nl" data-title="Europese Centrale Bank" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AF%E0%A5%81%E0%A4%B0%E0%A5%8B%E0%A4%AA%E0%A5%87%E0%A4%B2%E0%A5%80_%E0%A4%95%E0%A5%87%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A5%80%E0%A4%AF_%E0%A4%AC%E0%A5%88%E0%A4%82%E0%A4%95" title="युरोपेली केन्द्रीय बैंक – Nepali" lang="ne" hreflang="ne" data-title="युरोपेली केन्द्रीय बैंक" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target">नेपाली</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%AC%A7%E5%B7%9E%E4%B8%AD%E5%A4%AE%E9%8A%80%E8%A1%8C" title="欧州中央銀行 – Japanese" lang="ja" hreflang="ja" data-title="欧州中央銀行" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-frr mw-list-item"><a href="https://frr.wikipedia.org/wiki/Europeesk_Sentraalbeenk" title="Europeesk Sentraalbeenk – Northern Frisian" lang="frr" hreflang="frr" data-title="Europeesk Sentraalbeenk" data-language-autonym="Nordfriisk" data-language-local-name="Northern Frisian" class="interlanguage-link-target">Nordfriisk</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Den_europeiske_sentralbank" title="Den europeiske sentralbank – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Den europeiske sentralbank" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Den_europeiske_sentralbanken" title="Den europeiske sentralbanken – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Den europeiske sentralbanken" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target">Norsk nynorsk</a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Banca_Centrala_Europ%C3%A8a" title="Banca Centrala Europèa – Occitan" lang="oc" hreflang="oc" data-title="Banca Centrala Europèa" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target">Occitan</a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Yevropa_markaziy_banki" title="Yevropa markaziy banki – Uzbek" lang="uz" hreflang="uz" data-title="Yevropa markaziy banki" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target">Oʻzbekcha / ўзбекча</a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%A7%D8%B1%D9%88%D9%BE%D8%A7%D9%8A%D9%8A_%D9%85%D8%B1%DA%A9%D8%B2%D9%8A_%D8%A8%D8%A7%D9%86%DA%A9" title="اروپايي مرکزي بانک – Pashto" lang="ps" hreflang="ps" data-title="اروپايي مرکزي بانک" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target">پښتو</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Europejski_Bank_Centralny" title="Europejski Bank Centralny – Polish" lang="pl" hreflang="pl" data-title="Europejski Bank Centralny" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Banco_Central_Europeu" title="Banco Central Europeu – Portuguese" lang="pt" hreflang="pt" data-title="Banco Central Europeu" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Banca_Central%C4%83_European%C4%83" title="Banca Centrală Europeană – Romanian" lang="ro" hreflang="ro" data-title="Banca Centrală Europeană" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target">Română</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D0%B5%D0%B9%D1%81%D0%BA%D0%B8%D0%B9_%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA" title="Европейский центральный банк – Russian" lang="ru" hreflang="ru" data-title="Европейский центральный банк" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-sc mw-list-item"><a href="https://sc.wikipedia.org/wiki/Banca_centrale_europea" title="Banca centrale europea – Sardinian" lang="sc" hreflang="sc" data-title="Banca centrale europea" data-language-autonym="Sardu" data-language-local-name="Sardinian" class="interlanguage-link-target">Sardu</a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Banka_Qendrore_Evropiane" title="Banka Qendrore Evropiane – Albanian" lang="sq" hreflang="sq" data-title="Banka Qendrore Evropiane" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target">Shqip</a></li><li class="interlanguage-link interwiki-scn mw-list-item"><a href="https://scn.wikipedia.org/wiki/Banca_Cintrali_Europea" title="Banca Cintrali Europea – Sicilian" lang="scn" hreflang="scn" data-title="Banca Cintrali Europea" data-language-autonym="Sicilianu" data-language-local-name="Sicilian" class="interlanguage-link-target">Sicilianu</a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/European_Central_Bank" title="European Central Bank – Simple English" lang="en-simple" hreflang="en-simple" data-title="European Central Bank" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Eur%C3%B3pska_centr%C3%A1lna_banka" title="Európska centrálna banka – Slovak" lang="sk" hreflang="sk" data-title="Európska centrálna banka" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target">Slovenčina</a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Evropska_centralna_banka" title="Evropska centralna banka – Slovenian" lang="sl" hreflang="sl" data-title="Evropska centralna banka" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target">Slovenščina</a></li><li class="interlanguage-link interwiki-sr badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://sr.wikipedia.org/wiki/%D0%95%D0%B2%D1%80%D0%BE%D0%BF%D1%81%D0%BA%D0%B0_%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Европска централна банка – Serbian" lang="sr" hreflang="sr" data-title="Европска централна банка" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target">Српски / srpski</a></li><li class="interlanguage-link interwiki-fi badge-Q17559452 badge-recommendedarticle mw-list-item" title="recommended article"><a href="https://fi.wikipedia.org/wiki/Euroopan_keskuspankki" title="Euroopan keskuspankki – Finnish" lang="fi" hreflang="fi" data-title="Euroopan keskuspankki" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target">Suomi</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Europeiska_centralbanken" title="Europeiska centralbanken – Swedish" lang="sv" hreflang="sv" data-title="Europeiska centralbanken" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%90%E0%AE%B0%E0%AF%8B%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AE%BF%E0%AE%AF_%E0%AE%A8%E0%AE%9F%E0%AF%81%E0%AE%B5%E0%AE%A3%E0%AF%8D_%E0%AE%B5%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AE%BF" title="ஐரோப்பிய நடுவண் வங்கி – Tamil" lang="ta" hreflang="ta" data-title="ஐரோப்பிய நடுவண் வங்கி" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target">தமிழ்</a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%98%E0%B8%99%E0%B8%B2%E0%B8%84%E0%B8%B2%E0%B8%A3%E0%B8%81%E0%B8%A5%E0%B8%B2%E0%B8%87%E0%B8%A2%E0%B8%B8%E0%B9%82%E0%B8%A3%E0%B8%9B" title="ธนาคารกลางยุโรป – Thai" lang="th" hreflang="th" data-title="ธนาคารกลางยุโรป" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target">ไทย</a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Avrupa_Merkez_Bankas%C4%B1" title="Avrupa Merkez Bankası – Turkish" lang="tr" hreflang="tr" data-title="Avrupa Merkez Bankası" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target">Türkçe</a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%84%D0%B2%D1%80%D0%BE%D0%BF%D0%B5%D0%B9%D1%81%D1%8C%D0%BA%D0%B8%D0%B9_%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D0%B8%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA" title="Європейський центральний банк – Ukrainian" lang="uk" hreflang="uk" data-title="Європейський центральний банк" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target">Українська</a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%DB%8C%D9%88%D8%B1%D9%BE%DB%8C_%D9%85%D8%B1%DA%A9%D8%B2%DB%8C_%D8%A8%DB%8C%D9%86%DA%A9" title="یورپی مرکزی بینک – Urdu" lang="ur" hreflang="ur" data-title="یورپی مرکزی بینک" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target">اردو</a></li><li class="interlanguage-link interwiki-vec mw-list-item"><a href="https://vec.wikipedia.org/wiki/Banca_Sentra%C5%82e_Eoropea" title="Banca Sentrałe Eoropea – Venetian" lang="vec" hreflang="vec" data-title="Banca Sentrałe Eoropea" data-language-autonym="Vèneto" data-language-local-name="Venetian" class="interlanguage-link-target">Vèneto</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ng%C3%A2n_h%C3%A0ng_Trung_%C6%B0%C6%A1ng_Ch%C3%A2u_%C3%82u" title="Ngân hàng Trung ương Châu Âu – Vietnamese" lang="vi" hreflang="vi" data-title="Ngân hàng Trung ương Châu Âu" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target">Tiếng Việt</a></li><li class="interlanguage-link interwiki-fiu-vro mw-list-item"><a href="https://fiu-vro.wikipedia.org/wiki/%C3%95uruupa_Keskpank" title="Õuruupa Keskpank – Võro" lang="vro" hreflang="vro" data-title="Õuruupa Keskpank" data-language-autonym="Võro" data-language-local-name="Võro" class="interlanguage-link-target">Võro</a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E6%AC%A7%E6%B4%B2%E5%A4%AE%E8%A1%8C" title="欧洲央行 – Wu" lang="wuu" hreflang="wuu" data-title="欧洲央行" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target">吴语</a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%90%D7%99%D7%99%D7%A8%D7%90%D7%A4%D7%A2%D7%99%D7%A9%D7%A2%D7%A8_%D7%A6%D7%A2%D7%A0%D7%98%D7%A8%D7%90%D7%9C%D7%91%D7%90%D7%A0%D7%A7" title="אייראפעישער צענטראלבאנק – Yiddish" lang="yi" hreflang="yi" data-title="אייראפעישער צענטראלבאנק" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target">ייִדיש</a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E6%AD%90%E6%B4%B2%E4%B8%AD%E5%A4%AE%E9%8A%80%E8%A1%8C" title="歐洲中央銀行 – Cantonese" lang="yue" hreflang="yue" data-title="歐洲中央銀行" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target">粵語</a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%AC%A7%E6%B4%B2%E4%B8%AD%E5%A4%AE%E9%93%B6%E8%A1%8C" title="欧洲中央银行 – Chinese" lang="zh" hreflang="zh" data-title="欧洲中央银行" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target">中文</a></li> </ul> <div class="after-portlet after-portlet-lang"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q8901#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/European_Central_Bank" title="View the content page [c]" accesskey="c">Article</a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:European_Central_Bank" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t">Talk</a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" >English </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/European_Central_Bank">Read</a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=European_Central_Bank&action=edit" title="Edit this page [e]" accesskey="e">Edit</a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=European_Central_Bank&action=history" title="Past revisions of this page [h]" accesskey="h">View history</a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" >Tools </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/European_Central_Bank">Read</a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=European_Central_Bank&action=edit" title="Edit this page [e]" accesskey="e">Edit</a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=European_Central_Bank&action=history">View history</a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/European_Central_Bank" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j">What links here</a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/European_Central_Bank" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k">Related changes</a></li><li id="t-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u">Upload file</a></li><li id="t-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages" title="A list of all special pages [q]" accesskey="q">Special pages</a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=European_Central_Bank&oldid=1258411323" title="Permanent link to this revision of this page">Permanent link</a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=European_Central_Bank&action=info" title="More information about this page">Page information</a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=European_Central_Bank&id=1258411323&wpFormIdentifier=titleform" title="Information on how to cite this page">Cite this page</a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FEuropean_Central_Bank">Get shortened URL</a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FEuropean_Central_Bank">Download QR code</a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=European_Central_Bank&action=show-download-screen" title="Download this page as a PDF file">Download as PDF</a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=European_Central_Bank&printable=yes" title="Printable version of this page [p]" accesskey="p">Printable version</a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="wb-otherproject-link wb-otherproject-commons mw-list-item"><a href="https://commons.wikimedia.org/wiki/Category:European_Central_Bank" hreflang="en">Wikimedia Commons</a></li><li class="wb-otherproject-link wb-otherproject-wikinews mw-list-item"><a href="https://en.wikinews.org/wiki/Category:European_Central_Bank" hreflang="en">Wikinews</a></li><li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q8901" title="Structured data on this page hosted by Wikidata [g]" accesskey="g">Wikidata item</a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Supranational central bank in Europe</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/European_Investment_Bank" title="European Investment Bank">European Investment Bank</a>, <a href="/wiki/European_Bank_for_Reconstruction_and_Development" title="European Bank for Reconstruction and Development">European Bank for Reconstruction and Development</a>, or <a href="/wiki/Council_of_Europe_Development_Bank" title="Council of Europe Development Bank">Council of Europe Development Bank</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1151960987">body.skin-minerva .mw-parser-output .infobox table{display:table}body.skin-minerva .mw-parser-output .infobox caption{display:table-caption}</style><table class="infobox vcard"><caption class="infobox-title fn org">European Central Bank</caption><tbody><tr><td colspan="2" class="infobox-image"><a href="/wiki/File:Logo_European_Central_Bank.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Logo_European_Central_Bank.svg/150px-Logo_European_Central_Bank.svg.png" decoding="async" width="150" height="124" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Logo_European_Central_Bank.svg/225px-Logo_European_Central_Bank.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Logo_European_Central_Bank.svg/300px-Logo_European_Central_Bank.svg.png 2x" data-file-width="399" data-file-height="329" /></a></td></tr><tr><td colspan="2" class="infobox-image"><a href="/wiki/File:Europ%C3%A4ische_Zentralbank_-_European_Central_Bank_(19190136328)_(cropped).jpg" class="mw-file-description"><img alt="Seat in Frankfurt" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Europ%C3%A4ische_Zentralbank_-_European_Central_Bank_%2819190136328%29_%28cropped%29.jpg/220px-Europ%C3%A4ische_Zentralbank_-_European_Central_Bank_%2819190136328%29_%28cropped%29.jpg" decoding="async" width="220" height="288" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Europ%C3%A4ische_Zentralbank_-_European_Central_Bank_%2819190136328%29_%28cropped%29.jpg/330px-Europ%C3%A4ische_Zentralbank_-_European_Central_Bank_%2819190136328%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/16/Europ%C3%A4ische_Zentralbank_-_European_Central_Bank_%2819190136328%29_%28cropped%29.jpg/440px-Europ%C3%A4ische_Zentralbank_-_European_Central_Bank_%2819190136328%29_%28cropped%29.jpg 2x" data-file-width="1776" data-file-height="2324" /></a><div class="infobox-caption"><a href="/wiki/Seat_of_the_European_Central_Bank" title="Seat of the European Central Bank">Seat</a> in <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a></div></td></tr><tr class="label"><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data"><a href="/wiki/Ostend_(Frankfurt_am_Main)" title="Ostend (Frankfurt am Main)">Ostend</a> district, <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a>, Germany</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Geographic_coordinate_system" title="Geographic coordinate system">Coordinates</a></th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1156832818">.mw-parser-output .geo-default,.mw-parser-output .geo-dms,.mw-parser-output .geo-dec{display:inline}.mw-parser-output .geo-nondefault,.mw-parser-output .geo-multi-punct,.mw-parser-output .geo-inline-hidden{display:none}.mw-parser-output .longitude,.mw-parser-output .latitude{white-space:nowrap}</style><a class="external text" href="https://geohack.toolforge.org/geohack.php?pagename=European_Central_Bank&params=50.1089_N_8.7034_E_region:DE-HE_type:landmark">50°06′32″N 8°42′12″E / 50.1089°N 8.7034°E / 50.1089; 8.7034</a></td></tr><tr><th scope="row" class="infobox-label">Established</th><td class="infobox-data">1 June 1998 (26 years ago) (1998-06-01)</td></tr><tr><th scope="row" class="infobox-label">Governing body</th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li><a href="/wiki/Governing_Council_of_the_European_Central_Bank" class="mw-redirect" title="Governing Council of the European Central Bank">Governing Council</a></li><li><a href="/wiki/Executive_Board_of_the_European_Central_Bank" title="Executive Board of the European Central Bank">Executive Board</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Key people</th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"> <ul><li><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a> (<a href="/wiki/President_of_the_European_Central_Bank" title="President of the European Central Bank">president</a>)</li> <li><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a> <a href="/wiki/Luis_de_Guindos" title="Luis de Guindos">Luis de Guindos</a> (<a href="/wiki/President_of_the_European_Central_Bank#Vice_Presidents" title="President of the European Central Bank">vice president</a>)</li> <li><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Philip_R._Lane" title="Philip R. Lane">Philip R. Lane</a> (chief economist)</li></ul> </div></td></tr><tr><th scope="row" class="infobox-label">Currency</th><td class="infobox-data"><a href="/wiki/Euro" title="Euro">Euro</a> (€) EUR (<a href="/wiki/ISO_4217" title="ISO 4217">ISO 4217</a>)</td></tr><tr><th scope="row" class="infobox-label">Reserves</th><td class="infobox-data"><div class="collapsible-list mw-collapsible mw-collapsed" style="text-align: left;"> <div style="line-height: 1.6em; font-weight: bold;"><div>€526 billion</div></div> <ul class="mw-collapsible-content" style="margin-top: 0; margin-bottom: 0; line-height: inherit; list-style: none; margin-left: 0;"><li style="line-height: inherit; margin: 0"> €40 billion (directly) </li><li style="line-height: inherit; margin: 0"> €340 billion (<a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a> incl. gold) </li><li style="line-height: inherit; margin: 0"> €150 billion (<a href="/wiki/Foreign_exchange_reserves" title="Foreign exchange reserves">forex reserves</a>) </li></ul> </div></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Bank_rate" title="Bank rate">Bank rate</a></th><td class="infobox-data">3.65% (Main refinancing operations)<a href="#cite_note-rates-1">[1]</a> 3.90% (Marginal lending facility)<a href="#cite_note-rates-1">[1]</a></td></tr><tr><th scope="row" class="infobox-label">Interest on reserves</th><td class="infobox-data">3.50% (Deposit facility)<a href="#cite_note-rates-1">[1]</a></td></tr><tr><th scope="row" class="infobox-label">Preceded by</th><td class="infobox-data"><div class="collapsible-list mw-collapsible mw-collapsed" style="text-align: left;"> <div style="line-height: 1.6em; font-weight: bold;"><div>20 central banks</div></div> <ul class="mw-collapsible-content" style="margin-top: 0; margin-bottom: 0; line-height: inherit; list-style: none; margin-left: 0;"><li style="line-height: inherit; margin: 0"> <a href="/wiki/Oesterreichische_Nationalbank" title="Oesterreichische Nationalbank">Oesterreichische Nationalbank</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/National_Bank_of_Belgium" title="National Bank of Belgium">National Bank of Belgium</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Croatian_National_Bank" title="Croatian National Bank">Croatian National Bank</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Central_Bank_of_Cyprus" title="Central Bank of Cyprus">Central Bank of Cyprus</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Bank_of_Estonia" title="Bank of Estonia">Bank of Estonia</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Bank_of_Finland" title="Bank of Finland">Bank of Finland</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Banque_de_France" class="mw-redirect" title="Banque de France">Banque de France</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Bank_of_Greece" title="Bank of Greece">Bank of Greece</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Central_Bank_of_Ireland" title="Central Bank of Ireland">Central Bank of Ireland</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Banca_d%27Italia" class="mw-redirect" title="Banca d'Italia">Banca d'Italia</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Latvijas_Banka" class="mw-redirect" title="Latvijas Banka">Latvijas Banka</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Bank_of_Lithuania" title="Bank of Lithuania">Bank of Lithuania</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Central_Bank_of_Luxembourg" title="Central Bank of Luxembourg">Central Bank of Luxembourg</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Central_Bank_of_Malta" title="Central Bank of Malta">Central Bank of Malta</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Banco_de_Portugal" title="Banco de Portugal">Banco de Portugal</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Bank_of_Slovenia" title="Bank of Slovenia">Banka Slovenije</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/National_Bank_of_Slovakia" title="National Bank of Slovakia">Národná banka Slovenska</a> </li><li style="line-height: inherit; margin: 0"> <a href="/wiki/Bank_of_Spain" title="Bank of Spain">Banco de España</a> </li></ul> </div></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/home/html/index.en.html">ecb.europa.eu</a></td></tr></tbody></table> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Euro_Monetary_Policy.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Euro_Monetary_Policy.webp/274px-Euro_Monetary_Policy.webp.png" decoding="async" width="274" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Euro_Monetary_Policy.webp/411px-Euro_Monetary_Policy.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Euro_Monetary_Policy.webp/548px-Euro_Monetary_Policy.webp.png 2x" data-file-width="5242" data-file-height="2382" /></a><figcaption>Euro <a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend">  Euro zone inflation year/year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  M3 money supply increases</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Marginal Lending Facility</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Main Refinancing Operations</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Deposit Facility Rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Euribor" title="Euribor">Euribor</a></div> </figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Europ%C3%A4ische_Zentralbank_Frankfurt.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/75/Europ%C3%A4ische_Zentralbank_Frankfurt.jpg/260px-Europ%C3%A4ische_Zentralbank_Frankfurt.jpg" decoding="async" width="260" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/75/Europ%C3%A4ische_Zentralbank_Frankfurt.jpg/390px-Europ%C3%A4ische_Zentralbank_Frankfurt.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/75/Europ%C3%A4ische_Zentralbank_Frankfurt.jpg/520px-Europ%C3%A4ische_Zentralbank_Frankfurt.jpg 2x" data-file-width="6844" data-file-height="5276" /></a><figcaption><a href="/wiki/Seat_of_the_European_Central_Bank" title="Seat of the European Central Bank">Seat of the European Central Bank</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Frankfurt_am_Main,_die_Europ%C3%A4ische_Zentralbank_vanaf_die_Alte_Mainbr%C3%BCcke_foto5_2016-08-11_16.21.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Frankfurt_am_Main%2C_die_Europ%C3%A4ische_Zentralbank_vanaf_die_Alte_Mainbr%C3%BCcke_foto5_2016-08-11_16.21.jpg/260px-Frankfurt_am_Main%2C_die_Europ%C3%A4ische_Zentralbank_vanaf_die_Alte_Mainbr%C3%BCcke_foto5_2016-08-11_16.21.jpg" decoding="async" width="260" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Frankfurt_am_Main%2C_die_Europ%C3%A4ische_Zentralbank_vanaf_die_Alte_Mainbr%C3%BCcke_foto5_2016-08-11_16.21.jpg/390px-Frankfurt_am_Main%2C_die_Europ%C3%A4ische_Zentralbank_vanaf_die_Alte_Mainbr%C3%BCcke_foto5_2016-08-11_16.21.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/83/Frankfurt_am_Main%2C_die_Europ%C3%A4ische_Zentralbank_vanaf_die_Alte_Mainbr%C3%BCcke_foto5_2016-08-11_16.21.jpg/520px-Frankfurt_am_Main%2C_die_Europ%C3%A4ische_Zentralbank_vanaf_die_Alte_Mainbr%C3%BCcke_foto5_2016-08-11_16.21.jpg 2x" data-file-width="4314" data-file-height="2568" /></a><figcaption>Frankfurt am Main, the European Central Bank from Alte Mainbrücke</figcaption></figure> The European Central Bank (ECB) is the central component of the <a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a> and the <a href="/wiki/European_System_of_Central_Banks" title="European System of Central Banks">European System of Central Banks</a> (ESCB) as well as one of seven <a href="/wiki/Institutions_of_the_European_Union" title="Institutions of the European Union">institutions of the European Union</a>.<a href="#cite_note-2">[2]</a> It is one of the world's <a href="/wiki/Big_Four_(banking)#International_use" title="Big Four (banking)">most important central banks</a> with a balance sheet total of around 7 trillion.<a href="#cite_note-3">[3]</a> The <a href="/wiki/Governing_Council_of_the_European_Central_Bank" class="mw-redirect" title="Governing Council of the European Central Bank">ECB Governing Council</a> makes <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> for the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> and the <a href="/wiki/European_Union" title="European Union">European Union</a>, administers the <a href="/wiki/Foreign_exchange_reserves" title="Foreign exchange reserves">foreign exchange reserves</a> of EU member states, engages in foreign exchange operations, and defines the intermediate monetary objectives and key interest rate of the EU. The <a href="/wiki/Executive_Board_of_the_European_Central_Bank" title="Executive Board of the European Central Bank">ECB Executive Board</a> enforces the policies and decisions of the Governing Council, and may direct the national central banks when doing so.<a href="#cite_note-4">[4]</a> The ECB has the exclusive right to authorise the issuance of <a href="/wiki/Euro_banknotes" title="Euro banknotes">euro banknotes</a>. Member states can issue <a href="/wiki/Euro_coins" title="Euro coins">euro coins</a>, but the volume must be approved by the ECB beforehand. The bank also operates the <a href="/wiki/TARGET2" title="TARGET2">TARGET2</a> payments system. The ECB was established by the <a href="/wiki/Treaty_of_Amsterdam" title="Treaty of Amsterdam">Treaty of Amsterdam</a> in May 1999 with the purpose of guaranteeing and maintaining <a href="/wiki/Price_stability" title="Price stability">price stability</a>. On 1 December 2009, the <a href="/wiki/Treaty_of_Lisbon" title="Treaty of Lisbon">Treaty of Lisbon</a> became effective and the bank gained the official status of an <a href="/wiki/Institutions_of_the_European_Union" title="Institutions of the European Union">EU institution</a>. When the ECB was created, it covered a <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> of eleven members. Since then, Greece joined in January 2001, Slovenia in January 2007, Cyprus and Malta in January 2008, Slovakia in January 2009, Estonia in January 2011, Latvia in January 2014, Lithuania in January 2015 and Croatia in January 2023.<a href="#cite_note-CVCE-2016-5">[5]</a> The current <a href="/wiki/President_of_the_European_Central_Bank" title="President of the European Central Bank">President of the ECB</a> is <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a>. <a href="/wiki/Seat_of_the_European_Central_Bank" title="Seat of the European Central Bank">Seated</a> in Frankfurt, Germany, the bank formerly occupied the <a href="/wiki/Eurotower_(Frankfurt_am_Main)" title="Eurotower (Frankfurt am Main)">Eurotower</a> prior to the construction of its new seat. The ECB is directly governed by <a href="/wiki/European_Union_law" class="mw-redirect" title="European Union law">European Union law</a>. Its capital stock, worth €11 billion, is owned by all 27 central banks of the EU member states as <a href="/wiki/Shareholder" title="Shareholder">shareholders</a>.<a href="#cite_note-capital-6">[6]</a> The initial capital allocation key was determined in 1998 on the basis of the states' population and GDP, but the capital key has been readjusted since.<a href="#cite_note-capital-6">[6]</a> Shares in the ECB are not transferable and cannot be used as collateral. <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=1" title="Edit section: History">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Euro_inflation.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Euro_inflation.webp/220px-Euro_inflation.webp.png" decoding="async" width="220" height="57" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Euro_inflation.webp/330px-Euro_inflation.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Euro_inflation.webp/440px-Euro_inflation.webp.png 2x" data-file-width="8009" data-file-height="2058" /></a><figcaption>Euro zone inflation</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/History_of_the_euro" title="History of the euro">History of the euro</a></div> <div class="mw-heading mw-heading3"><h3 id="Early_years_(1998–2007)">Early years (1998–2007)</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=2" title="Edit section: Early years (1998–2007)">edit</a>]</div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Wim_Duisenberg.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Wim_Duisenberg.jpg/150px-Wim_Duisenberg.jpg" decoding="async" width="150" height="229" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Wim_Duisenberg.jpg/225px-Wim_Duisenberg.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Wim_Duisenberg.jpg/300px-Wim_Duisenberg.jpg 2x" data-file-width="1000" data-file-height="1529" /></a><figcaption><a href="/wiki/Wim_Duisenberg" title="Wim Duisenberg">Wim Duisenberg</a>, first President of the ECB</figcaption></figure> The European Central Bank is the de facto successor of the <a href="/wiki/European_Monetary_Institute" title="European Monetary Institute">European Monetary Institute</a> (EMI).<a href="#cite_note-ECB-2007a-7">[7]</a> The EMI was established at the start of the second stage of the EU's <a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union</a> (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and <a href="/wiki/European_System_of_Central_Banks" title="European System of Central Banks">European System of Central Banks</a> (ESCB).<a href="#cite_note-ECB-2007a-7">[7]</a> The EMI itself took over from the earlier <a href="/wiki/European_Monetary_Cooperation_Fund" title="European Monetary Cooperation Fund">European Monetary Cooperation Fund</a> (EMCF).<a href="#cite_note-CVCE-2016-5">[5]</a> The ECB formally replaced the EMI on 1 June 1998 by virtue of the <a href="/wiki/Treaty_on_European_Union" title="Treaty on European Union">Treaty on European Union</a> (TEU, Treaty of Maastricht), however it did not exercise its full powers until the <a href="/wiki/Introduction_of_the_euro" class="mw-redirect" title="Introduction of the euro">introduction of the euro</a> on 1 January 1999, signalling the third stage of EMU.<a href="#cite_note-ECB-2007a-7">[7]</a> The bank was the final institution needed for EMU, as outlined by the EMU reports of <a href="/wiki/Pierre_Werner" title="Pierre Werner">Pierre Werner</a> and President <a href="/wiki/Jacques_Delors" title="Jacques Delors">Jacques Delors</a>. It was established on 1 June 1998 The first <a href="/wiki/List_of_Presidents_of_the_European_Central_Bank" class="mw-redirect" title="List of Presidents of the European Central Bank">President of the Bank</a> was <a href="/wiki/Wim_Duisenberg" title="Wim Duisenberg">Wim Duisenberg</a>, the former president of the <a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">Dutch central bank</a> and the <a href="/wiki/European_Monetary_Institute" title="European Monetary Institute">European Monetary Institute</a>.<a href="#cite_note-Ecb.int-2011-8">[8]</a> While Duisenberg had been the head of the EMI (taking over from <a href="/wiki/Alexandre_Lamfalussy" title="Alexandre Lamfalussy">Alexandre Lamfalussy</a> of Belgium) just before the ECB came into existence,<a href="#cite_note-Ecb.int-2011-8">[8]</a> the French government wanted <a href="/wiki/Jean-Claude_Trichet" title="Jean-Claude Trichet">Jean-Claude Trichet</a>, former head of the <a href="/wiki/Banque_de_France" class="mw-redirect" title="Banque de France">French central bank</a>, to be the ECB's first president.<a href="#cite_note-Ecb.int-2011-8">[8]</a> The French argued that since the ECB was to be located in Germany, its president should be French. This was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro.<a href="#cite_note-ENA_EMU3-9">[9]</a> Tensions were abated by a <a href="/wiki/Gentleman%27s_agreement" class="mw-redirect" title="Gentleman's agreement">gentleman's agreement</a> in which Duisenberg would stand down before the end of his mandate, to be replaced by Trichet.<a href="#cite_note-10">[10]</a> Trichet replaced Duisenberg as president in November 2003. Until 2007, the ECB had very successfully managed to maintain inflation close but below 2%. <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Mario_Draghi_World_Economic_Forum_2013_crop.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Mario_Draghi_World_Economic_Forum_2013_crop.jpg/150px-Mario_Draghi_World_Economic_Forum_2013_crop.jpg" decoding="async" width="150" height="183" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Mario_Draghi_World_Economic_Forum_2013_crop.jpg/225px-Mario_Draghi_World_Economic_Forum_2013_crop.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Mario_Draghi_World_Economic_Forum_2013_crop.jpg/300px-Mario_Draghi_World_Economic_Forum_2013_crop.jpg 2x" data-file-width="2347" data-file-height="2861" /></a><figcaption><a href="/wiki/Mario_Draghi" title="Mario Draghi">Mario Draghi</a>, President of the ECB between 2011 and 2019</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Response_to_the_financial_crises_(2008–2014)">Response to the financial crises (2008–2014)</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=3" title="Edit section: Response to the financial crises (2008–2014)">edit</a>]</div> The European Central Bank underwent through a deep internal transformation as it faced the global financial crisis and the <a href="/wiki/European_debt_crisis" title="European debt crisis">Eurozone debt crisis</a>. <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></td><td class="mbox-text"><div class="mbox-text-span">This section needs expansion with: here we need some headline facts on the early response to the Lehman shock: interest cuts, repos & swap lines, securitized bond purchases…. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_Central_Bank&action=edit&section=">adding to it</a>. (April 2021)</div></td></tr></tbody></table> <div class="mw-heading mw-heading4"><h4 id="Early_response_to_the_Eurozone_debt_crisis">Early response to the Eurozone debt crisis</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=4" title="Edit section: Early response to the Eurozone debt crisis">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></div>The so-called <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a> began after Greece's new elected government uncovered the real level indebtedness and budget deficit and warned EU institutions of the imminent danger of a Greek <a href="/wiki/Sovereign_default" title="Sovereign default">sovereign default</a>. Foreseeing a possible sovereign default in the eurozone, the general public, international and European institutions, and the financial community reassessed the economic situation and creditworthiness of some Eurozone member states. Consequently, sovereign bonds yields of several Eurozone countries started to rise sharply. This provoked a self-fulfilling panic on financial markets: the more Greek bonds yields rose, the more likely a default became possible, the more bond yields increased in turn.<a href="#cite_note-11">[11]</a><a href="#cite_note-12">[12]</a><a href="#cite_note-wsj-13">[13]</a><a href="#cite_note-14">[14]</a><a href="#cite_note-15">[15]</a><a href="#cite_note-16">[16]</a><a href="#cite_note-17">[17]</a> This panic was also aggravated because of the reluctance of the ECB to react and intervene on sovereign bond markets for two reasons. First, because the ECB's legal framework normally forbids the purchase of sovereign bonds in the primary market (Article 123. TFEU),<a href="#cite_note-18">[18]</a> An over-interpretation of this limitation, inhibited the ECB from implementing <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a> like the Federal Reserve and the Bank of England did as soon as 2008, which played an important role in stabilizing markets. Secondly, a decision by the ECB made in 2005 introduced a minimum credit rating (BBB-) for all Eurozone sovereign bonds to be eligible as collateral to the ECB's open market operations. This meant that if a private rating agencies were to downgrade a sovereign bond below that threshold, many banks would suddenly become illiquid because they would lose access to ECB refinancing operations. According to former member of the governing council of the ECB <a href="/wiki/Athanasios_Orphanides" title="Athanasios Orphanides">Athanasios Orphanides</a>, this change in the ECB's collateral framework "planted the seed" of the euro crisis.<a href="#cite_note-19">[19]</a> Faced with those regulatory constraints, the ECB led by Jean-Claude Trichet in 2010 was reluctant to intervene to calm down financial markets. Up until 6 May 2010, Trichet formally denied at several press conferences<a href="#cite_note-20">[20]</a> the possibility of the ECB to embark into sovereign bonds purchases, even though Greece, Ireland, Portugal, Spain and Italy faced waves of <a href="/wiki/Credit_rating" title="Credit rating">credit rating</a> downgrades and increasing interest rate spreads. <div class="mw-heading mw-heading4"><h4 id="Market_interventions_(2010–2011)">Market interventions (2010–2011)</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=5" title="Edit section: Market interventions (2010–2011)">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:ECB_SMP_Bond_Purchases.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/ECB_SMP_Bond_Purchases.png/200px-ECB_SMP_Bond_Purchases.png" decoding="async" width="200" height="185" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/ECB_SMP_Bond_Purchases.png/300px-ECB_SMP_Bond_Purchases.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/ECB_SMP_Bond_Purchases.png/400px-ECB_SMP_Bond_Purchases.png 2x" data-file-width="787" data-file-height="729" /></a><figcaption>ECB Securities Markets Programme (SMP) covering bond purchases since May 2010</figcaption></figure> In a remarkable u-turn, the ECB announced on 10 May 2010,<a href="#cite_note-21">[21]</a> the launch of a "Securities Market Programme" (SMP) which involved the discretionary purchase of sovereign bonds in secondary markets. Extraordinarily, the decision was taken by the Governing Council during a teleconference call only three days after the ECB's usual meeting of 6 May (when Trichet still denied the possibility of purchasing sovereign bonds). The ECB justified this decision by the necessity to "address severe tensions in financial markets." The decision also coincided with the EU leaders decision of 10 May to establish the European Financial Stabilisation mechanism, which would serve as a crisis fighting fund to safeguard the euro area from future sovereign debt crisis.<a href="#cite_note-22">[22]</a> Although at first limited to the debt of Greece, Ireland and Portugal, the bulk of the ECB's bond buying eventually consisted of Spanish and Italian debt.<a href="#cite_note-23">[23]</a> These purchases were intended to dampen international speculation against stressed countries, and thus avoid a contagion of the Greek crisis towards other Eurozone countries. The assumption—largely justified—was that speculative activity would decrease over time and the value of the assets increase. Although SMP purchases did inject liquidity into financial markets, all of these injections were "sterilized" through weekly liquidity absorption. So the operation was net neutral in liquidity terms (though this was of little practical importance since normal monetary policy operations were ensuring unlimited supplies of liquidity at the main policy interest rate).<a href="#cite_note-Euro_debt_working_paper-24">[24]</a>[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>]<a href="#cite_note-25">[25]</a> In September 2011, ECB's Board member <a href="/wiki/J%C3%BCrgen_Stark" title="Jürgen Stark">Jürgen Stark</a>, resigned in protest against the "Securities Market Programme" which involved the purchase of sovereign bonds from Southern member states, a move that he considered as equivalent to <a href="/wiki/Monetary_financing" class="mw-redirect" title="Monetary financing">monetary financing</a>, which is prohibited by the EU Treaty. The <a href="/wiki/Financial_Times_Deutschland" title="Financial Times Deutschland">Financial Times Deutschland</a> referred to this episode as "the end of the ECB as we know it", referring to its hitherto perceived "hawkish" stance on inflation and its historical <a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a> influence.<a href="#cite_note-26">[26]</a> As of 18 June 2012, the ECB in total had spent €212.1bn (equal to 2.2% of the Eurozone GDP) for bond purchases covering outright debt, as part of the Securities Markets Programme.<a href="#cite_note-27">[27]</a> Controversially, the ECB made substantial profits out of SMP, which were largely redistributed to Eurozone countries.<a href="#cite_note-28">[28]</a><a href="#cite_note-29">[29]</a> In 2013, the <a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a> decided to refund those profits to Greece, however, the payments were suspended from 2014 until 2017 over the conflict between <a href="/wiki/Yanis_Varoufakis" title="Yanis Varoufakis">Yanis Varoufakis</a> and ministers of the Eurogroup. In 2018, profits refunds were reinstalled by the Eurogroup. However, several NGOs complained that a substantial part of the ECB profits would never be refunded to Greece.<a href="#cite_note-30">[30]</a> <div class="mw-heading mw-heading4"><h4 id="Role_in_the_Troika_(2010–2015)">Role in the Troika (2010–2015)</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=6" title="Edit section: Role in the Troika (2010–2015)">edit</a>]</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Europe_bonds_sovereign_debt_crisis.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Europe_bonds_sovereign_debt_crisis.webp/300px-Europe_bonds_sovereign_debt_crisis.webp.png" decoding="async" width="300" height="88" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Europe_bonds_sovereign_debt_crisis.webp/450px-Europe_bonds_sovereign_debt_crisis.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Europe_bonds_sovereign_debt_crisis.webp/600px-Europe_bonds_sovereign_debt_crisis.webp.png 2x" data-file-width="5195" data-file-height="1520" /></a><figcaption>European 10 year bonds, before the <a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Great Recession in Europe</a> bonds floated together in parity <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Greece" title="Greece">Greece</a> 10 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Portugal" title="Portugal">Portugal</a> 10 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a> 10 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Spain" title="Spain">Spain</a> 10 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Italy" title="Italy">Italy</a> 10 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/France" title="France">France</a> 10 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Germany" title="Germany">Germany</a> 10 year bond</div> </figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a>, <a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">Post-2008 Irish banking crisis</a>, and <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></div> The ECB played a controversial role in the "<a href="/wiki/European_troika" class="mw-redirect" title="European troika">Troika</a>" by rejecting most forms of debt restructuring of public and bank debts,<a href="#cite_note-31">[31]</a> and pressing governments to adopt bailout programmes and structural reforms through secret letters to Italian, Spanish, Greek and Irish governments. It has further been accused of interfering in the <a href="/wiki/Greek_referendum_2015" class="mw-redirect" title="Greek referendum 2015">Greek referendum of July 2015</a> by constraining liquidity to Greek commercial banks.<a href="#cite_note-32">[32]</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></td><td class="mbox-text"><div class="mbox-text-span">This section needs expansion with: explanations on the role of ECB for Greece, Italy, Spain, Cyprus, Portugal.. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_Central_Bank&action=edit&section=">adding to it</a>. (April 2021)</div></td></tr></tbody></table> In November 2010, reflecting the huge increase in borrowing, including the cover the cost of having guaranteed the liabilities of banks, the cost of borrowing in the private financial markets had become prohibitive for the Irish government. Although it had deferred the cash cost of recapitalising the failing Anglo Irish Bank by nationalising it and issuing it with a "promissory note" (an IOU), the Government also faced a large deficit on its non-banking activities, and it therefore turned to the official sector for a loan to bridge the shortfall until its finances were credibly back on a sustainable footing. Meanwhile, Anglo used the promissory note as collateral for its emergency loan (ELA) from the Central Bank. This enabled Anglo was able to repay its depositors and bondholders. It became clear later that the ECB played a key role in making sure the Irish government did not let Anglo default on its debts, to avoid financial instability risks. On 15 October and 6 November 2010, the ECB President <a href="/wiki/Jean-Claude_Trichet" title="Jean-Claude Trichet">Jean-Claude Trichet</a> sent two secret letters<a href="#cite_note-33">[33]</a> to the Irish finance Minister which essentially informed the Irish government of the possible suspension of ELA's credit lines, unless the government requested a financial assistance programme to the <a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a> under the condition of further reforms and fiscal consolidation. In addition, the ECB insisted that no debt restructuring (or <a href="/wiki/Bail-in" class="mw-redirect" title="Bail-in">bail-in</a>) should be applied to the nationalized banks' bondholders, a measure which could have saved Ireland 8 billion euros.<a href="#cite_note-34">[34]</a> During 2012, the ECB pressed for an early end to the ELA, and this situation was resolved with the liquidation of the successor institution IBRC in February 2013. The promissory note was exchanged for much longer term marketable floating rate notes which were disposed of by the Central Bank over the following decade. In April 2011, the ECB raised interest rates for the first time since 2008 from 1% to 1.25%,<a href="#cite_note-35">[35]</a> with a further increase to 1.50% in July 2011.<a href="#cite_note-36">[36]</a> However, in 2012–2013 the ECB sharply lowered interest rates to encourage economic growth, reaching the historically low 0.25% in November 2013.<a href="#cite_note-rates-1">[1]</a> Soon after the rates were cut to 0.15%, then on 4 September 2014 the central bank reduced the rates by two-thirds from 0.15% to 0.05%.<a href="#cite_note-ECBcuts-37">[37]</a> Recently, the interest rates were further reduced reaching 0.00%, the lowest rates on record.<a href="#cite_note-rates-1">[1]</a> In a report adopted on 13 March 2014, the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> criticized the "potential conflict of interest between the current role of the ECB in the Troika as 'technical advisor' and its position as a creditor of the four Member States, as well as its mandate under the Treaty". The report was led by Austrian right-wing MEP <a href="/wiki/Othmar_Karas" title="Othmar Karas">Othmar Karas</a> and French Socialist MEP <a href="/wiki/Li%C3%AAm_Hoang-Ngoc" title="Liêm Hoang-Ngoc">Liem Hoang Ngoc</a>. <div class="mw-heading mw-heading4"><h4 id="Response_under_Mario_Draghi_(2012–2015)">Response under Mario Draghi (2012–2015)</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=7" title="Edit section: Response under Mario Draghi (2012–2015)">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:ECB_balance_sheet.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2b/ECB_balance_sheet.png/220px-ECB_balance_sheet.png" decoding="async" width="220" height="145" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2b/ECB_balance_sheet.png/330px-ECB_balance_sheet.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2b/ECB_balance_sheet.png/440px-ECB_balance_sheet.png 2x" data-file-width="790" data-file-height="520" /></a><figcaption>ECB balance sheet</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:ECB_deposit_facility.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/ECB_deposit_facility.svg/220px-ECB_deposit_facility.svg.png" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/ECB_deposit_facility.svg/330px-ECB_deposit_facility.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/85/ECB_deposit_facility.svg/440px-ECB_deposit_facility.svg.png 2x" data-file-width="800" data-file-height="600" /></a><figcaption>ECB deposit facility</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Current_accounts_at_the_ECB.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Current_accounts_at_the_ECB.png/220px-Current_accounts_at_the_ECB.png" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Current_accounts_at_the_ECB.png/330px-Current_accounts_at_the_ECB.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Current_accounts_at_the_ECB.png/440px-Current_accounts_at_the_ECB.png 2x" data-file-width="3248" data-file-height="2170" /></a><figcaption>Current accounts at the ECB</figcaption></figure> On 1 November 2011, <a href="/wiki/Mario_Draghi" title="Mario Draghi">Mario Draghi</a> replaced Jean-Claude Trichet as President of the ECB.<a href="#cite_note-38">[38]</a> This change in leadership also marks the start of a new era under which the ECB will become more and more interventionist and eventually ended the <a href="/wiki/European_debt_crisis" title="European debt crisis">Eurozone sovereign debt crisis</a>. Draghi's presidency started with the impressive launch of a new round of 1% interest loans with a term of three years (36 months) – the Long-term Refinancing operations (LTRO). Under this programme, 523 Banks tapped as much as €489.2 bn (US$640 bn). Observers were surprised by the volume of loans made when it was implemented.<a href="#cite_note-ECB82011-39">[39]</a><a href="#cite_note-NYTloans-40">[40]</a><a href="#cite_note-NYTNorris-41">[41]</a> By far biggest amount of €325bn was tapped by banks in Greece, Ireland, Italy and Spain.<a href="#cite_note-42">[42]</a> Although those LTROs loans did not directly benefit EU governments, it effectively allowed banks to do a <a href="/wiki/Carry_trade" class="mw-redirect" title="Carry trade">carry trade</a>, by lending off the LTROs loans to governments with an interest margin. The operation also facilitated the rollover of €200bn of maturing bank debts<a href="#cite_note-43">[43]</a> in the first three months of 2012. <div class="mw-heading mw-heading5"><h5 id=""Whatever_it_takes"_(26_July_2012)">"Whatever it takes" (26 July 2012)</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=8" title="Edit section: "Whatever it takes" (26 July 2012)">edit</a>]</div> Facing renewed fears about sovereigns in the eurozone continued Mario Draghi made a decisive speech in London, by declaring that the ECB "...is ready to do whatever it takes to preserve the Euro. And believe me, it will be enough."<a href="#cite_note-44">[44]</a> In light of slow political progress on solving the eurozone crisis, Draghi's statement has been seen as a key turning point in the eurozone crisis, as it was immediately welcomed by European leaders, and led to a steady decline in bond yields for eurozone countries, in particular Spain, Italy and France.<a href="#cite_note-45">[45]</a><a href="#cite_note-46">[46]</a> Following up on Draghi's speech, on 6 September 2012 the ECB announced the <a href="/wiki/Outright_Monetary_Transactions" title="Outright Monetary Transactions">Outright Monetary Transactions</a> programme (OMT).<a href="#cite_note-47">[47]</a> Unlike the previous SMP programme, OMT has no <a href="/wiki/Ex-ante" title="Ex-ante">ex-ante</a> time or size limit.<a href="#cite_note-48">[48]</a> However, the activation of the purchases remains conditioned to the adherence by the benefitting country to an adjustment programme to the ESM. The program was adopted with near unanimity, the Bundesbank president <a href="/wiki/Jens_Weidmann" title="Jens Weidmann">Jens Weidmann</a> being the sole member of the ECB's Governing Council to vote against it.<a href="#cite_note-49">[49]</a> Even if OMT was never actually implemented until today, it made the "Whatever it takes" pledge credible and significantly contributed to stabilizing financial markets and ending the sovereign debt crisis. According to various sources, the OMT programme and "whatever it takes" speeches were made possible because EU leaders previously agreed to build the <a href="/wiki/European_Banking_union" class="mw-redirect" title="European Banking union">banking union</a>.<a href="#cite_note-50">[50]</a> <div class="mw-heading mw-heading3"><h3 id="Low_inflation_and_quantitative_easing_(2015–2019)">Low inflation and quantitative easing (2015–2019)</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=9" title="Edit section: Low inflation and quantitative easing (2015–2019)">edit</a>]</div> In November 2014, the bank moved into its <a href="/wiki/Seat_of_the_European_Central_Bank" title="Seat of the European Central Bank">new premises</a>, while the <a href="/wiki/Eurotower_(Frankfurt_am_Main)" title="Eurotower (Frankfurt am Main)">Eurotower building</a> was dedicated to hosting the newly established supervisory activities of the ECB under <a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a>.<a href="#cite_note-51">[51]</a> Although the sovereign debt crisis was almost solved by 2014, the ECB started to face a repeated decline<a href="#cite_note-52">[52]</a> in the Eurozone inflation rate, indicating that the economy was going towards a deflation. Responding to this threat, the ECB announced on 4 September 2014 the launch of two bond buying purchases programmes: the Covered Bond Purchasing Programme (CBPP3) and Asset-Backed Securities Programme (ABSPP).<a href="#cite_note-53">[53]</a> On 22 January 2015, the ECB announced an extension of those programmes within a full-fledge "<a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a>" programme which also included sovereign bonds, to the tune of 60 billion euros per month up until at least September 2016. The programme was started on 9 March 2015.<a href="#cite_note-54">[54]</a> On 8 June 2016, the ECB added corporate bonds to its asset purchases portfolio with the launch of the corporate sector purchase programme (CSPP).<a href="#cite_note-55">[55]</a> Under this programme, it conducted the net purchase of corporate bonds until January 2019 to reach about €177 billion. While the programme was halted for 11 months in January 2019, the ECB restarted net purchases in November 2019.<a href="#cite_note-56">[56]</a> As of 2021,<a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_Central_Bank&action=edit">[update]</a> the size of the ECB's quantitative easing programme had reached 2947 billion euros.<a href="#cite_note-57">[57]</a> <div class="mw-heading mw-heading4"><h4 id="Long_Term_Refinancing_Operations_(LTRO)">Long Term Refinancing Operations (LTRO)</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=10" title="Edit section: Long Term Refinancing Operations (LTRO)">edit</a>]</div> The long term refinancing operations (LTRO) are regular open market operations providing financing to credit institutions for periods up to four years. They aim at favoring lending conditions to the private sector and more generally stimulating bank lending to the real economy,<a href="#cite_note-58">[58]</a> thereby fostering growth. In December 2011 and January 2012, in the aftermath of the Global Financial Crisis, the ECB implemented two LTROs, injecting over €1000 billion of liquidity in the Eurozone financial system. They were later criticized for their inability to revive growth and to help truly revive the real economy, despite having stabilized the Eurozone's financial institutions.<a href="#cite_note-Fontan-2018-59">[59]</a> Further, these operations were devoid of monitoring from the ECB regarding the use made of these liquidities<a href="#cite_note-Fontan-2018-59">[59]</a> and it appeared that banks had significantly used these funds to pursue carry-trade strategies,<a href="#cite_note-60">[60]</a> purchasing sovereign bonds with higher rates and corresponding maturity to generate profits, instead of increasing private lending.<a href="#cite_note-Fontan-2018-59">[59]</a><a href="#cite_note-Dwyer-2023-61">[61]</a> These critics and deficiencies brought the ECB to instigate targeted long term refinancing operations (TLTROs), first in September and later in December 2014.<a href="#cite_note-62">[62]</a> These complementary programs imposed conditionality on the LTROs.<a href="#cite_note-Fontan-2018-59">[59]</a> The TLTROs provided low cost financing to participating banks, under the condition that they reached certain targets in terms of lending to firms and households.<a href="#cite_note-Dwyer-2023-61">[61]</a> The participating banks were thus more incited to lend to the real economy. A third wave of TLTRO's was announced on 7 March 2019, namely the TLTRO III.<a href="#cite_note-63">[63]</a> Under TLTRO III, the interest rate was set at -0.5% below the deposit facility rate (DFR), under condition that banks reached a specific lending performance threshold. The TLTRO III programme was successful to stimulate credit growth.<a href="#cite_note-Barmeier-2023-64">[64]</a><a href="#cite_note-65">[65]</a> <div class="mw-heading mw-heading3"><h3 id="Christine_Lagarde's_era_(2019_–_)">Christine Lagarde's era (2019 – )</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=11" title="Edit section: Christine Lagarde's era (2019 – )">edit</a>]</div> In July 2019, EU leaders nominated <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a> to replace Mario Draghi as ECB President. Lagarde resigned from her position as managing director of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> in July 2019<a href="#cite_note-66">[66]</a> and formally took over the ECB's presidency on 1 November 2019.<a href="#cite_note-67">[67]</a> Lagarde immediately signalled a change of style in the ECB's leadership. She embarked the ECB on a strategic review of the ECB's monetary policy strategy, an exercise the ECB had not done for 17 years. As part of this exercise, Lagarde committed the ECB to look into how monetary policy could contribute to <a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">address climate change</a>,<a href="#cite_note-68">[68]</a> and promised that "no stone would be left unturned." The ECB president also adopted a change of communication style, in particular in her use of social media to promote gender equality,<a href="#cite_note-69">[69]</a> and by opening dialogue with civil society stakeholders.<a href="#cite_note-70">[70]</a><a href="#cite_note-71">[71]</a> <div class="mw-heading mw-heading4"><h4 id="COVID-19">COVID-19</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=12" title="Edit section: COVID-19">edit</a>]</div> The onset of the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a> has precipitated an unprecedented crisis, profoundly impacting global public health, economies, and societal structures on an unparalleled scale. The COVID-19 crisis stands in contrast to the 2007-2008 <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">Global Financial Crisis</a> as it represents an exogenous shock to the real economy,<a href="#cite_note-72">[72]</a> stemming from measures implemented to mitigate the public health emergency, distinct from the internal financial origins of the preceding crisis that transposed repercussions onto the real economy.<a href="#cite_note-Boninghausen-2022a-73">[73]</a> Following the measures implemented by all governments to counter the spread of COVID-19 across Europe, investors fled to safety,<a href="#cite_note-Runkel-2022-74">[74]</a> which caused the risk of fire sales in asset markets, <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">illiquidity spirals</a>, credit spikes and discontinuities associated with market freezes.<a href="#cite_note-Lane-2020-75">[75]</a><a href="#cite_note-Alberola-2022-76">[76]</a> The flight-to-safety also encouraged the fear that after the COVID-19 crisis was over, the stronger economies would emerge even stronger, while the weak economies would get even weaker.<a href="#cite_note-Tesche-2020a-77">[77]</a> Thanks to the more stringent banking regulations implemented after the Global Financial Crisis, a financial crisis was avoided as banks could cope better with the crisis and complementary measures were taken by the EU and national governments.<a href="#cite_note-Borri-2021-78">[78]</a> <div class="mw-heading mw-heading4"><h4 id="Pandemic_Emergency_Purchase_Programme_(PEPP)">Pandemic Emergency Purchase Programme (PEPP)</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=13" title="Edit section: Pandemic Emergency Purchase Programme (PEPP)">edit</a>]</div> The Pandemic Asset Purchase Programme (PEPP) is an asset purchase programme initiated by the ECB to counter the detrimental effects to the Euro Area economy caused by the COVID-19 crisis. To counter the COVID-19 crisis the ECB has established the Pandemic Emergency Purchase Programme (PEPP), in which the ECB is able to purchase securities from the private and public sector in a flexible manner,<a href="#cite_note-Sciorilli_Borrelli-2020a-79">[79]</a><a href="#cite_note-Tesche-2022b-80">[80]</a><a href="#cite_note-Bertoldi-2023c-81">[81]</a> with the purpose to prevent sovereign debt spreads to reach the same levels as during the <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a>.<a href="#cite_note-Tesche-2020a-77">[77]</a> It is a <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a> unconventional monetary policy,<a href="#cite_note-82">[82]</a><a href="#cite_note-Sleibi-2023-83">[83]</a><a href="#cite_note-Broeders-2023c-84">[84]</a> based on the principles of the Asset Purchases Program (APP)<a href="#cite_note-Runkel-2022-74">[74]</a> which is a similar programme established by the ECB in mid-2014.<a href="#cite_note-85">[85]</a> Asset purchase programmes are intended to bring down risk premia or term premia.<a href="#cite_note-86">[86]</a><a href="#cite_note-Carnazza-2021-87">[87]</a> However, the PEPP is not entirely the same as the APP, as it can deviate from the capital key strategy followed by the APP.<a href="#cite_note-Borri-2021-78">[78]</a><a href="#cite_note-Blotevogel-2023-88">[88]</a><a href="#cite_note-89">[89]</a><a href="#cite_note-Camous-2020b-90">[90]</a><a href="#cite_note-91">[91]</a><a href="#cite_note-92">[92]</a> Second, the PEPP-envelope does not need to be used in full.<a href="#cite_note-Boninghausen-2022b-93">[93]</a> The PEPP is established as a separate purchase programme from and in addition to the APP with the sole purpose to respond to the economic and financial consequences of the COVID-19 crisis.<a href="#cite_note-DB-2023-94">[94]</a><a href="#cite_note-95">[95]</a><a href="#cite_note-Grund-2020-96">[96]</a> Following <a href="/wiki/Philip_R._Lane" title="Philip R. Lane">Philip R. Lane</a>, chief economist of the ECB, the PEPP plays a dual role in the COVID-19 crisis: (i) ensuring price stability and at the same time (ii) stabilizing the market using the flexibility of the programme<a href="#cite_note-Lane-2020-75">[75]</a><a href="#cite_note-van't_Klooster-2022-97">[97]</a> to prevent market fragmentation.<a href="#cite_note-Boninghausen-2022a-73">[73]</a><a href="#cite_note-Runkel-2022-74">[74]</a><a href="#cite_note-Arnold-2020d-98">[98]</a><a href="#cite_note-99">[99]</a> National central banks are the main purchasers of the bonds under the principle of risk sharing: private bonds fall completely under the risk of national central banks, while only 20% of public bonds are subject to risk sharing.<a href="#cite_note-Bank-2023-100">[100]</a> These purchases under the PEPP eventually follow the capital key used in the APP.<a href="#cite_note-Grund-2020-96">[96]</a><a href="#cite_note-Runkel-2022-74">[74]</a><a href="#cite_note-Benigno-2022-101">[101]</a> The flexibility to deviate from the capital key is key for the PEPP: because of the uncertainty caused by COVID-19<a href="#cite_note-Runkel-2022-74">[74]</a> it was needed to prevent tightening financial conditions.<a href="#cite_note-Bank-2023-100">[100]</a> They prevent <a href="/wiki/Yield_spread" title="Yield spread">yield spreads</a> between the bonds of different member states, caused by the flight-to-safety of investors.<a href="#cite_note-Grund-2020-96">[96]</a><a href="#cite_note-102">[102]</a><a href="#cite_note-103">[103]</a> The flexibility in asset purchases allows for fluctuations in the distribution of purchases across asset classes and among jurisdictions to prevent market fragmentation.<a href="#cite_note-Sciorilli_Borrelli-2020a-79">[79]</a><a href="#cite_note-Tesche-2022b-80">[80]</a><a href="#cite_note-DB-2023-94">[94]</a><a href="#cite_note-Lagarde-2020a-104">[104]</a><a href="#cite_note-Arnold-2023c-105">[105]</a> Following this strategy, the PEPP distributed the money among countries in need.<a href="#cite_note-Wellink-2023d-106">[106]</a><a href="#cite_note-Sciorilli_Borrelli-2020c-107">[107]</a><a href="#cite_note-FT-2023b-108">[108]</a> The APP follows the capital key strategy, from which no deviations are possible. This makes the APP not able to counter the crisis effectively.<a href="#cite_note-Runkel-2022-74">[74]</a> <a href="/wiki/Margrethe_Vestager" title="Margrethe Vestager">Margrethe Vestager</a>, European Commissioner for Competition argued "We will need to distribute in order to recover together. These increasing asymmetries will otherwise fragment the single market to a level otherwise none of us is willing to accept,[...].",<a href="#cite_note-Van_Dorpe-2020b-109">[109]</a> as economists feared that the strong economies would come out of the crisis stronger while weak economies would deteriorate because of the crisis.<a href="#cite_note-Tesche-2020a-77">[77]</a> The PEPP is thus a tool used by the ECB to purchase both private and public securities according to the specific needs of EU-countries caused by the COVID-19-crisis.<a href="#cite_note-Sciorilli_Borrelli-2020c-107">[107]</a> The temporal flexibility from the capital key meant that the ECB could especially prevent the rise of Italian and Spanish yield spreads.<a href="#cite_note-Tesche-2020a-77">[77]</a> <div class="mw-heading mw-heading5"><h5 id="Assets_eligible_under_the_PEPP">Assets eligible under the PEPP</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=14" title="Edit section: Assets eligible under the PEPP">edit</a>]</div> Assets meeting the eligibility criteria of the APP were also eligible under the PEPP.<a href="#cite_note-Bank-2023-100">[100]</a> However, the PEPP complemented the APP eligibility framework given the specificity of the PEPP-context of crisis requiring a more tailored response.<a href="#cite_note-Sciorilli_Borrelli-2020c-107">[107]</a> Among the distinctions is that for the first time since the <a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a>, Greek debt is given a waiver under the PEPP so that it could be purchased by the ECB under this programme.<a href="#cite_note-Sciorilli_Borrelli-2020c-107">[107]</a><a href="#cite_note-FT-2023b-108">[108]</a><a href="#cite_note-Arnold-2020e-110">[110]</a> This waiver was given based on several considerations from the ECB: there was a need to alleviate the pressures stemming from the pandemic on the Greek financial markets; Greece was already and would be closely monitored by giving the waiver; and Greece regained market access.<a href="#cite_note-Boninghausen-2022b-93">[93]</a> This proved to be controversial,<a href="#cite_note-Runkel-2022-74">[74]</a> as Greece is the eurozone's riskiest issuer.<a href="#cite_note-111">[111]</a> Non-financial commercial paper with a remaining maturity of at least 28 days was also eligible for purchase under the PEPP. The maturity criteria for public sector ranges form 70 days up to 30 years and 364 days.<a href="#cite_note-Bank-2023-100">[100]</a><a href="#cite_note-112">[112]</a> As the PEPP can deviate from the capital key strategy, there is also no hard limit on the 33% of a single security per issuer or 33% of a member state's total outstanding security.<a href="#cite_note-Grund-2020-96">[96]</a> <div class="mw-heading mw-heading5"><h5 id="Timeline_of_the_PEPP_and_TLTRO_announcements_and_purchases">Timeline of the PEPP and TLTRO announcements and purchases</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=15" title="Edit section: Timeline of the PEPP and TLTRO announcements and purchases">edit</a>]</div> On 12 March 2020, Christine Lagarde announced in a press conference a set of policy measures to support the European economy in the rising wake of the pandemic, saying that "all the flexibilities that are embedded in the framework of the asset purchase programme [...]" but at the same time she stated that the ECB "[...] is not here to close spreads."<a href="#cite_note-Tesche-2022b-80">[80]</a><a href="#cite_note-Lagarde-2020c-113">[113]</a><a href="#cite_note-Balmer-2020b-114">[114]</a> This left markets disappointed and let to a particular widening yield spreads in Spain, Italy and Greece.<a href="#cite_note-Moessner-2022-115">[115]</a> However, the Governing Council announced firstly to provide immediate liquidity through conducting additional LTROs; secondly, to provide more favorable terms on the TLTRO III operations outstanding in the period between June 2020 and June 2021; and thirdly, to announce an additional package of net asset purchases of €120 billion by the end of 2020 under the already existing APP.<a href="#cite_note-Benigno-2022-101">[101]</a><a href="#cite_note-Lagarde-2020c-113">[113]</a><a href="#cite_note-Ortmans-2021-116">[116]</a> A day later, on 13 March 2020, the <a href="/wiki/World_Health_Organization" title="World Health Organization">WHO</a> declared Europe the centre of the pandemic.<a href="#cite_note-117">[117]</a><a href="#cite_note-118">[118]</a> By March 17, a week after the press conference given by Ms. Lagarde, stock index plateaued while the interest rate spread kept on rising over 2.8%.<a href="#cite_note-Ortmans-2021-116">[116]</a> On 18 of March 2020, 6 days after the previous press conference, the ECB announced the launch of the PEPP worth €750 billion to boost liquidity in the European economy and to contain any sharp increases in sovereign yield spreads.<a href="#cite_note-Sciorilli_Borrelli-2020c-107">[107]</a><a href="#cite_note-119">[119]</a> This announcement led to an immediate reboot in stock prices<a href="#cite_note-Moessner-2022-115">[115]</a><a href="#cite_note-Ortmans-2021-116">[116]</a><a href="#cite_note-Benigno-2022-101">[101]</a> and came one day after the spike of sovereign risk spreads.<a href="#cite_note-Alberola-2022-76">[76]</a><a href="#cite_note-Wieland-2023-120">[120]</a> The PEPP became effective as from 24 March 2020, six days after the announcement of the PEPP. By announcing the PEPP the ECB deviated from its pattern of prodding fiscal authorities into action before announcing any monetary stimulus.<a href="#cite_note-Tesche-2020a-77">[77]</a> Together with the additional €120 billion announced on March 12, the PEPP amounted up to 7.3% of the euro-area GDP.<a href="#cite_note-Lagarde-2020a-104">[104]</a> On 30 April 2020, the ECB Governing council introduced the Pandemic Emergency Longer-Term Refinancing Operations (PELTROs), with an interest rate of 25bp below the average rate applied in LTROs and for the first time negative.<a href="#cite_note-Bank-2020c-121">[121]</a><a href="#cite_note-Tesche-2022b-80">[80]</a> On 4 June 2020, the ECB announced<a href="#cite_note-122">[122]</a> it would expand the PEPP by another €600 billion,<a href="#cite_note-Pinto-2023-123">[123]</a> as it became clear that the pandemic would continue to harm European economies increasing the total emergency package up to €1.350 trillion.<a href="#cite_note-Runkel-2022-74">[74]</a><a href="#cite_note-Arnold-2020d-98">[98]</a><a href="#cite_note-Benigno-2022-101">[101]</a><a href="#cite_note-Moessner-2022-115">[115]</a> Following Carsten Brzeski, chief economist at <a href="/wiki/ING_Group" title="ING Group">ING</a>, dents this ECB decision "[...] any further speculation about whether or not the ECB is willing to play its role of lender of last resort for the eurozone."<a href="#cite_note-Dempsey-2020-124">[124]</a> The expansion showed that the ECB is committed to achieve the price stability objective.<a href="#cite_note-125">[125]</a> However the ECB reiterated that additional fiscal measures should be taken, as the PEPP cannot deliver economic recovery on its own.<a href="#cite_note-FT-2023b-108">[108]</a> Half a year later, on 10 December 2020, the ECB announced its final expansion of the PEPP worth another €500 billion, totalling the final PEPP to €1.850 trillion,<a href="#cite_note-Bank-2020a-126">[126]</a><a href="#cite_note-DB-2023-94">[94]</a><a href="#cite_note-Alberola-2022-76">[76]</a> corresponding to 15.4% of the euro-area GDP of 2019.<a href="#cite_note-Wieland-2023-120">[120]</a> At the same press conference, the ECB announced that it expected to extend the horizon for net purchases of the PEPP until at least the end of March 2022.<a href="#cite_note-Bank-2020a-126">[126]</a> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:PEPP_Graph_Improved.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/PEPP_Graph_Improved.png/220px-PEPP_Graph_Improved.png" decoding="async" width="220" height="102" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/PEPP_Graph_Improved.png/330px-PEPP_Graph_Improved.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/PEPP_Graph_Improved.png/440px-PEPP_Graph_Improved.png 2x" data-file-width="4262" data-file-height="1980" /></a><figcaption>Gross securities purchases by the ECB under the PEPP<a href="#cite_note-ECB-2023-127">[127]</a></figcaption></figure> In December 2021 the ECB announced that it would discontinue net purchases under the PEPP as from the end of March 2022 and that it intended to reinvest the principal payments from maturing securities at least until the end of 2024.<a href="#cite_note-Wellink-2023d-106">[106]</a><a href="#cite_note-128">[128]</a> On 31 March 2022, at the end of the net purchases, the net purchases amounted to €1.718 billion, of which €1.665 billion is invested in public sector securities and €52 billion in private sector securities.<a href="#cite_note-Boninghausen-2022a-73">[73]</a> Of the total €1.850 billion available under the PEPP, 93% of the full envelope wase used, due to indications of decreased financial stress in the Euro Area, mainly thanks to relaxation of COVID restrictions and the reopening of European markets.<a href="#cite_note-129">[129]</a> <table class="wikitable"> <caption>Cumulative PEPP purchases in million euros<a href="#cite_note-ECB-2023-127">[127]</a> </caption> <tbody><tr> <th> </th> <th>Private sector securities </th> <th>Public sector securities </th> <th>Total securities </th> <th>Additional PEPP commitment by ECB </th> <th>Total PEPP commitment by the ECB </th></tr> <tr> <td>Mar-May 2020 </td> <td>           48,062.00 </td> <td>              186,603.00 </td> <td>              234,665.00 </td> <td>              750,000.00 </td> <td>                    750,000.00 </td></tr> <tr> <td>Jun-Jul </td> <td>           55,592.00 </td> <td>              384,817.00 </td> <td>              440,409.00 </td> <td>              600,000.00 </td> <td>                 1,350,000.00 </td></tr> <tr> <td>Aug-Sep </td> <td>           55,534.00 </td> <td>              511,649.00 </td> <td>              567,183.00 </td> <td>                            -   </td> <td>                 1,350,000.00 </td></tr> <tr> <td>Oct-Nov </td> <td>           48,194.00 </td> <td>              651,809.00 </td> <td>              700,003.00 </td> <td>                            -   </td> <td>                 1,350,000.00 </td></tr> <tr> <td>Dec-Jan 2021 </td> <td>           42,064.00 </td> <td>              768,148.00 </td> <td>              810,212.00 </td> <td>              500,000.00 </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Feb-Mar </td> <td>           43,916.00 </td> <td>              899,731.00 </td> <td>              943,647.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Apr-May </td> <td>           39,696.00 </td> <td>           1,064,769.00 </td> <td>           1,104,465.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Jun-Jul </td> <td>           42,989.00 </td> <td>           1,229,199.00 </td> <td>           1,272,189.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Aug-Sep </td> <td>           46,640.00 </td> <td>           1,365,650.00 </td> <td>           1,412,290.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Oct-Nov </td> <td>           50,089.00 </td> <td>           1,498,100.00 </td> <td>           1,548,189.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Dec-Jan 2022 </td> <td>           50,384.00 </td> <td>           1,597,293.00 </td> <td>           1,647,677.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Feb-Mar </td> <td>           52,439.00 </td> <td>           1,665,635.00 </td> <td>           1,718,075.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Apr-May </td> <td>           52,441.00 </td> <td>           1,665,618.00 </td> <td>           1,718,061.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Jun-Jul </td> <td>           52,437.00 </td> <td>           1,664,913.00 </td> <td>           1,717,352.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Aug-Sep </td> <td>           52,440.00 </td> <td>           1,660,593.00 </td> <td>           1,713,035.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Oct-Nov </td> <td>           52,440.00 </td> <td>           1,660,312.00 </td> <td>           1,712,753.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Dec-Jan 2023 </td> <td>           52,440.00 </td> <td>           1,661,204.00 </td> <td>           1,713,645.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Feb-Mar </td> <td>           52,440.00 </td> <td>           1,661,077.00 </td> <td>           1,713,518.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Apr-May </td> <td>           52,393.00 </td> <td>           1,660,634.00 </td> <td>           1,713,028.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Jun-Jul </td> <td>           52,443.00 </td> <td>           1,660,307.00 </td> <td>           1,712,752.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr> <tr> <td>Aug-Sep </td> <td>           52,464.00 </td> <td>           1,659,969.00 </td> <td>           1,712,435.00 </td> <td>                            -   </td> <td>                 1,850,000.00 </td></tr></tbody></table> <div class="mw-heading mw-heading5"><h5 id="Supports_and_critiques">Supports and critiques</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=16" title="Edit section: Supports and critiques">edit</a>]</div> On 13 March, after Ms. Lagarde stated that the ECB is "not here to close spreads",<a href="#cite_note-Lagarde-2020c-113">[113]</a> Italian sovereign yield spreads spiked. Italian prime minister <a href="/wiki/Giuseppe_Conte" title="Giuseppe Conte">Conte</a> stated it would not accept formal and abstract interpretations of the situation. "[...] the job of the central bank should be not to hinder but to help such [containment] measures by creating favorable financial conditions for them [member states]." Lagarde then replied by stating that the ECB was "fully committed to avoid any fragmentation [...]."<a href="#cite_note-Balmer-2020b-114">[114]</a> In the following week, the PEPP was welcomed by both the prime minister of Italy and Spain as well as by the president of France. They all mostly praise the action of the ECB, and put this as a question of European solidarity.<a href="#cite_note-Sciorilli_Borrelli-2020c-107">[107]</a> Chief economist at <a href="/wiki/Berenberg_Bank" title="Berenberg Bank">Berenberg</a> also welcomed the measures undertaken by the ECB, stating that "the authorities would not allow the pandemic shock to the real economy to trigger a financial crisis which, in turn, would exacerbate the economic damage."<a href="#cite_note-Arnold-2020e-110">[110]</a> The governor of the Banque de France warned the ECB that it probably needed "[...] to go even further."<a href="#cite_note-FT-2023b-108">[108]</a> Following Italian lawmaker for the European Parliament <a href="/wiki/Carlo_Calenda" title="Carlo Calenda">Carlo Calenda</a> there is widespread strong anti-German and anti-Dutch sentiment in the South of Europe, as it seems they "[...] are taking advantage of being strong in a Europe lacking solidarity." These comments are backed by Dutch MEP <a href="/wiki/Paul_Tang_(politician)" title="Paul Tang (politician)">Paul Tang</a>: "If we fail to take action at European level, we risk disintegrating the single market and intensifying the antagonism between North and South."<a href="#cite_note-Van_Dorpe-2020b-109">[109]</a> At the same time, the ECB risks being accused of financing governments if it let the PEPP last for multiple years.<a href="#cite_note-Arnold-2020d-98">[98]</a> <div class="mw-heading mw-heading4"><h4 id="PEPP_challenged_before_the_German_Federal_Constitutional_Court">PEPP challenged before the German Federal Constitutional Court</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=17" title="Edit section: PEPP challenged before the German Federal Constitutional Court">edit</a>]</div> On May 5, 2020, the Court ordered the <a href="/wiki/Bundestag" title="Bundestag">Bundestag</a> and the <a href="/wiki/Cabinet_of_Germany" title="Cabinet of Germany">Bundesregierung</a> to ensure the ECB had carried out a proportionality assessment of the vast purchases of government debt in the <a href="/w/index.php?title=Public_Sector_Purchase_Programme&action=edit&redlink=1" class="new" title="Public Sector Purchase Programme (page does not exist)">Public Sector Purchase Programme</a> (PSPP) to ensure the economic and fiscal policy effects do not outweigh its policy objectives.<a href="#cite_note-Camous-2020b-90">[90]</a><a href="#cite_note-Bundesverfassungsgericht-2023-130">[130]</a><a href="#cite_note-131">[131]</a><a href="#cite_note-Arnold-2020c-132">[132]</a> The PSPP-implementing decision has been considered an act <a href="/wiki/Ultra_vires" title="Ultra vires">ultra vires</a> by the ECB as it was too arbitrary and lacks reasoning in ints proportionality assessment.<a href="#cite_note-Bundesverfassungsgericht-2023-130">[130]</a><a href="#cite_note-133">[133]</a><a href="#cite_note-134">[134]</a> This ruling by the German Constitutional Court comes at a difficult time for the ECB as it was at the time considering expanding the PEPP. The ruling also reflects the mistrust within some parts of Germany in the ECB, which is seen there as an institution that bails out profligate Southern European countries.<a href="#cite_note-Arnold-2020c-132">[132]</a> Moreover, this ruling also highlights the vital problem on the euro area architecture, as the range of instruments can use to fulfil its mandate remains unclear.<a href="#cite_note-Camous-2020b-90">[90]</a> The ruling on the legality of the PSPP could have severe implications on the legality of the PEPP, as it the PEPP has characteristics in common with the PSPP.<a href="#cite_note-Castellarin-2020-135">[135]</a> In March 2021, the PEPP was challenged before the <a href="/wiki/Federal_Constitutional_Court" title="Federal Constitutional Court">German Federal Constitutional Court</a>.<a href="#cite_note-Tesche-2022b-80">[80]</a><a href="#cite_note-Wellink-2023d-106">[106]</a> COVID-19, TLTRO III and PELTROs When the COVID-19 pandemic broke out and spread to the old continent, the ECB's monetary policy response had to guarantee favorable borrowing conditions to firms and households of the euro area.<a href="#cite_note-Castillo_Lozoya-2022-136">[136]</a> For a significant portion of companies, especially the small and medium-sized, survival was basically at stake. Oftentimes, loans are indeed their only source of finance. In this context of uncertainty, a substantial segment of the ECB response was to adapt the existing TLTRO III, by providing banks with funding at favorable conditions, to further enhance access to credit for undertakings and households.<a href="#cite_note-Bank-2020c-121">[121]</a> In this endeavor, the ECB had to ensure a high degree of participation from the banks. Hence, on 30 April 2020 the Governing Council of the ECB adopted a package of temporary measures that made several adjustments to the framework of its TLTRO III.<a href="#cite_note-Bank-2020c-121">[121]</a> An important feature of this response was that the ECB made temporary alterations to its collateral framework by widening the set of assets that could be mobilized as collateral in the liquidity-providing operations<a href="#cite_note-137">[137]</a><a href="#cite_note-138">[138]</a> and by easing the requirements in this regard.<a href="#cite_note-139">[139]</a> Furthermore, a key change was that the ECB also reduced the interest rate applied to these open market operations to a rate going as low as -1% for the banks meeting the lending threshold of 0%.<a href="#cite_note-Bank-2020c-121">[121]</a> With the TLTRO III, the participating banks were thus enabled to borrow at lower interest rates than those paid on their excess reserve, that is to say, the liquidities held in their accounts in their respective central banks.<a href="#cite_note-Castillo_Lozoya-2022-136">[136]</a> This scheme was scheduled until June 2022. Furthermore, the banks’ repayment options were loosened, along with the participation modalities. Regarding the latter, the ECB anticipated future potential falls in the ratings of some assets, and therefore established that if the requirements of collateral eligibility had been met prior to April 7, 2020, these assets would remain eligible in the collateral framework, as long as their rating remained above or at a given threshold (credit quality step 5). The ECB also expanded bank's borrowing allowance under TLTRO III from 30% to 50%, then up to 55% of their portfolio of loans to firms and households.<a href="#cite_note-ReferenceA-140">[140]</a> Another important facet of the ECB policy response was the launching of pandemic emergency long-term refinancing operations (PELTROs).<a href="#cite_note-ECB_press_release,_30_April_2020-141">[141]</a> These are complements to the multiple recalibrations of the TLTRO III. On 30 April 2020, the ECB Governing Council announced these additional long-term loans programs.<a href="#cite_note-Tesche-2020b-142">[142]</a> They are similar to the TLTRO III in their aim of ensuring liquidity in the market and smoothening borrowing conditions in these times of pandemic. For this purpose, the PELTRO's also provide collateral easing measures and negative interest rates.<a href="#cite_note-ECB_press_release,_30_April_2020-141">[141]</a> On December 10, 2020, the ECB issued four additional PELTRO's, taking place on a quarterly basis during 2021.<a href="#cite_note-ReferenceA-140">[140]</a> During the pandemic, these monetary responses proved essential to counter the loss of revenue suffered by firms and the spurt of demand for loans that naturally ensued. In their absence, a credit crunch would normally have taken place. Indeed, increase in demand traditionally translates in a rise of borrowing costs.<a href="#cite_note-Altavilla-2023-143">[143]</a> However, ECB easing measures allowed banks to lend massively without an increase of the rates. Empirical evidence is paramount in order to properly assess if the effects on the real economy of those cheaper fundings offered to banks have indeed matched the intention of the European Central Bank (stimulate the granting of loans to undertakings and households). Reports from various member states central banks on the matter indicate that loans supply by participating banks has indeed expanded, in line with the ECB policy.<a href="#cite_note-Barmeier-2023-64">[64]</a><a href="#cite_note-Castillo_Lozoya-2022-136">[136]</a><a href="#cite_note-144">[144]</a> Accordingly, thorough academic studies have confirmed the actual enhancement of financing conditions and the avoidance of credit scarcity.<a href="#cite_note-Altavilla-2023-143">[143]</a><a href="#cite_note-145">[145]</a> In fact, the credit to firms attained unprecedented levels when from March to May 2020, it increased by €250 billion on aggregate.<a href="#cite_note-Altavilla-2023-143">[143]</a> In addition, the massive involvement of banks in the TLTROs and PELTROs had an important positive side effect. There was a reduction in the issuance of bonds by banks, that usually showed a preference for central bank liquidity for their financing. This, in turn, prevented the cost of issuance of such bonds from surging,<a href="#cite_note-Altavilla-2023-143">[143]</a> which suggests that even non-participating banks (to the TLTROs and PELTROs) benefited from it in parallel manners. The downward pressure on bonds yields also implies that banks having a bigger fraction of the assets side of their balance sheet composed of outstanding bonds were those that benefited the most from the TLTROs and their decrease of funding cost.<a href="#cite_note-Altavilla-2023-143">[143]</a> Furthermore, the question of “zombie firms” has been raised. These refer to unprofitable businesses that only survive by perpetuating their indebtedness. The pandemic, along with the accommodating funding costs (notably brought through the readjustment of the TLTRO III), could have led to an increased number of those under-competitive firms allowed to survive by successive credits. Yet, scientific studies have shown that this increase was very limited from 2019 to 2020.<a href="#cite_note-Altavilla-2023-143">[143]</a> <div class="mw-heading mw-heading4"><h4 id="Transmission_Protection_instrument_(TPI)">Transmission Protection instrument (TPI)</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=18" title="Edit section: Transmission Protection instrument (TPI)">edit</a>]</div> The Transmission Protection Instrument (TPI) is a tool the ECB could use to ensure monetary policy decisions are smoothly transmitted across all euro area countries, introduced on July 21, 2022.<a href="#cite_note-Bertoldi-2023c-81">[81]</a><a href="#cite_note-Broeders-2023c-84">[84]</a><a href="#cite_note-Arnold-2023c-105">[105]</a><a href="#cite_note-Bank-2022-146">[146]</a><a href="#cite_note-Lengwiler-2023-147">[147]</a> Under the TPI, the ECB would be able to purchase securities in the secondary market, to counter against "unwanted, disorderly market dynamics", self fulfilling crises market expectations that do not reflect reality,<a href="#cite_note-Sandbu-2022-148">[148]</a><a href="#cite_note-Callegari-2023-149">[149]</a><a href="#cite_note-Spendzharova-2023-150">[150]</a> thus not justified by "country specific fundamentals."<a href="#cite_note-Arnold-2023c-105">[105]</a><a href="#cite_note-Wellink-2023d-106">[106]</a><a href="#cite_note-Bank-2022-146">[146]</a><a href="#cite_note-Peychev-2022-151">[151]</a><a href="#cite_note-Arnold-2022-152">[152]</a><a href="#cite_note-FT-2022-153">[153]</a> The TPI thus enables the ECB to control the difference between borrowing costs across the euro area, thereby reducing fragmentation risk across the euro area.<a href="#cite_note-Broeders-2023c-84">[84]</a><a href="#cite_note-Arnold-2023c-105">[105]</a><a href="#cite_note-Sandbu-2022-148">[148]</a><a href="#cite_note-FT-2022-153">[153]</a><a href="#cite_note-Grimm-2023-154">[154]</a><a href="#cite_note-Koranyi-2022-155">[155]</a> By not letting interfere market dynamics that do not reflect economic reality, the ECB fulfils its secondary mandate under the TFEU, namely "to support the general economic policies of the Union."<a href="#cite_note-Arnold-2023c-105">[105]</a><a href="#cite_note-Sandbu-2022-148">[148]</a> Although PEPP would remain the first line of defence to counter for transmission risks,<a href="#cite_note-Wellink-2023d-106">[106]</a><a href="#cite_note-Peychev-2022-151">[151]</a> the TPI should be seen as an addition to the ECB's toolkit.<a href="#cite_note-Bank-2022-146">[146]</a> <div class="mw-heading mw-heading5"><h5 id="Eligible_securities_under_the_TPI">Eligible securities under the TPI</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=19" title="Edit section: Eligible securities under the TPI">edit</a>]</div> Contrary to the PEPP and the APP, the TPI does not have an ex ante upper limit on the purchase of securities.<a href="#cite_note-Bank-2022-146">[146]</a><a href="#cite_note-Spendzharova-2023-150">[150]</a><a href="#cite_note-Arnold-2022-152">[152]</a><a href="#cite_note-Grimm-2023-154">[154]</a><a href="#cite_note-156">[156]</a> Although the ECB has stated it would primarily buy only government bonds on the secondary market<a href="#cite_note-Spendzharova-2023-150">[150]</a> maturing between 1 and 10 years,<a href="#cite_note-Arnold-2022-152">[152]</a> the bonds purchased fall under the complete discretion of the ECB and does not necessarily follow the capital key, and private securities could be considered as well.<a href="#cite_note-Bank-2022-146">[146]</a><a href="#cite_note-FT-2022-153">[153]</a><a href="#cite_note-157">[157]</a> However, there are four conditions that need to be met before securities are eligible for purchasing under TPI:<a href="#cite_note-Grimm-2023-154">[154]</a> <ol><li>Compliance with the fiscal framework of the EU and not be involved in the <a href="/wiki/Stability_and_Growth_Pact" title="Stability and Growth Pact">excessive deficit procedure</a>;</li> <li>Absence of macroeconomic imbalances and not being involved in an excessive <a href="/wiki/Macroeconomic_Imbalance_Procedure" title="Macroeconomic Imbalance Procedure">macroeconomic imbalance procedure</a>, demonstrating that it is in compliance with the commission's recommendations;</li> <li>Sovereign debt trajectory must be sustainable, assessed by the ECB and other relevant bodies;</li> <li>Stick to commitments made under the Recovery and Resilience Facility, proving that the government follows sound and sustainable macroeconomic policies.<a href="#cite_note-Bank-2022-146">[146]</a><a href="#cite_note-Peychev-2022-151">[151]</a><a href="#cite_note-Arnold-2022-152">[152]</a><a href="#cite_note-Koranyi-2022-155">[155]</a><a href="#cite_note-POLITICO-2022b-158">[158]</a></li></ol> The conditions for government bonds to be eligible under the TPI draw heavily on the macroeconomic governance, and making sure that politicians do not take decisions that facilitate speculation.<a href="#cite_note-Sandbu-2022-148">[148]</a><a href="#cite_note-Martin-2022b-159">[159]</a> The decision by the ECB to support a country by using the TPI will depend on the severity of the risks a country faces.<a href="#cite_note-Arnold-2022-152">[152]</a><a href="#cite_note-POLITICO-2022b-158">[158]</a> Government debt should thus be sustainable to be eligible for TPI purchases.<a href="#cite_note-Callegari-2023-149">[149]</a><a href="#cite_note-FT-2022-153">[153]</a> If the aforementioned conditions are met, the ECB could decide to activate the TPI.<a href="#cite_note-Bank-2022-146">[146]</a><a href="#cite_note-Spendzharova-2023-150">[150]</a><a href="#cite_note-Arnold-2022-152">[152]</a><a href="#cite_note-160">[160]</a> Purchases will be ended under the TPI either due to increased transmission of monetary policy or the risks have proven to be country-specific.<a href="#cite_note-Wellink-2023d-106">[106]</a><a href="#cite_note-Bank-2022-146">[146]</a> So far, the TPI has not been deployed yet. <div class="mw-heading mw-heading5"><h5 id="Effects_of_and_critiques_on_the_TPI">Effects of and critiques on the TPI</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=20" title="Edit section: Effects of and critiques on the TPI">edit</a>]</div> The TPI enables the Governing Council to a more rapid increase in interest rate,<a href="#cite_note-Broeders-2023c-84">[84]</a><a href="#cite_note-Wellink-2023d-106">[106]</a> the first raise in interest rates by the ECB in 11 years.<a href="#cite_note-Bertoldi-2023c-81">[81]</a><a href="#cite_note-Martin-2022b-159">[159]</a> and the unpredictable nature of market sentiment could justify the reason for ECB-intervention to stabilise the monetary union,<a href="#cite_note-Arnold-2023c-105">[105]</a> more or less the same reasoning as for the PEPP. However, the relationship between the PEPP and the TPI raises questions as the PEPP would remain the first line of defence against transmission risks.<a href="#cite_note-Wellink-2023d-106">[106]</a> The creation of the TPI seems legally vulnerably: problems in the Euro Area are common and recurring, but it is not automatically the argument to invent a whole new anti-fragmentation tool.<a href="#cite_note-Wellink-2023d-106">[106]</a> With the TPI, the ECB can put pressure on countries by assessing publicly if they are eligible for the TPI, that is assessing whether the government has conducted adequate fiscal policies and structural reforms to deserve the support of the ECB. This endangers the politic neutrality of the ECB.<a href="#cite_note-161">[161]</a> If ever deployed, the usage of the TPI will spark controversy as the conditions to be deployed are not watertight.<a href="#cite_note-Wellink-2023d-106">[106]</a><a href="#cite_note-POLITICO-2022b-158">[158]</a> <div class="mw-heading mw-heading5"><h5 id="Strategy_Review_(2020-2021)">Strategy Review (2020-2021)</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=21" title="Edit section: Strategy Review (2020-2021)">edit</a>]</div> As a consequence of the COVID-19 crisis, the ECB extended the duration of the strategy review until September 2021. On 13 July 2021, the ECB presented the outcomes of the strategy review, with the main following announcements: <ul><li>The ECB announced a new inflation target of 2% instead of its "close but below two per cent" inflation target. The ECB also made it clear it could overshoot its target under certain circumstances.<a href="#cite_note-Amaro-2021-162">[162]</a></li> <li>The ECB announced it would try to incorporate the cost of housing (imputed rents) into its inflation measurement</li> <li>The ECB announced an action plan on climate change<a href="#cite_note-163">[163]</a></li></ul> The ECB also said it would carry out another strategy review in 2025. <div class="mw-heading mw-heading3"><h3 id="Inflation_surge_of_2021">Inflation surge of 2021</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=22" title="Edit section: Inflation surge of 2021">edit</a>]</div> In the summer of 2021, coinciding with the European Central Bank's announcement of its revised monetary policy framework and its initiative for climate action, the eurozone witnessed a notable <a href="/wiki/2021%E2%80%932023_inflation" class="mw-redirect" title="2021–2023 inflation">inflationary surge</a>. This resurgence of inflation continued to escalate over the following year, culminating in inflation rates reaching double digits for the first time since the 1970s, a year after the ECB's strategic updates.<a href="#cite_note-:0-164">[164]</a> The inflation rate reached an unprecedented peak of 4.9% in November 2021, marking the highest level since the introduction of the euro.<a href="#cite_note-:3-165">[165]</a> <div class="mw-heading mw-heading4"><h4 id="Framing_of_the_crisis">Framing of the crisis</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=23" title="Edit section: Framing of the crisis">edit</a>]</div> The new era of inflation prompted a significant shift in the European Central Bank's framing compared to its stance in the 2000s. Initially, from its inception until the 2007-2009 <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">financial crisis</a>, the ECB's primary objective was price stability, adhering to strict institutional rules that minimized policy trade-offs with other goals beyond price stability.<a href="#cite_note-166">[166]</a><a href="#cite_note-167">[167]</a> This approach was rooted in the "Central Bank Independence template", advocating that central bank's limited role to price stability and its independence were optimal.<a href="#cite_note-168">[168]</a><a href="#cite_note-:0-164">[164]</a><a href="#cite_note-:5-169">[169]</a><a href="#cite_note-170">[170]</a> However, the post-financial crisis landscape, especially during the <a href="/wiki/European_debt_crisis" title="European debt crisis">sovereign debt crisis</a> of the 2010s and subsequent economic stagnation era, necessitated a substantial revision in the ECB's strategy.<a href="#cite_note-:0-164">[164]</a><a href="#cite_note-:5-169">[169]</a> The ECB moved away from its original Central Bank Independence template, leading to a blurring of its objective hierarchy. It adopted new strategies such as acting as a <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a> for the banking system and fostering growth through very low interest rates and extensive asset purchase programs, which were designed to help stabilizing specific market segments and in the end revive growth.<a href="#cite_note-171">[171]</a><a href="#cite_note-172">[172]</a><a href="#cite_note-173">[173]</a> In 2021, the European Central Bank embraced a significant strategic pivot by adopting its Climate Action Plan along with a new monetary policy strategy.<a href="#cite_note-174">[174]</a> This shift aimed to institutionalize the ECB's evolving role, moving beyond the singular focus on price stability—a policy shaped largely by the aftermath of the European sovereign debt crisis. Instead, the ECB began acknowledging its multifaceted responsibilities, which now include maintaining financial stability, supporting economic growth, and addressing climate-related objectives.<a href="#cite_note-:0-164">[164]</a> However, with the <a href="/wiki/2021%E2%80%932023_inflation" class="mw-redirect" title="2021–2023 inflation">surging of inflation in 2021</a>, some wondered as to whether the European Central Bank would revert to its foundational role, predominantly focused on chasing the “inflation monsters”. The term “inflation monsters'' echoes the 2010 video of the ECB where two young people are facing a blue inflation monster unleashing banknotes and threatening to wreck the economy.<a href="#cite_note-:0-164">[164]</a> Nevertheless, ECB policymakers effectively drew connections between the Central Bank Independence (CBI) framework and the experiences of the stagflation era to rationalize their decision to increase interest rates, avoiding the need for a discourse on regime change. In doing so, they recognized the complex trade-offs inherent in balancing various macroeconomic objectives and the challenging decisions they had to face.<a href="#cite_note-:0-164">[164]</a> It was with this new monetary strategy that the eurozone found itself facing rising <a href="/wiki/2021%E2%80%932023_inflation" class="mw-redirect" title="2021–2023 inflation">inflation in 2021</a>.<a href="#cite_note-:0-164">[164]</a> Recent studies stated that key debate among policymakers centered on whether this inflationary trend would be transitory or permanent. Paul Krugman argued that the current inflationary surge would prove to be transitory, whereas other economists such as Olivier Blanchard and Larry Summers had issued warnings regarding the possible persistence of this inflation.<a href="#cite_note-175">[175]</a> Initially, both the European Central Bank and the Federal Reserve misjudged the situation, assuming the inflation spike to be temporary and expecting a swift return to their inflation target. This misperception led to the ECB's initial inaction regarding its <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>.<a href="#cite_note-:1-176">[176]</a> <div class="mw-heading mw-heading4"><h4 id="Response_to_the_2021_inflation_crisis">Response to the 2021 inflation crisis</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=24" title="Edit section: Response to the 2021 inflation crisis">edit</a>]</div> After big increases in the inflation rates throughout 2021 and 2022, the European Central Bank and the FED finally decided to raise their interest rates and abandon their very low interest rates, for the first time since the sovereign debt crisis and the end of the CBI era, as it had become clear the inflationary trend wasn't temporary.<a href="#cite_note-:0-164">[164]</a> This decision came in late July 2022 for the ECB, when the inflation rate in the eurozone was already at 8.9% and had been higher than the 2% target for more than a year, and in March 2022 for the FED.<a href="#cite_note-177">[177]</a> The European Central Bank's response to the Federal Reserve's actions can partly be attributed to concerns about imported inflation from the USA. Specifically, if the FED increases its policy rates while the ECB remains static, it could lead to a depreciation of the euro against the dollar. Such a scenario would likely result in higher import costs for the eurozone, as many global trade goods are priced in dollars. On the other hand, this would benefit the US economy by making imports from the eurozone cheaper.<a href="#cite_note-178">[178]</a><a href="#cite_note-179">[179]</a><a href="#cite_note-:2-180">[180]</a> Furthermore, the impact of US dollar appreciation, following the FED's policy rate hikes, tends to be more pronounced in the international inflation rates of energy and food. These commodities are commonly priced in US dollars, making their inflation rates more sensitive to exchange rate variations.<a href="#cite_note-181">[181]</a> In the European Union, public inflation expectations are significantly influenced by the prices of energy and food. Thus, this form of imported inflation can further exacerbate overall inflation levels of the eurozone. The ECB also declared its intention to systematically diminish net asset purchases within their asset purchase program (APP) and end them under the pandemic emergency purchase program (PEPP) launched during the COVID crisis by the first trimester of 2022.<a href="#cite_note-:0-164">[164]</a> On the other hand, the Federal Reserve initiated the reduction of its asset purchase program in November 2021, to finally stop it by March 2022. The Asset Purchase Programs of the ECB initially boosted asset values on bank balance sheets and led to expectations of lower future short short-term interest rates. These programs also raised inflation expectations, eventually reanchoring long-term inflation expectations. Phasing out the Asset Purchase Programs thus signals alignment with the different policy rate hikes in an attempt to cool down the economy and demonstrates a commitment to combating inflation.<a href="#cite_note-182">[182]</a><a href="#cite_note-183">[183]</a><a href="#cite_note-184">[184]</a> Research indicates that the European Central Bank responded to the escalating inflation more slowly and cautiously than the FED, showing hopes that a moderate tightening of monetary policy would suffice. The ECB was notably slower in acknowledging the mistaken nature of its initial assumption that the inflationary trend would be transitory.<a href="#cite_note-:3-165">[165]</a> The transition away from extremely low interest rates was soon accompanied by various rate increases, culminating in the ECB's main rate reaching 4% by the end of September.<a href="#cite_note-185">[185]</a> In contrast, the FED's latest rate hike elevated the Effective Federal Funds Rate to 5.33% in August, underscoring a more aggressive and rapid tightening of monetary policy compared to the ECB's approach.<a href="#cite_note-186">[186]</a> However, the global monetary tightening cycle turned out to be the most synchronized one in the past half-century. By February 2023, more than 90% of economies had hiked their policy rates. The latest peak of highly synchronized action by central banks was during the 1970s and the oil prices shocks where 70% of them had raised their interest rates.<a href="#cite_note-:2-180">[180]</a> <div class="mw-heading mw-heading4"><h4 id="Critics_regarding_the_new_monetary_policy">Critics regarding the new monetary policy</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=25" title="Edit section: Critics regarding the new monetary policy">edit</a>]</div> Criticism first emerged regarding the methodologies used for inflation estimation and their failure to anticipate the inflation surge. A primary critique focused on the inadequacy of traditional tools like the Phillips Curve, which examines the relationship between inflation and certain economic activity indicators, for accurately forecasting inflation.<a href="#cite_note-:1-176">[176]</a><a href="#cite_note-:6-187">[187]</a> During the 1970s, the Phillips Curve also faced significant criticism for its inability to accurately predict the inflation experienced in that decade. This period marked a critical reassessment of the curve's predictive capacity, particularly in the context of the economic phenomena of the time.<a href="#cite_note-188">[188]</a> Traditional indicators used for forecasting economic dynamics, such as the output and unemployment gaps, were found to be inadequate in signaling the overheating of the economy and the prevailing tight labor market conditions.<a href="#cite_note-:1-176">[176]</a><a href="#cite_note-:6-187">[187]</a><a href="#cite_note-189">[189]</a> Moreover, the important belief among central banks that sustained inflationary increases are a consequence of unanchored long-term inflation expectations was challenged during 2021–2022. During this period, inflation expectations remained relatively stable, leading to the misinterpretations by the European Central Bank and other monetary authorities regarding the inflationary trend's nature.<a href="#cite_note-:1-176">[176]</a> Both the FED and the ECB argued that the rise in inflation was only temporary and was the sole result of post-pandemic supply disruptions on a few selected goods and services (food and energy). The FED and the ECB then maintained their expansionary monetary policy, keeping interest rates low.<a href="#cite_note-:3-165">[165]</a> Some critics have also emerged saying that it was complicated for independent central banks, including the ECB, to accurately assess during a synchronized policy rate hike the potential spillovers of cross-countries monetary policy on the inflation. This might lead to excessive monetary tightening (higher interest rates) in unusual circumstances.<a href="#cite_note-:2-180">[180]</a> Concerns have also been raised about the European Central Bank's effectiveness in addressing the recent surge in energy prices.<a href="#cite_note-:4-190">[190]</a> Some experts suggest that the eurozone should be viewed as a small open economy, implying that changes in its demand may not significantly impact global prices. Moreover, they argue that monetary policy might have minimal influence on the global demand for energy. This is because household demand for essentials like heating and transportation is believed to be relatively insensitive to price changes.<a href="#cite_note-:4-190">[190]</a> Additionally, while a stronger euro could theoretically lead to lower import prices, it's uncertain whether these savings would be effectively passed on to consumers. However, recent studies contradict these views by highlighting the significant role of energy prices in the transmission of monetary policy within the eurozone. An increase in the ECB's policy rates tends to appreciate the euro against the dollar. This appreciation can lead to higher local energy costs but may also reduce demand, potentially lowering global energy prices. These studies support the ECB's decision to follow the Federal Reserve's lead in raising policy rates, which appears to have been a strategic move to curb imported inflation and address the spike in energy prices.<a href="#cite_note-:4-190">[190]</a> <div class="mw-heading mw-heading4"><h4 id="Effects_of_the_monetary_tightening">Effects of the monetary tightening</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=26" title="Edit section: Effects of the monetary tightening">edit</a>]</div> The implementing a of tighter monetary policy has emerged as the eurozone solution to fight the latest inflationary pressure. However, this approach bears the risk of hindering the progress of the economic revival post-<a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID</a>.<a href="#cite_note-:7-191">[191]</a> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Evolution_of_the_MRO_rate_and_the_HICP_for_the_EU.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c9/Evolution_of_the_MRO_rate_and_the_HICP_for_the_EU.png/220px-Evolution_of_the_MRO_rate_and_the_HICP_for_the_EU.png" decoding="async" width="220" height="132" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c9/Evolution_of_the_MRO_rate_and_the_HICP_for_the_EU.png/330px-Evolution_of_the_MRO_rate_and_the_HICP_for_the_EU.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c9/Evolution_of_the_MRO_rate_and_the_HICP_for_the_EU.png/440px-Evolution_of_the_MRO_rate_and_the_HICP_for_the_EU.png 2x" data-file-width="1426" data-file-height="854" /></a><figcaption>Evolution of the MRO rate and the HICP for the EU<a href="#cite_note-192">[192]</a></figcaption></figure> Raising interest rates is a strategic move by the ECB with specific aims: to decelerate economic activity, stabilize inflation expectations, and steer towards lower inflation levels. Studies have shown that as interest rates rise, the price on the world market does not really change. However, the Euro becomes more attractive to investors, leading to its appreciation against other currencies. This change benefits households paying for gas in Euros, as it translates into lower prices for dollar-traded oil.<a href="#cite_note-:7-191">[191]</a> On the other hand, the increase in interest rates, while helping to suppress prices, also places strains on the manufacturing sector and the labor market. The aftermath of this shock sees tighter financing conditions and a dip in demand, resulting in a slight uptick in unemployment rates, going beyond 0.1 percentage points. Although the study shows that manufacturing sector quickly rebounds, returning to its pre-shock state within about three months, the impact on unemployment rates lingers for a longer period.<a href="#cite_note-:7-191">[191]</a> <div class="mw-heading mw-heading2"><h2 id="Mandate_and_inflation_target">Mandate and inflation target</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=27" title="Edit section: Mandate and inflation target">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Euro_bank_notes_centered_(50s,_100s,_500s),_maestro_card,_master_card_%E2%80%94_Mattes_2006-05-12.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Euro_bank_notes_centered_%2850s%2C_100s%2C_500s%29%2C_maestro_card%2C_master_card_%E2%80%94_Mattes_2006-05-12.jpg/220px-Euro_bank_notes_centered_%2850s%2C_100s%2C_500s%29%2C_maestro_card%2C_master_card_%E2%80%94_Mattes_2006-05-12.jpg" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Euro_bank_notes_centered_%2850s%2C_100s%2C_500s%29%2C_maestro_card%2C_master_card_%E2%80%94_Mattes_2006-05-12.jpg/330px-Euro_bank_notes_centered_%2850s%2C_100s%2C_500s%29%2C_maestro_card%2C_master_card_%E2%80%94_Mattes_2006-05-12.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Euro_bank_notes_centered_%2850s%2C_100s%2C_500s%29%2C_maestro_card%2C_master_card_%E2%80%94_Mattes_2006-05-12.jpg/440px-Euro_bank_notes_centered_%2850s%2C_100s%2C_500s%29%2C_maestro_card%2C_master_card_%E2%80%94_Mattes_2006-05-12.jpg 2x" data-file-width="1054" data-file-height="1054" /></a><figcaption><a href="/wiki/Euro_banknotes" title="Euro banknotes">Euro banknotes</a></figcaption></figure> The ECB has one primary objective – price stability – subject to which it may pursue secondary objectives. <div class="mw-heading mw-heading3"><h3 id="Primary_mandate">Primary mandate</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=28" title="Edit section: Primary mandate">edit</a>]</div> The primary objective of the European Central Bank, set out in Article 127(1) of the <a href="/wiki/Treaty_on_the_Functioning_of_the_European_Union" title="Treaty on the Functioning of the European Union">Treaty on the Functioning of the European Union</a>, is to maintain <a href="/wiki/Price_stability" title="Price stability">price stability</a> within the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a>.<a href="#cite_note-193">[193]</a> However the EU Treaties do not specify exactly how the ECB should pursue this objective. The European Central Bank has ample discretion over the way it pursues its price stability objective, as it can self-decide on the <a href="/wiki/Inflation_target" class="mw-redirect" title="Inflation target">inflation target</a>, and may also influence the way inflation is being measured. Since 2021, the ECB has defined its objective as targeting an inflation rate of 2% over the medium term.<a href="#cite_note-Amaro-2021-162">[162]</a> Before that, the precise formulation of the price stability objective has changed over the years: The Governing Council in October 1998<a href="#cite_note-HANSPETER_K_2006,_page_81-194">[194]</a> defined price stability as inflation of under 2%, "a year-on-year increase in the <a href="/wiki/Harmonised_Index_of_Consumer_Prices" title="Harmonised Index of Consumer Prices">Harmonised Index of Consumer Prices</a> (HICP) for the euro area of below 2%" and added that price stability "was to be maintained over the medium term".<a href="#cite_note-ENA_Pow-195">[195]</a> In May 2003, following a thorough review of the ECB's monetary policy strategy, the Governing Council clarified that "in the pursuit of price stability, it aims to maintain inflation rates below, but close to, 2% over the medium term".<a href="#cite_note-HANSPETER_K_2006,_page_81-194">[194]</a> In 2016, the European Central Bank's president has further adjusted its communication, by introducing the notion of "symmetry" in its definition of its target,<a href="#cite_note-196">[196]</a> thus making it clear that the ECB should respond both to inflationary pressures and to deflationary pressures. As <a href="/wiki/Mario_Draghi" title="Mario Draghi">Draghi</a> once said "symmetry meant not only that we would not accept persistently low inflation, but also that there was no cap on inflation at 2%."<a href="#cite_note-197">[197]</a> On 8 July 2021, as a result of the strategic review led by the new president <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a>, the ECB officially abandoned the "below but close to two per cent" definition and adopted instead a 2% symmetric target.<a href="#cite_note-Amaro-2021-162">[162]</a><a href="#cite_note-198">[198]</a> <div class="mw-heading mw-heading3"><h3 id="Secondary_mandate">Secondary mandate</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=29" title="Edit section: Secondary mandate">edit</a>]</div> Without prejudice to the objective of price stability, the Treaty (127 TFEU) also provides room for the ECB to pursue other objectives:<blockquote>Without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union.<a href="#cite_note-199">[199]</a></blockquote>This legal provision is often considered to provide a "secondary mandate" to the ECB and offers ample justifications for the ECB to also prioritize other considerations such as full employment or environmental protection,<a href="#cite_note-200">[200]</a> which are mentioned in the Article 3 of the Treaty on the European Union. At the same time, economists and commentators are often divided on whether and how the ECB should pursue those secondary objectives, in particular the environmental impact.<a href="#cite_note-201">[201]</a> ECB official have also frequently pointed out the possible contradictions between those secondary objectives.<a href="#cite_note-202">[202]</a> To better guide the ECB's action on its secondary objectives, it has been suggested that closer consultation with the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> would be warranted.<a href="#cite_note-203">[203]</a><a href="#cite_note-204">[204]</a><a href="#cite_note-205">[205]</a><a href="#cite_note-206">[206]</a> In 2023, the ECB recognised the possible role of the European Parliament in the prioritisation of its secondary objectives.<a href="#cite_note-207">[207]</a><a href="#cite_note-208">[208]</a> <div class="mw-heading mw-heading3"><h3 id="Tasks">Tasks</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=30" title="Edit section: Tasks">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-One_source plainlinks metadata ambox ambox-content ambox-one_source" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></div></td><td class="mbox-text"><div class="mbox-text-span">This section relies largely or entirely on a <a href="/wiki/Wikipedia:Articles_with_a_single_source" title="Wikipedia:Articles with a single source">single source</a>. Relevant discussion may be found on the <a href="/wiki/Talk:European_Central_Bank##" title="Talk:European Central Bank">talk page</a>. Please help <a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_Central_Bank&action=edit">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">introducing citations to additional sources</a>. Find sources: <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22European+Central+Bank%22">"European Central Bank"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22European+Central+Bank%22+-wikipedia&tbs=ar:1">news</a> · <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22European+Central+Bank%22&tbs=bkt:s&tbm=bks">newspapers</a> · <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22European+Central+Bank%22+-wikipedia">books</a> · <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22European+Central+Bank%22">scholar</a> · <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22European+Central+Bank%22&acc=on&wc=on">JSTOR</a> (December 2015)</div></td></tr></tbody></table> To carry out its main mission, the ECB's tasks include: <ul><li>Defining and implementing monetary policy<a href="#cite_note-209">[209]</a></li> <li>Managing foreign exchange operations</li> <li>Maintaining the payment system to promote smooth operation of the financial market infrastructure under the TARGET2 payments system<a href="#cite_note-BBC_ECB-210">[210]</a> and being currently developed technical platform for the settlement of securities in Europe (<a href="/wiki/TARGET2_Securities" class="mw-redirect" title="TARGET2 Securities">TARGET2 Securities</a>).</li> <li>Consultative role: by law, the ECB's opinion is required on any national or EU legislation that falls within the ECB's competence.</li> <li>Collection and establishment of statistics</li> <li>International cooperation</li> <li>Issuing banknotes: the ECB holds the exclusive right to authorise the issuance of <a href="/wiki/Euro_banknotes" title="Euro banknotes">euro banknotes</a>. Member states can issue <a href="/wiki/Euro_coins" title="Euro coins">euro coins</a>, but the amount must be authorised by the ECB beforehand (upon the introduction of the euro, the ECB also had exclusive right to issue coins).<a href="#cite_note-BBC_ECB-210">[210]</a></li> <li>Financial stability and prudential policy</li> <li>Banking supervision: since 2013, the ECB has been put in charge of supervising systemically relevant banks.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Monetary_policy_tools">Monetary policy tools</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=31" title="Edit section: Monetary policy tools">edit</a>]</div> The principal monetary policy tool of the European central bank is collateralised borrowing or repo agreements.<a href="#cite_note-Euro_debt_crisis-211">[211]</a> The collateral used by the ECB is typically high quality public and private sector debt.<a href="#cite_note-Euro_debt_crisis-211">[211]</a> All lending to credit institutions must be collateralised as required by Article 18 of the Statute of the ESCB.<a href="#cite_note-212">[212]</a> The criteria for determining "high quality" for public debt have been preconditions for membership in the European Union: total debt must not be too large in relation to a gross domestic product, for example, and deficits in any given year must not become too large.<a href="#cite_note-Euro_debt_working_paper-24">[24]</a> Though these criteria are fairly simple, a number of accounting techniques may hide the underlying reality of fiscal solvency—or the lack of the same.<a href="#cite_note-Euro_debt_working_paper-24">[24]</a> <table class="wikitable"> <caption>Monetary policy instruments of the ECB (June 2023) </caption> <tbody><tr> <th>Type of instrument </th> <th>Name of instrument </th> <th>Maintenance period </th> <th>Rate </th> <th>Volume (millions) </th></tr> <tr> <td rowspan="2">Standing facilities (rate corridor) </td> <td>Marginal lending facility </td> <td>Overnight </td> <td>4% </td> <td> </td></tr> <tr> <td>Deposit facility </td> <td>Overnight </td> <td>3.25% </td> <td> </td></tr> <tr> <td rowspan="3">Refinancing operations (collateralized repos) </td> <td>Main refinancing operations (MROs) </td> <td>7 days </td> <td>3.75% </td> <td> </td></tr> <tr> <td>Long-term refinancing operations (LTROs) </td> <td>3 months up to 3 years </td> <td>Average MRO rate </td> <td> </td></tr> <tr> <td>Targeted-Long Term Refinancing Operations (TLTROs) </td> <td>Up to 4 years </td> <td>-0.5% or less </td> <td> </td></tr> <tr> <td rowspan="6">Asset purchases </td> <td>Asset-backed securities purchase programme (ABSPP) </td> <td>n/a </td> <td>n/a </td> <td>18,491 </td></tr> <tr> <td>Covered bonds purchase programme (CBPP) </td> <td>n/a </td> <td>n/a </td> <td>298,627 </td></tr> <tr> <td>Corporate sector purchase programme (CSPP) </td> <td>n/a </td> <td>n/a </td> <td>341,574 </td></tr> <tr> <td>Public sector purchase programme (PSPP) </td> <td>n/a </td> <td>n/a </td> <td>2,557,798 </td></tr> <tr> <td>Pandemic emergency purchase programme (PEPP) </td> <td>n/a </td> <td>n/a </td> <td>1,676,941 </td></tr> <tr> <td>Securities markets programme (SMP) - Terminated </td> <td>n/a </td> <td>n/a </td> <td>2,875 </td></tr> <tr> <td>Reserve requirements </td> <td>Minimum reserves </td> <td> </td> <td>0% </td> <td>N/A </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Difference_with_US_Federal_Reserve">Difference with US Federal Reserve</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=32" title="Edit section: Difference with US Federal Reserve">edit</a>]</div> In the <a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">United States Federal Reserve Bank</a>, the Federal Reserve buys assets: typically, bonds issued by the Federal government.<a href="#cite_note-Bernanke-213">[213]</a> There is no limit on the bonds that it can buy and one of the tools at its disposal in a financial crisis is to take such extraordinary measures as the purchase of large amounts of assets such as <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a>.<a href="#cite_note-Bernanke-213">[213]</a> The purpose of such operations is to ensure that adequate liquidity is available for the functioning of the financial system.<a href="#cite_note-Bernanke-213">[213]</a> The <a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a>, on the other hand, uses collateralized lending as a default instrument. There are about 1,500 eligible banks which may bid for short-term <a href="/wiki/Repurchase_agreement" title="Repurchase agreement">repo contracts</a>.<a href="#cite_note-214">[214]</a> The difference is that banks in effect borrow cash from the ECB and must pay it back; the short durations allow interest rates to be adjusted continually. When the repo notes come due the participating banks bid again. An increase in the number of notes offered at auction allows an increase in liquidity in the economy. A decrease has the contrary effect. The contracts are carried on the asset side of the European Central Bank's balance sheet and the resulting deposits in member banks are carried as a liability. In layman's terms, the liability of the central bank is money, and an increase in deposits in member banks carried as a liability by the central bank, means that more money has been put into the economy.<a href="#cite_note-215">[a]</a> To qualify for participation in the auctions, banks must be able to offer proof of appropriate collateral in the form of loans to other entities. These can be the public debt of member states, but a fairly wide range of private banking securities are also accepted.<a href="#cite_note-The_ECB_and_the_Eurosystem-216">[215]</a> The fairly stringent membership requirements for the European Union, especially with regard to <a href="/wiki/Sovereign_debt" class="mw-redirect" title="Sovereign debt">sovereign debt</a> as a percentage of each member state's gross domestic product, are designed to ensure that assets offered to the bank as collateral are, at least in theory, all equally good, and all equally protected from the risk of inflation.<a href="#cite_note-The_ECB_and_the_Eurosystem-216">[215]</a> <div class="mw-heading mw-heading2"><h2 id="Organization">Organization</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=33" title="Edit section: Organization">edit</a>]</div> The ECB has four decision-making bodies, that take all the decisions with the objective of fulfilling the ECB's mandate: <ul><li>the Executive Board,</li> <li>the Governing Council,</li> <li>the General Council, and</li> <li>the Supervisory Board.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Decision-making_bodies">Decision-making bodies</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=34" title="Edit section: Decision-making bodies">edit</a>]</div> <div class="mw-heading mw-heading4"><h4 id="Executive_Board">Executive Board</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=35" title="Edit section: Executive Board">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Jean-Claude_Trichet_-_World_Economic_Forum_Annual_Meeting_Davos_2010.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f6/Jean-Claude_Trichet_-_World_Economic_Forum_Annual_Meeting_Davos_2010.jpg/170px-Jean-Claude_Trichet_-_World_Economic_Forum_Annual_Meeting_Davos_2010.jpg" decoding="async" width="170" height="228" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f6/Jean-Claude_Trichet_-_World_Economic_Forum_Annual_Meeting_Davos_2010.jpg/255px-Jean-Claude_Trichet_-_World_Economic_Forum_Annual_Meeting_Davos_2010.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f6/Jean-Claude_Trichet_-_World_Economic_Forum_Annual_Meeting_Davos_2010.jpg/340px-Jean-Claude_Trichet_-_World_Economic_Forum_Annual_Meeting_Davos_2010.jpg 2x" data-file-width="1252" data-file-height="1679" /></a><figcaption><a href="/wiki/Jean-Claude_Trichet" title="Jean-Claude Trichet">Jean-Claude Trichet</a>, the second President of the European Central Bank</figcaption></figure> The <a href="/wiki/Executive_Board_of_the_European_Central_Bank" title="Executive Board of the European Central Bank">Executive Board</a> is responsible for the implementation of monetary policy (defined by the Governing Council) and the day-to-day running of the bank.<a href="#cite_note-Governing_Council2-217">[216]</a> It can issue decisions to national central banks and may also exercise powers delegated to it by the Governing Council.<a href="#cite_note-Governing_Council2-217">[216]</a> Executive Board members are assigned a portfolio of responsibilities by the President of the ECB.<a href="#cite_note-218">[217]</a> The executive board normally meets every Tuesday. It is composed of the President of the Bank (currently <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a>), the vice-president (currently <a href="/wiki/Luis_de_Guindos" title="Luis de Guindos">Luis de Guindos</a>) and four other members.<a href="#cite_note-Governing_Council2-217">[216]</a> They are all appointed by the <a href="/wiki/European_Council" title="European Council">European Council</a> for non-renewable terms of eight years.<a href="#cite_note-Governing_Council2-217">[216]</a> Members of the executive board of the ECB are appointed "from among persons of recognised standing and professional experience in monetary or banking matters by common accord of the governments of the Member States at the level of Heads of State or Government, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the ECB".<a href="#cite_note-219">[218]</a> <a href="/wiki/Jos%C3%A9_Manuel_Gonz%C3%A1lez-P%C3%A1ramo" class="mw-redirect" title="José Manuel González-Páramo">José Manuel González-Páramo</a>, a Spanish member of the executive board since June 2004, was due to leave the board in early June 2012, but no replacement had been named as of late May.<a href="#cite_note-MW01-220">[219]</a> The Spanish had nominated Barcelona-born Antonio Sáinz de Vicuña – an ECB veteran who heads its legal department – as González-Páramo's replacement as early as January 2012, but alternatives from Luxembourg, Finland, and Slovenia were put forward and no decision made by May.<a href="#cite_note-221">[220]</a> After a long political battle and delays due to the European Parliament's protest over the lack of gender balance at the ECB,<a href="#cite_note-222">[221]</a> Luxembourg's <a href="/wiki/Yves_Mersch" title="Yves Mersch">Yves Mersch</a> was appointed as González-Páramo's replacement.<a href="#cite_note-223">[222]</a> In December 2020, <a href="/wiki/Frank_Elderson" title="Frank Elderson">Frank Elderson</a> succeeded to <a href="/wiki/Yves_Mersch" title="Yves Mersch">Yves Mersch</a> at the ECB's board.<a href="#cite_note-224">[223]</a><a href="#cite_note-225">[224]</a> <div class="mw-heading mw-heading4"><h4 id="Governing_Council">Governing Council</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=36" title="Edit section: Governing Council">edit</a>]</div> The <a href="/wiki/Governing_Council_of_the_European_Central_Bank" class="mw-redirect" title="Governing Council of the European Central Bank">Governing Council</a> is the main decision-making body of the <a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a>.<a href="#cite_note-226">[225]</a> It comprises the members of the executive board (six in total) and the governors of the National Central Banks of the euro area countries (20 as of 2023). According to Article 284 of the TFEU, the <a href="/wiki/President_of_the_European_Council" title="President of the European Council">President</a> of the <a href="/wiki/European_Council" title="European Council">European Council</a> and a representative from the <a href="/wiki/European_Commission" title="European Commission">European Commission</a> may attend the meetings as observers, but they lack voting rights. Since January 2015, the ECB has published on its website a summary of the Governing Council deliberations ("accounts").<a href="#cite_note-227">[226]</a> These publications came as a partial response to recurring criticism against the ECB's opacity.<a href="#cite_note-228">[227]</a> However, in contrast to other central banks, the ECB still does not disclose individual voting records of the governors seating in its council. <table class="wikitable"> <caption>Members of the Governing Council (as of January 2023)<a href="#cite_note-229">[228]</a> </caption> <tbody><tr> <th> </th> <th>Name </th> <th>Role </th> <th colspan="2" align="Center">Terms of office </th></tr> <tr> <th rowspan="6" align="Center">Executive Board </th> <td><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a> </td> <td>President </td> <td>1 November 2019 </td> <td>31 October 2027 </td></tr> <tr> <td><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a> <a href="/wiki/Luis_de_Guindos" title="Luis de Guindos">Luis de Guindos</a> </td> <td>Vice President </td> <td>1 June 2018 </td> <td>31 May 2026 </td></tr> <tr> <td><a href="/wiki/Italy" title="Italy"><img alt="Italy" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></a> <a href="/wiki/Piero_Cipollone" title="Piero Cipollone">Piero Cipollone</a> </td> <td>Member of the Executive Board </td> <td>1 November 2023 </td> <td>31 October 2031 </td></tr> <tr> <td><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Philip_R._Lane" title="Philip R. Lane">Philip R. Lane</a> </td> <td>Member of the Executive Board & Chief Economist </td> <td>1 June 2019 </td> <td>31 May 2027 </td></tr> <tr> <td><a href="/wiki/Netherlands" title="Netherlands"><img alt="Netherlands" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Frank_Elderson" title="Frank Elderson">Frank Elderson</a> </td> <td>Member of the Executive Board Vice-chair of the Supervisory board </td> <td>15 December 2020 </td> <td>14 December 2028 </td></tr> <tr> <td><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Isabel_Schnabel" title="Isabel Schnabel">Isabel Schnabel</a> </td> <td>Member of the Executive Board </td> <td>1 January 2020 </td> <td>31 December 2027 </td></tr> <tr> <th rowspan="20">National Governors </th> <td><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a> <a href="/wiki/Jos%C3%A9_Luis_Escriv%C3%A1" title="José Luis Escrivá">José Luis Escrivá</a> </td> <td> </td> <td>6 September 2024 </td> <td>5 September 2030 </td></tr> <tr> <td><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Joachim_Nagel" title="Joachim Nagel">Joachim Nagel</a> </td> <td> </td> <td>1 January 2022 </td> <td> </td></tr> <tr> <td><a href="/wiki/Belgium" title="Belgium"><img alt="Belgium" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/w/index.php?title=Pierre_Wunsch&action=edit&redlink=1" class="new" title="Pierre Wunsch (page does not exist)">Pierre Wunsch</a> [<a href="https://nl.wikipedia.org/wiki/Pierre_Wunsch" class="extiw" title="nl:Pierre Wunsch">nl</a>; <a href="https://fr.wikipedia.org/wiki/Pierre_Wunsch" class="extiw" title="fr:Pierre Wunsch">fr</a>] </td> <td> </td> <td>2 January 2019 </td> <td>January 2024 </td></tr> <tr> <td><a href="/wiki/Greece" title="Greece"><img alt="Greece" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Yannis_Stournaras" title="Yannis Stournaras">Yannis Stournaras</a> </td> <td> </td> <td>June 2020 </td> <td>June 2026 </td></tr> <tr> <td><a href="/wiki/Croatia" title="Croatia"><img alt="Croatia" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Boris_Vuj%C4%8Di%C4%87" title="Boris Vujčić">Boris Vujčić</a> </td> <td> </td> <td>8 July 2012 </td> <td>13 July 2024 </td></tr> <tr> <td><a href="/wiki/Luxembourg" title="Luxembourg"><img alt="Luxembourg" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /></a> <a href="/wiki/Gaston_Reinesch_(economist)" class="mw-redirect" title="Gaston Reinesch (economist)">Gaston Reinesch</a> </td> <td> </td> <td>January 2013 </td> <td>January 2026 </td></tr> <tr> <td><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Fran%C3%A7ois_Villeroy_de_Galhau" title="François Villeroy de Galhau">François Villeroy de Galhau</a> </td> <td> </td> <td>1 November 2015 </td> <td>November 2027 </td></tr> <tr> <td><a href="/wiki/Austria" title="Austria"><img alt="Austria" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Robert_Holzmann" title="Robert Holzmann">Robert Holzmann</a> </td> <td> </td> <td>1 September 2019 </td> <td>31 August 2025 </td></tr> <tr> <td><a href="/wiki/Slovakia" title="Slovakia"><img alt="Slovakia" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Peter_Ka%C5%BEim%C3%ADr" title="Peter Kažimír">Peter Kažimír</a> </td> <td> </td> <td>1 June 2019 </td> <td>1 June 2025 </td></tr> <tr> <td><a href="/wiki/Lithuania" title="Lithuania"><img alt="Lithuania" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/w/index.php?title=Gediminas_%C5%A0imkus&action=edit&redlink=1" class="new" title="Gediminas Šimkus (page does not exist)">Gediminas Šimkus</a> </td> <td> </td> <td>7 April 2021 </td> <td>6 April 2026 </td></tr> <tr> <td><a href="/wiki/Finland" title="Finland"><img alt="Finland" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /></a> <a href="/wiki/Olli_Rehn" title="Olli Rehn">Olli Rehn</a> </td> <td> </td> <td>12 July 2018 </td> <td>12 July 2025 </td></tr> <tr> <td><a href="/wiki/Portugal" title="Portugal"><img alt="Portugal" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/M%C3%A1rio_Centeno" title="Mário Centeno">Mario Centeno</a> </td> <td> </td> <td>July 2020 </td> <td>June 2025 </td></tr> <tr> <td><a href="/wiki/Malta" title="Malta"><img alt="Malta" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Edward_Scicluna" title="Edward Scicluna">Edward Scicluna</a> </td> <td> </td> <td>1 January 2021 </td> <td>30 December 2025 </td></tr> <tr> <td><a href="/wiki/Slovenia" title="Slovenia"><img alt="Slovenia" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/w/index.php?title=Bo%C5%A1tjan_Vasle&action=edit&redlink=1" class="new" title="Boštjan Vasle (page does not exist)">Boštjan Vasle</a> [<a href="https://www.wikidata.org/wiki/Special:EntityPage/Q63614880#sitelinks-wikipedia" class="extiw" title="d:Special:EntityPage/Q63614880">Wikidata</a>] </td> <td> </td> <td>1 January 2019 </td> <td>31 December 2024 </td></tr> <tr> <td><a href="/wiki/Estonia" title="Estonia"><img alt="Estonia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /></a> <a href="/wiki/Madis_M%C3%BCller" title="Madis Müller">Madis Müller</a> </td> <td> </td> <td>June 2019 </td> <td>June 2026 </td></tr> <tr> <td><a href="/wiki/Latvia" title="Latvia"><img alt="Latvia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/M%C4%81rti%C5%86%C5%A1_Kaz%C4%81ks" title="Mārtiņš Kazāks">Mārtiņš Kazāks</a> </td> <td> </td> <td>21 December 2019 </td> <td>21 December 2025 </td></tr> <tr> <td><a href="/wiki/Netherlands" title="Netherlands"><img alt="Netherlands" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Klaas_Knot" title="Klaas Knot">Klaas Knot</a> </td> <td> </td> <td>1 July 2011 </td> <td>May 2025 </td></tr> <tr> <td><a href="/wiki/Cyprus" title="Cyprus"><img alt="Cyprus" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> <a href="/w/index.php?title=Christodoulos_Patsalides&action=edit&redlink=1" class="new" title="Christodoulos Patsalides (page does not exist)">Christodoulos Patsalides</a> </td> <td> </td> <td>11 April 2024 </td> <td>April 2029 </td></tr> <tr> <td><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Gabriel_Makhlouf" title="Gabriel Makhlouf">Gabriel Makhlouf</a> </td> <td> </td> <td>1 September 2019 </td> <td>1 September 2026 </td></tr> <tr> <td><a href="/wiki/Italy" title="Italy"><img alt="Italy" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></a> <a href="/wiki/Fabio_Panetta" title="Fabio Panetta">Fabio Panetta</a> </td> <td> </td> <td>1 November 2023 </td> <td>31 October 2028 </td></tr></tbody></table> <div class="mw-heading mw-heading4"><h4 id="General_Council">General Council</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=37" title="Edit section: General Council">edit</a>]</div> The General Council is a body dealing with transitional issues of euro adoption, for example, fixing the exchange rates of currencies being replaced by the euro (continuing the tasks of the former EMI).<a href="#cite_note-Governing_Council2-217">[216]</a> It will continue to exist until all EU member states adopt the euro, at which point it will be dissolved.<a href="#cite_note-Governing_Council2-217">[216]</a> It is composed of the President and vice-president together with the <a href="/wiki/European_System_of_Central_Banks#Member_banks" title="European System of Central Banks">governors of all of the EU's national central banks</a>.<a href="#cite_note-ENA_Com-230">[229]</a><a href="#cite_note-ECB_GC-231">[230]</a> <div class="mw-heading mw-heading4"><h4 id="Supervisory_Board">Supervisory Board</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=38" title="Edit section: Supervisory Board">edit</a>]</div> The <a href="/wiki/ECB_Supervisory_Board" class="mw-redirect" title="ECB Supervisory Board">ECB Supervisory Board</a> meets twice a month to discuss, plan and carry out the ECB's supervisory tasks.<a href="#cite_note-SupBoard-232">[231]</a> It proposes draft decisions to the Governing Council under the non-objection procedure. It is composed of Chair (appointed for a non-renewable term of five years), Vice-chair (chosen from among the members of the ECB's executive board) four ECB representatives and representatives of national supervisors. If the national supervisory authority designated by a Member State is not a national central bank (NCB), the representative of the competent authority can be accompanied by a representative from their NCB. In such cases, the representatives are together considered as one member for the purposes of the voting procedure.<a href="#cite_note-SupBoard-232">[231]</a> It also includes the Steering Committee, which supports the activities of the supervisory board and prepares the Board's meetings. It is composed by the chair of the supervisory board, Vice-chair of the supervisory board, one ECB representative and five representatives of national supervisors. The five representatives of national supervisors are appointed by the supervisory board for one year based on a rotation system that ensures a fair representation of countries.<a href="#cite_note-SupBoard-232">[231]</a> <div class="mw-heading mw-heading3"><h3 id="Capital_subscription">Capital subscription</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=39" title="Edit section: Capital subscription">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1246091330">.mw-parser-output .sidebar{width:22em;float:right;clear:right;margin:0.5em 0 1em 1em;background:var(--background-color-neutral-subtle,#f8f9fa);border:1px solid var(--border-color-base,#a2a9b1);padding:0.2em;text-align:center;line-height:1.4em;font-size:88%;border-collapse:collapse;display:table}body.skin-minerva .mw-parser-output .sidebar{display:table!important;float:right!important;margin:0.5em 0 1em 1em!important}.mw-parser-output .sidebar-subgroup{width:100%;margin:0;border-spacing:0}.mw-parser-output .sidebar-left{float:left;clear:left;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-none{float:none;clear:both;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-outer-title{padding:0 0.4em 0.2em;font-size:125%;line-height:1.2em;font-weight:bold}.mw-parser-output .sidebar-top-image{padding:0.4em}.mw-parser-output .sidebar-top-caption,.mw-parser-output .sidebar-pretitle-with-top-image,.mw-parser-output .sidebar-caption{padding:0.2em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-pretitle{padding:0.4em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-title,.mw-parser-output .sidebar-title-with-pretitle{padding:0.2em 0.8em;font-size:145%;line-height:1.2em}.mw-parser-output .sidebar-title-with-pretitle{padding:0.1em 0.4em}.mw-parser-output .sidebar-image{padding:0.2em 0.4em 0.4em}.mw-parser-output .sidebar-heading{padding:0.1em 0.4em}.mw-parser-output .sidebar-content{padding:0 0.5em 0.4em}.mw-parser-output .sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile vcard"><tbody><tr><td class="sidebar-pretitle">This article is part of <a href="/wiki/Category:Politics_of_the_European_Union" title="Category:Politics of the European Union">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><div class="adr"><a href="/wiki/Politics_of_the_European_Union" title="Politics of the European Union">Politics of the European Union</a></div></th></tr><tr><th><a href="/wiki/File:Flag_of_Europe.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/125px-Flag_of_Europe.svg.png" decoding="async" width="125" height="83" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/188px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/250px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /></a></th></tr><tr><th style="border-bottom: #aaa 1px solid"></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/Member_state_of_the_European_Union" title="Member state of the European Union">Member states</a> (27)</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div><ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Austria" title="Austria">Austria</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Belgium" title="Belgium">Belgium</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Croatia" title="Croatia">Croatia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /> <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /> <a href="/wiki/Denmark" title="Denmark">Denmark</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /> <a href="/wiki/Estonia" title="Estonia">Estonia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /> <a href="/wiki/Finland" title="Finland">Finland</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/France" title="France">France</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Germany" title="Germany">Germany</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Greece" title="Greece">Greece</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Hungary" title="Hungary">Hungary</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /> <a href="/wiki/Italy" title="Italy">Italy</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Latvia" title="Latvia">Latvia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /> <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Malta" title="Malta">Malta</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /> <a href="/wiki/Poland" title="Poland">Poland</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Portugal" title="Portugal">Portugal</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Romania" title="Romania">Romania</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /> <a href="/wiki/Spain" title="Spain">Spain</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /> <a href="/wiki/Sweden" title="Sweden">Sweden</a></li></ul></div> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Potential_enlargement_of_the_European_Union" title="Potential enlargement of the European Union">Candidate countries</a></div> <ul><li><a href="/wiki/Albania" title="Albania"><img alt="Albania" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Flag_of_Albania.svg/21px-Flag_of_Albania.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Flag_of_Albania.svg/32px-Flag_of_Albania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Flag_of_Albania.svg/42px-Flag_of_Albania.svg.png 2x" data-file-width="700" data-file-height="500" /></a> <a href="/wiki/Accession_of_Albania_to_the_European_Union" title="Accession of Albania to the European Union">Albania</a></li> <li><a href="/wiki/Bosnia_and_Herzegovina" title="Bosnia and Herzegovina"><img alt="Bosnia and Herzegovina" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Flag_of_Bosnia_and_Herzegovina.svg/23px-Flag_of_Bosnia_and_Herzegovina.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Flag_of_Bosnia_and_Herzegovina.svg/35px-Flag_of_Bosnia_and_Herzegovina.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Flag_of_Bosnia_and_Herzegovina.svg/46px-Flag_of_Bosnia_and_Herzegovina.svg.png 2x" data-file-width="800" data-file-height="400" /></a> <a href="/wiki/Accession_of_Bosnia_and_Herzegovina_to_the_European_Union" title="Accession of Bosnia and Herzegovina to the European Union">Bosnia and Herzegovina</a></li> <li><a href="/wiki/Georgia_(country)" title="Georgia (country)"><img alt="Georgia (country)" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Georgia.svg/23px-Flag_of_Georgia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Georgia.svg/35px-Flag_of_Georgia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Georgia.svg/45px-Flag_of_Georgia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Georgia%E2%80%93European_Union_relations" title="Georgia–European Union relations">Georgia</a></li> <li><a href="/wiki/Moldova" title="Moldova"><img alt="Moldova" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Moldova.svg/23px-Flag_of_Moldova.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Moldova.svg/35px-Flag_of_Moldova.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Moldova.svg/46px-Flag_of_Moldova.svg.png 2x" data-file-width="1800" data-file-height="900" /></a> <a href="/wiki/Accession_of_Moldova_to_the_European_Union" title="Accession of Moldova to the European Union">Moldova</a></li> <li><a href="/wiki/Montenegro" title="Montenegro"><img alt="Montenegro" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Montenegro.svg/23px-Flag_of_Montenegro.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Montenegro.svg/35px-Flag_of_Montenegro.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Montenegro.svg/46px-Flag_of_Montenegro.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Accession_of_Montenegro_to_the_European_Union" title="Accession of Montenegro to the European Union">Montenegro</a></li> <li><a href="/wiki/North_Macedonia" title="North Macedonia"><img alt="North Macedonia" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_North_Macedonia.svg/23px-Flag_of_North_Macedonia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_North_Macedonia.svg/35px-Flag_of_North_Macedonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_North_Macedonia.svg/46px-Flag_of_North_Macedonia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Accession_of_North_Macedonia_to_the_European_Union" title="Accession of North Macedonia to the European Union">North Macedonia</a></li> <li><a href="/wiki/Serbia" title="Serbia"><img alt="Serbia" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Flag_of_Serbia.svg/23px-Flag_of_Serbia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Flag_of_Serbia.svg/35px-Flag_of_Serbia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Flag_of_Serbia.svg/45px-Flag_of_Serbia.svg.png 2x" data-file-width="1350" data-file-height="900" /></a> <a href="/wiki/Accession_of_Serbia_to_the_European_Union" title="Accession of Serbia to the European Union">Serbia</a></li> <li><a href="/wiki/Ukraine" title="Ukraine"><img alt="Ukraine" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Ukraine.svg/23px-Flag_of_Ukraine.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Ukraine.svg/35px-Flag_of_Ukraine.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Ukraine.svg/45px-Flag_of_Ukraine.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> <a href="/wiki/Accession_of_Ukraine_to_the_European_Union" title="Accession of Ukraine to the European Union">Ukraine</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Potential_enlargement_of_the_European_Union" title="Potential enlargement of the European Union">Countries with suspended accession negotiations</a></div> <ul><li><a href="/wiki/Turkey" title="Turkey"><img alt="Turkey" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/23px-Flag_of_Turkey.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/35px-Flag_of_Turkey.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/45px-Flag_of_Turkey.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> <a href="/wiki/Accession_of_Turkey_to_the_European_Union" title="Accession of Turkey to the European Union">Turkey</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Potential_enlargement_of_the_European_Union" title="Potential enlargement of the European Union">Applicant countries</a></div> <ul><li><a href="/wiki/Kosovo" title="Kosovo"><img alt="Kosovo" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1f/Flag_of_Kosovo.svg/21px-Flag_of_Kosovo.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1f/Flag_of_Kosovo.svg/32px-Flag_of_Kosovo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1f/Flag_of_Kosovo.svg/42px-Flag_of_Kosovo.svg.png 2x" data-file-width="840" data-file-height="600" /></a> <a href="/wiki/Accession_of_Kosovo_to_the_European_Union" title="Accession of Kosovo to the European Union">Kosovo</a></li></ul> <hr /> <ul><li><a href="/wiki/Special_territories_of_states_participating_in_the_European_integration" class="mw-redirect" title="Special territories of states participating in the European integration">Special territories</a></li> <li><a href="/wiki/Belgium%E2%80%93Germany_relations" title="Belgium–Germany relations">Belgium–Germany relations</a></li> <li><a href="/wiki/France%E2%80%93Germany_relations" title="France–Germany relations">France–Germany relations</a></li> <li><a href="/wiki/Germany%E2%80%93Netherlands_relations" title="Germany–Netherlands relations">Germany–Netherlands relations</a></li> <li><a href="/wiki/EU_three" title="EU three">EU 3</a></li> <li><a href="/wiki/Withdrawal_from_the_European_Union" title="Withdrawal from the European Union">Withdrawal from the European Union</a></li></ul> <hr /></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/Treaties_of_the_European_Union" title="Treaties of the European Union">Treaties and Declarations</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><a href="/wiki/Schuman_Declaration" title="Schuman Declaration">Schuman Declaration</a> (1950)</li> <li><a href="/wiki/Treaty_of_Paris_(1951)" title="Treaty of Paris (1951)">Treaty of Paris</a> (1951)</li> <li><a href="/wiki/Europe_Declaration" title="Europe Declaration">Europe Declaration</a> (1951)</li> <li><a href="/wiki/Spaak_Report" title="Spaak Report">Spaak Report</a> (1956)</li> <li><a href="/wiki/Treaty_of_Rome" title="Treaty of Rome">Treaty of Rome</a> (1957)</li> <li><a href="/wiki/Euratom_Treaty" title="Euratom Treaty">Euratom Treaty</a> (1957)</li> <li><a href="/wiki/Merger_Treaty" title="Merger Treaty">Merger Treaty</a> (1965)</li> <li><a href="/wiki/Solemn_Declaration_on_European_Union" title="Solemn Declaration on European Union">Solemn Declaration</a> (1983)</li> <li><a href="/wiki/Single_European_Act" title="Single European Act">Single European Act</a> (1986)</li> <li><a href="/wiki/Maastricht_Treaty" title="Maastricht Treaty">Maastricht Treaty</a> (1992)</li> <li><a href="/wiki/Treaty_of_Amsterdam" title="Treaty of Amsterdam">Treaty of Amsterdam</a> (1997)</li> <li><a href="/wiki/Treaty_of_Nice" title="Treaty of Nice">Treaty of Nice</a> (2001)</li> <li><a href="/wiki/Berlin_Declaration_(2007)" title="Berlin Declaration (2007)">Berlin Declaration</a> (2007)</li> <li><a href="/wiki/Treaty_of_Lisbon" title="Treaty of Lisbon">Treaty of Lisbon</a> (2007) <ul><li><a href="/wiki/Article_7_of_the_Treaty_on_European_Union" title="Article 7 of the Treaty on European Union">Article 7</a></li> <li><a href="/wiki/Withdrawal_from_the_European_Union" title="Withdrawal from the European Union">Article 50</a></li></ul></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Opt-outs_in_the_European_Union" title="Opt-outs in the European Union">Opt-outs</a></div> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Treaties of accession</div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Treaty_of_Accession_1972" title="Treaty of Accession 1972">1972</a>, <a href="/wiki/Treaty_of_Accession_1979" title="Treaty of Accession 1979">1979</a>, <a href="/wiki/Treaty_of_Accession_1985" title="Treaty of Accession 1985">1985</a>, <a href="/wiki/Treaty_of_Accession_1994" title="Treaty of Accession 1994">1994</a>, <a href="/wiki/Treaty_of_Accession_2003" title="Treaty of Accession 2003">2003</a>, <a href="/wiki/Treaty_of_Accession_2005" title="Treaty of Accession 2005">2005</a>, <a href="/wiki/Treaty_of_Accession_2011" title="Treaty of Accession 2011">2011</a></div> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Treaties of succession</div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Withdrawal_of_Greenland_from_the_European_Communities" title="Withdrawal of Greenland from the European Communities">1984</a>, <a href="/wiki/Brexit_withdrawal_agreement" title="Brexit withdrawal agreement">2020</a></div> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Other treaties</div> <ul><li><a href="/wiki/Schengen_Agreement" title="Schengen Agreement">Schengen Agreement</a> (1985)</li> <li><a href="/wiki/European_Economic_Area" title="European Economic Area">European Economic Area Agreement</a> (1992)</li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Abandoned treaties and agreements</div> <ul><li><a href="/wiki/Treaty_establishing_a_Constitution_for_Europe" title="Treaty establishing a Constitution for Europe">European Constitution</a> (2004)</li> <li><a href="/wiki/2015%E2%80%932016_United_Kingdom_renegotiation_of_European_Union_membership" title="2015–2016 United Kingdom renegotiation of European Union membership">UK membership renegotiation</a> (2015–2016)</li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)">Executive institutions</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/European_Council" title="European Council">European Council</a></div> <ul><li><a href="/wiki/President_of_the_European_Council" title="President of the European Council">President</a>: <a href="/wiki/Charles_Michel" title="Charles Michel">Michel</a> (ALDE) <ul><li><a href="/wiki/European_Council#Political_parties" title="European Council">Parties</a></li> <li><a href="/wiki/List_of_European_Council_meetings" title="List of European Council meetings">List of meetings</a></li></ul></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/European_Commission" title="European Commission">European Commission</a></div> <ul><li><a href="/wiki/Von_der_Leyen_Commission" title="Von der Leyen Commission">Von der Leyen Commission</a></li> <li><a href="/wiki/President_of_the_European_Commission" title="President of the European Commission">President</a>: <a href="/wiki/Ursula_von_der_Leyen" title="Ursula von der Leyen">Von der Leyen</a> (EPP)</li> <li><a href="/wiki/Vice-President_of_the_European_Commission" title="Vice-President of the European Commission">Vice Presidents</a></li> <li><a href="/wiki/European_Commissioner" class="mw-redirect" title="European Commissioner">College of Commissioners</a></li> <li><a href="/wiki/European_Civil_Service" title="European Civil Service">Civil Service</a></li> <li><a href="/wiki/Secretary-General_of_the_European_Commission" title="Secretary-General of the European Commission">Secretary-General</a>: <a href="/wiki/Ilze_Juhansone" title="Ilze Juhansone"> Juhansone</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/European_Union_legislative_procedure" title="European Union legislative procedure">Legislative institutions</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><a href="/wiki/European_Union_legislative_procedure" title="European Union legislative procedure">Legislative procedure</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the EU</a> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Presidency_of_the_Council_of_the_European_Union" title="Presidency of the Council of the European Union">Presidency</a></div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Hungary" title="Hungary"><img alt="Hungary" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/2024_Hungarian_Presidency_of_the_Council_of_the_European_Union" title="2024 Hungarian Presidency of the Council of the European Union">Hungary</a></div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">(<a href="/wiki/2024_Hungarian_Presidency_of_the_Council_of_the_European_Union" title="2024 Hungarian Presidency of the Council of the European Union">July–December 2024</a>) </div></div> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Configurations</div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"> <div class="hlist"> <ul><li><a href="/wiki/General_Affairs_Council" title="General Affairs Council">GAC</a></li> <li><a href="/wiki/Foreign_Affairs_Council" title="Foreign Affairs Council">FAC</a></li> <li><a href="/wiki/Economic_and_Financial_Affairs_Council" title="Economic and Financial Affairs Council">ECOFIN</a> <ul><li><a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a></li></ul></li> <li><a href="/wiki/Agriculture_and_Fisheries_Council" title="Agriculture and Fisheries Council">AGRIFISH</a></li> <li><a href="/wiki/Employment,_Social_Policy,_Health_and_Consumer_Affairs_Council" title="Employment, Social Policy, Health and Consumer Affairs Council">EPSCO</a></li> <li><a href="/wiki/Competitiveness_Council_(COMPET)" title="Competitiveness Council (COMPET)">COMPET</a></li> <li><a href="/wiki/Transport,_Telecommunications_and_Energy_Council" title="Transport, Telecommunications and Energy Council">TTE</a></li> <li><a href="/wiki/Environment_Council" title="Environment Council">ENVI</a></li> <li><a href="/wiki/Justice_and_Home_Affairs_Council" title="Justice and Home Affairs Council">JHA</a></li> <li><a href="/wiki/Education,_Youth,_Culture_and_Sport_Council" title="Education, Youth, Culture and Sport Council">EYC</a></li></ul> </div> </div> <hr /> <ul><li><a href="/wiki/Voting_in_the_Council_of_the_European_Union" title="Voting in the Council of the European Union">Voting</a></li> <li><a href="/wiki/General_Secretariat_of_the_Council_of_the_European_Union" title="General Secretariat of the Council of the European Union">Secretariat</a> <ul><li><a href="/wiki/Secretary-General_of_the_Council_of_the_European_Union" title="Secretary-General of the Council of the European Union">Secretary-General</a>: <a href="/wiki/Th%C3%A9r%C3%A8se_Blanchet" title="Thérèse Blanchet">Thérèse Blanchet</a></li> <li><a href="/wiki/List_of_directorates-general_of_the_Council_of_the_European_Union" class="mw-redirect" title="List of directorates-general of the Council of the European Union">Directorates-general</a></li></ul></li> <li>Council preparatory bodies <ul><li><a href="/wiki/Committee_of_Permanent_Representatives" title="Committee of Permanent Representatives">COREPER</a></li> <li><a href="/wiki/Council_Working_Party" title="Council Working Party">Council Working Parties</a></li></ul></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> (<a href="/wiki/List_of_members_of_the_European_Parliament_(2024%E2%80%932029)" title="List of members of the European Parliament (2024–2029)">Members</a>)</div> <ul><li><a href="/wiki/President_of_the_European_Parliament" title="President of the European Parliament">President</a>: <a href="/wiki/Roberta_Metsola" title="Roberta Metsola">Metsola</a></li> <li><a href="/wiki/Political_groups_of_the_European_Parliament" title="Political groups of the European Parliament">Largest groups</a> <ul><li><a href="/wiki/European_People%27s_Party_group" class="mw-redirect" title="European People's Party group">EPP</a> (<a href="/wiki/Manfred_Weber" title="Manfred Weber">Manfred Weber</a>)</li> <li><a href="/wiki/Progressive_Alliance_of_Socialists_and_Democrats" title="Progressive Alliance of Socialists and Democrats">S&D</a> (<a href="/wiki/Iratxe_Garc%C3%ADa" title="Iratxe García">Iratxe García</a>)</li> <li><a href="/wiki/Member_of_the_European_Parliament" title="Member of the European Parliament">Member of the European Parliament</a></li></ul></li> <li><a href="/wiki/Tenth_European_Parliament" title="Tenth European Parliament">10th session</a> (2024–2029)</li> <li><a href="/wiki/Bureau_of_the_European_Parliament" title="Bureau of the European Parliament">Bureau</a> <ul><li><a href="/wiki/Vice-President_of_the_European_Parliament" title="Vice-President of the European Parliament">Vice Presidents</a></li> <li><a href="/wiki/Quaestor_(European_Parliament)" title="Quaestor (European Parliament)">Quaestor</a></li></ul></li> <li><a href="/wiki/Conference_of_Presidents_of_the_European_Parliament" title="Conference of Presidents of the European Parliament">Conference</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/National_parliaments_of_the_European_Union" title="National parliaments of the European Union">National parliaments</a></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)">Judicial institutions</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Court_of_Justice_of_the_European_Union" title="Court of Justice of the European Union">Court of Justice of the EU</a></div> <ul><li><a href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</a> <ul><li><a href="/wiki/List_of_members_of_the_European_Court_of_Justice" title="List of members of the European Court of Justice">Members</a></li> <li><a href="/wiki/Advocate_General_(European_Union)" class="mw-redirect" title="Advocate General (European Union)">Advocates General</a></li> <li><a href="/wiki/List_of_European_Court_of_Justice_rulings" title="List of European Court of Justice rulings">Rulings</a></li></ul></li> <li><a href="/wiki/General_Court_(European_Union)" title="General Court (European Union)">General Court</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)">Auditory institutions</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/European_Court_of_Auditors" title="European Court of Auditors">European Court of Auditors</a></div> <ul><li><a href="/wiki/European_Court_of_Auditors" title="European Court of Auditors">European Court of Auditors</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Other auditory bodies</div> <ul><li><a href="/wiki/Internal_Audit_Service_(European_Commission)" title="Internal Audit Service (European Commission)">Internal Audit Service of the Commission</a></li> <li><a href="/wiki/European_Parliament_Committee_on_Budgetary_Control" title="European Parliament Committee on Budgetary Control"> Committee on Budgetary Control of the Parliament</a></li> <li><a href="/wiki/Economic_and_Financial_Affairs_Council" title="Economic and Financial Affairs Council">Economic and Financial Affairs configuration of the Council</a></li> <li><a href="/wiki/European_Anti-Fraud_Office" title="European Anti-Fraud Office">Anti-Fraud Office</a></li> <li><a href="/wiki/European_Public_Prosecutor%27s_Office" title="European Public Prosecutor's Office">Public Prosecutor's Office</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a class="mw-selflink selflink">European Central Bank</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><a href="/wiki/President_of_the_European_Central_Bank" title="President of the European Central Bank">President</a> <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Lagarde</a> <ul><li><a href="/wiki/European_System_of_Central_Banks" title="European System of Central Banks">ESCB</a></li> <li><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">EMU</a></li> <li><a href="/wiki/Euro_banknotes" title="Euro banknotes">Euro banknotes</a></li> <li><a href="/wiki/Euro_coins" title="Euro coins">Euro coins</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)">Other bodies</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;">European Investment Bank Group</div> <ul><li><a href="/wiki/European_Investment_Bank" title="European Investment Bank">Investment Bank</a></li> <li><a href="/wiki/European_Investment_Fund" title="European Investment Fund">Investment Fund</a></li> <li>EIB Institute</li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">European Stability Mechanism</div> <ul><li><a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">European Stability Mechanism</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">European University Institute</div> <ul><li><a href="/wiki/European_University_Institute" title="European University Institute">European University Institute</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Unified Patent Court</div> <ul><li><a href="/wiki/Unified_Patent_Court" title="Unified Patent Court">Unified Patent Court</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Agencies,_decentralised_independent_bodies_and_joint_undertakings_of_the_European_Union_and_the_Euratom" class="mw-redirect" title="Agencies, decentralised independent bodies and joint undertakings of the European Union and the Euratom">Agencies, decentralised independent bodies and joint undertakings</a></div> <ul><li>Decentralised agencies of the EU <ul><li>Single market agencies</li> <li>CFSP agencies</li> <li>AFSC agencies</li> <li>ESFS <a href="/wiki/European_Supervisory_Authorities" class="mw-redirect" title="European Supervisory Authorities">European Supervisory Authorities</a></li> <li>SRM bodies</li></ul></li> <li>Executive agencies of the EU</li> <li>Euratom agencies</li> <li>Decentralised independent bodies of the EU <ul><li><a href="/wiki/European_Institute_of_Innovation_and_Technology" title="European Institute of Innovation and Technology">European Institute of Innovation and Technology</a></li> <li><a href="/wiki/European_Public_Prosecutor%27s_Office" title="European Public Prosecutor's Office">European Public Prosecutor's Office</a></li></ul></li> <li>Corporate bodies of the EU <ul><li><a href="/wiki/European_Data_Protection_Board" title="European Data Protection Board">European Data Protection Board</a></li> <li>Authority for European Political Parties and European Political Foundations</li></ul></li> <li>Joint undertakings <ul><li>of the EU</li> <li>of the Euratom</li></ul></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Other independent bodies</div> <ul><li><a href="/wiki/European_Data_Protection_Supervisor" title="European Data Protection Supervisor">European Data Protection Supervisor</a></li> <li><a href="/wiki/European_Ombudsman" title="European Ombudsman">European Ombudsman</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Advisory_bodies_to_the_European_Union" title="Advisory bodies to the European Union">Advisory bodies</a></div> <ul><li><a href="/wiki/European_Committee_of_the_Regions" title="European Committee of the Regions">European Committee of the Regions</a></li> <li><a href="/wiki/European_Economic_and_Social_Committee" title="European Economic and Social Committee">European Economic and Social Committee</a></li> <li><a href="/wiki/Political_and_Security_Committee" title="Political and Security Committee">Political and Security Committee</a> <ul><li><a href="/wiki/European_Union_Military_Committee" title="European Union Military Committee">European Union Military Committee</a></li></ul></li> <li><a href="/wiki/European_Union_Space_Programme#EU/ESA_Space_Council" title="European Union Space Programme">EU/ESA Space Council</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Inter-institutional bodies</div> <ul><li><a href="/wiki/Publications_Office_of_the_European_Union" title="Publications Office of the European Union">Publications Office of the European Union</a></li> <li><a href="/wiki/European_External_Action_Service" title="European External Action Service">European External Action Service</a></li> <li><a href="/wiki/European_Personnel_Selection_Office" title="European Personnel Selection Office">European Personnel Selection Office</a></li> <li><a href="/wiki/European_Anti-Fraud_Office" title="European Anti-Fraud Office">Anti-Fraud Office</a></li> <li><a href="/wiki/European_Administrative_School" class="mw-redirect" title="European Administrative School">European Administrative School</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/European_Atomic_Energy_Community" class="mw-redirect" title="European Atomic Energy Community">Euratom</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Euratom members</div> <div><ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Austria" title="Austria">Austria</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Belgium" title="Belgium">Belgium</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Croatia" title="Croatia">Croatia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /> <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /> <a href="/wiki/Denmark" title="Denmark">Denmark</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /> <a href="/wiki/Estonia" title="Estonia">Estonia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /> <a href="/wiki/Finland" title="Finland">Finland</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/France" title="France">France</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Germany" title="Germany">Germany</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Greece" title="Greece">Greece</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Hungary" title="Hungary">Hungary</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /> <a href="/wiki/Italy" title="Italy">Italy</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Latvia" title="Latvia">Latvia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /> <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Malta" title="Malta">Malta</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /> <a href="/wiki/Poland" title="Poland">Poland</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Portugal" title="Portugal">Portugal</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Romania" title="Romania">Romania</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /> <a href="/wiki/Spain" title="Spain">Spain</a></li><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /> <a href="/wiki/Sweden" title="Sweden">Sweden</a></li></ul></div> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Associated states</div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /> <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a></li></ul> <hr /> <ul><li><a href="/wiki/Nuclear_power_in_the_European_Union" title="Nuclear power in the European Union">Nuclear power in the European Union</a></li></ul> <figure class="mw-halign-center mw-image-border" typeof="mw:File"><a href="/wiki/File:Euratom.svg" class="mw-file-description" title="Euratom since 1 January 2021"><img alt="Euratom since 1 January 2021" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Euratom.svg/200px-Euratom.svg.png" decoding="async" width="200" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Euratom.svg/300px-Euratom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/52/Euratom.svg/400px-Euratom.svg.png 2x" data-file-width="1300" data-file-height="1300" /></a><figcaption>Euratom since 1 January 2021</figcaption></figure></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Eurozone" title="Eurozone">Eurozone members</a></div> <ul><li><a href="/wiki/Austria" title="Austria"><img alt="Austria" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Austria" title="Austria">Austria</a></li> <li><a href="/wiki/Belgium" title="Belgium"><img alt="Belgium" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Belgium" title="Belgium">Belgium</a></li> <li><a href="/wiki/Croatia" title="Croatia"><img alt="Croatia" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Croatia" title="Croatia">Croatia</a></li> <li><a href="/wiki/Cyprus" title="Cyprus"><img alt="Cyprus" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a></li> <li><a href="/wiki/Estonia" title="Estonia"><img alt="Estonia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /></a> <a href="/wiki/Estonia" title="Estonia">Estonia</a></li> <li><a href="/wiki/Finland" title="Finland"><img alt="Finland" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /></a> <a href="/wiki/Finland" title="Finland">Finland</a></li> <li><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/France" title="France">France</a></li> <li><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Germany" title="Germany">Germany</a></li> <li><a href="/wiki/Greece" title="Greece"><img alt="Greece" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Greece" title="Greece">Greece</a></li> <li><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Italy" title="Italy"><img alt="Italy" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></a> <a href="/wiki/Italy" title="Italy">Italy</a></li> <li><a href="/wiki/Latvia" title="Latvia"><img alt="Latvia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Latvia" title="Latvia">Latvia</a></li> <li><a href="/wiki/Lithuania" title="Lithuania"><img alt="Lithuania" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a></li> <li><a href="/wiki/Luxembourg" title="Luxembourg"><img alt="Luxembourg" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /></a> <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a></li> <li><a href="/wiki/Malta" title="Malta"><img alt="Malta" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Malta" title="Malta">Malta</a></li> <li><a href="/wiki/Netherlands" title="Netherlands"><img alt="Netherlands" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a></li> <li><a href="/wiki/Portugal" title="Portugal"><img alt="Portugal" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Portugal" title="Portugal">Portugal</a></li> <li><a href="/wiki/Slovakia" title="Slovakia"><img alt="Slovakia" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a></li> <li><a href="/wiki/Slovenia" title="Slovenia"><img alt="Slovenia" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a></li> <li><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a> <a href="/wiki/Spain" title="Spain">Spain</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a></div> <ul><li>President <ul><li><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Paschal_Donohoe" title="Paschal Donohoe">Paschal Donohoe</a></li></ul></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/Currencies_of_the_European_Union" title="Currencies of the European Union">Other currencies in use</a></div> <ul><li><a href="/wiki/Bulgaria" title="Bulgaria"><img alt="Bulgaria" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a></li> <li><a href="/wiki/Czech_Republic" title="Czech Republic"><img alt="Czech Republic" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Czech_koruna" title="Czech koruna">Czech koruna</a></li> <li><a href="/wiki/Denmark" title="Denmark"><img alt="Denmark" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /></a> <a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a></li> <li><a href="/wiki/Hungary" title="Hungary"><img alt="Hungary" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Hungarian_forint" title="Hungarian forint">Hungarian forint</a></li> <li><a href="/wiki/Poland" title="Poland"><img alt="Poland" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /></a> <a href="/wiki/Polish_z%C5%82oty" title="Polish złoty">Polish złoty</a></li> <li><a href="/wiki/Romania" title="Romania"><img alt="Romania" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Romanian_leu" title="Romanian leu">Romanian leu</a></li> <li><a href="/wiki/Sweden" title="Sweden"><img alt="Sweden" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /></a> <a href="/wiki/Swedish_krona" title="Swedish krona">Swedish krona</a></li></ul> <hr /> <ul><li><a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">ERM II</a></li> <li><a href="/wiki/Enlargement_of_the_eurozone" title="Enlargement of the eurozone">Enlargement of the eurozone</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Non Euro countries relationship to Euro</div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"> <div class="hlist"> <ul><li><a href="/wiki/Bulgaria_and_the_euro" title="Bulgaria and the euro">Bulgaria</a></li> <li><a href="/wiki/Czech_Republic_and_the_euro" title="Czech Republic and the euro">Czechia</a></li> <li><a href="/wiki/Denmark_and_the_euro" title="Denmark and the euro">Denmark</a></li> <li><a href="/wiki/Hungary_and_the_euro" title="Hungary and the euro">Hungary</a></li> <li><a href="/wiki/Poland_and_the_euro" title="Poland and the euro">Poland</a></li> <li><a href="/wiki/Sweden_and_the_euro" title="Sweden and the euro">Sweden</a></li> <li><a href="/wiki/Romania_and_the_euro" title="Romania and the euro">Romania</a></li></ul> </div> </div> <figure class="mw-halign-center mw-image-border" typeof="mw:File"><a href="/wiki/File:Eurozone.svg" class="mw-file-description" title="Eurozone since 2015"><img alt="Eurozone since 2015" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Eurozone.svg/200px-Eurozone.svg.png" decoding="async" width="200" height="203" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Eurozone.svg/300px-Eurozone.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Eurozone.svg/400px-Eurozone.svg.png 2x" data-file-width="450" data-file-height="456" /></a><figcaption>Eurozone since 2015</figcaption></figure></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/Schengen_Area" title="Schengen Area">Schengen Area</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Austria" title="Austria">Austria</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Belgium" title="Belgium">Belgium</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Croatia" title="Croatia">Croatia</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /> <a href="/wiki/Denmark" title="Denmark">Denmark</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /> <a href="/wiki/Estonia" title="Estonia">Estonia</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /> <a href="/wiki/Finland" title="Finland">Finland</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/France" title="France">France</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Germany" title="Germany">Germany</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Greece" title="Greece">Greece</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Hungary" title="Hungary">Hungary</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /> <a href="/wiki/Italy" title="Italy">Italy</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Latvia" title="Latvia">Latvia</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /> <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Malta" title="Malta">Malta</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /> <a href="/wiki/Poland" title="Poland">Poland</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Portugal" title="Portugal">Portugal</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /> <a href="/wiki/Romania" title="Romania">Romania</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /> <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /> <a href="/wiki/Spain" title="Spain">Spain</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /> <a href="/wiki/Sweden" title="Sweden">Sweden</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Non-EU members</div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/21px-Flag_of_Iceland.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/32px-Flag_of_Iceland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/42px-Flag_of_Iceland.svg.png 2x" data-file-width="1250" data-file-height="900" /> <a href="/wiki/Iceland" title="Iceland">Iceland</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/47/Flag_of_Liechtenstein.svg/23px-Flag_of_Liechtenstein.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/47/Flag_of_Liechtenstein.svg/35px-Flag_of_Liechtenstein.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/47/Flag_of_Liechtenstein.svg/46px-Flag_of_Liechtenstein.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Liechtenstein" title="Liechtenstein">Liechtenstein</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/21px-Flag_of_Norway.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/32px-Flag_of_Norway.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/41px-Flag_of_Norway.svg.png 2x" data-file-width="512" data-file-height="372" /> <a href="/wiki/Norway" title="Norway">Norway</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /> <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a></li></ul> <hr /> <ul><li><a href="/wiki/Pr%C3%BCm_Convention" title="Prüm Convention">Prüm Convention</a></li> <li><a href="/wiki/Schengen_Information_System" title="Schengen Information System">Schengen Information System</a></li> <li><a href="/wiki/Visa_Information_System" title="Visa Information System">Visa Information System</a></li> <li><a href="/wiki/Visa_policy_of_the_Schengen_Area" title="Visa policy of the Schengen Area">Visa policy of the Schengen Area</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Non-Schengen area EU member states</div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /> <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /> <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a> (Opt-out)</li></ul> <figure class="mw-halign-center mw-image-border" typeof="mw:File"><a href="/wiki/File:Map_of_the_Schengen_Area.svg" class="mw-file-description" title="Schengen Area from January 2023"><img alt="Schengen Area from January 2023" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/57/Map_of_the_Schengen_Area.svg/200px-Map_of_the_Schengen_Area.svg.png" decoding="async" width="200" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/57/Map_of_the_Schengen_Area.svg/300px-Map_of_the_Schengen_Area.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/57/Map_of_the_Schengen_Area.svg/400px-Map_of_the_Schengen_Area.svg.png 2x" data-file-width="1300" data-file-height="1300" /></a><figcaption>Schengen Area from January 2023</figcaption></figure></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/European_Economic_Area" title="European Economic Area">European Economic Area</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;">EEA members</div> <ul><li><a href="/wiki/Austria" title="Austria"><img alt="Austria" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Austria" title="Austria">Austria</a></li> <li><a href="/wiki/Belgium" title="Belgium"><img alt="Belgium" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Belgium" title="Belgium">Belgium</a></li> <li><a href="/wiki/Bulgaria" title="Bulgaria"><img alt="Bulgaria" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Croatia" title="Croatia"><img alt="Croatia" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Croatia" title="Croatia">Croatia</a> (provisional member)</li> <li><a href="/wiki/Cyprus" title="Cyprus"><img alt="Cyprus" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a></li> <li><a href="/wiki/Czech_Republic" title="Czech Republic"><img alt="Czech Republic" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a></li> <li><a href="/wiki/Denmark" title="Denmark"><img alt="Denmark" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /></a> <a href="/wiki/Denmark" title="Denmark">Denmark</a></li> <li><a href="/wiki/Estonia" title="Estonia"><img alt="Estonia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /></a> <a href="/wiki/Estonia" title="Estonia">Estonia</a></li> <li><a href="/wiki/Finland" title="Finland"><img alt="Finland" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /></a> <a href="/wiki/Finland" title="Finland">Finland</a></li> <li><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/France" title="France">France</a></li> <li><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Germany" title="Germany">Germany</a></li> <li><a href="/wiki/Greece" title="Greece"><img alt="Greece" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Greece" title="Greece">Greece</a></li> <li><a href="/wiki/Hungary" title="Hungary"><img alt="Hungary" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Hungary" title="Hungary">Hungary</a></li> <li><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Italy" title="Italy"><img alt="Italy" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></a> <a href="/wiki/Italy" title="Italy">Italy</a></li> <li><a href="/wiki/Latvia" title="Latvia"><img alt="Latvia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Latvia" title="Latvia">Latvia</a></li> <li><a href="/wiki/Lithuania" title="Lithuania"><img alt="Lithuania" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a></li> <li><a href="/wiki/Luxembourg" title="Luxembourg"><img alt="Luxembourg" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /></a> <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a></li> <li><a href="/wiki/Malta" title="Malta"><img alt="Malta" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Malta" title="Malta">Malta</a></li> <li><a href="/wiki/Netherlands" title="Netherlands"><img alt="Netherlands" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a></li> <li><a href="/wiki/Poland" title="Poland"><img alt="Poland" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /></a> <a href="/wiki/Poland" title="Poland">Poland</a></li> <li><a href="/wiki/Portugal" title="Portugal"><img alt="Portugal" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Portugal" title="Portugal">Portugal</a></li> <li><a href="/wiki/Romania" title="Romania"><img alt="Romania" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Romania" title="Romania">Romania</a></li> <li><a href="/wiki/Slovakia" title="Slovakia"><img alt="Slovakia" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a></li> <li><a href="/wiki/Slovenia" title="Slovenia"><img alt="Slovenia" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a></li> <li><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a> <a href="/wiki/Spain" title="Spain">Spain</a></li> <li><a href="/wiki/Sweden" title="Sweden"><img alt="Sweden" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /></a> <a href="/wiki/Sweden" title="Sweden">Sweden</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Non-EU members</div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/21px-Flag_of_Iceland.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/32px-Flag_of_Iceland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/42px-Flag_of_Iceland.svg.png 2x" data-file-width="1250" data-file-height="900" /> <a href="/wiki/Iceland" title="Iceland">Iceland</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/47/Flag_of_Liechtenstein.svg/23px-Flag_of_Liechtenstein.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/47/Flag_of_Liechtenstein.svg/35px-Flag_of_Liechtenstein.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/47/Flag_of_Liechtenstein.svg/46px-Flag_of_Liechtenstein.svg.png 2x" data-file-width="1000" data-file-height="600" /> <a href="/wiki/Liechtenstein" title="Liechtenstein">Liechtenstein</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/21px-Flag_of_Norway.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/32px-Flag_of_Norway.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/41px-Flag_of_Norway.svg.png 2x" data-file-width="512" data-file-height="372" /> <a href="/wiki/Norway" title="Norway">Norway</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Topics</div> <ul><li><a href="/wiki/EEA_Joint_Committee" title="EEA Joint Committee">EEA Joint Committee</a></li> <li><a href="/wiki/National_identity_cards_in_the_European_Economic_Area" class="mw-redirect" title="National identity cards in the European Economic Area">EEA National Identity cards</a></li> <li><a href="/wiki/Microstates_and_the_European_Union" title="Microstates and the European Union">Microstates and the European Union</a></li></ul> <figure class="mw-halign-center mw-image-border" typeof="mw:File"><a href="/wiki/File:EEA.svg" class="mw-file-description" title="European Economic Area"><img alt="European Economic Area" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/EEA.svg/200px-EEA.svg.png" decoding="async" width="200" height="153" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/EEA.svg/300px-EEA.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5a/EEA.svg/400px-EEA.svg.png 2x" data-file-width="680" data-file-height="520" /></a><figcaption>European Economic Area</figcaption></figure></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/Elections_to_the_European_Parliament" title="Elections to the European Parliament">Elections</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><a href="/wiki/Elections_to_the_European_Parliament" title="Elections to the European Parliament">Elections to the European Parliament</a></li> <li><a href="/wiki/European_political_party" title="European political party">European parties</a></li> <li><a href="/wiki/European_political_foundation" title="European political foundation">European foundations</a></li> <li><a href="/wiki/Political_groups_of_the_European_Parliament" title="Political groups of the European Parliament">Political groups of the European Parliament</a></li> <li><a href="/wiki/Spitzenkandidat" title="Spitzenkandidat">Spitzenkandidat</a></li> <li><a href="/wiki/European_Parliament_constituency" title="European Parliament constituency">Constituencies</a></li> <li><a href="/wiki/Apportionment_in_the_European_Parliament" title="Apportionment in the European Parliament">Apportionment</a></li> <li><a href="/wiki/Referendums_related_to_the_European_Union" title="Referendums related to the European Union">Referendums related to the EU</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">European elections</div> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;"> <div class="hlist"> <ul><li><a href="/wiki/1979_European_Parliament_election" title="1979 European Parliament election">1979</a></li> <li><a href="/wiki/1984_European_Parliament_election" title="1984 European Parliament election">1984</a></li> <li><a href="/wiki/1989_European_Parliament_election" title="1989 European Parliament election">1989</a></li> <li><a href="/wiki/1994_European_Parliament_election" title="1994 European Parliament election">1994</a></li> <li><a href="/wiki/1999_European_Parliament_election" title="1999 European Parliament election">1999</a></li> <li><a href="/wiki/2004_European_Parliament_election" title="2004 European Parliament election">2004</a></li> <li><a href="/wiki/2009_European_Parliament_election" title="2009 European Parliament election">2009</a></li> <li><a href="/wiki/2014_European_Parliament_election" title="2014 European Parliament election">2014</a></li> <li><a href="/wiki/2019_European_Parliament_election" title="2019 European Parliament election">2019</a></li> <li><a href="/wiki/2024_European_Parliament_election" title="2024 European Parliament election">2024 (latest election)</a></li></ul> </div> </div> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Elections in EU member states</div> <ul><li><a href="/wiki/Austria" title="Austria"><img alt="Austria" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Elections_in_Austria" title="Elections in Austria">Austria</a></li> <li><a href="/wiki/Belgium" title="Belgium"><img alt="Belgium" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Elections_in_Belgium" title="Elections in Belgium">Belgium</a></li> <li><a href="/wiki/Bulgaria" title="Bulgaria"><img alt="Bulgaria" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Elections_in_Bulgaria" title="Elections in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Croatia" title="Croatia"><img alt="Croatia" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Elections_in_Croatia" title="Elections in Croatia">Croatia</a></li> <li><a href="/wiki/Cyprus" title="Cyprus"><img alt="Cyprus" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> <a href="/wiki/Elections_in_Cyprus" title="Elections in Cyprus">Cyprus</a></li> <li><a href="/wiki/Czech_Republic" title="Czech Republic"><img alt="Czech Republic" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Elections_in_the_Czech_Republic" title="Elections in the Czech Republic">Czech Republic</a></li> <li><a href="/wiki/Denmark" title="Denmark"><img alt="Denmark" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /></a> <a href="/wiki/Elections_in_Denmark" title="Elections in Denmark">Denmark</a></li> <li><a href="/wiki/Estonia" title="Estonia"><img alt="Estonia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /></a> <a href="/wiki/Elections_in_Estonia" title="Elections in Estonia">Estonia</a></li> <li><a href="/wiki/Finland" title="Finland"><img alt="Finland" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /></a> <a href="/wiki/Elections_in_Finland" title="Elections in Finland">Finland</a></li> <li><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Elections_in_France" title="Elections in France">France</a></li> <li><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Elections_in_Germany" title="Elections in Germany">Germany</a></li> <li><a href="/wiki/Greece" title="Greece"><img alt="Greece" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Elections_in_Greece" title="Elections in Greece">Greece</a></li> <li><a href="/wiki/Hungary" title="Hungary"><img alt="Hungary" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Elections_in_Hungary" title="Elections in Hungary">Hungary</a></li> <li><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Elections_in_the_Republic_of_Ireland" title="Elections in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Italy" title="Italy"><img alt="Italy" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></a> <a href="/wiki/Elections_in_Italy" title="Elections in Italy">Italy</a></li> <li><a href="/wiki/Latvia" title="Latvia"><img alt="Latvia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Elections_in_Latvia" title="Elections in Latvia">Latvia</a></li> <li><a href="/wiki/Lithuania" title="Lithuania"><img alt="Lithuania" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Elections_in_Lithuania" title="Elections in Lithuania">Lithuania</a></li> <li><a href="/wiki/Luxembourg" title="Luxembourg"><img alt="Luxembourg" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /></a> <a href="/wiki/Elections_in_Luxembourg" title="Elections in Luxembourg">Luxembourg</a></li> <li><a href="/wiki/Malta" title="Malta"><img alt="Malta" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Elections_in_Malta" title="Elections in Malta">Malta</a></li> <li><a href="/wiki/Netherlands" title="Netherlands"><img alt="Netherlands" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Elections_in_the_Netherlands" title="Elections in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Poland" title="Poland"><img alt="Poland" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /></a> <a href="/wiki/Elections_in_Poland" title="Elections in Poland">Poland</a></li> <li><a href="/wiki/Portugal" title="Portugal"><img alt="Portugal" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Elections_in_Portugal" title="Elections in Portugal">Portugal</a></li> <li><a href="/wiki/Romania" title="Romania"><img alt="Romania" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Elections_in_Romania" title="Elections in Romania">Romania</a></li> <li><a href="/wiki/Slovakia" title="Slovakia"><img alt="Slovakia" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Elections_in_Slovakia" title="Elections in Slovakia">Slovakia</a></li> <li><a href="/wiki/Slovenia" title="Slovenia"><img alt="Slovenia" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Elections_in_Slovenia" title="Elections in Slovenia">Slovenia</a></li> <li><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a> <a href="/wiki/Elections_in_Spain" title="Elections in Spain">Spain</a></li> <li><a href="/wiki/Sweden" title="Sweden"><img alt="Sweden" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /></a> <a href="/wiki/Elections_in_Sweden" title="Elections in Sweden">Sweden</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/European_Union_law" class="mw-redirect" title="European Union law">Law</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><a href="/wiki/Acquis_communautaire" title="Acquis communautaire">Acquis</a> <ul><li><a href="/wiki/Primacy_of_European_Union_law" title="Primacy of European Union law">Primacy</a> (<a href="/wiki/Costa_v_ENEL" title="Costa v ENEL">ECJ Case 6/64</a>)</li> <li><a href="/wiki/Subsidiarity_(European_Union)" title="Subsidiarity (European Union)">Subsidiarity</a></li></ul></li> <li><a href="/wiki/Regulation_(European_Union)" title="Regulation (European Union)">Regulation</a></li> <li><a href="/wiki/Directive_(European_Union)" title="Directive (European Union)">Directive</a></li> <li><a href="/wiki/Decision_(European_Union)" title="Decision (European Union)">Decision</a></li> <li><a href="/wiki/Recommendation_(European_Union)" title="Recommendation (European Union)">Recommendation</a></li> <li><a href="/wiki/Charter_of_Fundamental_Rights_of_the_European_Union" title="Charter of Fundamental Rights of the European Union">Fundamental Rights</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)">Policies and issues</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><a href="/wiki/Budget_of_the_European_Union" title="Budget of the European Union">Budget</a></li> <li><a href="/wiki/European_Union_Customs_Union" title="European Union Customs Union">Customs Union</a> <ul><li><a href="/wiki/European_Union_free_trade_agreements" class="mw-redirect" title="European Union free trade agreements">Free Trade Agreements</a></li></ul></li> <li><a href="/wiki/European_Single_Market" class="mw-redirect" title="European Single Market">European Single Market</a> <ul><li><a href="/wiki/Area_of_freedom,_security_and_justice" title="Area of freedom, security and justice">Area of FS&J</a></li></ul></li> <li>Policies <ul><li><a href="/wiki/Common_Agricultural_Policy" title="Common Agricultural Policy">Agricultural</a></li> <li><a href="/wiki/Energy_policy_of_the_European_Union" title="Energy policy of the European Union">Energy</a></li> <li><a href="/wiki/Common_Fisheries_Policy" title="Common Fisheries Policy">Fisheries</a></li> <li><a href="/wiki/Regional_policy_of_the_European_Union" title="Regional policy of the European Union">Regional</a></li></ul></li> <li><a href="/wiki/Citizenship_of_the_European_Union" class="mw-redirect" title="Citizenship of the European Union">Citizenship</a> <ul><li><a href="/wiki/Passports_of_the_European_Union" title="Passports of the European Union">Passports of the European Union</a></li> <li><a href="/wiki/Pan-European_identity" title="Pan-European identity">Identity</a></li> <li><a href="/wiki/Pro-Europeanism" title="Pro-Europeanism">Pro-Europeanism</a></li> <li><a href="/wiki/Euroscepticism" title="Euroscepticism">Euroscepticism</a></li></ul></li> <li><a href="/wiki/European_banking_union" title="European banking union">European banking union</a> <ul><li><a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a></li> <li><a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Mechanism</a></li></ul></li> <li><a href="/wiki/Capital_Markets_Union" title="Capital Markets Union">Capital Markets Union</a> <ul><li><a href="/wiki/European_System_of_Financial_Supervision" title="European System of Financial Supervision">European System of Financial Supervision</a></li></ul></li> <li><a href="/wiki/European_integration" title="European integration">Integration</a> <ul><li><a href="/wiki/Supranational_union" title="Supranational union">Supranationalism</a></li> <li><a href="/wiki/European_Federation" class="mw-redirect" title="European Federation">European Federation</a></li> <li><a href="/wiki/Multi-speed_Europe" title="Multi-speed Europe">Multi-speed Europe</a> <ul><li><a href="/wiki/Enhanced_cooperation" title="Enhanced cooperation">Enhanced cooperation</a></li></ul></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)"><a href="/wiki/Foreign_relations_of_the_European_Union" title="Foreign relations of the European Union">Foreign relations</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;"><a href="/wiki/High_Representative_of_the_Union_for_Foreign_Affairs_and_Security_Policy" title="High Representative of the Union for Foreign Affairs and Security Policy">High Representative</a></div> <ul><li><a href="/wiki/Josep_Borrell" title="Josep Borrell">Josep Borrell</a></li></ul> <hr /> <ul><li><a href="/wiki/European_External_Action_Service" title="European External Action Service">Ext. Action Service</a></li> <li><a href="/wiki/Common_Foreign_and_Security_Policy" title="Common Foreign and Security Policy">Foreign Policy</a></li> <li><a href="/wiki/Common_Security_and_Defence_Policy" title="Common Security and Defence Policy">Defence Policy</a></li></ul> <hr /> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Foreign relations of EU member states</div> <ul><li><a href="/wiki/Austria" title="Austria"><img alt="Austria" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Austria" title="Foreign relations of Austria">Austria</a></li> <li><a href="/wiki/Belgium" title="Belgium"><img alt="Belgium" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Belgium" title="Foreign relations of Belgium">Belgium</a></li> <li><a href="/wiki/Bulgaria" title="Bulgaria"><img alt="Bulgaria" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Bulgaria" title="Foreign relations of Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Croatia" title="Croatia"><img alt="Croatia" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Croatia" title="Foreign relations of Croatia">Croatia</a></li> <li><a href="/wiki/Cyprus" title="Cyprus"><img alt="Cyprus" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /></a> <a href="/wiki/Foreign_relations_of_Cyprus" title="Foreign relations of Cyprus">Cyprus</a></li> <li><a href="/wiki/Czech_Republic" title="Czech Republic"><img alt="Czech Republic" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_the_Czech_Republic" title="Foreign relations of the Czech Republic">Czech Republic</a></li> <li><a href="/wiki/Denmark" title="Denmark"><img alt="Denmark" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /></a> <a href="/wiki/Foreign_relations_of_Denmark" title="Foreign relations of Denmark">Denmark</a></li> <li><a href="/wiki/Estonia" title="Estonia"><img alt="Estonia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /></a> <a href="/wiki/Foreign_relations_of_Estonia" title="Foreign relations of Estonia">Estonia</a></li> <li><a href="/wiki/Finland" title="Finland"><img alt="Finland" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /></a> <a href="/wiki/Foreign_relations_of_Finland" title="Foreign relations of Finland">Finland</a></li> <li><a href="/wiki/France" title="France"><img alt="France" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_France" title="Foreign relations of France">France</a></li> <li><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Germany" title="Foreign relations of Germany">Germany</a></li> <li><a href="/wiki/Greece" title="Greece"><img alt="Greece" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Foreign_relations_of_Greece" title="Foreign relations of Greece">Greece</a></li> <li><a href="/wiki/Hungary" title="Hungary"><img alt="Hungary" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Hungary" title="Foreign relations of Hungary">Hungary</a></li> <li><a href="/wiki/Republic_of_Ireland" title="Republic of Ireland"><img alt="Republic of Ireland" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Ireland" title="Foreign relations of Ireland">Ireland</a></li> <li><a href="/wiki/Italy" title="Italy"><img alt="Italy" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></a> <a href="/wiki/Foreign_relations_of_Italy" title="Foreign relations of Italy">Italy</a></li> <li><a href="/wiki/Latvia" title="Latvia"><img alt="Latvia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Latvia" title="Foreign relations of Latvia">Latvia</a></li> <li><a href="/wiki/Lithuania" title="Lithuania"><img alt="Lithuania" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Lithuania" title="Foreign relations of Lithuania">Lithuania</a></li> <li><a href="/wiki/Luxembourg" title="Luxembourg"><img alt="Luxembourg" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /></a> <a href="/wiki/Foreign_relations_of_Luxembourg" title="Foreign relations of Luxembourg">Luxembourg</a></li> <li><a href="/wiki/Malta" title="Malta"><img alt="Malta" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Malta" title="Foreign relations of Malta">Malta</a></li> <li><a href="/wiki/Netherlands" title="Netherlands"><img alt="Netherlands" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_the_Netherlands" title="Foreign relations of the Netherlands">Netherlands</a></li> <li><a href="/wiki/Poland" title="Poland"><img alt="Poland" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /></a> <a href="/wiki/Foreign_relations_of_Poland" title="Foreign relations of Poland">Poland</a></li> <li><a href="/wiki/Portugal" title="Portugal"><img alt="Portugal" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Foreign_relations_of_Portugal" title="Foreign relations of Portugal">Portugal</a></li> <li><a href="/wiki/Romania" title="Romania"><img alt="Romania" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /></a> <a href="/wiki/Foreign_relations_of_Romania" title="Foreign relations of Romania">Romania</a></li> <li><a href="/wiki/Slovakia" title="Slovakia"><img alt="Slovakia" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Slovakia" title="Foreign relations of Slovakia">Slovakia</a></li> <li><a href="/wiki/Slovenia" title="Slovenia"><img alt="Slovenia" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a> <a href="/wiki/Foreign_relations_of_Slovenia" title="Foreign relations of Slovenia">Slovenia</a></li> <li><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a> <a href="/wiki/Foreign_relations_of_Spain" title="Foreign relations of Spain">Spain</a></li> <li><a href="/wiki/Sweden" title="Sweden"><img alt="Sweden" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /></a> <a href="/wiki/Foreign_relations_of_Sweden" title="Foreign relations of Sweden">Sweden</a></li></ul> <hr /> <ul><li><a href="/wiki/Argentina%E2%80%93European_Union_relations" title="Argentina–European Union relations">Argentina–European Union relations</a></li> <li><a href="/wiki/Armenia%E2%80%93European_Union_relations" title="Armenia–European Union relations">Armenia–European Union relations</a></li> <li><a href="/wiki/Australia%E2%80%93European_Union_relations" title="Australia–European Union relations">Australia–European Union relations</a></li> <li><a href="/wiki/Brazil%E2%80%93European_Union_relations" title="Brazil–European Union relations">Brazil–European Union relations</a></li> <li><a href="/wiki/Canada%E2%80%93European_Union_relations" title="Canada–European Union relations">Canada–European Union relations</a></li> <li><a href="/wiki/China%E2%80%93European_Union_relations" title="China–European Union relations">China–European Union relations</a></li> <li><a href="/wiki/European_Union%E2%80%93NATO_relations" title="European Union–NATO relations">European Union–NATO relations</a></li> <li><a href="/wiki/Georgia%E2%80%93European_Union_relations" title="Georgia–European Union relations">Georgia–European Union relations</a></li> <li><a href="/wiki/Iceland%E2%80%93European_Union_relations" title="Iceland–European Union relations">Iceland–European Union relations</a></li> <li><a href="/wiki/Kazakhstan%E2%80%93European_Union_relations" title="Kazakhstan–European Union relations">Kazakhstan–European Union relations</a></li> <li><a href="/wiki/Japan%E2%80%93European_Union_relations" title="Japan–European Union relations">Japan–European Union relations</a></li> <li><a href="/wiki/Mexico%E2%80%93European_Union_relations" title="Mexico–European Union relations">Mexico–European Union relations</a></li> <li><a href="/wiki/Moldova%E2%80%93European_Union_relations" title="Moldova–European Union relations">Moldova–European Union relations</a></li> <li><a href="/wiki/Norway%E2%80%93European_Union_relations" title="Norway–European Union relations">Norway–European Union relations</a></li> <li><a href="/wiki/Russia%E2%80%93European_Union_relations" title="Russia–European Union relations">Russia–European Union relations</a></li> <li><a href="/wiki/Switzerland%E2%80%93European_Union_relations" title="Switzerland–European Union relations">Switzerland–European Union relations</a></li> <li><a href="/wiki/European_Union%E2%80%93Turkey_relations" title="European Union–Turkey relations">Turkey–European Union relations</a></li> <li><a href="/wiki/Ukraine%E2%80%93European_Union_relations" title="Ukraine–European Union relations">Ukraine–European Union relations</a></li> <li><a href="/wiki/United_Kingdom%E2%80%93European_Union_relations" title="United Kingdom–European Union relations">United Kingdom–European Union relations</a> (<a href="/wiki/United_Kingdom_membership_of_the_European_Union" title="United Kingdom membership of the European Union">History</a>) <ul><li><a href="/wiki/Post-Brexit_United_Kingdom_relations_with_the_European_Union" title="Post-Brexit United Kingdom relations with the European Union">Post-Brexit United Kingdom relations with the European Union</a></li> <li><a href="/wiki/Brexit" title="Brexit">Brexit</a></li></ul></li> <li><a href="/wiki/United_States%E2%80%93European_Union_relations" class="mw-redirect" title="United States–European Union relations">United States–European Union relations</a></li></ul> <hr /> <ul><li><a href="/wiki/Common_Travel_Area" title="Common Travel Area">Common Travel Area</a> (<a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a>)</li> <li><a href="/wiki/Microstates_and_the_European_Union" title="Microstates and the European Union">Microstates and the European Union</a></li> <li><a href="/wiki/European_Union_and_the_United_Nations" title="European Union and the United Nations">European Union and the United Nations</a></li> <li><a href="/wiki/European_Union_Association_Agreement" title="European Union Association Agreement">European Union Association Agreement</a></li></ul> <hr /> <ul><li><a href="/wiki/Group_of_Seven" class="mw-redirect" title="Group of Seven">G7</a></li> <li><a href="/wiki/G20" title="G20">G20</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:left; background:lavender;;color: var(--color-base)">Defunct bodies</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top: 0; text-align: left;"> <ul><li><a href="/wiki/European_Communities" title="European Communities">European Communities</a> (1958–1993) <dl><dd><a href="/wiki/European_Coal_and_Steel_Community" title="European Coal and Steel Community">European Coal and Steel Community</a></dd> <dd><a href="/wiki/European_Economic_Community" title="European Economic Community">European Economic Community</a></dd></dl></li> <li><a href="/wiki/European_Community" class="mw-redirect" title="European Community">European Community</a></li> <li><a href="/wiki/Western_European_Union" title="Western European Union">Western European Union</a></li> <li><a href="/wiki/Convention_on_the_Future_of_Europe" title="Convention on the Future of Europe">Convention on the Future of Europe</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <img alt="flag" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/32px-Flag_of_Europe.svg.png" decoding="async" width="32" height="21" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/48px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/64px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /> <a href="/wiki/Portal:European_Union" title="Portal:European Union">European Union portal</a> <div class="hlist" style="text-align:center;font-weight:normal;"> <ul><li><a href="/wiki/Outline_of_political_science#Politics_by_region" title="Outline of political science">Other countries</a></li></ul> </div></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Politics_of_the_European_Union" title="Template:Politics of the European Union"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Politics_of_the_European_Union" title="Template talk:Politics of the European Union"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Politics_of_the_European_Union" title="Special:EditPage/Template:Politics of the European Union"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> The ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its initial capital was supposed to be €5 billion<a href="#cite_note-233">[232]</a> and the initial capital allocation key was determined in 1998 on the basis of the member states' populations and GDP,<a href="#cite_note-capital-6">[6]</a><a href="#cite_note-234">[233]</a> but the key is adjustable.<a href="#cite_note-235">[234]</a> The euro area NCBs were required to pay their respective subscriptions to the ECB's capital in full. The NCBs of the non-participating countries have had to pay 7% of their respective subscriptions to the ECB's capital as a contribution to the operational costs of the ECB. As a result, the ECB was endowed with an initial capital of just under €4 billion.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] The capital is held by the national central banks of the member states as shareholders. Shares in the ECB are not transferable and cannot be used as collateral.<a href="#cite_note-236">[235]</a> The NCBs are the sole subscribers to and holders of the capital of the ECB. Today, ECB capital is about €11 billion, which is held by the national central banks of the member states as shareholders.<a href="#cite_note-capital-6">[6]</a> The NCBs' shares in this capital are calculated using a capital key which reflects the respective member's share in the total population and gross domestic product of the EU. The ECB adjusts the shares every five years and whenever the number of contributing NCBs changes. The adjustment is made on the basis of data provided by the European Commission. All national central banks (NCBs) that own a share of the ECB capital stock as of 1 February 2020 are listed below. Non-Euro area NCBs are required to pay up only a very small percentage of their subscribed capital, which accounts for the different magnitudes of Euro area and Non-Euro area total paid-up capital.<a href="#cite_note-capital-6">[6]</a> <style data-mw-deduplicate="TemplateStyles:r1233514072">.mw-parser-output .static-row-numbers{counter-reset:rowNumber}.mw-parser-output .static-row-numbers tr::before{content:"";display:table-cell;padding-right:0.5em;padding-left:0.5em;text-align:right;vertical-align:inherit}.mw-parser-output .static-row-numbers.static-row-numbers-left tr::before{text-align:left}.mw-parser-output .static-row-numbers.static-row-numbers-center tr::before{text-align:center}.mw-parser-output .static-row-numbers.wikitable tr::before{background-color:var(--background-color-neutral,#eaecf0)}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tr::before{background-color:var(--background-color-neutral,#eaecf0);color:var(--color-base,#202122)}.mw-parser-output .static-row-numbers thead+tbody tr:first-child:not(.static-row-header):not(.static-row-numbers-norank)::before,.mw-parser-output .static-row-numbers tbody tr:not(:first-child):not(.static-row-header):not(.static-row-numbers-norank)::before{counter-increment:rowNumber;content:counter(rowNumber)}.mw-parser-output .static-row-header-text.static-row-numbers thead tr:first-child::before,.mw-parser-output .static-row-header-text.static-row-numbers caption+tbody tr:first-child::before,.mw-parser-output .static-row-header-text.static-row-numbers tbody:first-child tr:first-child::before{content:"No.";font-weight:bold}.mw-parser-output .static-row-header-hash.static-row-numbers thead tr:first-child::before,.mw-parser-output .static-row-header-hash.static-row-numbers caption+tbody tr:first-child::before,.mw-parser-output .static-row-header-hash.static-row-numbers tbody:first-child tr:first-child::before{content:"#";font-weight:bold}.mw-parser-output .static-row-numbers.wikitable tr::before{border:0 solid var(--border-color-base,#a2a9b1)}.mw-parser-output .static-row-numbers.wikitable thead+tbody tr:first-child:not(.static-row-header)::before,.mw-parser-output .static-row-numbers.wikitable tbody tr:not(:first-child):not(.static-row-header)::before{border-width:1px}body.skin-monobook .mw-parser-output .static-row-numbers.wikitable tr::before{border-color:#aaaaaa}body.skin-timeless .mw-parser-output .static-row-numbers.wikitable tr::before{border-color:#c8ccd1}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tr::before{border-color:rgba(84,89,93,.3)}.mw-parser-output table[border].static-row-numbers:not(.wikitable) tr::before{border:0 inset #202122}.mw-parser-output table[border].static-row-numbers:not(.wikitable) thead+tbody tr:first-child:not(.static-row-header)::before,.mw-parser-output table[border].static-row-numbers:not(.wikitable) tbody tr:not(:first-child):not(.static-row-header)::before{border-width:1px}body.skin-monobook .mw-parser-output table[border].static-row-numbers:not(.wikitable) tr::before,body.skin-timeless .mw-parser-output table[border].static-row-numbers:not(.wikitable):not(.mw-datatable) tr::before{border-color:#000000}body.skin-timeless .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) tr::before{border:0 solid #c8ccd1}body.skin-timeless .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) thead+tbody tr:first-child:not(.static-row-header)::before,body.skin-timeless .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) tbody tr:not(:first-child):not(.static-row-header)::before{border-width:1px}@media all and (max-width:720px){body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tr::before{border-left-width:1px}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable thead tr:first-child::before,body.skin-minerva .mw-parser-output .static-row-numbers.wikitable caption+tbody tr:first-child::before,body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tbody:first-child tr:first-child::before{border-top-width:1px}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tbody tr:last-child::before,body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tfoot tr:last-child::before{border-bottom-width:1px}}</style> <table class="wikitable sortable static-row-numbers static-row-header-text"> <tbody><tr> <th>NCB </th> <th>Capital Key (%) </th> <th>Paid-up Capital (€) </th></tr> <tr> <td><a href="/wiki/National_Bank_of_Belgium" title="National Bank of Belgium">National Bank of Belgium</a> </td> <td align="right">2.9630 </td> <td align="right">276,290,916.71 </td></tr> <tr> <td><a href="/wiki/Croatian_National_Bank" title="Croatian National Bank">Croatian National Bank</a> </td> <td align="right">0.6595 </td> <td align="right">71,390,921.62 </td></tr> <tr> <td><a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a> </td> <td align="right">21.4394 </td> <td align="right">1,999,160,134.91 </td></tr> <tr> <td><a href="/wiki/Bank_of_Estonia" title="Bank of Estonia">Bank of Estonia</a> </td> <td align="right">0.2291 </td> <td align="right">21,362,892.01 </td></tr> <tr> <td><a href="/wiki/Central_Bank_of_Ireland" title="Central Bank of Ireland">Central Bank of Ireland</a> </td> <td align="right">1.3772 </td> <td align="right">128,419,794.29 </td></tr> <tr> <td><a href="/wiki/Bank_of_Greece" title="Bank of Greece">Bank of Greece</a> </td> <td align="right">2.0117 </td> <td align="right">187,585,027.73 </td></tr> <tr> <td><a href="/wiki/Bank_of_Spain" title="Bank of Spain">Bank of Spain</a> </td> <td align="right">9.6981 </td> <td align="right">904,318,913.05 </td></tr> <tr> <td><a href="/wiki/Bank_of_France" title="Bank of France">Bank of France</a> </td> <td align="right">16.6108 </td> <td align="right">1,548,907,579.93 </td></tr> <tr> <td><a href="/wiki/Banca_d%27Italia" class="mw-redirect" title="Banca d'Italia">Bank of Italy</a> </td> <td align="right">13.8165 </td> <td align="right">1,288,347,435.28 </td></tr> <tr> <td><a href="/wiki/Central_Bank_of_Cyprus" title="Central Bank of Cyprus">Central Bank of Cyprus</a> </td> <td align="right">0.1750 </td> <td align="right">16,318,228.29 </td></tr> <tr> <td><a href="/wiki/Bank_of_Latvia" title="Bank of Latvia">Bank of Latvia</a> </td> <td align="right">0.3169 </td> <td align="right">29,549,980.26 </td></tr> <tr> <td><a href="/wiki/Bank_of_Lithuania" title="Bank of Lithuania">Bank of Lithuania</a> </td> <td align="right">0.4707 </td> <td align="right">43,891,371.75 </td></tr> <tr> <td><a href="/wiki/Central_Bank_of_Luxembourg" title="Central Bank of Luxembourg">Central Bank of Luxembourg</a> </td> <td align="right">0.2679 </td> <td align="right">24,980,876.34 </td></tr> <tr> <td><a href="/wiki/Central_Bank_of_Malta" title="Central Bank of Malta">Central Bank of Malta</a> </td> <td align="right">0.0853 </td> <td align="right">7,953,970.70 </td></tr> <tr> <td><a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank</a> </td> <td align="right">4.7662 </td> <td align="right">444,433,941.0 </td></tr> <tr> <td><a href="/wiki/Oesterreichische_Nationalbank" title="Oesterreichische Nationalbank">Oesterreichische Nationalbank</a> </td> <td align="right">2.3804 </td> <td align="right">221,965,203.55 </td></tr> <tr> <td><a href="/wiki/Banco_de_Portugal" title="Banco de Portugal">Banco de Portugal</a> </td> <td align="right">1.9035 </td> <td align="right">177,495,700.29 </td></tr> <tr> <td><a href="/wiki/Bank_of_Slovenia" title="Bank of Slovenia">Bank of Slovenia</a> </td> <td align="right">0.3916 </td> <td align="right">36,515,532.56 </td></tr> <tr> <td><a href="/wiki/National_Bank_of_Slovakia" title="National Bank of Slovakia">National Bank of Slovakia</a> </td> <td align="right">0.9314 </td> <td align="right">86,850,273.32 </td></tr> <tr> <td><a href="/wiki/Bank_of_Finland" title="Bank of Finland">Bank of Finland</a> </td> <td align="right">1.4939 </td> <td align="right">136,005,388.82 </td></tr> <tr> <td>Euro area total </td> <td align="right">81.9881 </td> <td align="right">7,610,421,092.94 </td></tr> <tr> <td><a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgarian National Bank</a> </td> <td align="right">0.9832 </td> <td align="right">3,991,180.11 </td></tr> <tr> <td><a href="/wiki/Czech_National_Bank" title="Czech National Bank">Czech National Bank</a> </td> <td align="right">1.8794 </td> <td align="right">7,629,194.36 </td></tr> <tr> <td><a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Danmarks Nationalbank</a> </td> <td align="right">1.7591 </td> <td align="right">7,140,851.23 </td></tr> <tr> <td><a href="/wiki/Hungarian_National_Bank" title="Hungarian National Bank">Hungarian National Bank</a> </td> <td align="right">1.5488 </td> <td align="right">6,287,164.11 </td></tr> <tr> <td><a href="/wiki/National_Bank_of_Poland" title="National Bank of Poland">National Bank of Poland</a> </td> <td align="right">6.0335 </td> <td align="right">24,492,255.06 </td></tr> <tr> <td><a href="/wiki/National_Bank_of_Romania" title="National Bank of Romania">National Bank of Romania</a> </td> <td align="right">2.8289 </td> <td align="right">11,483,573.44 </td></tr> <tr> <td><a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a> </td> <td align="right">2.9790 </td> <td align="right">12,092,886.02 </td></tr> <tr> <th>Non-Euro area total </th> <th align="right">18.0119 </th> <th align="right">73,117,104.33 </th></tr> <tr> <th>Net total </th> <th align="right">100.0000 </th> <th align="right">7,683,538,197.27 </th></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Reserves">Reserves</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=40" title="Edit section: Reserves">edit</a>]</div> In addition to capital subscriptions, the NCBs of the member states participating in the euro area provided the ECB with foreign reserve assets equivalent to around €40 billion. The contributions of each NCB is in proportion to its share in the ECB's subscribed capital, while in return each NCB is credited by the ECB with a claim in euro equivalent to its contribution. 15% of the contributions was made in gold, and the remaining 85% in US dollars and UK pounds sterling.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] <div class="mw-heading mw-heading3"><h3 id="Languages">Languages</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=41" title="Edit section: Languages">edit</a>]</div> The internal working language of the ECB is English, and press conferences are held in English. External communications are handled flexibly: English is preferred (though not exclusively) for communication within the ESCB (i.e. with other central banks) and with financial markets; communication with other national bodies and with EU citizens is normally in their respective language, but the ECB website is predominantly English; official documents such as the Annual Report are in the official languages of the EU (generally English, German and French).<a href="#cite_note-237">[236]</a><a href="#cite_note-238">[237]</a> In 2022, the ECB publishes for the first time details on the nationality of its staff,<a href="#cite_note-239">[238]</a> revealing an over-representation of Germans and Italians along the ECB employees, including in management positions. <div class="mw-heading mw-heading3"><h3 id="Independence">Independence</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=42" title="Edit section: Independence">edit</a>]</div> The European Central Bank (and by extension, the Eurosystem) is often considered as the "most independent central bank in the world".<a href="#cite_note-240">[239]</a><a href="#cite_note-241">[240]</a><a href="#cite_note-242">[241]</a><a href="#cite_note-243">[242]</a> In general terms, this means that the Eurosystem tasks and policies can be discussed, designed, decided and implemented in full autonomy, without pressure or need for instructions from any external body. The main justification for the ECB's independence is that such an institutional setup assists the maintenance of price stability.<a href="#cite_note-Independence-244">[243]</a><a href="#cite_note-245">[244]</a> In practice, the ECB's independence is pinned by four key principles:<a href="#cite_note-246">[245]</a> <ul><li>Operational and legal independence: the ECB has all required competences to achieve its price stability mandate[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] and thereby can steer monetary policy in full autonomy and by means of high level of discretion. The ECB's governing council deliberates with a high degree of secrecy, since individual voting records are not disclosed to the public (leading to suspicions that Governing Council members are voting along national lines.<a href="#cite_note-Heinemann_Hüfner_2003_p.-247">[246]</a><a href="#cite_note-248">[247]</a>) In addition to monetary policy decisions, the ECB has the right to issue legally binding regulations, within its competence and if the conditions laid down in Union law are fulfilled, it can sanction non-compliant actors if they violate legal requirements laid down in directly applicable Union regulations. The ECB's own legal personality also allows the ECB to enter into international legal agreements independently from other EU institutions, and be the party of legal proceedings. Finally, the ECB can organise its internal structure as it sees fit.</li> <li>Personal independence: the mandate of ECB board members is purposefully very long (8 years) and Governors of national central banks have a minimum renewable term of office of five years.<a href="#cite_note-Independence-244">[243]</a> In addition, ECB board members are vastly immune from judicial proceedings.<a href="#cite_note-249">[248]</a> Indeed, removals from the office can only be decided by the <a href="/wiki/Court_of_Justice_of_the_European_Union" title="Court of Justice of the European Union">Court of Justice of the European Union</a> (CJEU), under the request of the ECB's Governing Council or the executive board (i.e. the ECB itself). Such a decision is only possible in the event of incapacity or serious misconduct. National governors of the Eurosystem's national central banks can be dismissed under national law (with a possibility to appeal) in case they can no longer fulfil their functions or are guilty of serious misconduct.</li> <li>Financial independence: the ECB is the only body within the EU whose statute guarantees budgetary independence through its own resources and income. The ECB uses its own profits generated by its monetary policy operations and cannot be technically insolvent. The ECB's financial independence reinforces its political independence. Because the ECB does not require external financing and symmetrically is prohibited from <a href="/wiki/Monetary_financing" class="mw-redirect" title="Monetary financing">direct monetary financing</a> of public institutions, this shields it from potential pressure from public authorities.</li> <li>Political independence: The Community institutions and bodies and the governments of the member states may not seek to influence the members of the decision-making bodies of the ECB or of the NCBs in the performance of their tasks. Symmetrically, EU institutions and national governments are bound by the treaties to respect the ECB's independence. It is the latter which is the subject of much debate.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Democratic_accountability">Democratic accountability</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=43" title="Edit section: Democratic accountability">edit</a>]</div> In return to its high degree of independence and discretion, the ECB is accountable to the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> (and to a lesser extent to the European Court of Auditors, the European Ombudsman and the Court of Justice of the EU (CJEU)). Although the accountability mechanisms are not enshrined in EU law, several practices were established following a resolution of the European Parliament adopted in 1998,<a href="#cite_note-250">[249]</a> which were informally agreed by the ECB, and incorporated into the Parliament's rule of procedure.<a href="#cite_note-251">[250]</a> In 2023, the European Parliament and the ECB made these accountability arrangements were made more formal by signing an exchange of letter.<a href="#cite_note-252">[251]</a> The accountability framework involves five main mechanisms:<a href="#cite_note-253">[252]</a> <ul><li>Annual report: the ECB is bound to publish reports on its activities and has to address its annual report to the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a>, the <a href="/wiki/European_Commission" title="European Commission">European Commission</a>, the <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a> and the <a href="/wiki/European_Council" title="European Council">European Council</a> .<a href="#cite_note-ECB_Acc-254">[253]</a> The report is presented to the European parliament at the occasion of a specific hearing with the ECB's vice-president at the ECON committee.</li> <li>Annual parliamentary resolution: in return, the European Parliament evaluates the past activities to the ECB via its own annual resolution on the European Central Bank's report (which is essentially a non-legally-binding list of resolutions). Since 2016, the ECB replies to the Parliament's suggestions in an annex to its annual report.</li> <li>Quarterly hearings (known as the "Monetary Dialogue"): the <a href="/wiki/European_Parliament_Committee_on_Economic_and_Monetary_Affairs" title="European Parliament Committee on Economic and Monetary Affairs">Economic and Monetary Affairs Committee of the European Parliament</a> organises a hearing with the ECB every quarter,<a href="#cite_note-255">[254]</a> allowing members of parliament to address oral questions to the ECB president.</li> <li>Parliamentary questions: all Members of the European Parliament have the right to address written questions<a href="#cite_note-256">[255]</a> to the ECB president. The ECB president provides a written answer in about six weeks.</li> <li>Appointments: The European Parliament is consulted during the appointment process of executive board members of the ECB.<a href="#cite_note-BF_EB-257">[256]</a> However the Parliament's vote is only consultative, and in practice, the Parliament's opinion – when negative – has been ignored by the European Council.<a href="#cite_note-258">[257]</a></li> <li>Legal proceedings: the ECB's legal personality allows civil society or public institutions to file complaints against the ECB to the Court of Justice of the EU.</li></ul> In 2013, an interinstitutional agreement was reached between the ECB and the European Parliament in the context of the establishment of the ECB's Banking Supervision. This agreement sets broader powers to the European Parliament than the established practice on the monetary policy side of the ECB's activities. For example, under the agreement, the Parliament can veto the appointment of the chair and vice-chair of the ECB's supervisory board and may approve removals if requested by the ECB.<a href="#cite_note-259">[258]</a> <div class="mw-heading mw-heading3"><h3 id="Transparency">Transparency</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=44" title="Edit section: Transparency">edit</a>]</div> In addition to its independence, the ECB is subject to limited transparency obligations in contrast to EU Institutions standards and other major central banks. Indeed, as pointed out by <a href="/wiki/Transparency_International" title="Transparency International">Transparency International</a>, "The Treaties establish transparency and openness as principles of the EU and its institutions. They do, however, grant the ECB a partial exemption from these principles. According to Art. 15(3) TFEU, the ECB is bound by the EU's transparency principles "only when exercising [its] administrative tasks" (the exemption – which leaves the term "administrative tasks" undefined – equally applies to the Court of Justice of the European Union and to the European Investment Bank).<a href="#cite_note-260">[259]</a> In practice, there are several concrete examples where the ECB is less transparent than other institutions: <ul><li>Voting secrecy: while other central banks publish the voting record of its decision makers, the ECB's Governing Council decisions are made in full discretion. Since 2014, the ECB has published "accounts" of its monetary policy meetings,<a href="#cite_note-261">[260]</a> but those remain rather vague and do not include individual votes.</li> <li>Access to documents: The obligation for EU bodies to make documents freely accessible after a 30-year embargo applies to the ECB. However, under the ECB's Rules of Procedure, the Governing Council may decide to keep individual documents classified beyond the 30 years.</li> <li>Disclosure of securities: The ECB is less transparent than the Fed when it comes to disclosing the list of securities being held in its balance sheet under monetary policy operations such as QE.<a href="#cite_note-262">[261]</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Location">Location</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=45" title="Edit section: Location">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Seat_of_the_European_Central_Bank" title="Seat of the European Central Bank">Seat of the European Central Bank</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Frankfurt_EZB.Nordwest-2.20141228.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Frankfurt_EZB.Nordwest-2.20141228.jpg/220px-Frankfurt_EZB.Nordwest-2.20141228.jpg" decoding="async" width="220" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Frankfurt_EZB.Nordwest-2.20141228.jpg/330px-Frankfurt_EZB.Nordwest-2.20141228.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Frankfurt_EZB.Nordwest-2.20141228.jpg/440px-Frankfurt_EZB.Nordwest-2.20141228.jpg 2x" data-file-width="4507" data-file-height="3166" /></a><figcaption>The new ECB headquarters, which opened in 2014</figcaption></figure> The bank is based in <a href="/wiki/Ostend_(Frankfurt_am_Main)" title="Ostend (Frankfurt am Main)">Ostend</a> (East End), <a href="/wiki/Frankfurt_am_Main" class="mw-redirect" title="Frankfurt am Main">Frankfurt am Main</a>. The city is the largest financial centre in the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> and the bank's location in it is fixed by the <a href="/wiki/Amsterdam_Treaty" class="mw-redirect" title="Amsterdam Treaty">Amsterdam Treaty</a>.<a href="#cite_note-263">[262]</a> The bank moved to a new purpose-built headquarters in 2014, designed by a Vienna-based architectural office, <a href="/wiki/Coop_Himmelbau" class="mw-redirect" title="Coop Himmelbau">Coop Himmelbau</a>.<a href="#cite_note-ECB-2007b-264">[263]</a> The building is approximately 180 metres (591 ft) tall and is to be accompanied by other secondary buildings on a landscaped site on the site of the <a href="/wiki/Gro%C3%9Fmarkthalle" title="Großmarkthalle">former wholesale market</a> in the eastern part of Frankfurt am Main. The main construction on a 120,000 m2 total site area began in October 2008,<a href="#cite_note-ECB-2007b-264">[263]</a><a href="#cite_note-265">[264]</a> and it was expected that the building would become an architectural symbol for Europe. While it was designed to accommodate double the number of staff who operated in the former <a href="/wiki/Eurotower_(Frankfurt)" class="mw-redirect" title="Eurotower (Frankfurt)">Eurotower</a>,<a href="#cite_note-FT_new_building-266">[265]</a> that building has been retained by the ECB, owing to more space being required since it took responsibility for banking supervision.<a href="#cite_note-267">[266]</a> <div class="mw-heading mw-heading2"><h2 id="Debates_surrounding_the_ECB">Debates surrounding the ECB</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=46" title="Edit section: Debates surrounding the ECB">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Debates_on_ECB_independence">Debates on ECB independence</h3>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=47" title="Edit section: Debates on ECB independence">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:DSCI0115_Blockupy_2014_Transparent_EZB.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/DSCI0115_Blockupy_2014_Transparent_EZB.jpg/220px-DSCI0115_Blockupy_2014_Transparent_EZB.jpg" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/DSCI0115_Blockupy_2014_Transparent_EZB.jpg/330px-DSCI0115_Blockupy_2014_Transparent_EZB.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/DSCI0115_Blockupy_2014_Transparent_EZB.jpg/440px-DSCI0115_Blockupy_2014_Transparent_EZB.jpg 2x" data-file-width="3240" data-file-height="4320" /></a><figcaption>Demonstration of the <a href="/wiki/Blockupy_movement" title="Blockupy movement">Blockupy movement</a> in front of the ECB (2014)</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Essay-like plainlinks metadata ambox ambox-style ambox-essay-like" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></div></td><td class="mbox-text"><div class="mbox-text-span">This section is written like a <a href="/wiki/Wikipedia:What_Wikipedia_is_not#Wikipedia_is_not_a_publisher_of_original_thought" title="Wikipedia:What Wikipedia is not">personal reflection, personal essay, or argumentative essay</a> that states a Wikipedia editor's personal feelings or presents an original argument about a topic. Please <a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_Central_Bank&action=edit">help improve it</a> by rewriting it in an <a href="/wiki/Wikipedia:Writing_better_articles#Information_style_and_tone" title="Wikipedia:Writing better articles">encyclopedic style</a>. (May 2020) (<a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a>)</div></td></tr></tbody></table>The debate on the independence of the ECB finds its origins in the preparatory stages of the construction of the EMU. The German government agreed to go ahead if certain crucial guarantees were respected, such as a European Central Bank independent of national governments and shielded from political pressure along the lines of the German central bank. The French government, for its part, feared that this independence would mean that politicians would no longer have any room for manoeuvre in the process. A compromise was then reached by establishing a regular dialogue between the ECB and the Council of Finance Ministers of the euro area, the Eurogroup. <div class="mw-heading mw-heading4"><h4 id="Arguments_in_favour_of_independence">Arguments in favour of independence</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=48" title="Edit section: Arguments in favour of independence">edit</a>]</div> There is strong consensus among economists on the value of central bank independence from politics.<a href="#cite_note-268">[267]</a><a href="#cite_note-269">[268]</a> The rationale behind are both empirical and theoretical. On the theoretical side, it's believed that time inconsistency suggests the existence of political business cycles where elected officials might take advantage of policy surprises to secure reelection. The politician up to the election will therefore be incentivized to introduce expansionary monetary policies, reducing unemployment in the short run. These effects will be most likely temporary. By contrast, in the long run, it will increase inflation, with unemployment returning to the natural rate negating the positive effect. Furthermore, the credibility of the central bank will deteriorate, making it more difficult to answer the market.<a href="#cite_note-270">[269]</a><a href="#cite_note-271">[270]</a><a href="#cite_note-272">[271]</a> Additionally, empirical work has been done that defined and measured central bank independence (CBI), looking at the relationship of CBI with inflation.<a href="#cite_note-273">[272]</a> <div class="mw-heading mw-heading4"><h4 id="The_arguments_against_too_much_independence">The arguments against too much independence</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=49" title="Edit section: The arguments against too much independence">edit</a>]</div> <div class="mw-heading mw-heading5"><h5 id="An_independence_that_would_be_the_source_of_a_democratic_deficit.">An independence that would be the source of a democratic deficit.</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=50" title="Edit section: An independence that would be the source of a democratic deficit.">edit</a>]</div> According to Christopher Adolph, the alleged neutrality of central bankers is only a legal façade and not an indisputable fact.<a href="#cite_note-Adolph,_Christopher,_1976–2013-274">[273]</a> The crisis: an opportunity to impose its will and extend its powers: – Its participation in the <a href="/wiki/European_troika" class="mw-redirect" title="European troika">troika</a>: Thanks to its three factors which explain its independence, the ECB took advantage of this crisis to implement, through its participation in the troika, the famous structural reforms in the Member States aimed at making, more flexible the various markets, particularly the labour market, which are still considered too rigid under the <a href="/w/index.php?title=Ordoliberal_concept&action=edit&redlink=1" class="new" title="Ordoliberal concept (page does not exist)">ordoliberal concept</a>.<a href="#cite_note-Delaume_2015_75-275">[274]</a> - <a href="/w/index.php?title=Macro-prudential_supervision&action=edit&redlink=1" class="new" title="Macro-prudential supervision (page does not exist)">Macro-prudential supervision</a> : At the same time, taking advantage of the reform of the financial supervision system, the Frankfurt Bank has acquired new responsibilities, such as macro-prudential supervision, in other words, supervision of the provision of financial services.<a href="#cite_note-276">[275]</a> -Take liberties with its mandate to save the Euro : Paradoxically, the crisis undermined the ECB's ordoliberal discourse "because some of its instruments, which it had to implement, deviated significantly from its principles. It then interpreted the paradigm with enough flexibly to adapt its original reputation to these new economic conditions. It was forced to do so as a last resort to save its one and only raison d'être: the euro. This Independent was thus obliged to be pragmatic by departing from the spirit of its statutes, which is unacceptable to the hardest supporters of ordoliberalism, which will lead to the resignation of the two German leaders present within the ECB: the governor of the Bundesbank, Jens WEIDMANN<a href="#cite_note-277">[276]</a> and the member of the executive board of the ECB, Jürgen STARK.<a href="#cite_note-278">[277]</a> – Regulation of the financial system : The delegation of this new function to the ECB was carried out with great simplicity and with the consent of European leaders, because neither the Commission nor the Member States really wanted to obtain the monitoring of financial abuses throughout the area. In other words, in the event of a new financial crisis, the ECB would be the perfect scapegoat.<a href="#cite_note-279">[278]</a> - Capturing exchange rate policy : The event that will most mark the definitive politicization of the ECB is, of course, the operation launched in January 2015: the <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a> (QE) operation. Indeed, the Euro is an overvalued currency on the world markets against the dollar and the euro zone is at risk of deflation. In addition, Member States find themselves heavily indebted, partly due to the rescue of their national banks. The ECB, as the guardian of the stability of the euro zone, is deciding to gradually buy back more than EUR 1 100 billion Member States' public debt. In this way, money is injected back into the economy, the euro depreciates significantly, prices rise, the risk of deflation is removed, and Member States reduce their debts. However, the ECB has just given itself the right to direct the exchange rate policy of the euro zone without this being granted by the Treaties or with the approval of European leaders, and without public opinion or the public arena being aware of this.<a href="#cite_note-Delaume_2015_75-275">[274]</a> In conclusion, for those in favour of a framework for ECB independence, there is a clear concentration of powers.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] <div class="mw-heading mw-heading5"><h5 id="The_arguments_in_favour_of_a_counter_power">The arguments in favour of a counter power</h5>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=51" title="Edit section: The arguments in favour of a counter power">edit</a>]</div> In the aftermath of the euro area crisis, several proposals for a countervailing power were put forward, to deal with criticisms of a democratic deficit. For the German economist German Issing (2001) the ECB as a democratic responsibility and should be more transparent. According to him, this transparency could bring several advantages as the improvement of efficiency and credibility by giving the public adequate information. Others think that the ECB should have a closer relationship with the European Parliament which could play a major role in the evaluation of the democratic responsibility of the ECB.<a href="#cite_note-Barbier-Gauchard,_Amélie_1978-....-280">[279]</a> The development of new institutions or the creation of a minister is another solution proposed: A minister for the Eurozone ? The idea of a eurozone finance minister is regularly raised and supported by certain political figures, including Emmanuel Macron, as well as former German Chancellor Angela Merkel,<a href="#cite_note-281">[280]</a> former President of the ECB Jean-Claude Trichet and former European Commissioner Pierre Moscovici. For the latter, this position would bring "more democratic legitimacy" and "more efficiency" to European politics. In his view, it is a question of merging the powers of Commissioner for the Economy and Finance with those of the President of the Eurogroup.<a href="#cite_note-282">[281]</a> The main task of this minister would be to "represent a strong political authority protecting the economic and budgetary interests of the euro area as a whole, and not the interests of individual Member States". According to the Jacques Delors Institute, its competencies could be as follows: <ul><li>Supervising the coordination of economic and budgetary policies</li> <li>Enforcing the rules in case of infringement</li> <li>Conducting negotiations in a crisis context</li> <li>Contributing to cushioning regional shocks</li> <li>Representing the euro area in international institutions and fora<a href="#cite_note-283">[282]</a></li></ul> For Jean-Claude Trichet, this minister could also rely on the Eurogroup working group for the preparation and follow-up of meetings in eurozone format, and on the Economic and Financial Committee for meetings concerning all Member States. He would also have under his authority a General Secretariat of the Treasury of the euro area, whose tasks would be determined by the objectives of the budgetary union currently being set up <a href="#cite_note-284">[283]</a><a href="#cite_note-285">[284]</a> This proposal was nevertheless rejected in 2017 by the Eurogroup, its president, Jeroen Dijsselbloem, spoke of the importance of this institution in relation to the European Commission.<a href="#cite_note-286">[285]</a> Towards democratic institutions ? The absence of democratic institutions such as a Parliament or a real government is a regular criticism of the ECB in its management of the euro area, and many proposals have been made in this respect, particularly after the economic crisis, which would have shown the need to improve the governance of the euro area. For Moïse Sidiropoulos, a professor in economy: "The crisis in the euro zone came as no surprise, because the euro remains an unfinished currency, a stateless currency with a fragile political legitimacy".<a href="#cite_note-287">[286]</a> French economist <a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a> wrote on his blog in 2017 that it was essential to equip the eurozone with democratic institutions. An economic government could for example enable it to have a common budget, common taxes and borrowing and investment capacities. Such a government would then make the euro area more democratic and transparent by avoiding the opacity of a council such as the Eurogroup. Nevertheless, according to him "there is no point in talking about a government of the eurozone if we do not say to which democratic body this government will be accountable", a real parliament of the eurozone to which a finance minister would be accountable seems to be the real priority for the economist, who also denounces the lack of action in this area.<a href="#cite_note-288">[287]</a> The creation of a sub-committee within the current European Parliament was also mentioned, in the model of the Eurogroup, which is currently an under-formation of the ECOFIN Committee. This would require a simple amendment to the rules of procedure and would avoid a competitive situation between two separate parliamentary assemblies. The former President of the European Commission had, moreover, stated on this subject that he had "no sympathy for the idea of a specific Eurozone Parliament".<a href="#cite_note-289">[288]</a> <div class="mw-heading mw-heading4"><h4 id="Debates_on_the_role_of_central_bank_reserves_in_monetary_policy">Debates on the role of central bank reserves in monetary policy</h4>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=52" title="Edit section: Debates on the role of central bank reserves in monetary policy">edit</a>]</div> In "Towards monetary policies that do not subsidise banks"<a href="#cite_note-290">[289]</a> published in July 2023 and co-authored with Yuemei Ji, <a href="/wiki/Paul_De_Grauwe" title="Paul De Grauwe">Paul de Grauwe</a> criticizes the prevailing role of central bank reserves in monetary policy. Holding the John Paulson Chair in European Political Economy at the <a href="/wiki/London_School_of_Economics" title="London School of Economics">London School of Economics</a>, de Grauwe presented his views on this matter in a lecture at the <a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Bundesbank</a> in September 2023.<a href="#cite_note-291">[290]</a> De Grauwe states that major central banks are currently operating in a regime of abundance of bank reserves. This abundance, he argues, is a consequence of massive government bond-buying programs and a fundamental change in the operating procedures of these central banks. Since late 2021, in response to rising interest rates aimed at combating inflation, central banks have adopted a procedure of increasing interest rates by raising the remuneration on bank reserves. This approach has resulted in substantial interest payments to commercial banks. Due to past Quantitative Easing, bank reserves are now massive, leading to huge transfers of profits. Paul de Grauwe highlights the magnitude of these interest payments, comparing them to significant public expenditures:  the interests received by <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> to the yearly spending of the EU (€165 billion) to the interest payments of the ECB during the same period (€152 billion). De Grauwe argues that these transfers lack economic rationale. Despite seigniorage gains traditionally returning to the government, he observes that central banks are transferring more than the total seigniorage gains to private banks, resulting in significant losses and effectively constituting a subsidy to banks at the expense of taxpayers. Furthermore, the author raises concerns about moral hazard, noting that the provision of free interest hedging for banks by central banks may create ethical issues, as public authorities offer free insurance to private agents. Questioning the economic rationale for these practices, de Grauwe states that the remuneration of bank reserves is not totally necessary for conducting monetary policy and that the regime of reserve abundance is a result of the oversupply of reserves created by central banks through the buying of large amounts of <a href="/wiki/Government_bond" title="Government bond">government bonds</a>. Now, central banks cannot raise the interest rate without remunerating bank reserves, the equilibrium of demand (commercial blanks) and supply (central banks) being under the 0% rate. De Grauwe also states that the reserve abundance regime has altered the view of economists on the role of central banks : money base created by the central bank is now viewed as part of the public debt since central banks must pay a rate of remuneration on bank reserves. According to de Grauwe, this view is not inevitable and he suggests alternative operating procedures to address these issues : a gradual return to a regime of scarce reserves through Quantitative Tightening, raising minimum reserve requirements without paying interest on bank reserves, and implementing a two-tier system of reserve requirements to control the market rate while reducing transfers to commercial banks.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] Policymakers at the European Central Bank are split on the economic outlook, with some worried about a looming recession and others focused on inflation pressures. This disagreement is likely to impact future decisions on interest rate cuts, with one side advocating for faster cuts due to economic concerns, while the other prefers a cautious approach to ensure inflation remains under control.<a href="#cite_note-292">[291]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=53" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output .portal-bar-related{font-size:100%;justify-content:flex-start}.mw-parser-output .portal-bar-unbordered{padding:0 1.7em;margin-left:0}.mw-parser-output .portal-bar-header{margin:0 1em 0 0.5em;flex:0 0 auto;min-height:24px}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;flex:0 1 auto;padding:0.15em 0;column-gap:1em;align-items:baseline;margin:0;list-style:none}.mw-parser-output .portal-bar-content-related{margin:0;list-style:none}.mw-parser-output .portal-bar-item{display:inline-block;margin:0.15em 0.2em;min-height:24px;line-height:24px}@media screen and (max-width:768px){.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;flex-flow:column wrap;align-items:baseline}.mw-parser-output .portal-bar-header{text-align:center;flex:0;padding-left:0.5em;margin:0 auto}.mw-parser-output .portal-bar-related{font-size:100%;align-items:flex-start}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;align-items:center;flex:0;column-gap:1em;border-top:1px solid #a2a9b1;margin:0 auto;list-style:none}.mw-parser-output .portal-bar-content-related{border-top:none;margin:0;list-style:none}}.mw-parser-output .navbox+link+.portal-bar,.mw-parser-output .navbox+style+.portal-bar,.mw-parser-output .navbox+link+.portal-bar-bordered,.mw-parser-output .navbox+style+.portal-bar-bordered,.mw-parser-output .sister-bar+link+.portal-bar,.mw-parser-output .sister-bar+style+.portal-bar,.mw-parser-output .portal-bar+.navbox-styles+.navbox,.mw-parser-output .portal-bar+.navbox-styles+.sister-bar{margin-top:-1px}</style><div class="portal-bar noprint metadata noviewer portal-bar-bordered" role="navigation" aria-label="Portals"><a href="/wiki/Wikipedia:Contents/Portals" title="Wikipedia:Contents/Portals">Portals</a>:<ul class="portal-bar-content"><li class="portal-bar-item"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/19px-All-currency-symbol.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/29px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/38px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /> <a href="/wiki/Portal:Banks" title="Portal:Banks">Banks</a></li><li class="portal-bar-item"><img alt="map" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Europe_%28orthographic_projection%29.svg/19px-Europe_%28orthographic_projection%29.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Europe_%28orthographic_projection%29.svg/29px-Europe_%28orthographic_projection%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Europe_%28orthographic_projection%29.svg/38px-Europe_%28orthographic_projection%29.svg.png 2x" data-file-width="541" data-file-height="541" /> <a href="/wiki/Portal:Europe" title="Portal:Europe">Europe</a></li></ul></div> <ul><li><a href="/wiki/European_Banking_Authority" title="European Banking Authority">European Banking Authority</a></li> <li><a href="/wiki/European_Systemic_Risk_Board" title="European Systemic Risk Board">European Systemic Risk Board</a></li> <li><a href="/wiki/Open_market_operation" title="Open market operation">Open market operation</a></li> <li><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union</a></li> <li><a href="/wiki/Capital_Markets_Union" title="Capital Markets Union">Capital Markets Union</a></li> <li><a href="/wiki/European_banking_union" title="European banking union">European banking union</a></li> <li><a href="/wiki/List_of_central_banks" title="List of central banks">List of central banks</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=54" title="Edit section: Notes">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-215"><a href="#cite_ref-215">^</a> The process is similar, though on a grand scale, to an individual who every month charges $10,000 on his or her credit card, pays it off every month, but also withdraws (and pays off) an additional $10,000 each succeeding month for transaction purposes. Such a person is operating "net borrowed" on a continual basis, and even though the borrowing from the credit card is short-term, the effect is a stable increase in the money supply. If the person borrows less, less money circulates in the economy. As people borrow more, the money supply increases. An individual's ability to borrow from his or her credit card company is determined by the credit card company: it reflects the company's overall judgment of its ability to lend to all borrowers, and also its appraisal of the financial condition of that one particular borrower. The ability of member banks to borrow from the central bank is fundamentally similar.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=55" title="Edit section: References">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-rates-1">^ <a href="#cite_ref-rates_1-0">a</a> <a href="#cite_ref-rates_1-1">b</a> <a href="#cite_ref-rates_1-2">c</a> <a href="#cite_ref-rates_1-3">d</a> <a href="#cite_ref-rates_1-4">e</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html">"Key ECB interest rates"</a>. ecb.europa.eu. 14 September 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ecb.europa.eu&rft.atitle=Key+ECB+interest+rates&rft.date=2023-09-14&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fstats%2Fpolicy_and_exchange_rates%2Fkey_ecb_interest_rates%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-2"><a href="#cite_ref-2">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/ecb/orga/escb/html/index.en.html">"ECB, ESCB and the Eurosystem"</a>. www.ecb.europa.eu. 25 June 2015. Retrieved 30 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.ecb.europa.eu&rft.atitle=ECB%2C+ESCB+and+the+Eurosystem&rft.date=2015-06-25&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Forga%2Fescb%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-3"><a href="#cite_ref-3">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.infina.at/trends/ezb-bilanzsumme/">"EZB-Bilanzsumme: Entwicklung und Prognose | INFINA"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=EZB-Bilanzsumme%3A+Entwicklung+und+Prognose+%26%23124%3B+INFINA&rft_id=https%3A%2F%2Fwww.infina.at%2Ftrends%2Fezb-bilanzsumme%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-4"><a href="#cite_ref-4">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A12016E%2FPRO%2F04">"STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND OF THE EUROPEAN CENTRAL BANK"</a>. eur-lex.europa.eu. Retrieved 30 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=eur-lex.europa.eu&rft.atitle=STATUTE+OF+THE+EUROPEAN+SYSTEM+OF+CENTRAL+BANKS+AND+OF+THE+EUROPEAN+CENTRAL+BANK&rft_id=https%3A%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FTXT%2F%3Furi%3DCELEX%253A12016E%252FPRO%252F04&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-CVCE-2016-5">^ <a href="#cite_ref-CVCE-2016_5-0">a</a> <a href="#cite_ref-CVCE-2016_5-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.cvce.eu/obj/european_central_bank-en-fc8d2e17-cbde-4ec8-8f79-46f06c471540.html">"European Central Bank"</a>. CVCE. 7 August 2016. Retrieved 18 February 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=European+Central+Bank&rft.pub=CVCE&rft.date=2016-08-07&rft_id=http%3A%2F%2Fwww.cvce.eu%2Fobj%2Feuropean_central_bank-en-fc8d2e17-cbde-4ec8-8f79-46f06c471540.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-capital-6">^ <a href="#cite_ref-capital_6-0">a</a> <a href="#cite_ref-capital_6-1">b</a> <a href="#cite_ref-capital_6-2">c</a> <a href="#cite_ref-capital_6-3">d</a> <a href="#cite_ref-capital_6-4">e</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/orga/capital/html/index.en.html">"Capital Subscription"</a>. European Central Bank. Retrieved 1 February 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Capital+Subscription&rft.pub=European+Central+Bank&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Forga%2Fcapital%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ECB-2007a-7">^ <a href="#cite_ref-ECB-2007a_7-0">a</a> <a href="#cite_ref-ECB-2007a_7-1">b</a> <a href="#cite_ref-ECB-2007a_7-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/history/emu/html/index.en.html">"ECB: Economic and Monetary Union"</a>. ECB. Retrieved 15 October 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB%3A+Economic+and+Monetary+Union&rft.pub=ECB&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Fhistory%2Femu%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Ecb.int-2011-8">^ <a href="#cite_ref-Ecb.int-2011_8-0">a</a> <a href="#cite_ref-Ecb.int-2011_8-1">b</a> <a href="#cite_ref-Ecb.int-2011_8-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/history/emu/html/index.en.html">"ECB: Economic and Monetary Union"</a>. Ecb.int. Retrieved 26 June 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB%3A+Economic+and+Monetary+Union&rft.pub=Ecb.int&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Fhistory%2Femu%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ENA_EMU3-9"><a href="#cite_ref-ENA_EMU3_9-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.cvce.eu/obj/the_third_stage_of_economic_and_monetary_union-en-e2e91dc0-3a6d-49fc-b3f8-f96fb5f3addb.html">"The third stage of Economic and Monetary Union"</a>. CVCE. 7 August 2016. Retrieved 18 February 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+third+stage+of+Economic+and+Monetary+Union&rft.pub=CVCE&rft.date=2016-08-07&rft_id=http%3A%2F%2Fwww.cvce.eu%2Fobj%2Fthe_third_stage_of_economic_and_monetary_union-en-e2e91dc0-3a6d-49fc-b3f8-f96fb5f3addb.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-10"><a href="#cite_ref-10">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.flickr.com/photos/uggboy/4417740330/">"The powerful European Central Bank [E C B] in the heart of Frankfurt/Main – Germany – The Europower in Mainhattan – Enjoy the glances of euro and europe....03/2010....travel round the world....:)"</a>. UggBoy♥UggGirl [PHOTO // WORLD // TRAVEL]. Flickr. 6 March 2010. Retrieved 14 October 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UggBoy%E2%99%A5UggGirl+%5BPHOTO+%2F%2F+WORLD+%2F%2F+TRAVEL%5D&rft.atitle=The+powerful+European+Central+Bank+%5BE+C+B%5D+in+the+heart+of+Frankfurt%2FMain+%E2%80%93+Germany+%E2%80%93+The+Europower+in+Mainhattan+%E2%80%93+Enjoy+the+glances+of+euro+and+europe....03%2F2010....travel+round+the+world....%3A%29&rft.date=2010-03-06&rft_id=https%3A%2F%2Fwww.flickr.com%2Fphotos%2Fuggboy%2F4417740330%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-11"><a href="#cite_ref-11">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMatlock2010" class="citation news cs1">Matlock, George (16 February 2010). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/idUSLDE61F0W720100216">"Peripheral euro zone government bond spreads widen"</a>. Reuters. Retrieved 28 April 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Peripheral+euro+zone+government+bond+spreads+widen&rft.date=2010-02-16&rft.aulast=Matlock&rft.aufirst=George&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2FidUSLDE61F0W720100216&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-12"><a href="#cite_ref-12">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.economist.com/node/16009099">"Acropolis now"</a>. The Economist. 29 April 2010. Retrieved 22 June 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Acropolis+now&rft.date=2010-04-29&rft_id=http%3A%2F%2Fwww.economist.com%2Fnode%2F16009099&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-wsj-13"><a href="#cite_ref-wsj_13-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlackstoneLauricellaShah2010" class="citation news cs1">Blackstone, Brian; Lauricella, Tom; Shah, Neil (5 February 2010). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052748704041504575045743430262982">"Global Markets Shudder: Doubts About U.S. Economy and a Debt Crunch in Europe Jolt Hopes for a Recovery"</a>. The Wall Street Journal. Retrieved 10 May 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Global+Markets+Shudder%3A+Doubts+About+U.S.+Economy+and+a+Debt+Crunch+in+Europe+Jolt+Hopes+for+a+Recovery&rft.date=2010-02-05&rft.aulast=Blackstone&rft.aufirst=Brian&rft.au=Lauricella%2C+Tom&rft.au=Shah%2C+Neil&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052748704041504575045743430262982&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-14"><a href="#cite_ref-14">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2012/03/06/world/europe/geir-haarde-former-iceland-leader-goes-on-trial-for-role-in-financial-crisis.html">"Former Iceland Leader Tried Over Financial Crisis of 2008"</a>, The New York Times, 5 March 2012. Retrieved 30 May 2012. </li> <li id="cite_note-15"><a href="#cite_ref-15">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation cs2">Greek/German bond yield spread more than 1,000 bps, Financialmirror.com, 28 April 2010</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Greek%2FGerman+bond+yield+spread+more+than+1%2C000+bps&rft.pub=Financialmirror.com&rft.date=2010-04-28&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-16"><a href="#cite_ref-16">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/7d25573c-1ccc-11df-8d8e-00144feab49a.html">"Gilt yields rise amid UK debt concerns"</a>. Financial Times. 18 February 2010. Archived from <a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/7d25573c-1ccc-11df-8d8e-00144feab49a.html">the original</a> on 10 December 2022. Retrieved 15 April 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Gilt+yields+rise+amid+UK+debt+concerns&rft.date=2010-02-18&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F7d25573c-1ccc-11df-8d8e-00144feab49a.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988">(<a href="/wiki/Wikipedia:Verifiability#Access_to_sources" title="Wikipedia:Verifiability">registration required</a>) </li> <li id="cite_note-17"><a href="#cite_ref-17">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.voxeu.org/index.php?q=node/3454">"The politics of the Maastricht convergence criteria | vox – Research-based policy analysis and commentary from leading economists"</a>. Voxeu.org. 15 April 2009. Retrieved 1 October 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+politics+of+the+Maastricht+convergence+criteria+%26%23124%3B+vox+%E2%80%93+Research-based+policy+analysis+and+commentary+from+leading+economists&rft.pub=Voxeu.org&rft.date=2009-04-15&rft_id=http%3A%2F%2Fwww.voxeu.org%2Findex.php%3Fq%3Dnode%2F3454&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-18"><a href="#cite_ref-18">^</a> Bagus, The Tragedy of the Euro, 2010, p.75. </li> <li id="cite_note-19"><a href="#cite_ref-19">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOrphanides2018" class="citation web cs1">Orphanides, Athanasios (9 March 2018). <a rel="nofollow" class="external text" href="https://voxeu.org/article/how-ecb-planted-seeds-euro-area-crisis">"Monetary policy and fiscal discipline: How the ECB planted the seeds of the euro area crisis"</a>. VoxEU.org. Retrieved 22 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=VoxEU.org&rft.atitle=Monetary+policy+and+fiscal+discipline%3A+How+the+ECB+planted+the+seeds+of+the+euro+area+crisis&rft.date=2018-03-09&rft.aulast=Orphanides&rft.aufirst=Athanasios&rft_id=https%3A%2F%2Fvoxeu.org%2Farticle%2Fhow-ecb-planted-seeds-euro-area-crisis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-20"><a href="#cite_ref-20">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pressconf/2010/html/is100506.en.html">"Introductory statement with Q&A"</a>. European Central Bank (Press release). Retrieved 3 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Introductory+statement+with+Q%26A&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpressconf%2F2010%2Fhtml%2Fis100506.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-21"><a href="#cite_ref-21">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2010/html/pr100510.en.html">"ECB decides on measures to address severe tensions in financial markets"</a>. European Central Bank (Press release). Retrieved 22 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB+decides+on+measures+to+address+severe+tensions+in+financial+markets&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2010%2Fhtml%2Fpr100510.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-22"><a href="#cite_ref-22">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://euobserver.com/economic/30048">"Mixed support for ECB bond purchases"</a>. Retrieved 22 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Mixed+support+for+ECB+bond+purchases&rft_id=https%3A%2F%2Feuobserver.com%2Feconomic%2F30048&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-23"><a href="#cite_ref-23">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcManusO'Brien2011" class="citation news cs1">McManus, John; O'Brien, Dan (5 August 2011). "Market rout as Berlin rejects call for more EU action". Irish Times.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Irish+Times&rft.atitle=Market+rout+as+Berlin+rejects+call+for+more+EU+action&rft.date=2011-08-05&rft.aulast=McManus&rft.aufirst=John&rft.au=O%27Brien%2C+Dan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Euro_debt_working_paper-24">^ <a href="#cite_ref-Euro_debt_working_paper_24-0">a</a> <a href="#cite_ref-Euro_debt_working_paper_24-1">b</a> <a href="#cite_ref-Euro_debt_working_paper_24-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://unipub.lib.uni-corvinus.hu/304/1/wp_2011_1_darvas.pdf">"WOrking paper 2011 / 1 A Comprehensive approach to the EUro-area debt crisis"</a> (PDF). Zsolt Darvas. Corvinus University of Budapest. February 2011. Retrieved 28 October 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Zsolt+Darvas&rft.atitle=WOrking+paper+2011+%2F+1+A+Comprehensive+approach+to+the+EUro-area+debt+crisis&rft.date=2011-02&rft_id=http%3A%2F%2Funipub.lib.uni-corvinus.hu%2F304%2F1%2Fwp_2011_1_darvas.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-25"><a href="#cite_ref-25">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/pdf/other/mb201006_focus01.en.pdf">"Euro area money growth and the 'Securities and Markets Programme'"</a> (PDF). European Central Bank. June 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=Euro+area+money+growth+and+the+%27Securities+and+Markets+Programme%27&rft.date=2010-06&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpub%2Fpdf%2Fother%2Fmb201006_focus01.en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-26"><a href="#cite_ref-26">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFProissl,_von_Wolfgang2011" class="citation news cs1 cs1-prop-foreign-lang-source">Proissl, von Wolfgang (9 September 2011). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111015235754/http://www.ftd.de/politik/europa/%3Astark-ruecktritt-das-ende-der-ezb-wie-wir-sie-kannten/60102214.html">"Das Ende der EZB, wie wir sie kannten"</a> [The end of the ECB, as we knew it]. Kommentar. <a href="/wiki/Financial_Times_Deutschland" title="Financial Times Deutschland">Financial Times Deutschland</a> (in German). Archived from <a rel="nofollow" class="external text" href="http://www.ftd.de/politik/europa/:stark-ruecktritt-das-ende-der-ezb-wie-wir-sie-kannten/60102214.html">the original</a> on 15 October 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times+Deutschland&rft.atitle=Das+Ende+der+EZB%2C+wie+wir+sie+kannten&rft.date=2011-09-09&rft.au=Proissl%2C+von+Wolfgang&rft_id=http%3A%2F%2Fwww.ftd.de%2Fpolitik%2Feuropa%2F%3Astark-ruecktritt-das-ende-der-ezb-wie-wir-sie-kannten%2F60102214.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-27"><a href="#cite_ref-27">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.commbank.com.au/corporate/research/publications/economics/economic-issues/international/2012/180612-ECB.pdf">"The ECB's Securities Market Programme (SMP) – about to restart bond purchases?"</a> (PDF). Global Markets Research – International Economics. Commonwealth Bank. 18 June 2012. Retrieved 21 April 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Global+Markets+Research+%E2%80%93+International+Economics&rft.atitle=The+ECB%27s+Securities+Market+Programme+%28SMP%29+%E2%80%93+about+to+restart+bond+purchases%3F&rft.date=2012-06-18&rft_id=http%3A%2F%2Fwww.commbank.com.au%2Fcorporate%2Fresearch%2Fpublications%2Feconomics%2Feconomic-issues%2Finternational%2F2012%2F180612-ECB.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-28"><a href="#cite_ref-28">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.positivemoney.eu/2018/07/ecb-smp-profits-billions-lost-for-greece/">"How Greece lost billions out of an obscure ECB programme"</a>. Positive Money Europe. 25 July 2018. Retrieved 25 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Positive+Money+Europe&rft.atitle=How+Greece+lost+billions+out+of+an+obscure+ECB+programme&rft.date=2018-07-25&rft_id=http%3A%2F%2Fwww.positivemoney.eu%2F2018%2F07%2Fecb-smp-profits-billions-lost-for-greece%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-29"><a href="#cite_ref-29">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180926014354/http://www.guengl.eu/news/article/the-ecb-as-vulture-fund-how-central-banks-speculated-against-greece-and-won">"The ECB as vulture fund: how central banks speculated against Greece and won big – GUE/NGL – Another Europe is possible"</a>. guengl.eu. Archived from <a rel="nofollow" class="external text" href="http://www.guengl.eu/news/article/the-ecb-as-vulture-fund-how-central-banks-speculated-against-greece-and-won">the original</a> on 26 September 2018. Retrieved 25 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=guengl.eu&rft.atitle=The+ECB+as+vulture+fund%3A+how+central+banks+speculated+against+Greece+and+won+big+%E2%80%93+GUE%2FNGL+%E2%80%93+Another+Europe+is+possible&rft_id=http%3A%2F%2Fwww.guengl.eu%2Fnews%2Farticle%2Fthe-ecb-as-vulture-fund-how-central-banks-speculated-against-greece-and-won&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-30"><a href="#cite_ref-30">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.positivemoney.eu/2018/10/petition-eurogroup-return-ecb-profits-to-greece/">"Unfair ECB profits should be returned to Greece, 117,000 citizens demand"</a>. Positive Money Europe. 19 October 2018. Retrieved 21 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Positive+Money+Europe&rft.atitle=Unfair+ECB+profits+should+be+returned+to+Greece%2C+117%2C000+citizens+demand&rft.date=2018-10-19&rft_id=http%3A%2F%2Fwww.positivemoney.eu%2F2018%2F10%2Fpetition-eurogroup-return-ecb-profits-to-greece%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-31"><a href="#cite_ref-31">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'Connell" class="citation news cs1">O'Connell, Hugh. <a rel="nofollow" class="external text" href="http://www.thejournal.ie/anglo-promissory-notes-ecb-775366-Feb2013/">"Everything you need to know about the promissory notes, but were afraid to ask"</a>. TheJournal.ie. Retrieved 3 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=TheJournal.ie&rft.atitle=Everything+you+need+to+know+about+the+promissory+notes%2C+but+were+afraid+to+ask&rft.aulast=O%27Connell&rft.aufirst=Hugh&rft_id=http%3A%2F%2Fwww.thejournal.ie%2Fanglo-promissory-notes-ecb-775366-Feb2013%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://transparency.eu/ecb">"Transparency International EU"</a>. Transparency International EU. 28 March 2017. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Transparency+International+EU&rft.atitle=Transparency+International+EU&rft.date=2017-03-28&rft_id=https%3A%2F%2Ftransparency.eu%2Fecb&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-33"><a href="#cite_ref-33">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/html/irish-letters.en.html">"Irish letters"</a>. European Central Bank (Press release). Retrieved 3 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Irish+letters&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fhtml%2Firish-letters.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-34"><a href="#cite_ref-34">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.irishtimes.com/business/financial-services/chopra-ecb-refusal-to-burn-bondholders-burdened-taxpayers-1.2347861">"Chopra: ECB refusal to burn bondholders burdened taxpayers"</a>. The Irish Times. Retrieved 3 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Irish+Times&rft.atitle=Chopra%3A+ECB+refusal+to+burn+bondholders+burdened+taxpayers&rft_id=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Ffinancial-services%2Fchopra-ecb-refusal-to-burn-bondholders-burdened-taxpayers-1.2347861&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-35"><a href="#cite_ref-35">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlackstone2011" class="citation news cs1">Blackstone, Brian (2011). <a rel="nofollow" class="external text" href="http://www.marketwatch.com/story/ecb-raises-interest-rates-2011-04-07">"ECB Raises Interest Rates – MarketWatch"</a>. marketwatch.com. Retrieved 14 July 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=marketwatch.com&rft.atitle=ECB+Raises+Interest+Rates+%E2%80%93+MarketWatch&rft.date=2011&rft.aulast=Blackstone&rft.aufirst=Brian&rft_id=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fecb-raises-interest-rates-2011-04-07&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-36"><a href="#cite_ref-36">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/stats/monetary/rates/html/index.en.html">"ECB: Key interest rates"</a>. 2011. Retrieved 29 August 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB%3A+Key+interest+rates&rft.date=2011&rft_id=http%3A%2F%2Fwww.ecb.int%2Fstats%2Fmonetary%2Frates%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ECBcuts-37"><a href="#cite_ref-ECBcuts_37-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.europenews.net/index.php/sid/225407609">"Draghi slashes interest rates, unveils bond-buying plan"</a>. europenews.net. 4 September 2014. Retrieved 5 September 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Draghi+slashes+interest+rates%2C+unveils+bond-buying+plan&rft.date=2014-09-04&rft_id=http%3A%2F%2Fwww.europenews.net%2Findex.php%2Fsid%2F225407609&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-38"><a href="#cite_ref-38">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-13901139">"Mario Draghi takes centre stage at ECB"</a>. BBC. 1 November 2011. Retrieved 28 December 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC&rft.atitle=Mario+Draghi+takes+centre+stage+at+ECB&rft.date=2011-11-01&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-13901139&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ECB82011-39"><a href="#cite_ref-ECB82011_39-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDraghiPresident_of_the_ECBConstâncioVice-President_of_the_ECB2011" class="citation pressrelease cs1">Draghi, Mario; President of the ECB; Constâncio, Vítor; Vice-President of the ECB (8 December 2011). <a rel="nofollow" class="external text" href="http://www.ecb.int/press/pressconf/2011/html/is111208.en.html">"Introductory statement to the press conference (with Q&A)"</a> (Press conference) (Press release). Frankfurt am Main: European Central Bank. Retrieved 22 December 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Introductory+statement+to+the+press+conference+%28with+Q%26A%29&rft.place=Frankfurt+am+Main&rft.pub=European+Central+Bank&rft.date=2011-12-08&rft.aulast=Draghi&rft.aufirst=Mario&rft.au=President+of+the+ECB&rft.au=Const%C3%A2ncio%2C+V%C3%ADtor&rft.au=Vice-President+of+the+ECB&rft_id=http%3A%2F%2Fwww.ecb.int%2Fpress%2Fpressconf%2F2011%2Fhtml%2Fis111208.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-NYTloans-40"><a href="#cite_ref-NYTloans_40-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchwartzJolly2011" class="citation news cs1">Schwartz, Nelson D.; Jolly, David (21 December 2011). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2011/12/22/business/global/demand-for-ecb-loans-surpasses-expectations.html">"European Bank in Strong Move to Loosen Credit"</a>. The New York Times. Retrieved 22 December 2011. <q>the move, by the European Central Bank, could be a turning point in the Continent's debt crisis</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=European+Bank+in+Strong+Move+to+Loosen+Credit&rft.date=2011-12-21&rft.aulast=Schwartz&rft.aufirst=Nelson+D.&rft.au=Jolly%2C+David&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2011%2F12%2F22%2Fbusiness%2Fglobal%2Fdemand-for-ecb-loans-surpasses-expectations.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-NYTNorris-41"><a href="#cite_ref-NYTNorris_41-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorris2011" class="citation news cs1">Norris, Floyd (21 December 2011). <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20220101/https://www.nytimes.com/2011/12/22/business/a-central-bank-doing-what-central-banks-do.html">"A Central Bank Doing What It Should"</a>. The New York Times. Archived from <a rel="nofollow" class="external text" href="https://www.nytimes.com/2011/12/22/business/a-central-bank-doing-what-central-banks-do.html">the original</a> (Analysis) on 1 January 2022. Retrieved 22 December 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=A+Central+Bank+Doing+What+It+Should&rft.date=2011-12-21&rft.aulast=Norris&rft.aufirst=Floyd&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2011%2F12%2F22%2Fbusiness%2Fa-central-bank-doing-what-central-banks-do.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-42"><a href="#cite_ref-42">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWeardenFletcher2012" class="citation news cs1">Wearden, Graeme; Fletcher, Nick (29 February 2012). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2012/feb/29/eurozone-debt-crisis-ecb-loans-ltro#block-3">"Eurozone crisis live: ECB to launch massive cash injection"</a>. The Guardian. London. Retrieved 29 February 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Eurozone+crisis+live%3A+ECB+to+launch+massive+cash+injection&rft.date=2012-02-29&rft.aulast=Wearden&rft.aufirst=Graeme&rft.au=Fletcher%2C+Nick&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2012%2Ffeb%2F29%2Feurozone-debt-crisis-ecb-loans-ltro%23block-3&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-43"><a href="#cite_ref-43">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEwingJolly2011" class="citation news cs1">Ewing, Jack; Jolly, David (21 December 2011). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2011/12/22/business/global/demand-for-ecb-loans-surpasses-expectations.html">"Banks in the eurozone must raise more than 200bn euros in the first three months of 2012"</a>. <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a>. Retrieved 21 December 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Banks+in+the+eurozone+must+raise+more+than+200bn+euros+in+the+first+three+months+of+2012&rft.date=2011-12-21&rft.aulast=Ewing&rft.aufirst=Jack&rft.au=Jolly%2C+David&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2011%2F12%2F22%2Fbusiness%2Fglobal%2Fdemand-for-ecb-loans-surpasses-expectations.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-44"><a href="#cite_ref-44">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.html">"Verbatim of the remarks made by Mario Draghi"</a>. European Central Bank (Press release). Retrieved 25 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Verbatim+of+the+remarks+made+by+Mario+Draghi&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fkey%2Fdate%2F2012%2Fhtml%2Fsp120726.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-45"><a href="#cite_ref-45">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221210/https://www.ft.com/content/93b358ba-c1d4-11e0-bc71-00144feabdc0">"Itay and Spain respond to ECB treatment"</a>. Financial Times. 8 August 2011. Archived from <a rel="nofollow" class="external text" href="https://www.ft.com/content/93b358ba-c1d4-11e0-bc71-00144feabdc0">the original</a> on 10 December 2022. Retrieved 28 December 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Itay+and+Spain+respond+to+ECB+treatment&rft.date=2011-08-08&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F93b358ba-c1d4-11e0-bc71-00144feabdc0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-46"><a href="#cite_ref-46">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.politico.eu/article/ecb-will-do-whatever-it-takes-to-save-the-euro/">"ECB 'will do whatever it takes' to save the euro"</a>. POLITICO. 26 July 2012. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=ECB+%27will+do+whatever+it+takes%27+to+save+the+euro&rft.date=2012-07-26&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fecb-will-do-whatever-it-takes-to-save-the-euro%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-47"><a href="#cite_ref-47">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEwingErlanger2012" class="citation news cs1">Ewing, Jack; Erlanger, Steven (6 September 2012). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2012/09/07/business/global/european-central-bank-leaves-interest-rates-unchanged-at-0-75-percent.html?pagewanted=all">"Europe's Central Bank Moves Aggressively to Ease Euro Crisis"</a>. The New York Times.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Europe%27s+Central+Bank+Moves+Aggressively+to+Ease+Euro+Crisis&rft.date=2012-09-06&rft.aulast=Ewing&rft.aufirst=Jack&rft.au=Erlanger%2C+Steven&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2012%2F09%2F07%2Fbusiness%2Fglobal%2Feuropean-central-bank-leaves-interest-rates-unchanged-at-0-75-percent.html%3Fpagewanted%3Dall&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-48"><a href="#cite_ref-48">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/press/pressconf/2012/html/is120906.en.html">"ECB press conference, 6 September 2012"</a> (Press release). Retrieved 14 September 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB+press+conference%2C+6+September+2012&rft_id=http%3A%2F%2Fwww.ecb.int%2Fpress%2Fpressconf%2F2012%2Fhtml%2Fis120906.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-49"><a href="#cite_ref-49">^</a> "[…] the decision on Outright Monetary Transactions (OMTs) that we took in September 2012 to protect the euro area from speculation that could have forced some countries out of the single currency. That decision was almost unanimous; the single vote against came from the President of the Bundesbank" <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/inter/date/2019/html/ecb.in191216_1~bb222205e4.en.html">"Interview with Libération"</a>. European Central Bank (Press release). 16 December 2019. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Interview+with+Lib%C3%A9ration&rft.date=2019-12-16&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Finter%2Fdate%2F2019%2Fhtml%2Fecb.in191216_1~bb222205e4.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-50"><a href="#cite_ref-50">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://euobserver.com/economic/118516">"Ministers agree deal on EU banking union"</a>. EUobserver. 13 December 2012. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=EUobserver&rft.atitle=Ministers+agree+deal+on+EU+banking+union&rft.date=2012-12-13&rft_id=https%3A%2F%2Feuobserver.com%2Feconomic%2F118516&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-51"><a href="#cite_ref-51">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2013/html/pr131109.en.html">"Eurotower to house ECB's banking supervision staff"</a>. European Central Bank (Press release). 9 November 2013. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Eurotower+to+house+ECB%27s+banking+supervision+staff&rft.date=2013-11-09&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2013%2Fhtml%2Fpr131109.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-52"><a href="#cite_ref-52">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHenderson2019" class="citation web cs1">Henderson, Isaiah M. (4 May 2019). <a rel="nofollow" class="external text" href="https://calrev.org/2019/05/04/on-the-causes-of-european-political-instability/">"On the Causes of European Political Instability"</a>. The California Review. Retrieved 19 July 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+California+Review&rft.atitle=On+the+Causes+of+European+Political+Instability&rft.date=2019-05-04&rft.aulast=Henderson&rft.aufirst=Isaiah+M.&rft_id=https%3A%2F%2Fcalrev.org%2F2019%2F05%2F04%2Fon-the-causes-of-european-political-instability%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-53"><a href="#cite_ref-53">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pressconf/2014/html/is140904.en.html">"Introductory statement to the press conference (with Q&A)"</a>. European Central Bank (Press release). Retrieved 25 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Introductory+statement+to+the+press+conference+%28with+Q%26A%29&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpressconf%2F2014%2Fhtml%2Fis140904.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-54"><a href="#cite_ref-54">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/efece562-2b30-11e7-bc4b-5528796fe35c">"Draghi fends off German critics and keeps stimulus untouched"</a>. Financial Times. 27 April 2017. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221210/https://www.ft.com/content/efece562-2b30-11e7-bc4b-5528796fe35c">Archived</a> from the original on 10 December 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Draghi+fends+off+German+critics+and+keeps+stimulus+untouched&rft.date=2017-04-27&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fefece562-2b30-11e7-bc4b-5528796fe35c&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-55"><a href="#cite_ref-55">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20200517052517/https://www.ecb.europa.eu/ecb/legal/pdf/celex_32016d0016_en_txt.pdf?0240957ff3a5d0b909a9482628799777">"DECISION (EU) 2016/948 OF THE EUROPEAN CENTRAL BANK of 1 June 2016 on the implementation of the corporate sector purchase programme (ECB/2016/16)"</a> (PDF). Archived from <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/ecb/legal/pdf/celex_32016d0016_en_txt.pdf?0240957ff3a5d0b909a9482628799777">the original</a> (PDF) on 17 May 2020. Retrieved 29 January 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=DECISION+%28EU%29+2016%2F948+OF+THE+EUROPEAN+CENTRAL+BANK+of+1+June+2016+on+the+implementation+of+the+corporate+sector+purchase+programme+%28ECB%2F2016%2F16%29&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Flegal%2Fpdf%2Fcelex_32016d0016_en_txt.pdf%3F0240957ff3a5d0b909a9482628799777&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-56"><a href="#cite_ref-56">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/mopo/implement/omt/html/index.en.html#cspp">"Corporate sector purchase programme (CSPP) – Questions & Answers"</a>. European Central Bank. 7 December 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=Corporate+sector+purchase+programme+%28CSPP%29+%E2%80%93+Questions+%26+Answers&rft.date=2021-12-07&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fmopo%2Fimplement%2Fomt%2Fhtml%2Findex.en.html%23cspp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-57"><a href="#cite_ref-57">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html">"Asset purchase programmes"</a>. European Central Bank. 25 March 2021. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=Asset+purchase+programmes&rft.date=2021-03-25&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fmopo%2Fimplement%2Fapp%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-58"><a href="#cite_ref-58">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/mopo/implement/omo/html/index.en.html">"Open market operations"</a>. European Central Bank - Eurosystem. 29 November 2023. Retrieved 5 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Open+market+operations&rft.date=2023-11-29&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fmopo%2Fimplement%2Fomo%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Fontan-2018-59">^ <a href="#cite_ref-Fontan-2018_59-0">a</a> <a href="#cite_ref-Fontan-2018_59-1">b</a> <a href="#cite_ref-Fontan-2018_59-2">c</a> <a href="#cite_ref-Fontan-2018_59-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFontan2018" class="citation journal cs1">Fontan, Clement (12 October 2018). <a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.1080/09557571.2018.1495692">"Frankfurt's double standard: the politics of the European Central Bank during the Eurozone crisis"</a>. Cambridge Review of International Affairs. 31 (2): 175. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F09557571.2018.1495692">10.1080/09557571.2018.1495692</a> – via Taylor & Francis Online.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Cambridge+Review+of+International+Affairs&rft.atitle=Frankfurt%27s+double+standard%3A+the+politics+of+the+European+Central+Bank+during+the+Eurozone+crisis&rft.volume=31&rft.issue=2&rft.pages=175&rft.date=2018-10-12&rft_id=info%3Adoi%2F10.1080%2F09557571.2018.1495692&rft.aulast=Fontan&rft.aufirst=Clement&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.1080%2F09557571.2018.1495692&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-60"><a href="#cite_ref-60">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAcharyaSteffen2014" class="citation journal cs1">Acharya, Viral; Steffen, Sascha (6 June 2014). "The "greatest" carry trade ever? Understanding eurozone bank risks". Journal of Financial Economics: 215–236. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jfineco.2014.11.004">10.1016/j.jfineco.2014.11.004</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Financial+Economics&rft.atitle=The+%22greatest%22+carry+trade+ever%3F+Understanding+eurozone+bank+risks&rft.pages=215-236&rft.date=2014-06-06&rft_id=info%3Adoi%2F10.1016%2Fj.jfineco.2014.11.004&rft.aulast=Acharya&rft.aufirst=Viral&rft.au=Steffen%2C+Sascha&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Dwyer-2023-61">^ <a href="#cite_ref-Dwyer-2023_61-0">a</a> <a href="#cite_ref-Dwyer-2023_61-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDwyerGilevskaNietoSamartín2023" class="citation journal cs1">Dwyer, Gerald P.; Gilevska, Biljana; Nieto, Maria J.; Samartín, Margarita (1 July 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.intfin.2023.101800">"The effects of the ECB's unconventional monetary policies from 2011 to 2018 on banking assets"</a>. Journal of International and Financial Markets, Institutions & Money. 87 (87): 4. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.intfin.2023.101800">10.1016/j.intfin.2023.101800</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+and+Financial+Markets%2C+Institutions+%26+Money&rft.atitle=The+effects+of+the+ECB%27s+unconventional+monetary+policies+from+2011+to+2018+on+banking+assets&rft.volume=87&rft.issue=87&rft.pages=4&rft.date=2023-07-01&rft_id=info%3Adoi%2F10.1016%2Fj.intfin.2023.101800&rft.aulast=Dwyer&rft.aufirst=Gerald+P.&rft.au=Gilevska%2C+Biljana&rft.au=Nieto%2C+Maria+J.&rft.au=Samart%C3%ADn%2C+Margarita&rft_id=https%3A%2F%2Fdoi.org%2F10.1016%252Fj.intfin.2023.101800&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-62"><a href="#cite_ref-62">^</a> ECB press release, 18 September 2014. </li> <li id="cite_note-63"><a href="#cite_ref-63">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2019/html/ecb.mp190307~7d8a9d2665.en.html">"Monetary Policy Decisions"</a>. European Central Bank - Eurosystem. 7 March 2019. Retrieved 10 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Monetary+Policy+Decisions&rft.date=2019-03-07&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2019%2Fhtml%2Fecb.mp190307~7d8a9d2665.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Barmeier-2023-64">^ <a href="#cite_ref-Barmeier-2023_64-0">a</a> <a href="#cite_ref-Barmeier-2023_64-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarmeierFalathKiššováLojschová2023" class="citation journal cs1">Barmeier, Marcel; Falath, Juraj; Kiššová, Alena; Lojschová, Adriana (2023). <a rel="nofollow" class="external text" href="https://nbs.sk/dokument/b6528586-2679-4245-a850-cca84c5a9ca6/stiahnut/?force=false">"Impact of TLTRO III on bank lending: The Slovak experience"</a>. National Bank of Slovakia Working Papers (2/2023): 4 – via National Bank of Slovakia.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=National+Bank+of+Slovakia+Working+Papers&rft.atitle=Impact+of+TLTRO+III+on+bank+lending%3A+The+Slovak+experience&rft.issue=2%2F2023&rft.pages=4&rft.date=2023&rft.aulast=Barmeier&rft.aufirst=Marcel&rft.au=Falath%2C+Juraj&rft.au=Ki%C5%A1%C5%A1ov%C3%A1%2C+Alena&rft.au=Lojschov%C3%A1%2C+Adriana&rft_id=https%3A%2F%2Fnbs.sk%2Fdokument%2Fb6528586-2679-4245-a850-cca84c5a9ca6%2Fstiahnut%2F%3Fforce%3Dfalse&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-65"><a href="#cite_ref-65">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSilvaGrossmann-WirthNguyenVari2021" class="citation journal cs1">Silva, Emilie Da; Grossmann-Wirth, Vincent; Nguyen, Benoit; Vari, Miklos (2021). <a rel="nofollow" class="external text" href="https://ideas.repec.org//p/bfr/banfra/848.html">"Paying Banks to Lend? Evidence from the Eurosystem's TLTRO and the Euro Area Credit Registry"</a>. Working Papers.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Working+Papers&rft.atitle=Paying+Banks+to+Lend%3F+Evidence+from+the+Eurosystem%27s+TLTRO+and+the+Euro+Area+Credit+Registry&rft.date=2021&rft.aulast=Silva&rft.aufirst=Emilie+Da&rft.au=Grossmann-Wirth%2C+Vincent&rft.au=Nguyen%2C+Benoit&rft.au=Vari%2C+Miklos&rft_id=https%3A%2F%2Fideas.repec.org%2F%2Fp%2Fbfr%2Fbanfra%2F848.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-66"><a href="#cite_ref-66">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-49009226">"Christine Lagarde resigns as head of IMF"</a>. BBC News. 16 July 2019. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Christine+Lagarde+resigns+as+head+of+IMF&rft.date=2019-07-16&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-49009226&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-67"><a href="#cite_ref-67">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHujerSauga2019" class="citation news cs1">Hujer, Marc; Sauga, Michael (30 October 2019). <a rel="nofollow" class="external text" href="https://www.spiegel.de/international/europe/christine-lagarde-takes-over-at-the-european-central-bank-a-1294033.html">"Elegance and Toughness: Christine Lagarde Brings a New Style to the ECB"</a>. Spiegel Online. Retrieved 11 November 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Spiegel+Online&rft.atitle=Elegance+and+Toughness%3A+Christine+Lagarde+Brings+a+New+Style+to+the+ECB&rft.date=2019-10-30&rft.aulast=Hujer&rft.aufirst=Marc&rft.au=Sauga%2C+Michael&rft_id=https%3A%2F%2Fwww.spiegel.de%2Finternational%2Feurope%2Fchristine-lagarde-takes-over-at-the-european-central-bank-a-1294033.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-68"><a href="#cite_ref-68">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.politico.eu/article/christine-lagarde-promises-to-paint-the-ecb-green-european-central-bank/">"Lagarde promises to paint the ECB green"</a>. POLITICO. 29 August 2019. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=Lagarde+promises+to+paint+the+ECB+green&rft.date=2019-08-29&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fchristine-lagarde-promises-to-paint-the-ecb-green-european-central-bank%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-69"><a href="#cite_ref-69">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.politico.eu/article/christine-lagarde-ecb-gender-equality/">"Christine Lagarde's uphill battle for ECB gender equality"</a>. POLITICO. 5 March 2021. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=Christine+Lagarde%27s+uphill+battle+for+ECB+gender+equality&rft.date=2021-03-05&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fchristine-lagarde-ecb-gender-equality%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-70"><a href="#cite_ref-70">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.positivemoney.eu/2019/12/meeting-ecb-president-christine-lagarde/">"Christine Lagarde meets with Positive Money Europe"</a>. Positive Money Europe. 4 December 2019. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Positive+Money+Europe&rft.atitle=Christine+Lagarde+meets+with+Positive+Money+Europe&rft.date=2019-12-04&rft_id=https%3A%2F%2Fwww.positivemoney.eu%2F2019%2F12%2Fmeeting-ecb-president-christine-lagarde%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-71"><a href="#cite_ref-71">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-ecb-lagarde-idUKKBN276166">"Lagarde turns to civil society in ECB transformation effort"</a>. Reuters. 21 October 2020. Retrieved 3 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Lagarde+turns+to+civil+society+in+ECB+transformation+effort&rft.date=2020-10-21&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-ecb-lagarde-idUKKBN276166&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-72"><a href="#cite_ref-72">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1">"II. A monetary lifeline: central banks' crisis response". Annual Economoic Report: 37. 30 June 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Annual+Economoic+Report&rft.atitle=II.+A+monetary+lifeline%3A+central+banks%27+crisis+response&rft.pages=37&rft.date=2020-06-30&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Boninghausen-2022a-73">^ <a href="#cite_ref-Boninghausen-2022a_73-0">a</a> <a href="#cite_ref-Boninghausen-2022a_73-1">b</a> <a href="#cite_ref-Boninghausen-2022a_73-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBöninghausenFernández_BrennanMcCabeSchumacher" class="citation journal cs1">Böninghausen, Benjamin; Fernández Brennan, León; McCabe, Laura; Schumacher, Julian. "The pandemic emergency purchase programme – an initial review". ECB Economic Bulletin (8/2022): 93–104.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=ECB+Economic+Bulletin&rft.atitle=The+pandemic+emergency+purchase+programme+%E2%80%93+an+initial+review&rft.issue=8%2F2022&rft.pages=93-104&rft.aulast=B%C3%B6ninghausen&rft.aufirst=Benjamin&rft.au=Fern%C3%A1ndez+Brennan%2C+Le%C3%B3n&rft.au=McCabe%2C+Laura&rft.au=Schumacher%2C+Julian&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Runkel-2022-74">^ <a href="#cite_ref-Runkel-2022_74-0">a</a> <a href="#cite_ref-Runkel-2022_74-1">b</a> <a href="#cite_ref-Runkel-2022_74-2">c</a> <a href="#cite_ref-Runkel-2022_74-3">d</a> <a href="#cite_ref-Runkel-2022_74-4">e</a> <a href="#cite_ref-Runkel-2022_74-5">f</a> <a href="#cite_ref-Runkel-2022_74-6">g</a> <a href="#cite_ref-Runkel-2022_74-7">h</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRunkel2022" class="citation journal cs1">Runkel, Corey N (15 July 2022). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4175432">"Eurozone: Pandemic Emergency Purchase Program"</a>. Journal of Financial Crises. 4 (2): 1570–1580. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4175432">4175432</a> – via SSRN.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Financial+Crises&rft.atitle=Eurozone%3A+Pandemic+Emergency+Purchase+Program&rft.volume=4&rft.issue=2&rft.pages=1570-1580&rft.date=2022-07-15&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D4175432%23id-name%3DSSRN&rft.aulast=Runkel&rft.aufirst=Corey+N&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D4175432&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Lane-2020-75">^ <a href="#cite_ref-Lane-2020_75-0">a</a> <a href="#cite_ref-Lane-2020_75-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLane2020" class="citation journal cs1">Lane, Philip R. (22 June 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200622~14c4269b9e.en.html">"The market stabilisation role of the pandemic emergency purchase programme"</a>. European Central Bank. European Central Bank - Eurosystem. Retrieved 30 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank&rft.atitle=The+market+stabilisation+role+of+the+pandemic+emergency+purchase+programme&rft.date=2020-06-22&rft.aulast=Lane&rft.aufirst=Philip+R.&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fblog%2Fdate%2F2020%2Fhtml%2Fecb.blog200622~14c4269b9e.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Alberola-2022-76">^ <a href="#cite_ref-Alberola-2022_76-0">a</a> <a href="#cite_ref-Alberola-2022_76-1">b</a> <a href="#cite_ref-Alberola-2022_76-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAlberolaChengConsiglioZenios2022" class="citation journal cs1">Alberola, Enrique; Cheng, Gong; Consiglio, Andrea; Zenios, Stavros A. (19 July 2022). <a rel="nofollow" class="external text" href="https://www.bis.org/publ/work1034.htm">"Debt sustainability and monetary policy: the case of ECB asset purchases"</a>. BIS Working Papers (1034): 3–4.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BIS+Working+Papers&rft.atitle=Debt+sustainability+and+monetary+policy%3A+the+case+of+ECB+asset+purchases&rft.issue=1034&rft.pages=3-4&rft.date=2022-07-19&rft.aulast=Alberola&rft.aufirst=Enrique&rft.au=Cheng%2C+Gong&rft.au=Consiglio%2C+Andrea&rft.au=Zenios%2C+Stavros+A.&rft_id=https%3A%2F%2Fwww.bis.org%2Fpubl%2Fwork1034.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Tesche-2020a-77">^ <a href="#cite_ref-Tesche-2020a_77-0">a</a> <a href="#cite_ref-Tesche-2020a_77-1">b</a> <a href="#cite_ref-Tesche-2020a_77-2">c</a> <a href="#cite_ref-Tesche-2020a_77-3">d</a> <a href="#cite_ref-Tesche-2020a_77-4">e</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTesche2020" class="citation journal cs1 cs1-prop-long-vol">Tesche, Tobias (15 June 2020). <a rel="nofollow" class="external text" href="https://www.lse.ac.uk/european-institute/Assets/Documents/LEQS-Discussion-Papers/LEQSPaper157.pdf">"The European Union's response to the coronavirus emergency: an early assessment"</a> (PDF). LSE 'Europe in Question' Discussion Paper Series. 157/2020: 1–5 – via SSRN.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=LSE+%27Europe+in+Question%27+Discussion+Paper+Series&rft.atitle=The+European+Union%27s+response+to+the+coronavirus+emergency%3A+an+early+assessment&rft.volume=157%2F2020&rft.pages=1-5&rft.date=2020-06-15&rft.aulast=Tesche&rft.aufirst=Tobias&rft_id=https%3A%2F%2Fwww.lse.ac.uk%2Feuropean-institute%2FAssets%2FDocuments%2FLEQS-Discussion-Papers%2FLEQSPaper157.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Borri-2021-78">^ <a href="#cite_ref-Borri-2021_78-0">a</a> <a href="#cite_ref-Borri-2021_78-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBorridi_Giorgio2021" class="citation journal cs1">Borri, Nicola; di Giorgio, Giorgio (6 February 2021). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0378426621000315/pdf">"Systemic risk and the COVID challenge in the european banking sector"</a>. Journal of Banking and Finance. 140: 9–12 – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Banking+and+Finance&rft.atitle=Systemic+risk+and+the+COVID+challenge+in+the+european+banking+sector&rft.volume=140&rft.pages=9-12&rft.date=2021-02-06&rft.aulast=Borri&rft.aufirst=Nicola&rft.au=di+Giorgio%2C+Giorgio&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0378426621000315%2Fpdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Sciorilli_Borrelli-2020a-79">^ <a href="#cite_ref-Sciorilli_Borrelli-2020a_79-0">a</a> <a href="#cite_ref-Sciorilli_Borrelli-2020a_79-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSciorilli_Borrelli2020" class="citation news cs1">Sciorilli Borrelli, Silvia (19 March 2020). <a rel="nofollow" class="external text" href="https://www.politico.eu/article/ecb-announces-e750b-coronavirus-stimulus/">"European Central Bank announces €750B coronavirus stimulus"</a>. Politico. Retrieved 30 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Politico&rft.atitle=European+Central+Bank+announces+%E2%82%AC750B+coronavirus+stimulus&rft.date=2020-03-19&rft.aulast=Sciorilli+Borrelli&rft.aufirst=Silvia&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fecb-announces-e750b-coronavirus-stimulus%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Tesche-2022b-80">^ <a href="#cite_ref-Tesche-2022b_80-0">a</a> <a href="#cite_ref-Tesche-2022b_80-1">b</a> <a href="#cite_ref-Tesche-2022b_80-2">c</a> <a href="#cite_ref-Tesche-2022b_80-3">d</a> <a href="#cite_ref-Tesche-2022b_80-4">e</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTesche2022" class="citation journal cs1">Tesche, Tobias (16 February 2022). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/10.1111/jcms.13303">"Pandemic Politics: The European Union in Times of the Coronavirus Emergency"</a>. Journal of Common Market Studies. 60 (2): 485–486. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.13303">10.1111/jcms.13303</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:245528815">245528815</a> – via Wiley Online Library.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Common+Market+Studies&rft.atitle=Pandemic+Politics%3A+The+European+Union+in+Times+of+the+Coronavirus+Emergency&rft.volume=60&rft.issue=2&rft.pages=485-486&rft.date=2022-02-16&rft_id=info%3Adoi%2F10.1111%2Fjcms.13303&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A245528815%23id-name%3DS2CID&rft.aulast=Tesche&rft.aufirst=Tobias&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2F10.1111%2Fjcms.13303&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Bertoldi-2023c-81">^ <a href="#cite_ref-Bertoldi-2023c_81-0">a</a> <a href="#cite_ref-Bertoldi-2023c_81-1">b</a> <a href="#cite_ref-Bertoldi-2023c_81-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBertoldiEriksgårdOrsiniPfeiffer2023" class="citation journal cs1">Bertoldi, Moreno; Eriksgård, Annika; Orsini, Kristian; Pfeiffer, Philipp (28 July 2023). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0161893823000728">"Where is the EU economy headed? The international dimension"</a>. Journal of Policy Modeling. 45 (4): 819–821. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jpolmod.2023.07.005">10.1016/j.jpolmod.2023.07.005</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:260307969">260307969</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Policy+Modeling&rft.atitle=Where+is+the+EU+economy+headed%3F+The+international+dimension&rft.volume=45&rft.issue=4&rft.pages=819-821&rft.date=2023-07-28&rft_id=info%3Adoi%2F10.1016%2Fj.jpolmod.2023.07.005&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A260307969%23id-name%3DS2CID&rft.aulast=Bertoldi&rft.aufirst=Moreno&rft.au=Eriksg%C3%A5rd%2C+Annika&rft.au=Orsini%2C+Kristian&rft.au=Pfeiffer%2C+Philipp&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0161893823000728&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-82"><a href="#cite_ref-82">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEuropean_Central_Bank2023" class="citation web cs1">European Central Bank (5 December 2023). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/mopo/implement/pepp/html/index.en.html">"Pandemic Emergency Purchase Programme"</a>. European Central Bank. Retrieved 5 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=Pandemic+Emergency+Purchase+Programme&rft.date=2023-12-05&rft.au=European+Central+Bank&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fmopo%2Fimplement%2Fpepp%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Sleibi-2023-83"><a href="#cite_ref-Sleibi-2023_83-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSleibiCasalinFazio2023" class="citation journal cs1">Sleibi, Yacoub; Casalin, Fabrizio; Fazio, Giorgio (28 April 2023). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S1042443123000471">"Unconventional monetary policies and credit co-movement in the Eurozone"</a>. Journal of International Financial Markets, Institutions and Money. 85: 1–2. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.intfin.2023.101779">10.1016/j.intfin.2023.101779</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:258273845">258273845</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Financial+Markets%2C+Institutions+and+Money&rft.atitle=Unconventional+monetary+policies+and+credit+co-movement+in+the+Eurozone&rft.volume=85&rft.pages=1-2&rft.date=2023-04-28&rft_id=info%3Adoi%2F10.1016%2Fj.intfin.2023.101779&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A258273845%23id-name%3DS2CID&rft.aulast=Sleibi&rft.aufirst=Yacoub&rft.au=Casalin%2C+Fabrizio&rft.au=Fazio%2C+Giorgio&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS1042443123000471&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Broeders-2023c-84">^ <a href="#cite_ref-Broeders-2023c_84-0">a</a> <a href="#cite_ref-Broeders-2023c_84-1">b</a> <a href="#cite_ref-Broeders-2023c_84-2">c</a> <a href="#cite_ref-Broeders-2023c_84-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBroedersde_Haanvan_den_End2023" class="citation journal cs1">Broeders, Dirk; de Haan, Leo; van den End, Jan Willem (10 June 2023). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0261560623000827">"How quantitative easing changes the nature of sovereign risk"</a>. Journal of International Money and Finance. 137: 3–11. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jimonfin.2023.102881">10.1016/j.jimonfin.2023.102881</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/1871.1%2F6bab4cb8-1f5e-4670-8381-374e6a8ed3f3">1871.1/6bab4cb8-1f5e-4670-8381-374e6a8ed3f3</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:259541844">259541844</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Money+and+Finance&rft.atitle=How+quantitative+easing+changes+the+nature+of+sovereign+risk&rft.volume=137&rft.pages=3-11&rft.date=2023-06-10&rft_id=info%3Ahdl%2F1871.1%2F6bab4cb8-1f5e-4670-8381-374e6a8ed3f3&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A259541844%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1016%2Fj.jimonfin.2023.102881&rft.aulast=Broeders&rft.aufirst=Dirk&rft.au=de+Haan%2C+Leo&rft.au=van+den+End%2C+Jan+Willem&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0261560623000827&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-85"><a href="#cite_ref-85">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html">"Asset purchase programmes"</a>. European Central Bank - Eurosystem. Retrieved 30 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Asset+purchase+programmes&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fmopo%2Fimplement%2Fapp%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-86"><a href="#cite_ref-86">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nbb.be/en/monetary-policy/monetary-policy-instruments/asset-purchase-programmes?language=de">"Asset purchase programmes"</a>. Banque Nationale de Belgique. Retrieved 5 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Banque+Nationale+de+Belgique&rft.atitle=Asset+purchase+programmes&rft_id=https%3A%2F%2Fwww.nbb.be%2Fen%2Fmonetary-policy%2Fmonetary-policy-instruments%2Fasset-purchase-programmes%3Flanguage%3Dde&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Carnazza-2021-87"><a href="#cite_ref-Carnazza-2021_87-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarnazzaLiberati2021" class="citation journal cs1">Carnazza, Giovanni; Liberati, Paolo (10 April 2021). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0161893821000223/pdfft?md5=d558e4e98a05a43cda259897b42525c9&pid=1-s2.0-S0161893821000223-main.pdf">"The asymmetric impact of the pandemic crisis on interest rates on public debt in the Eurozone"</a> (PDF). Journal of Policy Modeling. 43 (3): 522–541. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jpolmod.2021.04.001">10.1016/j.jpolmod.2021.04.001</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:234834111">234834111</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Policy+Modeling&rft.atitle=The+asymmetric+impact+of+the+pandemic+crisis+on+interest+rates+on+public+debt+in+the+Eurozone&rft.volume=43&rft.issue=3&rft.pages=522-541&rft.date=2021-04-10&rft_id=info%3Adoi%2F10.1016%2Fj.jpolmod.2021.04.001&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A234834111%23id-name%3DS2CID&rft.aulast=Carnazza&rft.aufirst=Giovanni&rft.au=Liberati%2C+Paolo&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0161893821000223%2Fpdfft%3Fmd5%3Dd558e4e98a05a43cda259897b42525c9%26pid%3D1-s2.0-S0161893821000223-main.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Blotevogel-2023-88"><a href="#cite_ref-Blotevogel-2023_88-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlotevogelHudeczVangelista2024" class="citation journal cs1">Blotevogel, Robert; Hudecz, Robert; Vangelista, Elisabetta (2024). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0261560623001791">"Asset purchases and sovereign bond spreads in the euro area during the pandemic"</a>. Journal of International Money and Finance. 140: 1–8. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jimonfin.2023.102978">10.1016/j.jimonfin.2023.102978</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Money+and+Finance&rft.atitle=Asset+purchases+and+sovereign+bond+spreads+in+the+euro+area+during+the+pandemic&rft.volume=140&rft.pages=1-8&rft.date=2024&rft_id=info%3Adoi%2F10.1016%2Fj.jimonfin.2023.102978&rft.aulast=Blotevogel&rft.aufirst=Robert&rft.au=Hudecz%2C+Robert&rft.au=Vangelista%2C+Elisabetta&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0261560623001791&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-89"><a href="#cite_ref-89">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation cs2"><a rel="nofollow" class="external text" href="http://data.europa.eu/eli/dec/2020/440/oj/eng">Decision (EU) 2020/440 of the European Central Bank of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17)</a>, 24 March 2020, retrieved 30 November 2023</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Decision+%28EU%29+2020%2F440+of+the+European+Central+Bank+of+24+March+2020+on+a+temporary+pandemic+emergency+purchase+programme+%28ECB%2F2020%2F17%29&rft.date=2020-03-24&rft_id=http%3A%2F%2Fdata.europa.eu%2Feli%2Fdec%2F2020%2F440%2Foj%2Feng&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Camous-2020b-90">^ <a href="#cite_ref-Camous-2020b_90-0">a</a> <a href="#cite_ref-Camous-2020b_90-1">b</a> <a href="#cite_ref-Camous-2020b_90-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCamousClaeys2020" class="citation journal cs1">Camous, Antoine; Claeys, Grégory (26 October 2020). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7753405">"The evolution of European economic institutions during the COVID-19 crisis"</a>. European Policy Analysis. 6 (2): 334–336. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1002%2Fepa2.1100">10.1002/epa2.1100</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7753405">7753405</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/34616911">34616911</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Policy+Analysis&rft.atitle=The+evolution+of+European+economic+institutions+during+the+COVID-19+crisis&rft.volume=6&rft.issue=2&rft.pages=334-336&rft.date=2020-10-26&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7753405%23id-name%3DPMC&rft_id=info%3Apmid%2F34616911&rft_id=info%3Adoi%2F10.1002%2Fepa2.1100&rft.aulast=Camous&rft.aufirst=Antoine&rft.au=Claeys%2C+Gr%C3%A9gory&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7753405&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-91"><a href="#cite_ref-91">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFabbrini2022" class="citation journal cs1">Fabbrini, Federico (2022). <a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.13271">"The Legal Architecture of the Economic Responses to COVID-19: EMU beyond the Pandemic"</a>. Journal of Common Market Studies. 60 (1): 190. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.13271">10.1111/jcms.13271</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Common+Market+Studies&rft.atitle=The+Legal+Architecture+of+the+Economic+Responses+to+COVID-19%3A+EMU+beyond+the+Pandemic&rft.volume=60&rft.issue=1&rft.pages=190&rft.date=2022&rft_id=info%3Adoi%2F10.1111%2Fjcms.13271&rft.aulast=Fabbrini&rft.aufirst=Federico&rft_id=https%3A%2F%2Fdoi.org%2F10.1111%252Fjcms.13271&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-92"><a href="#cite_ref-92">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFeldFuestWielandHaucap2022" class="citation web cs1">Feld, Lars P.; Fuest, Clemens; Wieland, Volker; Haucap, Justus; Schweitzer, Heike; Wigger, Berthold G. (27 July 2022). <a rel="nofollow" class="external text" href="https://www.project-syndicate.org/commentary/ecb-transmission-protection-instrument-could-destabilize-eurozone-by-lars-p-feld-et-al-2022-07?barrier=accesspaylog">"The ECB's Toxic Bond-Purchase Program"</a>. Project Syndicate. Retrieved 19 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Project+Syndicate&rft.atitle=The+ECB%27s+Toxic+Bond-Purchase+Program&rft.date=2022-07-27&rft.aulast=Feld&rft.aufirst=Lars+P.&rft.au=Fuest%2C+Clemens&rft.au=Wieland%2C+Volker&rft.au=Haucap%2C+Justus&rft.au=Schweitzer%2C+Heike&rft.au=Wigger%2C+Berthold+G.&rft_id=https%3A%2F%2Fwww.project-syndicate.org%2Fcommentary%2Fecb-transmission-protection-instrument-could-destabilize-eurozone-by-lars-p-feld-et-al-2022-07%3Fbarrier%3Daccesspaylog&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Boninghausen-2022b-93">^ <a href="#cite_ref-Boninghausen-2022b_93-0">a</a> <a href="#cite_ref-Boninghausen-2022b_93-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBöninghausenFernández_BrennanMcCabeSchumacher" class="citation journal cs1">Böninghausen, Benjamin; Fernández Brennan, León; McCabe, Laura; Schumacher, Julian. "The pandemic emergency purchase programme – an initial review". ECB Economic Bulletin (8/2022): 97 & 98.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=ECB+Economic+Bulletin&rft.atitle=The+pandemic+emergency+purchase+programme+%E2%80%93+an+initial+review&rft.issue=8%2F2022&rft.pages=97+%26+98&rft.aulast=B%C3%B6ninghausen&rft.aufirst=Benjamin&rft.au=Fern%C3%A1ndez+Brennan%2C+Le%C3%B3n&rft.au=McCabe%2C+Laura&rft.au=Schumacher%2C+Julian&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-DB-2023-94">^ <a href="#cite_ref-DB-2023_94-0">a</a> <a href="#cite_ref-DB-2023_94-1">b</a> <a href="#cite_ref-DB-2023_94-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bundesbank.de/en/tasks/monetary-policy/outright-transactions/pandemic-emergency-purchase-programme-pepp--831136">"Pandemic emergency purchase programme (PEPP)"</a>. Deutsche Bundesbank Eurosystem. Retrieved 30 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Deutsche+Bundesbank+Eurosystem&rft.atitle=Pandemic+emergency+purchase+programme+%28PEPP%29&rft_id=https%3A%2F%2Fwww.bundesbank.de%2Fen%2Ftasks%2Fmonetary-policy%2Foutright-transactions%2Fpandemic-emergency-purchase-programme-pepp--831136&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-95"><a href="#cite_ref-95">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation cs2"><a rel="nofollow" class="external text" href="http://data.europa.eu/eli/dec/2020/440/oj/eng">Decision (EU) 2020/440 of the European Central Bank of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17)</a>, 24 March 2020, retrieved 5 December 2023</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Decision+%28EU%29+2020%2F440+of+the+European+Central+Bank+of+24+March+2020+on+a+temporary+pandemic+emergency+purchase+programme+%28ECB%2F2020%2F17%29&rft.date=2020-03-24&rft_id=http%3A%2F%2Fdata.europa.eu%2Feli%2Fdec%2F2020%2F440%2Foj%2Feng&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Grund-2020-96">^ <a href="#cite_ref-Grund-2020_96-0">a</a> <a href="#cite_ref-Grund-2020_96-1">b</a> <a href="#cite_ref-Grund-2020_96-2">c</a> <a href="#cite_ref-Grund-2020_96-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrund2020" class="citation journal cs1">Grund, Sebastian (25 March 2020). <a rel="nofollow" class="external text" href="https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=13475&context=ypfs-documents">"Legal, Compliant and Suitable: The ECB's Pandemic Emergency Purchase Programme (PEPP)"</a>. Hertie School Jacques Delors Centre: 1–3 – via Elischolar.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Hertie+School+Jacques+Delors+Centre&rft.atitle=Legal%2C+Compliant+and+Suitable%3A+The+ECB%27s+Pandemic+Emergency+Purchase+Programme+%28PEPP%29&rft.pages=1-3&rft.date=2020-03-25&rft.aulast=Grund&rft.aufirst=Sebastian&rft_id=https%3A%2F%2Felischolar.library.yale.edu%2Fcgi%2Fviewcontent.cgi%3Farticle%3D13475%26context%3Dypfs-documents&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-van't_Klooster-2022-97"><a href="#cite_ref-van't_Klooster-2022_97-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFvan_'t_Kloosterde_Boer2022" class="citation journal cs1">van 't Klooster, Jens; de Boer, Nik (12 September 2022). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/full/10.1111/jcms.13406">"What to Do with the ECB's Secondary Mandate"</a>. Journal of Common Market Studies. 61 (3): 736–737. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.13406">10.1111/jcms.13406</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:252249313">252249313</a> – via Wiley Online Library.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Common+Market+Studies&rft.atitle=What+to+Do+with+the+ECB%27s+Secondary+Mandate&rft.volume=61&rft.issue=3&rft.pages=736-737&rft.date=2022-09-12&rft_id=info%3Adoi%2F10.1111%2Fjcms.13406&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A252249313%23id-name%3DS2CID&rft.aulast=van+%27t+Klooster&rft.aufirst=Jens&rft.au=de+Boer%2C+Nik&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2Ffull%2F10.1111%2Fjcms.13406&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Arnold-2020d-98">^ <a href="#cite_ref-Arnold-2020d_98-0">a</a> <a href="#cite_ref-Arnold-2020d_98-1">b</a> <a href="#cite_ref-Arnold-2020d_98-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnold2020" class="citation web cs1">Arnold, Martin (4 June 2020). <a rel="nofollow" class="external text" href="https://www.ft.com/content/c59ab92d-e614-4284-a028-46ee3bcf92f9">"ECB boosts bond-buying stimulus package by €600bn"</a>. Financial Times. Retrieved 5 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=ECB+boosts+bond-buying+stimulus+package+by+%E2%82%AC600bn&rft.date=2020-06-04&rft.aulast=Arnold&rft.aufirst=Martin&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc59ab92d-e614-4284-a028-46ee3bcf92f9&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-99"><a href="#cite_ref-99">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernardiniConti2021" class="citation web cs1">Bernardini, Marco; Conti, Antonio M. (20 December 2021). <a rel="nofollow" class="external text" href="https://www.bancaditalia.it/pubblicazioni/note-covid-19/2021/Nota_Covid_20211220.pdf">"Asessing the Flexible Implementation of the ECB's Pandemic Asset Purchases"</a> (PDF). Banco D'Italia. Retrieved 5 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Banco+D%27Italia&rft.atitle=Asessing+the+Flexible+Implementation+of+the+ECB%27s+Pandemic+Asset+Purchases&rft.date=2021-12-20&rft.aulast=Bernardini&rft.aufirst=Marco&rft.au=Conti%2C+Antonio+M.&rft_id=https%3A%2F%2Fwww.bancaditalia.it%2Fpubblicazioni%2Fnote-covid-19%2F2021%2FNota_Covid_20211220.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Bank-2023-100">^ <a href="#cite_ref-Bank-2023_100-0">a</a> <a href="#cite_ref-Bank-2023_100-1">b</a> <a href="#cite_ref-Bank-2023_100-2">c</a> <a href="#cite_ref-Bank-2023_100-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2023" class="citation journal cs1">Bank, European Central (9 August 2023). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/mopo/implement/pepp/html/ecb.faq_pepp.en.html">"FAQ on the pandemic emergency purchase programme"</a>. European Central Bank - Eurosystem. Retrieved 30 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=FAQ+on+the+pandemic+emergency+purchase+programme&rft.date=2023-08-09&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fmopo%2Fimplement%2Fpepp%2Fhtml%2Fecb.faq_pepp.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Benigno-2022-101">^ <a href="#cite_ref-Benigno-2022_101-0">a</a> <a href="#cite_ref-Benigno-2022_101-1">b</a> <a href="#cite_ref-Benigno-2022_101-2">c</a> <a href="#cite_ref-Benigno-2022_101-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBenignoCanofariDi_BartolomeoMessori2022" class="citation journal cs1">Benigno, Pierpaolo; Canofari, Paolo; Di Bartolomeo, Giovanni; Messori, Marcello (16 July 2022). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/full/10.1111/joes.12521">"The ECB'sasset purchase programme: Theory, effects, and risks"</a>. Journal of Economic Surveys. 37 (3): 893–902. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjoes.12521">10.1111/joes.12521</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10067%2F1896580151162165141">10067/1896580151162165141</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:250636847">250636847</a> – via Wiley Online Library.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Surveys&rft.atitle=The+ECB%27sasset+purchase+programme%3A+Theory%2C+effects%2C+and+risks&rft.volume=37&rft.issue=3&rft.pages=893-902&rft.date=2022-07-16&rft_id=info%3Ahdl%2F10067%2F1896580151162165141&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A250636847%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1111%2Fjoes.12521&rft.aulast=Benigno&rft.aufirst=Pierpaolo&rft.au=Canofari%2C+Paolo&rft.au=Di+Bartolomeo%2C+Giovanni&rft.au=Messori%2C+Marcello&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2Ffull%2F10.1111%2Fjoes.12521&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-102"><a href="#cite_ref-102">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnoldKhan2023" class="citation web cs1">Arnold, Martin; Khan, Mehreen (4 June 2023). <a rel="nofollow" class="external text" href="https://www.ft.com/content/1f48df47-f515-48fb-ba39-669c54461196">"ECB ponders pandemic firepower limits"</a>. Financial Times. Retrieved 6 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=ECB+ponders+pandemic+firepower+limits&rft.date=2023-06-04&rft.aulast=Arnold&rft.aufirst=Martin&rft.au=Khan%2C+Mehreen&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F1f48df47-f515-48fb-ba39-669c54461196&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-103"><a href="#cite_ref-103">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLadiWolff2021" class="citation journal cs1">Ladi, Stella; Wolff, Sarah (21 December 2021). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8657326">"The EU Institutional Architecture in the Covid-19 Response: Coordinative Europeanization in Times of Permanent Emergency"</a>. Journal of Common Market Studies. 59 (Suppl 1): 36. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.13254">10.1111/jcms.13254</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8657326">8657326</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/34903898">34903898</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Common+Market+Studies&rft.atitle=The+EU+Institutional+Architecture+in+the+Covid-19+Response%3A+Coordinative+Europeanization+in+Times+of+Permanent+Emergency&rft.volume=59&rft.issue=Suppl+1&rft.pages=36&rft.date=2021-12-21&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC8657326%23id-name%3DPMC&rft_id=info%3Apmid%2F34903898&rft_id=info%3Adoi%2F10.1111%2Fjcms.13254&rft.aulast=Ladi&rft.aufirst=Stella&rft.au=Wolff%2C+Sarah&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC8657326&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Lagarde-2020a-104">^ <a href="#cite_ref-Lagarde-2020a_104-0">a</a> <a href="#cite_ref-Lagarde-2020a_104-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLagarde2020" class="citation journal cs1">Lagarde, Christine (19 March 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html">"Our response to the coronavirus emergency"</a>. European Central Bank - Eurosystem. Retrieved 6 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Our+response+to+the+coronavirus+emergency&rft.date=2020-03-19&rft.aulast=Lagarde&rft.aufirst=Christine&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fblog%2Fdate%2F2020%2Fhtml%2Fecb.blog200319~11f421e25e.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Arnold-2023c-105">^ <a href="#cite_ref-Arnold-2023c_105-0">a</a> <a href="#cite_ref-Arnold-2023c_105-1">b</a> <a href="#cite_ref-Arnold-2023c_105-2">c</a> <a href="#cite_ref-Arnold-2023c_105-3">d</a> <a href="#cite_ref-Arnold-2023c_105-4">e</a> <a href="#cite_ref-Arnold-2023c_105-5">f</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnold2023" class="citation journal cs1">Arnold, Ivo J.M. (26 September 2023). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S1477388023000178">"Teaching economics of monetary union with the IS-MP-PC model"</a>. International Review of Economics Education. 44: 4–9. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.iree.2023.100276">10.1016/j.iree.2023.100276</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Review+of+Economics+Education&rft.atitle=Teaching+economics+of+monetary+union+with+the+IS-MP-PC+model&rft.volume=44&rft.pages=4-9&rft.date=2023-09-26&rft_id=info%3Adoi%2F10.1016%2Fj.iree.2023.100276&rft.aulast=Arnold&rft.aufirst=Ivo+J.M.&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS1477388023000178&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Wellink-2023d-106">^ <a href="#cite_ref-Wellink-2023d_106-0">a</a> <a href="#cite_ref-Wellink-2023d_106-1">b</a> <a href="#cite_ref-Wellink-2023d_106-2">c</a> <a href="#cite_ref-Wellink-2023d_106-3">d</a> <a href="#cite_ref-Wellink-2023d_106-4">e</a> <a href="#cite_ref-Wellink-2023d_106-5">f</a> <a href="#cite_ref-Wellink-2023d_106-6">g</a> <a href="#cite_ref-Wellink-2023d_106-7">h</a> <a href="#cite_ref-Wellink-2023d_106-8">i</a> <a href="#cite_ref-Wellink-2023d_106-9">j</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWellink2023" class="citation journal cs1">Wellink, Nout (2 August 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jimonfin.2023.102923">"Crises have shaped the European Central Bank"</a>. Journal of International Money and Finance. 138: 7–8. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jimonfin.2023.102923">10.1016/j.jimonfin.2023.102923</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Money+and+Finance&rft.atitle=Crises+have+shaped+the+European+Central+Bank&rft.volume=138&rft.pages=7-8&rft.date=2023-08-02&rft_id=info%3Adoi%2F10.1016%2Fj.jimonfin.2023.102923&rft.aulast=Wellink&rft.aufirst=Nout&rft_id=https%3A%2F%2Fdoi.org%2F10.1016%252Fj.jimonfin.2023.102923&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Sciorilli_Borrelli-2020c-107">^ <a href="#cite_ref-Sciorilli_Borrelli-2020c_107-0">a</a> <a href="#cite_ref-Sciorilli_Borrelli-2020c_107-1">b</a> <a href="#cite_ref-Sciorilli_Borrelli-2020c_107-2">c</a> <a href="#cite_ref-Sciorilli_Borrelli-2020c_107-3">d</a> <a href="#cite_ref-Sciorilli_Borrelli-2020c_107-4">e</a> <a href="#cite_ref-Sciorilli_Borrelli-2020c_107-5">f</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSciorilli_Borrelli2020" class="citation web cs1">Sciorilli Borrelli, Silvia (19 March 2020). <a rel="nofollow" class="external text" href="https://www.politico.eu/article/the-ecb-rises-up-to-expectations-launches-massive-bond-buying-program/">"ECB rises to expectations with massive bond-buying move"</a>. POLITICO. Retrieved 6 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=ECB+rises+to+expectations+with+massive+bond-buying+move&rft.date=2020-03-19&rft.aulast=Sciorilli+Borrelli&rft.aufirst=Silvia&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fthe-ecb-rises-up-to-expectations-launches-massive-bond-buying-program%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-FT-2023b-108">^ <a href="#cite_ref-FT-2023b_108-0">a</a> <a href="#cite_ref-FT-2023b_108-1">b</a> <a href="#cite_ref-FT-2023b_108-2">c</a> <a href="#cite_ref-FT-2023b_108-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/3cf499f7-9c17-46c6-bedd-8893f2d56cf7">"ECB set to expand bond-buying to soak up debt"</a>. Financial Times. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=ECB+set+to+expand+bond-buying+to+soak+up+debt&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F3cf499f7-9c17-46c6-bedd-8893f2d56cf7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Van_Dorpe-2020b-109">^ <a href="#cite_ref-Van_Dorpe-2020b_109-0">a</a> <a href="#cite_ref-Van_Dorpe-2020b_109-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVan_DorpeLeali2020" class="citation web cs1">Van Dorpe, Simon; Leali, Giorgio (13 May 2020). <a rel="nofollow" class="external text" href="https://www.politico.eu/article/a-continent-divided-coronavirus-recovery-bailouts-european-commission/">"Coronavirus risks widening North-South divide"</a>. POLITICO. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=Coronavirus+risks+widening+North-South+divide&rft.date=2020-05-13&rft.aulast=Van+Dorpe&rft.aufirst=Simon&rft.au=Leali%2C+Giorgio&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fa-continent-divided-coronavirus-recovery-bailouts-european-commission%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Arnold-2020e-110">^ <a href="#cite_ref-Arnold-2020e_110-0">a</a> <a href="#cite_ref-Arnold-2020e_110-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnold2020" class="citation web cs1">Arnold, Martin (19 March 2020). <a rel="nofollow" class="external text" href="https://www.ft.com/content/711c5df2-695e-11ea-800d-da70cff6e4d3">"ECB to launch €750bn bond-buying programme"</a>. Financial Times. Retrieved 4 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=ECB+to+launch+%E2%82%AC750bn+bond-buying+programme&rft.date=2020-03-19&rft.aulast=Arnold&rft.aufirst=Martin&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F711c5df2-695e-11ea-800d-da70cff6e4d3&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-111"><a href="#cite_ref-111">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStubbington2020" class="citation web cs1">Stubbington, Tommy (15 April 2020). <a rel="nofollow" class="external text" href="https://www.ft.com/content/be438521-7a36-46ff-ae7f-90603c3d26cd">"Italian debt sinks after 'corona bond' plan falters"</a>. Financial Times. Retrieved 4 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Italian+debt+sinks+after+%27corona+bond%27+plan+falters&rft.date=2020-04-15&rft.aulast=Stubbington&rft.aufirst=Tommy&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fbe438521-7a36-46ff-ae7f-90603c3d26cd&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-112"><a href="#cite_ref-112">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOndernemen" class="citation web cs1">Ondernemen, Agentschap Innoveren &. <a rel="nofollow" class="external text" href="https://eufundingoverview.be/">"EU Funding Overview"</a>. eufundingoverview.be. Retrieved 30 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=eufundingoverview.be&rft.atitle=EU+Funding+Overview&rft.aulast=Ondernemen&rft.aufirst=Agentschap+Innoveren+%26&rft_id=https%3A%2F%2Feufundingoverview.be%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Lagarde-2020c-113">^ <a href="#cite_ref-Lagarde-2020c_113-0">a</a> <a href="#cite_ref-Lagarde-2020c_113-1">b</a> <a href="#cite_ref-Lagarde-2020c_113-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLagarde2020" class="citation journal cs1">Lagarde, Christine (12 March 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pressconf/2020/html/ecb.is200312~f857a21b6c.en.html">"Press conferenece"</a>. EUropean Central Bank - Eurosystem. Retrieved 6 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=EUropean+Central+Bank+-+Eurosystem&rft.atitle=Press+conferenece&rft.date=2020-03-12&rft.aulast=Lagarde&rft.aufirst=Christine&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpressconf%2F2020%2Fhtml%2Fecb.is200312~f857a21b6c.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Balmer-2020b-114">^ <a href="#cite_ref-Balmer-2020b_114-0">a</a> <a href="#cite_ref-Balmer-2020b_114-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBalmerMackenzie2020" class="citation news cs1">Balmer, Crispian; Mackenzie, James (12 March 2020). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-ecb-policy-italy-minister/italy-furious-at-ecbs-lagarde-not-here-to-close-spreads-comment-idUSKBN20Z3DW/">"Italy furious at ECB's Lagarde 'not here to close spreads' comment"</a>. Reuters. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Italy+furious+at+ECB%27s+Lagarde+%27not+here+to+close+spreads%27+comment&rft.date=2020-03-12&rft.aulast=Balmer&rft.aufirst=Crispian&rft.au=Mackenzie%2C+James&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-ecb-policy-italy-minister%2Fitaly-furious-at-ecbs-lagarde-not-here-to-close-spreads-comment-idUSKBN20Z3DW%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Moessner-2022-115">^ <a href="#cite_ref-Moessner-2022_115-0">a</a> <a href="#cite_ref-Moessner-2022_115-1">b</a> <a href="#cite_ref-Moessner-2022_115-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoessnerde_Haan2022" class="citation journal cs1">Moessner, Richhild; de Haan, Jakob (2022). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9014297">"Effects of monetary policy announcements on term premia in the euro area during the COVID-19 pandemic"</a>. Financial Research Letters. 44 (44): 1–4. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.frl.2021.102055">10.1016/j.frl.2021.102055</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9014297">9014297</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/35463215">35463215</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Research+Letters&rft.atitle=Effects+of+monetary+policy+announcements+on+term+premia+in+the+euro+area+during+the+COVID-19+pandemic&rft.volume=44&rft.issue=44&rft.pages=1-4&rft.date=2022&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC9014297%23id-name%3DPMC&rft_id=info%3Apmid%2F35463215&rft_id=info%3Adoi%2F10.1016%2Fj.frl.2021.102055&rft.aulast=Moessner&rft.aufirst=Richhild&rft.au=de+Haan%2C+Jakob&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC9014297&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Ortmans-2021-116">^ <a href="#cite_ref-Ortmans-2021_116-0">a</a> <a href="#cite_ref-Ortmans-2021_116-1">b</a> <a href="#cite_ref-Ortmans-2021_116-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOrtmansTripier2021" class="citation journal cs1">Ortmans, Aymeric; Tripier, Fabien (9 June 2021). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9750059">"COVID-induced sovereign risk in the euro area: When did the ECB stop the spread?"</a>. European Economic Review. 137 (137): 2–3. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.euroecorev.2021.103809">10.1016/j.euroecorev.2021.103809</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9750059">9750059</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/36536819">36536819</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Economic+Review&rft.atitle=COVID-induced+sovereign+risk+in+the+euro+area%3A+When+did+the+ECB+stop+the+spread%3F&rft.volume=137&rft.issue=137&rft.pages=2-3&rft.date=2021-06-09&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC9750059%23id-name%3DPMC&rft_id=info%3Apmid%2F36536819&rft_id=info%3Adoi%2F10.1016%2Fj.euroecorev.2021.103809&rft.aulast=Ortmans&rft.aufirst=Aymeric&rft.au=Tripier%2C+Fabien&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC9750059&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-117"><a href="#cite_ref-117">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGhebreyesus2020" class="citation web cs1">Ghebreyesus, Tedros Adhanom (13 March 2020). <a rel="nofollow" class="external text" href="https://www.who.int/director-general/speeches/detail/who-director-general-s-opening-remarks-at-the-mission-briefing-on-covid-19---13-march-2020">"WHO Director-General's opening remarks at the media briefing on COVID-19 - 13 March 2020"</a>. World Health Organisation. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=World+Health+Organisation&rft.atitle=WHO+Director-General%27s+opening+remarks+at+the+media+briefing+on+COVID-19+-+13+March+2020&rft.date=2020-03-13&rft.aulast=Ghebreyesus&rft.aufirst=Tedros+Adhanom&rft_id=https%3A%2F%2Fwww.who.int%2Fdirector-general%2Fspeeches%2Fdetail%2Fwho-director-general-s-opening-remarks-at-the-mission-briefing-on-covid-19---13-march-2020&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-118"><a href="#cite_ref-118">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/world-europe-51876784">"Coronavirus: Europe now epicentre of the pandemic, says WHO"</a>. 13 March 2020. Retrieved 6 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Coronavirus%3A+Europe+now+epicentre+of+the+pandemic%2C+says+WHO&rft.date=2020-03-13&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fworld-europe-51876784&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-119"><a href="#cite_ref-119">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2020" class="citation journal cs1">Bank, European Central (18 March 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318_1~3949d6f266.en.html#:~:text=The%20ECB%20will%20not%20tolerate,jurisdictions%20of%20the%20euro%20area.">"ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)"</a>. European Central Bank - Eurosystem. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=ECB+announces+%E2%82%AC750+billion+Pandemic+Emergency+Purchase+Programme+%28PEPP%29&rft.date=2020-03-18&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2020%2Fhtml%2Fecb.pr200318_1~3949d6f266.en.html%23%3A~%3Atext%3DThe%2520ECB%2520will%2520not%2520tolerate%2Cjurisdictions%2520of%2520the%2520euro%2520area.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Wieland-2023-120">^ <a href="#cite_ref-Wieland-2023_120-0">a</a> <a href="#cite_ref-Wieland-2023_120-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWieland2023" class="citation journal cs1">Wieland, Volker (13 July 2023). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0014292123001654">"Discussion of "policy packages and policy space: Lessons from COVID-19" by Bergant & Forbes"</a>. European Economic Review. 158 (158): 7. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.euroecorev.2023.104536">10.1016/j.euroecorev.2023.104536</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:259942585">259942585</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Economic+Review&rft.atitle=Discussion+of+%22policy+packages+and+policy+space%3A+Lessons+from+COVID-19%22+by+Bergant+%26+Forbes&rft.volume=158&rft.issue=158&rft.pages=7&rft.date=2023-07-13&rft_id=info%3Adoi%2F10.1016%2Fj.euroecorev.2023.104536&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A259942585%23id-name%3DS2CID&rft.aulast=Wieland&rft.aufirst=Volker&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0014292123001654&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Bank-2020c-121">^ <a href="#cite_ref-Bank-2020c_121-0">a</a> <a href="#cite_ref-Bank-2020c_121-1">b</a> <a href="#cite_ref-Bank-2020c_121-2">c</a> <a href="#cite_ref-Bank-2020c_121-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2020" class="citation journal cs1">Bank, European Central (30 April 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html">"ECB announces new pandemic emergency longer-term refinancing operations"</a>. European Central Bank - Eurosystem. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=ECB+announces+new+pandemic+emergency+longer-term+refinancing+operations&rft.date=2020-04-30&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2020%2Fhtml%2Fecb.pr200430_1~477f400e39.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-122"><a href="#cite_ref-122">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2020" class="citation journal cs1">Bank, European Central (4 June 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html">"Monetary policy decisions"</a>. European Central Bank - Eurosystem. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Monetary+policy+decisions&rft.date=2020-06-04&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2020%2Fhtml%2Fecb.mp200604~a307d3429c.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Pinto-2023-123"><a href="#cite_ref-Pinto-2023_123-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPintoCosta2023" class="citation journal cs1">Pinto, João; Costa, Tiago (26 September 2023). <a rel="nofollow" class="external text" href="https://repositorio.ual.pt/bitstream/11144/6572/3/The%20Impact%20of%20the%20ECB%C3%94%C3%87%C3%96s%20PEPP%20on%20Euro%20Area%20Bond%20Spreads_ERBE_II_2.pdf">"The Impact of the ECB's PEPP on Euro Area Bond Spreads"</a> (PDF). European Review of Business Economics. 11 (2): 62–63 – via Social Science Research Network.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Review+of+Business+Economics&rft.atitle=The+Impact+of+the+ECB%27s+PEPP+on+Euro+Area+Bond+Spreads&rft.volume=11&rft.issue=2&rft.pages=62-63&rft.date=2023-09-26&rft.aulast=Pinto&rft.aufirst=Jo%C3%A3o&rft.au=Costa%2C+Tiago&rft_id=https%3A%2F%2Frepositorio.ual.pt%2Fbitstream%2F11144%2F6572%2F3%2FThe%2520Impact%2520of%2520the%2520ECB%25C3%2594%25C3%2587%25C3%2596s%2520PEPP%2520on%2520Euro%2520Area%2520Bond%2520Spreads_ERBE_II_2.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Dempsey-2020-124"><a href="#cite_ref-Dempsey-2020_124-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDempseyStaffordLockett2020" class="citation web cs1">Dempsey, Harry; Stafford, Philip; Lockett, Hudson (4 June 2020). <a rel="nofollow" class="external text" href="https://www.ft.com/content/9d6feb0a-90f2-4ca4-b538-db1cff0836a7">"Eurozone bond prices jump after ECB move"</a>. Financial Times. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Eurozone+bond+prices+jump+after+ECB+move&rft.date=2020-06-04&rft.aulast=Dempsey&rft.aufirst=Harry&rft.au=Stafford%2C+Philip&rft.au=Lockett%2C+Hudson&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F9d6feb0a-90f2-4ca4-b538-db1cff0836a7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-125"><a href="#cite_ref-125">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPanetta2020" class="citation web cs1">Panetta, Fabio (12 June 2020). <a rel="nofollow" class="external text" href="https://www.ft.com/content/5bbecd18-37c5-4030-b56e-4570fe573ad5">"Covid-19 crisis highlights the euro's untapped potential"</a>. Financial Times. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Covid-19+crisis+highlights+the+euro%27s+untapped+potential&rft.date=2020-06-12&rft.aulast=Panetta&rft.aufirst=Fabio&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F5bbecd18-37c5-4030-b56e-4570fe573ad5&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Bank-2020a-126">^ <a href="#cite_ref-Bank-2020a_126-0">a</a> <a href="#cite_ref-Bank-2020a_126-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2020" class="citation journal cs1">Bank, European Central (10 December 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp201210~8c2778b843.en.html">"Monetary policy decisions"</a>. European Central Bank - Eurosystem. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Monetary+policy+decisions&rft.date=2020-12-10&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2020%2Fhtml%2Fecb.mp201210~8c2778b843.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ECB-2023-127">^ <a href="#cite_ref-ECB-2023_127-0">a</a> <a href="#cite_ref-ECB-2023_127-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/mopo/pdf/PEPP_breakdown_history.csv?6fd58bd8812b585a58b751aebd9a1e4f">"Breakdown of cumulative net purchases under the PEPP"</a>. European Central Bank - Eurosystem. 5 October 2023. Retrieved 10 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Breakdown+of+cumulative+net+purchases+under+the+PEPP&rft.date=2023-10-05&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fmopo%2Fpdf%2FPEPP_breakdown_history.csv%3F6fd58bd8812b585a58b751aebd9a1e4f&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-128"><a href="#cite_ref-128">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2020" class="citation journal cs1">Bank, European Central (16 December 2020). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.mp211216~1b6d3a1fd8.en.html">"Monetary Policy Decisions"</a>. European Central Bank - Eurosystems. Retrieved 7 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystems&rft.atitle=Monetary+Policy+Decisions&rft.date=2020-12-16&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2021%2Fhtml%2Fecb.mp211216~1b6d3a1fd8.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-129"><a href="#cite_ref-129">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBirkholzHeinemann2022" class="citation journal cs1">Birkholz, Carlo; Heinemann, Friedrich (9 June 2022). <a rel="nofollow" class="external text" href="https://www.econstor.eu/bitstream/10419/271651/1/zew-exp202205.pdf">"Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases – updated june 2022"</a> (PDF). ZEW Expert Brief (5): 5 – via econstor.eu.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=ZEW+Expert+Brief&rft.atitle=Magnitudes+and+capital+key+divergence+of+the+Eurosystem%27s+PSPP%2FPEPP+purchases+%E2%80%93+updated+june+2022&rft.issue=5&rft.pages=5&rft.date=2022-06-09&rft.aulast=Birkholz&rft.aufirst=Carlo&rft.au=Heinemann%2C+Friedrich&rft_id=https%3A%2F%2Fwww.econstor.eu%2Fbitstream%2F10419%2F271651%2F1%2Fzew-exp202205.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Bundesverfassungsgericht-2023-130">^ <a href="#cite_ref-Bundesverfassungsgericht-2023_130-0">a</a> <a href="#cite_ref-Bundesverfassungsgericht-2023_130-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bundesverfassungsgericht.de/SharedDocs/Pressemitteilungen/EN/2020/bvg20-032.html">"ECB decisions on the Public Sector Purchase Programme exceed EU competences"</a>. www.bundesverfassungsgericht.de. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bundesverfassungsgericht.de&rft.atitle=ECB+decisions+on+the+Public+Sector+Purchase+Programme+exceed+EU+competences&rft_id=https%3A%2F%2Fwww.bundesverfassungsgericht.de%2FSharedDocs%2FPressemitteilungen%2FEN%2F2020%2Fbvg20-032.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-131"><a href="#cite_ref-131">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnoldStubbington2020" class="citation web cs1">Arnold, Martin; Stubbington, Tommy (5 May 2020). <a rel="nofollow" class="external text" href="https://www.ft.com/content/a1beda5e-5c2d-429e-a095-27728ed2d72b">"German court calls on ECB to justify bond-buying programme"</a>. Financial Times. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=German+court+calls+on+ECB+to+justify+bond-buying+programme&rft.date=2020-05-05&rft.aulast=Arnold&rft.aufirst=Martin&rft.au=Stubbington%2C+Tommy&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fa1beda5e-5c2d-429e-a095-27728ed2d72b&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Arnold-2020c-132">^ <a href="#cite_ref-Arnold-2020c_132-0">a</a> <a href="#cite_ref-Arnold-2020c_132-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnoldHall2020" class="citation web cs1">Arnold, Martin; Hall, Ben (6 May 2020). <a rel="nofollow" class="external text" href="https://www.ft.com/content/07f19a1b-7494-439d-9765-7fd7ddf09860">"German court ruling casts doubt on European monetary policy"</a>. Financial Times. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=German+court+ruling+casts+doubt+on+European+monetary+policy&rft.date=2020-05-06&rft.aulast=Arnold&rft.aufirst=Martin&rft.au=Hall%2C+Ben&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F07f19a1b-7494-439d-9765-7fd7ddf09860&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-133"><a href="#cite_ref-133">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://eulawlive.com/german-constitutional-court-rules-the-court-of-justices-weiss-judgment-ultra-vires-due-to-poor-reasoning-and-weak-standard-of-review/">"German Constitutional Court rules the Court of Justice's Weiss judgment ultra vires due to poor reasoning and weak standard of review"</a>. EU Law Live. 5 May 2020. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=EU+Law+Live&rft.atitle=German+Constitutional+Court+rules+the+Court+of+Justice%27s+Weiss+judgment+ultra+vires+due+to+poor+reasoning+and+weak+standard+of+review&rft.date=2020-05-05&rft_id=https%3A%2F%2Feulawlive.com%2Fgerman-constitutional-court-rules-the-court-of-justices-weiss-judgment-ultra-vires-due-to-poor-reasoning-and-weak-standard-of-review%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-134"><a href="#cite_ref-134">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmits2021" class="citation journal cs1">Smits, René (14 April 2021). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3824740">"The European Central Bank's Pandemic Bazooka: Mandate Fulfilment in Extraordinary Times"</a>. EU Law Live: 19. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3824740">3824740</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=EU+Law+Live&rft.atitle=The+European+Central+Bank%27s+Pandemic+Bazooka%3A+Mandate+Fulfilment+in+Extraordinary+Times&rft.pages=19&rft.date=2021-04-14&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3824740%23id-name%3DSSRN&rft.aulast=Smits&rft.aufirst=Ren%C3%A9&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3824740&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Castellarin-2020-135"><a href="#cite_ref-Castellarin-2020_135-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCastellarin2020" class="citation journal cs1">Castellarin, Emmanuel (23 July 2020). <a rel="nofollow" class="external text" href="https://www.europeanpapers.eu/en/europeanforum/european-union-financial-contribution-response-to-covid-19#:~:text=%5B12%5D%20Also%20thanks%20to%20these,i.e.%20around%20%E2%82%AC2%2C800%20trillion.">"The European Union's Financial Contribution to the Response to the Covid-19 Crisis: An Overview of Existing Mechanisms, Proposals Under Discussion and Open Issues"</a>. European Papers. 20 (2): 1025–1028.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Papers&rft.atitle=The+European+Union%27s+Financial+Contribution+to+the+Response+to+the+Covid-19+Crisis%3A+An+Overview+of+Existing+Mechanisms%2C+Proposals+Under+Discussion+and+Open+Issues&rft.volume=20&rft.issue=2&rft.pages=1025-1028&rft.date=2020-07-23&rft.aulast=Castellarin&rft.aufirst=Emmanuel&rft_id=https%3A%2F%2Fwww.europeanpapers.eu%2Fen%2Feuropeanforum%2Feuropean-union-financial-contribution-response-to-covid-19%23%3A~%3Atext%3D%255B12%255D%2520Also%2520thanks%2520to%2520these%2Ci.e.%2520around%2520%25E2%2582%25AC2%252C800%2520trillion.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Castillo_Lozoya-2022-136">^ <a href="#cite_ref-Castillo_Lozoya-2022_136-0">a</a> <a href="#cite_ref-Castillo_Lozoya-2022_136-1">b</a> <a href="#cite_ref-Castillo_Lozoya-2022_136-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCastillo_LozoyaGarcía-EscuderoPérez_Ortiz2022" class="citation journal cs1">Castillo Lozoya, M. Carmen; García-Escudero, Enrique Esteban; Pérez Ortiz, Maria Luisa (7 April 2022). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4101166">"The Effect of TLTRO III on Spanish Credit Institutions' Balance Sheets"</a>. Banco de Espana (9/22): 3–8. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4101166">4101166</a> – via Social Science Research Network.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Banco+de+Espana&rft.atitle=The+Effect+of+TLTRO+III+on+Spanish+Credit+Institutions%27+Balance+Sheets&rft.issue=9%2F22&rft.pages=3-8&rft.date=2022-04-07&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D4101166%23id-name%3DSSRN&rft.aulast=Castillo+Lozoya&rft.aufirst=M.+Carmen&rft.au=Garc%C3%ADa-Escudero%2C+Enrique+Esteban&rft.au=P%C3%A9rez+Ortiz%2C+Maria+Luisa&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D4101166&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-137"><a href="#cite_ref-137">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarbieroBoucinhaBurlon2021" class="citation journal cs1">Barbiero, Francesca; Boucinha, Miguel; Burlon, Lorenzo (20 September 2021). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/pdf/ecbu/eb202106.en.pdf">"TLTRO III and bank lending conditions"</a> (PDF). ECB Economic Bulletin (6/2021): 105 – via European Central Bank.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=ECB+Economic+Bulletin&rft.atitle=TLTRO+III+and+bank+lending+conditions&rft.issue=6%2F2021&rft.pages=105&rft.date=2021-09-20&rft.aulast=Barbiero&rft.aufirst=Francesca&rft.au=Boucinha%2C+Miguel&rft.au=Burlon%2C+Lorenzo&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpub%2Fpdf%2Fecbu%2Feb202106.en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-138"><a href="#cite_ref-138">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2023" class="citation journal cs1">Bank, European Central (8 December 2023). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html">"Our response to the coronavirus pandemic"</a>. European Central Bank - Eurosystem. Retrieved 10 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=Our+response+to+the+coronavirus+pandemic&rft.date=2023-12-08&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fhome%2Fsearch%2Fcoronavirus%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-139"><a href="#cite_ref-139">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.dnb.nl/en/the-euro-and-europe/the-ecb-s-monetary-policy/ecb-measures-regarding-the-coronavirus-crisis/">"ECB measures regarding the coronavirus crisis"</a>. DeNederlandscheBank Eurosystem. Retrieved 10 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=DeNederlandscheBank+Eurosystem&rft.atitle=ECB+measures+regarding+the+coronavirus+crisis&rft_id=https%3A%2F%2Fwww.dnb.nl%2Fen%2Fthe-euro-and-europe%2Fthe-ecb-s-monetary-policy%2Fecb-measures-regarding-the-coronavirus-crisis%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ReferenceA-140">^ <a href="#cite_ref-ReferenceA_140-0">a</a> <a href="#cite_ref-ReferenceA_140-1">b</a> ECB press release, 10 December 2020. </li> <li id="cite_note-ECB_press_release,_30_April_2020-141">^ <a href="#cite_ref-ECB_press_release,_30_April_2020_141-0">a</a> <a href="#cite_ref-ECB_press_release,_30_April_2020_141-1">b</a> ECB press release, 30 April 2020. </li> <li id="cite_note-Tesche-2020b-142"><a href="#cite_ref-Tesche-2020b_142-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTesche2020" class="citation journal cs1 cs1-prop-long-vol">Tesche, Tobias (15 June 2020). <a rel="nofollow" class="external text" href="https://www.lse.ac.uk/european-institute/Assets/Documents/LEQS-Discussion-Papers/LEQSPaper157.pdf">"The European Union's response to the coronavirus emergency: an early assessment"</a> (PDF). LSE 'Europe in Question' Discussion Paper Series. 157/2020: 1–5 – via SSRN.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=LSE+%27Europe+in+Question%27+Discussion+Paper+Series&rft.atitle=The+European+Union%27s+response+to+the+coronavirus+emergency%3A+an+early+assessment&rft.volume=157%2F2020&rft.pages=1-5&rft.date=2020-06-15&rft.aulast=Tesche&rft.aufirst=Tobias&rft_id=https%3A%2F%2Fwww.lse.ac.uk%2Feuropean-institute%2FAssets%2FDocuments%2FLEQS-Discussion-Papers%2FLEQSPaper157.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Altavilla-2023-143">^ <a href="#cite_ref-Altavilla-2023_143-0">a</a> <a href="#cite_ref-Altavilla-2023_143-1">b</a> <a href="#cite_ref-Altavilla-2023_143-2">c</a> <a href="#cite_ref-Altavilla-2023_143-3">d</a> <a href="#cite_ref-Altavilla-2023_143-4">e</a> <a href="#cite_ref-Altavilla-2023_143-5">f</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltavillaBarbieroBoucinhaBurlon2023" class="citation journal cs1">Altavilla, Carlo; Barbiero, Francesca; Boucinha, Miguel; Burlon, Lorenzo (13 May 2023). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0014292123001071">"The Great Lockdown: Pandemic response policies and bank lending conditions"</a>. European Economic Review. 156: 6–14. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.euroecorev.2023.104478">10.1016/j.euroecorev.2023.104478</a> – via Elsevier Science Direct.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Economic+Review&rft.atitle=The+Great+Lockdown%3A+Pandemic+response+policies+and+bank+lending+conditions&rft.volume=156&rft.pages=6-14&rft.date=2023-05-13&rft_id=info%3Adoi%2F10.1016%2Fj.euroecorev.2023.104478&rft.aulast=Altavilla&rft.aufirst=Carlo&rft.au=Barbiero%2C+Francesca&rft.au=Boucinha%2C+Miguel&rft.au=Burlon%2C+Lorenzo&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0014292123001071&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-144"><a href="#cite_ref-144">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKwapilRieder2021" class="citation journal cs1">Kwapil, Claudia; Rieder, Kilian (11 March 2021). <a rel="nofollow" class="external text" href="https://www.oenb.at/en/Publications/Economics/Monetary-Policy-and-the-Economy/2021/monetary-policy-and-the-economy-q4-20-q1-21.html">"The effects of the monetary policy response to the COVID-19 pandemic: preliminary evidence from a pilot study using Austrian bank-level data"</a>. Monetary Policy and the Economy Q4/20-Q1/21: 134 – via Oesterreichische Nationalbank.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Monetary+Policy+and+the+Economy+Q4%2F20-Q1%2F21&rft.atitle=The+effects+of+the+monetary+policy+response+to+the+COVID-19+pandemic%3A+preliminary+evidence+from+a+pilot+study+using+Austrian+bank-level+data&rft.pages=134&rft.date=2021-03-11&rft.aulast=Kwapil&rft.aufirst=Claudia&rft.au=Rieder%2C+Kilian&rft_id=https%3A%2F%2Fwww.oenb.at%2Fen%2FPublications%2FEconomics%2FMonetary-Policy-and-the-Economy%2F2021%2Fmonetary-policy-and-the-economy-q4-20-q1-21.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-145"><a href="#cite_ref-145">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDwyerGilevskaNietoSamartín2023" class="citation journal cs1">Dwyer, Gerald; Gilevska, Biljana; Nieto, Maria; Samartín, Margarita (1 July 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.intfin.2023.101800">"The effects of the ECB's unconventional monetary policies from 2011 to 2018 on banking assets"</a>. Journal of International Financial Markets: 28. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.intfin.2023.101800">10.1016/j.intfin.2023.101800</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Financial+Markets&rft.atitle=The+effects+of+the+ECB%27s+unconventional+monetary+policies+from+2011+to+2018+on+banking+assets.&rft.pages=28&rft.date=2023-07-01&rft_id=info%3Adoi%2F10.1016%2Fj.intfin.2023.101800&rft.aulast=Dwyer&rft.aufirst=Gerald&rft.au=Gilevska%2C+Biljana&rft.au=Nieto%2C+Maria&rft.au=Samart%C3%ADn%2C+Margarita&rft_id=https%3A%2F%2Fdoi.org%2F10.1016%252Fj.intfin.2023.101800&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Bank-2022-146">^ <a href="#cite_ref-Bank-2022_146-0">a</a> <a href="#cite_ref-Bank-2022_146-1">b</a> <a href="#cite_ref-Bank-2022_146-2">c</a> <a href="#cite_ref-Bank-2022_146-3">d</a> <a href="#cite_ref-Bank-2022_146-4">e</a> <a href="#cite_ref-Bank-2022_146-5">f</a> <a href="#cite_ref-Bank-2022_146-6">g</a> <a href="#cite_ref-Bank-2022_146-7">h</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2022" class="citation journal cs1">Bank, European Central (21 July 2022). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220721~973e6e7273.en.html">"The Transmission Protection Instrument"</a>. European Central Bank - Eurosystem. Retrieved 19 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank+-+Eurosystem&rft.atitle=The+Transmission+Protection+Instrument&rft.date=2022-07-21&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2022%2Fhtml%2Fecb.pr220721~973e6e7273.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Lengwiler-2023-147"><a href="#cite_ref-Lengwiler-2023_147-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLengwilerOrphanides2023" class="citation journal cs1">Lengwiler, Yvan; Orphanides, Athanasios (21 March 2023). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13048">"Collateral Framework: Liquidity Premia and Multiple Equilibria"</a>. Journal of Money, Credit and Banking. 56 (2–3): 20–21. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjmcb.13048">10.1111/jmcb.13048</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F233209">10419/233209</a> – via Wiley Online Library.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Money%2C+Credit+and+Banking&rft.atitle=Collateral+Framework%3A+Liquidity+Premia+and+Multiple+Equilibria&rft.volume=56&rft.issue=2%E2%80%933&rft.pages=20-21&rft.date=2023-03-21&rft_id=info%3Ahdl%2F10419%2F233209&rft_id=info%3Adoi%2F10.1111%2Fjmcb.13048&rft.aulast=Lengwiler&rft.aufirst=Yvan&rft.au=Orphanides%2C+Athanasios&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2Fepdf%2F10.1111%2Fjmcb.13048&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Sandbu-2022-148">^ <a href="#cite_ref-Sandbu-2022_148-0">a</a> <a href="#cite_ref-Sandbu-2022_148-1">b</a> <a href="#cite_ref-Sandbu-2022_148-2">c</a> <a href="#cite_ref-Sandbu-2022_148-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSandbu2022" class="citation web cs1">Sandbu, Martin (21 July 2022). <a rel="nofollow" class="external text" href="https://www.ft.com/content/3f1e6cb3-1a63-412e-bb1f-a8624760fd86">"The ECB reminds everyone who really has the authority"</a>. Financial Times. Retrieved 19 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=The+ECB+reminds+everyone+who+really+has+the+authority&rft.date=2022-07-21&rft.aulast=Sandbu&rft.aufirst=Martin&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F3f1e6cb3-1a63-412e-bb1f-a8624760fd86&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Callegari-2023-149">^ <a href="#cite_ref-Callegari-2023_149-0">a</a> <a href="#cite_ref-Callegari-2023_149-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCallegariMarimonWichtZavalloni2023" class="citation journal cs1">Callegari, Giovanni; Marimon, Ramon; Wicht, Adrien; Zavalloni, Luca (5 August 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.red.2023.07.012">"On a lender of last resort with a central bank and a stability Fund"</a>. Review of Economic Dynamics. 50: 118. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.red.2023.07.012">10.1016/j.red.2023.07.012</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10230%2F59232">10230/59232</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Economic+Dynamics&rft.atitle=On+a+lender+of+last+resort+with+a+central+bank+and+a+stability+Fund&rft.volume=50&rft.pages=118&rft.date=2023-08-05&rft_id=info%3Ahdl%2F10230%2F59232&rft_id=info%3Adoi%2F10.1016%2Fj.red.2023.07.012&rft.aulast=Callegari&rft.aufirst=Giovanni&rft.au=Marimon%2C+Ramon&rft.au=Wicht%2C+Adrien&rft.au=Zavalloni%2C+Luca&rft_id=https%3A%2F%2Fdoi.org%2F10.1016%252Fj.red.2023.07.012&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Spendzharova-2023-150">^ <a href="#cite_ref-Spendzharova-2023_150-0">a</a> <a href="#cite_ref-Spendzharova-2023_150-1">b</a> <a href="#cite_ref-Spendzharova-2023_150-2">c</a> <a href="#cite_ref-Spendzharova-2023_150-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSpendzharova2023" class="citation journal cs1">Spendzharova, Aneta (29 August 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.13541">"Gouvernement Économique, but Not Like in the 1990s: The Commission and the ECB's Policies Advancing the 'Green Transition'"</a>. Journal of Common Market Studies. 61: 143. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.13541">10.1111/jcms.13541</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Common+Market+Studies&rft.atitle=Gouvernement+%C3%89conomique%2C+but+Not+Like+in+the+1990s%3A+The+Commission+and+the+ECB%27s+Policies+Advancing+the+%27Green+Transition%27&rft.volume=61&rft.pages=143&rft.date=2023-08-29&rft_id=info%3Adoi%2F10.1111%2Fjcms.13541&rft.aulast=Spendzharova&rft.aufirst=Aneta&rft_id=https%3A%2F%2Fdoi.org%2F10.1111%252Fjcms.13541&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Peychev-2022-151">^ <a href="#cite_ref-Peychev-2022_151-0">a</a> <a href="#cite_ref-Peychev-2022_151-1">b</a> <a href="#cite_ref-Peychev-2022_151-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPeychev2022" class="citation journal cs1">Peychev, Anna (9 November 2022). <a rel="nofollow" class="external text" href="https://www.europeanpapers.eu/en/europeanforum/disorder-discipline-ecb-transmission-protection-instrument">"Disorder and Discipline: The ECB's Transmission Protection Instrument"</a>. European Papers. 7 (2): 739–747.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Papers&rft.atitle=Disorder+and+Discipline%3A+The+ECB%27s+Transmission+Protection+Instrument&rft.volume=7&rft.issue=2&rft.pages=739-747&rft.date=2022-11-09&rft.aulast=Peychev&rft.aufirst=Anna&rft_id=https%3A%2F%2Fwww.europeanpapers.eu%2Fen%2Feuropeanforum%2Fdisorder-discipline-ecb-transmission-protection-instrument&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Arnold-2022-152">^ <a href="#cite_ref-Arnold-2022_152-0">a</a> <a href="#cite_ref-Arnold-2022_152-1">b</a> <a href="#cite_ref-Arnold-2022_152-2">c</a> <a href="#cite_ref-Arnold-2022_152-3">d</a> <a href="#cite_ref-Arnold-2022_152-4">e</a> <a href="#cite_ref-Arnold-2022_152-5">f</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnold2022" class="citation web cs1">Arnold, Martin (21 July 2022). <a rel="nofollow" class="external text" href="https://www.ft.com/content/c5499acd-0271-458d-8363-9e75633399ee">"Spread betting: how will the ECB's new bond-buying tool work?"</a>. Financial Times. Retrieved 19 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Spread+betting%3A+how+will+the+ECB%27s+new+bond-buying+tool+work%3F&rft.date=2022-07-21&rft.aulast=Arnold&rft.aufirst=Martin&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc5499acd-0271-458d-8363-9e75633399ee&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-FT-2022-153">^ <a href="#cite_ref-FT-2022_153-0">a</a> <a href="#cite_ref-FT-2022_153-1">b</a> <a href="#cite_ref-FT-2022_153-2">c</a> <a href="#cite_ref-FT-2022_153-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/aed7b9f8-87d3-4da4-83af-a476a8c2b850">"The ECB arms itself against bond market pessimism"</a>. www.ft.com. 22 July 2022. Retrieved 19 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.ft.com&rft.atitle=The+ECB+arms+itself+against+bond+market+pessimism&rft.date=2022-07-22&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Faed7b9f8-87d3-4da4-83af-a476a8c2b850&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Grimm-2023-154">^ <a href="#cite_ref-Grimm-2023_154-0">a</a> <a href="#cite_ref-Grimm-2023_154-1">b</a> <a href="#cite_ref-Grimm-2023_154-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrimmNöhWieland2023" class="citation journal cs1">Grimm, Veronika; Nöh, Lukas; Wieland, Volker (31 May 2023). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.12434">"Government bond rates and interest expenditure of large euro area member states: A scenario analysis"</a>. International Finance. 26 (3): 297. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Finfi.12434">10.1111/infi.12434</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F261487">10419/261487</a> – via Wiley Online Library.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Finance&rft.atitle=Government+bond+rates+and+interest+expenditure+of+large+euro+area+member+states%3A+A+scenario+analysis&rft.volume=26&rft.issue=3&rft.pages=297&rft.date=2023-05-31&rft_id=info%3Ahdl%2F10419%2F261487&rft_id=info%3Adoi%2F10.1111%2Finfi.12434&rft.aulast=Grimm&rft.aufirst=Veronika&rft.au=N%C3%B6h%2C+Lukas&rft.au=Wieland%2C+Volker&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2Fepdf%2F10.1111%2Finfi.12434&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Koranyi-2022-155">^ <a href="#cite_ref-Koranyi-2022_155-0">a</a> <a href="#cite_ref-Koranyi-2022_155-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKoranyiJohn2022" class="citation news cs1">Koranyi, Balazs; John, Mark (21 July 2022). <a rel="nofollow" class="external text" href="https://www.reuters.com/markets/europe/ecb-unveils-new-tpi-anti-fragmentation-instrument-2022-07-21/">"ECB unveils new TPI anti-fragmentation instrument"</a>. Reuters. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=ECB+unveils+new+TPI+anti-fragmentation+instrument&rft.date=2022-07-21&rft.aulast=Koranyi&rft.aufirst=Balazs&rft.au=John%2C+Mark&rft_id=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Feurope%2Fecb-unveils-new-tpi-anti-fragmentation-instrument-2022-07-21%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-156"><a href="#cite_ref-156">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArnoldJohnston2021" class="citation web cs1">Arnold, Martin; Johnston, Ian (21 July 2021). <a rel="nofollow" class="external text" href="https://www.ft.com/content/42b002c0-434e-4688-bdb7-33e0a7c2323f">"ECB raises rates for first time in more than a decade"</a>. Financial Times. Retrieved 19 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=ECB+raises+rates+for+first+time+in+more+than+a+decade&rft.date=2021-07-21&rft.aulast=Arnold&rft.aufirst=Martin&rft.au=Johnston%2C+Ian&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F42b002c0-434e-4688-bdb7-33e0a7c2323f&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-157"><a href="#cite_ref-157">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTreeck2023" class="citation web cs1">Treeck, Johanna (5 May 2023). <a rel="nofollow" class="external text" href="https://www.politico.eu/article/ecb-needs-a-new-type-of-bazooka-to-battle-baltic-risk/">"ECB needs a new type of bazooka to battle Baltic risk"</a>. POLITICO. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=ECB+needs+a+new+type+of+bazooka+to+battle+Baltic+risk&rft.date=2023-05-05&rft.aulast=Treeck&rft.aufirst=Johanna&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fecb-needs-a-new-type-of-bazooka-to-battle-baltic-risk%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-POLITICO-2022b-158">^ <a href="#cite_ref-POLITICO-2022b_158-0">a</a> <a href="#cite_ref-POLITICO-2022b_158-1">b</a> <a href="#cite_ref-POLITICO-2022b_158-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.politico.eu/article/ecb-delivers-50-basis-point-rate-hike-adds-tool-to-its-box/">"ECB lifts rates for first time in more than a decade"</a>. POLITICO. 21 July 2022. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=ECB+lifts+rates+for+first+time+in+more+than+a+decade&rft.date=2022-07-21&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fecb-delivers-50-basis-point-rate-hike-adds-tool-to-its-box%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Martin-2022b-159">^ <a href="#cite_ref-Martin-2022b_159-0">a</a> <a href="#cite_ref-Martin-2022b_159-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMartin2022" class="citation web cs1">Martin, Katie (22 July 2022). <a rel="nofollow" class="external text" href="https://www.ft.com/content/a9851c45-f2bb-4e00-9a8a-000038308f0e">"Markets will test the ECB's resolve"</a>. Financial Times. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Markets+will+test+the+ECB%27s+resolve&rft.date=2022-07-22&rft.aulast=Martin&rft.aufirst=Katie&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fa9851c45-f2bb-4e00-9a8a-000038308f0e&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-160"><a href="#cite_ref-160">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTreeck2022" class="citation web cs1">Treeck, Johanna (27 July 2022). <a rel="nofollow" class="external text" href="https://www.politico.eu/article/ecb-ignazio-visco-rate-hike-september/">"Italian central banker plays down chance of big rate hike in September"</a>. POLITICO. Retrieved 20 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=Italian+central+banker+plays+down+chance+of+big+rate+hike+in+September&rft.date=2022-07-27&rft.aulast=Treeck&rft.aufirst=Johanna&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fecb-ignazio-visco-rate-hike-september%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-161"><a href="#cite_ref-161">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCampoyNegrete2023" class="citation journal cs1">Campoy, Juan Cristóbal; Negrete, Juan Carlos (18 August 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Ftwec.13460">"Quantitative easing rules as a means to achieve optimal levels of structural reforms and government deficits in a monetary union"</a>. The World Economy. 46 (9): 2775. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Ftwec.13460">10.1111/twec.13460</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+World+Economy&rft.atitle=Quantitative+easing+rules+as+a+means+to+achieve+optimal+levels+of+structural+reforms+and+government+deficits+in+a+monetary+union&rft.volume=46&rft.issue=9&rft.pages=2775&rft.date=2023-08-18&rft_id=info%3Adoi%2F10.1111%2Ftwec.13460&rft.aulast=Campoy&rft.aufirst=Juan+Crist%C3%B3bal&rft.au=Negrete%2C+Juan+Carlos&rft_id=https%3A%2F%2Fdoi.org%2F10.1111%252Ftwec.13460&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Amaro-2021-162">^ <a href="#cite_ref-Amaro-2021_162-0">a</a> <a href="#cite_ref-Amaro-2021_162-1">b</a> <a href="#cite_ref-Amaro-2021_162-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAmaro2021" class="citation web cs1">Amaro, Silvia (8 July 2021). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2021/07/08/ecb-lagarde-presents-first-policy-review-in-almost-two-decades.html">"European Central Bank sets its inflation target at 2% in new policy review"</a>. CNBC. Retrieved 10 July 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=European+Central+Bank+sets+its+inflation+target+at+2%25+in+new+policy+review&rft.date=2021-07-08&rft.aulast=Amaro&rft.aufirst=Silvia&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2021%2F07%2F08%2Fecb-lagarde-presents-first-policy-review-in-almost-two-decades.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-163"><a href="#cite_ref-163">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1~f104919225.en.html">"ECB presents action plan to include climate change considerations in its monetary policy strategy"</a> (Press release). European Central Bank. 8 July 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB+presents+action+plan+to+include+climate+change+considerations+in+its+monetary+policy+strategy&rft.pub=European+Central+Bank&rft.date=2021-07-08&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2021%2Fhtml%2Fecb.pr210708_1~f104919225.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:0-164">^ <a href="#cite_ref-:0_164-0">a</a> <a href="#cite_ref-:0_164-1">b</a> <a href="#cite_ref-:0_164-2">c</a> <a href="#cite_ref-:0_164-3">d</a> <a href="#cite_ref-:0_164-4">e</a> <a href="#cite_ref-:0_164-5">f</a> <a href="#cite_ref-:0_164-6">g</a> <a href="#cite_ref-:0_164-7">h</a> <a href="#cite_ref-:0_164-8">i</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoutsmedtFontan2023" class="citation journal cs1">Goutsmedt, Aurélien; Fontan, Clément (19 November 2023). <a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.1080/13501763.2023.2281583">"The ECB and the inflation monsters: strategic framing and the responsibility imperative (1998–2023)"</a>. Journal of European Public Policy. 31 (4): 999–1025. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F13501763.2023.2281583">10.1080/13501763.2023.2281583</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1350-1763">1350-1763</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:265300761">265300761</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+European+Public+Policy&rft.atitle=The+ECB+and+the+inflation+monsters%3A+strategic+framing+and+the+responsibility+imperative+%281998%E2%80%932023%29&rft.volume=31&rft.issue=4&rft.pages=999-1025&rft.date=2023-11-19&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A265300761%23id-name%3DS2CID&rft.issn=1350-1763&rft_id=info%3Adoi%2F10.1080%2F13501763.2023.2281583&rft.aulast=Goutsmedt&rft.aufirst=Aur%C3%A9lien&rft.au=Fontan%2C+Cl%C3%A9ment&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.1080%2F13501763.2023.2281583&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:3-165">^ <a href="#cite_ref-:3_165-0">a</a> <a href="#cite_ref-:3_165-1">b</a> <a href="#cite_ref-:3_165-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaltensperger2023" class="citation journal cs1">Baltensperger, Ernst (6 June 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1186%2Fs41937-023-00114-x">"The return of inflation"</a>. <a href="/wiki/Swiss_Journal_of_Economics_and_Statistics" title="Swiss Journal of Economics and Statistics">Swiss Journal of Economics and Statistics</a>. 159 (1): 10. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1186%2Fs41937-023-00114-x">10.1186/s41937-023-00114-x</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2235-6282">2235-6282</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Swiss+Journal+of+Economics+and+Statistics&rft.atitle=The+return+of+inflation&rft.volume=159&rft.issue=1&rft.pages=10&rft.date=2023-06-06&rft_id=info%3Adoi%2F10.1186%2Fs41937-023-00114-x&rft.issn=2235-6282&rft.aulast=Baltensperger&rft.aufirst=Ernst&rft_id=https%3A%2F%2Fdoi.org%2F10.1186%252Fs41937-023-00114-x&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-166"><a href="#cite_ref-166">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDrazen2002" class="citation book cs1">Drazen, A (2002). Political economy in macroeconomics (New ed.). <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Political+economy+in+macroeconomics&rft.edition=New&rft.pub=Princeton+University+Press&rft.date=2002&rft.aulast=Drazen&rft.aufirst=A&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-167"><a href="#cite_ref-167">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBraunCarloDiessner2022" class="citation journal cs1">Braun, Benjamin; Carlo, Donato Di; Diessner, Sebastian (2022). <a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs41358-022-00322-6">"Planning laissez-faire: Supranational central banking and structural reforms"</a>. <a href="/w/index.php?title=Zeitschrift_f%C3%BCr_Politikwissenschaft&action=edit&redlink=1" class="new" title="Zeitschrift für Politikwissenschaft (page does not exist)">Zeitschrift für Politikwissenschaft</a>. 32 (3): 707–716. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs41358-022-00322-6">10.1007/s41358-022-00322-6</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1430-6387">1430-6387</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Zeitschrift+f%C3%BCr+Politikwissenschaft&rft.atitle=Planning+laissez-faire%3A+Supranational+central+banking+and+structural+reforms&rft.volume=32&rft.issue=3&rft.pages=707-716&rft.date=2022&rft_id=info%3Adoi%2F10.1007%2Fs41358-022-00322-6&rft.issn=1430-6387&rft.aulast=Braun&rft.aufirst=Benjamin&rft.au=Carlo%2C+Donato+Di&rft.au=Diessner%2C+Sebastian&rft_id=https%3A%2F%2Fdoi.org%2F10.1007%252Fs41358-022-00322-6&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-168"><a href="#cite_ref-168">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIssing_&_al2001" class="citation book cs1">Issing & al, O. (2001). Monetary policy in the euro area: Strategy and decision-making at the european central bank. Cambridge University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Monetary+policy+in+the+euro+area%3A+Strategy+and+decision-making+at+the+european+central+bank.&rft.pub=Cambridge+University+Press&rft.date=2001&rft.aulast=Issing+%26+al&rft.aufirst=O.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:5-169">^ <a href="#cite_ref-:5_169-0">a</a> <a href="#cite_ref-:5_169-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHartmannSmets2018" class="citation journal cs1">Hartmann, Philipp; Smets, Frank (2018). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/26743874">"The European Central Bank's Monetary Policy during Its First 20 Years"</a>. Brookings Papers on Economic Activity. 2018 (2): 1–118. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1353%2Feca.2018.0026">10.1353/eca.2018.0026</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0007-2303">0007-2303</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/26743874">26743874</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:203324137">203324137</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Brookings+Papers+on+Economic+Activity&rft.atitle=The+European+Central+Bank%27s+Monetary+Policy+during+Its+First+20+Years&rft.volume=2018&rft.issue=2&rft.pages=1-118&rft.date=2018&rft.issn=0007-2303&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A203324137%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F26743874%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1353%2Feca.2018.0026&rft.aulast=Hartmann&rft.aufirst=Philipp&rft.au=Smets%2C+Frank&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F26743874&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-170"><a href="#cite_ref-170">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHowarthLoedel2005" class="citation book cs1">Howarth, David; Loedel, Peter (2005). The European Central Bank : The New European Leviathan?. Palgrave Macmillan.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+European+Central+Bank+%3A+The+New+European+Leviathan%3F&rft.pub=Palgrave+Macmillan&rft.date=2005&rft.aulast=Howarth&rft.aufirst=David&rft.au=Loedel%2C+Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-171"><a href="#cite_ref-171">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRodríguezCarrasco2016" class="citation journal cs1">Rodríguez, Carlos; Carrasco, Carlos A. (2016). <a rel="nofollow" class="external text" href="https://doiserbia.nb.rs/Article.aspx?ID=1452-595X1604455R">"ECB policy responses between 2007 and 2014: A chronological analysis and an assessment of their effects"</a>. Panoeconomicus. 63 (4): 455–473. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2298%2Fpan1604455r">10.2298/pan1604455r</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Panoeconomicus&rft.atitle=ECB+policy+responses+between+2007+and+2014%3A+A+chronological+analysis+and+an+assessment+of+their+effects&rft.volume=63&rft.issue=4&rft.pages=455-473&rft.date=2016&rft_id=info%3Adoi%2F10.2298%2Fpan1604455r&rft.aulast=Rodr%C3%ADguez&rft.aufirst=Carlos&rft.au=Carrasco%2C+Carlos+A.&rft_id=https%3A%2F%2Fdoiserbia.nb.rs%2FArticle.aspx%3FID%3D1452-595X1604455R&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-172"><a href="#cite_ref-172">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGaborBan2015" class="citation journal cs1">Gabor, Daniela; Ban, Cornel (12 October 2015). <a rel="nofollow" class="external text" href="https://dx.doi.org/10.1111/jcms.12309">"Banking on Bonds: The New Links Between States and Markets"</a>. Journal of Common Market Studies. 54 (3): 617–635. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjcms.12309">10.1111/jcms.12309</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0021-9886">0021-9886</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153924047">153924047</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Common+Market+Studies&rft.atitle=Banking+on+Bonds%3A+The+New+Links+Between+States+and+Markets&rft.volume=54&rft.issue=3&rft.pages=617-635&rft.date=2015-10-12&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153924047%23id-name%3DS2CID&rft.issn=0021-9886&rft_id=info%3Adoi%2F10.1111%2Fjcms.12309&rft.aulast=Gabor&rft.aufirst=Daniela&rft.au=Ban%2C+Cornel&rft_id=http%3A%2F%2Fdx.doi.org%2F10.1111%2Fjcms.12309&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-173"><a href="#cite_ref-173">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohnsonArel-BundockPortniaguine2019" class="citation journal cs1">Johnson, Juliet; Arel-Bundock, Vincent; Portniaguine, Vladislav (2019). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/10.1111/padm.12567">"Adding rooms onto a house we love: Central banking after the global financial crisis"</a>. Public Administration. 97 (3): 546–560. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fpadm.12567">10.1111/padm.12567</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0033-3298">0033-3298</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:158391365">158391365</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Public+Administration&rft.atitle=Adding+rooms+onto+a+house+we+love%3A+Central+banking+after+the+global+financial+crisis&rft.volume=97&rft.issue=3&rft.pages=546-560&rft.date=2019&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A158391365%23id-name%3DS2CID&rft.issn=0033-3298&rft_id=info%3Adoi%2F10.1111%2Fpadm.12567&rft.aulast=Johnson&rft.aufirst=Juliet&rft.au=Arel-Bundock%2C+Vincent&rft.au=Portniaguine%2C+Vladislav&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2F10.1111%2Fpadm.12567&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-174"><a href="#cite_ref-174">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDeyris2023" class="citation journal cs1">Deyris, Jérôme (3 September 2023). <a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.1080/13563467.2022.2162869">"Too green to be true? Forging a climate consensus at the European Central Bank"</a>. New Political Economy. 28 (5): 713–730. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F13563467.2022.2162869">10.1080/13563467.2022.2162869</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1356-3467">1356-3467</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:249832219">249832219</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=New+Political+Economy&rft.atitle=Too+green+to+be+true%3F+Forging+a+climate+consensus+at+the+European+Central+Bank&rft.volume=28&rft.issue=5&rft.pages=713-730&rft.date=2023-09-03&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A249832219%23id-name%3DS2CID&rft.issn=1356-3467&rft_id=info%3Adoi%2F10.1080%2F13563467.2022.2162869&rft.aulast=Deyris&rft.aufirst=J%C3%A9r%C3%B4me&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.1080%2F13563467.2022.2162869&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-175"><a href="#cite_ref-175">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKrugman2021" class="citation news cs1">Krugman, Paul (16 December 2021). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2021/12/16/opinion/inflation-economy-2021.html">"Opinion | The Year of Inflation Infamy"</a>. The New York Times. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. Retrieved 19 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Opinion+%7C+The+Year+of+Inflation+Infamy&rft.date=2021-12-16&rft.issn=0362-4331&rft.aulast=Krugman&rft.aufirst=Paul&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2021%2F12%2F16%2Fopinion%2Finflation-economy-2021.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:1-176">^ <a href="#cite_ref-:1_176-0">a</a> <a href="#cite_ref-:1_176-1">b</a> <a href="#cite_ref-:1_176-2">c</a> <a href="#cite_ref-:1_176-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStorm" class="citation web cs1">Storm, Servaas. <a rel="nofollow" class="external text" href="https://www.ineteconomics.org/perspectives/blog/in-the-footsteps-of-ptolemy-the-science-of-monetary-policy-and-the-inflation-of-2021-2023">"In the Footsteps of Ptolemy: The 'Science of Monetary Policy' and the Inflation of 2021-2023"</a>. Institute for New Economic Thinking. Retrieved 13 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Institute+for+New+Economic+Thinking&rft.atitle=In+the+Footsteps+of+Ptolemy%3A+The+%27Science+of+Monetary+Policy%27+and+the+Inflation+of+2021-2023&rft.aulast=Storm&rft.aufirst=Servaas&rft_id=https%3A%2F%2Fwww.ineteconomics.org%2Fperspectives%2Fblog%2Fin-the-footsteps-of-ptolemy-the-science-of-monetary-policy-and-the-inflation-of-2021-2023&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-177"><a href="#cite_ref-177">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHeimbergerSteininger2022" class="citation web cs1">Heimberger, Philipp; Steininger, Lea (15 August 2022). <a rel="nofollow" class="external text" href="https://blogs.lse.ac.uk/europpblog/">"ECB interest rate hikes will damage climate protection policies"</a>. LSE European Politics and Policy (EUROPP) blog. Retrieved 13 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=LSE+European+Politics+and+Policy+%28EUROPP%29+blog&rft.atitle=ECB+interest+rate+hikes+will+damage+climate+protection+policies&rft.date=2022-08-15&rft.aulast=Heimberger&rft.aufirst=Philipp&rft.au=Steininger%2C+Lea&rft_id=https%3A%2F%2Fblogs.lse.ac.uk%2Feuroppblog%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-178"><a href="#cite_ref-178">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDegasperiHongRicco2023" class="citation journal cs1">Degasperi, Riccardo; Hong, Seokki Simon; Ricco, Giovanni (13 January 2023). <a rel="nofollow" class="external text" href="https://ideas.repec.org//p/crs/wpaper/2023-02.html">"The Global Transmission of U.S. Monetary Policy"</a>. Working Papers.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Working+Papers&rft.atitle=The+Global+Transmission+of+U.S.+Monetary+Policy&rft.date=2023-01-13&rft.aulast=Degasperi&rft.aufirst=Riccardo&rft.au=Hong%2C+Seokki+Simon&rft.au=Ricco%2C+Giovanni&rft_id=https%3A%2F%2Fideas.repec.org%2F%2Fp%2Fcrs%2Fwpaper%2F2023-02.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-179"><a href="#cite_ref-179">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBreitenlechnerGeorgiadisSchumann2022" class="citation journal cs1">Breitenlechner, Max; Georgiadis, Georgios; Schumann, Ben (1 October 2022). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0304393222000940">"What goes around comes around: How large are spillbacks from US monetary policy?"</a>. Journal of Monetary Economics. 131: 45–60. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jmoneco.2022.07.001">10.1016/j.jmoneco.2022.07.001</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F238263">10419/238263</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0304-3932">0304-3932</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Monetary+Economics&rft.atitle=What+goes+around+comes+around%3A+How+large+are+spillbacks+from+US+monetary+policy%3F&rft.volume=131&rft.pages=45-60&rft.date=2022-10-01&rft_id=info%3Ahdl%2F10419%2F238263&rft.issn=0304-3932&rft_id=info%3Adoi%2F10.1016%2Fj.jmoneco.2022.07.001&rft.aulast=Breitenlechner&rft.aufirst=Max&rft.au=Georgiadis%2C+Georgios&rft.au=Schumann%2C+Ben&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0304393222000940&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:2-180">^ <a href="#cite_ref-:2_180-0">a</a> <a href="#cite_ref-:2_180-1">b</a> <a href="#cite_ref-:2_180-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoessnerXiaZampolli2023" class="citation journal cs1">Moessner, Richhild; Xia, Dora; Zampolli, Fabrizio (1 June 2023). <a rel="nofollow" class="external text" href="https://www.sciendo.com/article/10.2478/ie-2023-0031">"Global Inflation and Global Monetary Policy Tightening: Implications for the Euro Area"</a>. Intereconomics. 58 (3): 151–154. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2478%2Fie-2023-0031">10.2478/ie-2023-0031</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F275711">10419/275711</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1613-964X">1613-964X</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Intereconomics&rft.atitle=Global+Inflation+and+Global+Monetary+Policy+Tightening%3A+Implications+for+the+Euro+Area&rft.volume=58&rft.issue=3&rft.pages=151-154&rft.date=2023-06-01&rft_id=info%3Ahdl%2F10419%2F275711&rft.issn=1613-964X&rft_id=info%3Adoi%2F10.2478%2Fie-2023-0031&rft.aulast=Moessner&rft.aufirst=Richhild&rft.au=Xia%2C+Dora&rft.au=Zampolli%2C+Fabrizio&rft_id=https%3A%2F%2Fwww.sciendo.com%2Farticle%2F10.2478%2Fie-2023-0031&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-181"><a href="#cite_ref-181">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoessner2022" class="citation journal cs1">Moessner, Richhild (2022). <a rel="nofollow" class="external text" href="https://www.ssrn.com/abstract=4235476">"Effects of Precipitation on Food Consumer Price Inflation"</a>. SSRN Electronic Journal. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.4235476">10.2139/ssrn.4235476</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F265996">10419/265996</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1556-5068">1556-5068</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:252772695">252772695</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN+Electronic+Journal&rft.atitle=Effects+of+Precipitation+on+Food+Consumer+Price+Inflation&rft.date=2022&rft_id=info%3Ahdl%2F10419%2F265996&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A252772695%23id-name%3DS2CID&rft.issn=1556-5068&rft_id=info%3Adoi%2F10.2139%2Fssrn.4235476&rft.aulast=Moessner&rft.aufirst=Richhild&rft_id=https%3A%2F%2Fwww.ssrn.com%2Fabstract%3D4235476&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-182"><a href="#cite_ref-182">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurlonNotarpietroPisani2019" class="citation journal cs1">Burlon, Lorenzo; Notarpietro, Alessandro; Pisani, Massimiliano (1 November 2019). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S0161893819300250">"Macroeconomic effects of an open-ended asset purchase programme"</a>. Journal of Policy Modeling. 41 (6): 1144–1159. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jpolmod.2019.03.005">10.1016/j.jpolmod.2019.03.005</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0161-8938">0161-8938</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Policy+Modeling&rft.atitle=Macroeconomic+effects+of+an+open-ended+asset+purchase+programme&rft.volume=41&rft.issue=6&rft.pages=1144-1159&rft.date=2019-11-01&rft_id=info%3Adoi%2F10.1016%2Fj.jpolmod.2019.03.005&rft.issn=0161-8938&rft.aulast=Burlon&rft.aufirst=Lorenzo&rft.au=Notarpietro%2C+Alessandro&rft.au=Pisani%2C+Massimiliano&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0161893819300250&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-183"><a href="#cite_ref-183">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBreckenfelderDe_FioreAndradeKaradi2016" class="citation report cs1">Breckenfelder, Johannes; De Fiore, Fiorella; Andrade, Philippe; Karadi, Peter; Tristani, Oreste (2016). <a rel="nofollow" class="external text" href="https://econpapers.repec.org/paper/ecbecbwps/20161956.htm">The ECB's asset purchase programme: an early assessment</a> (Report). European Central Bank.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=The+ECB%27s+asset+purchase+programme%3A+an+early+assessment&rft.pub=European+Central+Bank&rft.date=2016&rft.aulast=Breckenfelder&rft.aufirst=Johannes&rft.au=De+Fiore%2C+Fiorella&rft.au=Andrade%2C+Philippe&rft.au=Karadi%2C+Peter&rft.au=Tristani%2C+Oreste&rft_id=https%3A%2F%2Feconpapers.repec.org%2Fpaper%2Fecbecbwps%2F20161956.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-184"><a href="#cite_ref-184">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBenignoCanofariDi_BartolomeoMessori2023" class="citation journal cs1">Benigno, Pierpaolo; Canofari, Paolo; Di Bartolomeo, Giovanni; Messori, Marcello (July 2023). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/10.1111/joes.12521">"The ECB's asset purchase programme: Theory, effects, and risks"</a>. Journal of Economic Surveys. 37 (3): 890–914. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fjoes.12521">10.1111/joes.12521</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/11385%2F223759">11385/223759</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0950-0804">0950-0804</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:250636847">250636847</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Surveys&rft.atitle=The+ECB%27s+asset+purchase+programme%3A+Theory%2C+effects%2C+and+risks&rft.volume=37&rft.issue=3&rft.pages=890-914&rft.date=2023-07&rft_id=info%3Ahdl%2F11385%2F223759&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A250636847%23id-name%3DS2CID&rft.issn=0950-0804&rft_id=info%3Adoi%2F10.1111%2Fjoes.12521&rft.aulast=Benigno&rft.aufirst=Pierpaolo&rft.au=Canofari%2C+Paolo&rft.au=Di+Bartolomeo%2C+Giovanni&rft.au=Messori%2C+Marcello&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2F10.1111%2Fjoes.12521&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-185"><a href="#cite_ref-185">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoard_of_Governors_of_the_Federal_Reserve_System_(US)1954" class="citation web cs1">Board of Governors of the Federal Reserve System (US) (1 July 1954). <a rel="nofollow" class="external text" href="https://fred.stlouisfed.org/series/FEDFUNDS">"Federal Funds Effective Rate"</a>. FRED, Federal Reserve Bank of St. Louis. Retrieved 19 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FRED%2C+Federal+Reserve+Bank+of+St.+Louis&rft.atitle=Federal+Funds+Effective+Rate&rft.date=1954-07-01&rft.au=Board+of+Governors+of+the+Federal+Reserve+System+%28US%29&rft_id=https%3A%2F%2Ffred.stlouisfed.org%2Fseries%2FFEDFUNDS&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-186"><a href="#cite_ref-186">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2023" class="citation web cs1">Bank, European Central (13 December 2023). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html">"Official interest rates"</a>. European Central Bank. Retrieved 19 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=Official+interest+rates&rft.date=2023-12-13&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fstats%2Fpolicy_and_exchange_rates%2Fkey_ecb_interest_rates%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:6-187">^ <a href="#cite_ref-:6_187-0">a</a> <a href="#cite_ref-:6_187-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBabaDuvalLanTopalova2024" class="citation journal cs1">Baba, Chikako; Duval, Romain; Lan, Ting; Topalova, Petia (11 January 2024). <a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.1080/13504851.2024.2303383">"The 2021-22 inflation surge in Europe: a Phillips-curve-based dissection"</a>. Applied Economics Letters: 1–6. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F13504851.2024.2303383">10.1080/13504851.2024.2303383</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1350-4851">1350-4851</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Applied+Economics+Letters&rft.atitle=The+2021-22+inflation+surge+in+Europe%3A+a+Phillips-curve-based+dissection&rft.pages=1-6&rft.date=2024-01-11&rft_id=info%3Adoi%2F10.1080%2F13504851.2024.2303383&rft.issn=1350-4851&rft.aulast=Baba&rft.aufirst=Chikako&rft.au=Duval%2C+Romain&rft.au=Lan%2C+Ting&rft.au=Topalova%2C+Petia&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.1080%2F13504851.2024.2303383&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-188"><a href="#cite_ref-188">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAtkesonOhanian2001" class="citation journal cs1">Atkeson, Andrew; Ohanian, Lee E. (December 2001). <a rel="nofollow" class="external text" href="https://dx.doi.org/10.21034/qr.2511">"Are Phillips Curves Useful for Forecasting Inflation?"</a>. Quarterly Review. 25 (1). <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.21034%2Fqr.2511">10.21034/qr.2511</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0271-5287">0271-5287</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quarterly+Review&rft.atitle=Are+Phillips+Curves+Useful+for+Forecasting+Inflation%3F&rft.volume=25&rft.issue=1&rft.date=2001-12&rft_id=info%3Adoi%2F10.21034%2Fqr.2511&rft.issn=0271-5287&rft.aulast=Atkeson&rft.aufirst=Andrew&rft.au=Ohanian%2C+Lee+E.&rft_id=http%3A%2F%2Fdx.doi.org%2F10.21034%2Fqr.2511&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-189"><a href="#cite_ref-189">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLavoie2024" class="citation journal cs1">Lavoie, Marc (5 January 2024). <a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.1080/09538259.2023.2294305">"Conflictual Inflation and the Phillips Curve"</a>. Review of Political Economy. 36 (4): 1397–1419. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F09538259.2023.2294305">10.1080/09538259.2023.2294305</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0953-8259">0953-8259</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:266796071">266796071</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Political+Economy&rft.atitle=Conflictual+Inflation+and+the+Phillips+Curve&rft.volume=36&rft.issue=4&rft.pages=1397-1419&rft.date=2024-01-05&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A266796071%23id-name%3DS2CID&rft.issn=0953-8259&rft_id=info%3Adoi%2F10.1080%2F09538259.2023.2294305&rft.aulast=Lavoie&rft.aufirst=Marc&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.1080%2F09538259.2023.2294305&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:4-190">^ <a href="#cite_ref-:4_190-0">a</a> <a href="#cite_ref-:4_190-1">b</a> <a href="#cite_ref-:4_190-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIderKriwoluzkyKurczSchumann2023" class="citation journal cs1">Ider, Gökhan; Kriwoluzky, Alexander; Kurcz, Frederik; Schumann, Ben (2023). <a rel="nofollow" class="external text" href="https://ideas.repec.org//p/zbw/vfsc23/277710.html">"The Energy-Price Channel of (European) Monetary Policy"</a>. VFS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage".</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=VFS+Annual+Conference+2023+%28Regensburg%29%3A+Growth+and+the+%22sociale+Frage%22&rft.atitle=The+Energy-Price+Channel+of+%28European%29+Monetary+Policy&rft.date=2023&rft.aulast=Ider&rft.aufirst=G%C3%B6khan&rft.au=Kriwoluzky%2C+Alexander&rft.au=Kurcz%2C+Frederik&rft.au=Schumann%2C+Ben&rft_id=https%3A%2F%2Fideas.repec.org%2F%2Fp%2Fzbw%2Fvfsc23%2F277710.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-:7-191">^ <a href="#cite_ref-:7_191-0">a</a> <a href="#cite_ref-:7_191-1">b</a> <a href="#cite_ref-:7_191-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIderKriwoluzkyKurcz2022" class="citation journal cs1 cs1-prop-foreign-lang-source">Ider, Gökhan; Kriwoluzky, Alexander; Kurcz, Frederik (2022). <a rel="nofollow" class="external text" href="https://www.diw.de/sixcms/detail.php?id=diw_01.c.838570.de">"DIW Berlin: ECB Can Lower Fuel and Heating Costs by Increasing Interest Rates but Would Risk Economic Recovery"</a>. Diw Weekly Report (in German). <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.18723%2Fdiw_dwr%3A2022-14-1">10.18723/diw_dwr:2022-14-1</a>. Retrieved 15 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Diw+Weekly+Report&rft.atitle=DIW+Berlin%3A+ECB+Can+Lower+Fuel+and+Heating+Costs+by+Increasing+Interest+Rates+but+Would+Risk+Economic+Recovery&rft.date=2022&rft_id=info%3Adoi%2F10.18723%2Fdiw_dwr%3A2022-14-1&rft.aulast=Ider&rft.aufirst=G%C3%B6khan&rft.au=Kriwoluzky%2C+Alexander&rft.au=Kurcz%2C+Frederik&rft_id=https%3A%2F%2Fwww.diw.de%2Fsixcms%2Fdetail.php%3Fid%3Ddiw_01.c.838570.de&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-192"><a href="#cite_ref-192">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEuropean_Central_Bank2024" class="citation web cs1">European Central Bank (2024). <a rel="nofollow" class="external text" href="https://data.ecb.europa.eu">"European Central Bank Data Portal"</a>. Retrieved 19 January 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=European+Central+Bank+Data+Portal.&rft.date=2024&rft.au=European+Central+Bank&rft_id=https%3A%2F%2Fdata.ecb.europa.eu&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-193"><a href="#cite_ref-193">^</a> <a href="https://en.wikisource.org/wiki/Consolidated_version_of_the_Treaty_on_the_Functioning_of_the_European_Union/Title_VIII:_Economic_and_Monetary_Policy#CHAPTER_2:_MONETARY_POLICY" class="extiw" title="s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy">wikisource consolidation</a> </li> <li id="cite_note-HANSPETER_K_2006,_page_81-194">^ <a href="#cite_ref-HANSPETER_K_2006,_page_81_194-0">a</a> <a href="#cite_ref-HANSPETER_K_2006,_page_81_194-1">b</a> THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER SECOND REVISED EDITION 2006, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/92-899-0022-9" title="Special:BookSources/92-899-0022-9">92-899-0022-9</a> (print) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/92-899-0027-X" title="Special:BookSources/92-899-0027-X">92-899-0027-X</a> (online) page 81 at the pdf online version </li> <li id="cite_note-ENA_Pow-195"><a href="#cite_ref-ENA_Pow_195-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081216083913/http://www.ecb.int/ecb/orga/tasks/html/index.en.html">"Powers and responsibilities of the European Central Bank"</a>. European Central Bank. Archived from <a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/orga/tasks/html/index.en.html">the original</a> on 16 December 2008. Retrieved 10 March 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Powers+and+responsibilities+of+the+European+Central+Bank&rft.pub=European+Central+Bank&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Forga%2Ftasks%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-196"><a href="#cite_ref-196">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDraghi2016" class="citation pressrelease cs1">Draghi, Mario (2 June 2016). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/key/date/2016/html/sp160602.en.html">"Delivering a symmetric mandate with asymmetric tools: monetary policy in a context of low-interest rates"</a>. European Central Bank (Press release). Retrieved 28 November 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Delivering+a+symmetric+mandate+with+asymmetric+tools%3A+monetary+policy+in+a+context+of+low-interest+rates&rft.date=2016-06-02&rft.aulast=Draghi&rft.aufirst=Mario&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fkey%2Fdate%2F2016%2Fhtml%2Fsp160602.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-197"><a href="#cite_ref-197">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190618~ec4cd2443b.en.html">"Twenty Years of the ECB's monetary policy"</a>. European Central Bank (Press release). 18 June 2019. Retrieved 28 November 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Twenty+Years+of+the+ECB%27s+monetary+policy&rft.date=2019-06-18&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fkey%2Fdate%2F2019%2Fhtml%2Fecb.sp190618~ec4cd2443b.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-198"><a href="#cite_ref-198">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708~dc78cc4b0d.en.html">"ECB's Governing Council approves its new monetary policy strategy"</a>. European Central Bank (Press release). 8 July 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB%27s+Governing+Council+approves+its+new+monetary+policy+strategy&rft.date=2021-07-08&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2021%2Fhtml%2Fecb.pr210708~dc78cc4b0d.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-199"><a href="#cite_ref-199">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/tasks/html/index.en.html">"ECB: Monetary Policy"</a>. Retrieved 14 September 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB%3A+Monetary+Policy&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Ftasks%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-200"><a href="#cite_ref-200">^</a> Blot, C., Creel, J., Faure, E. and Hubert, P., <a rel="nofollow" class="external text" href="https://www.europarl.europa.eu/cmsdata/207721/OFCE_FINAL2%20online.pdf">Setting New Priorities for the ECB’s Mandate</a>, Study for the Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament, Luxembourg, 2020. </li> <li id="cite_note-201"><a href="#cite_ref-201">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.igmchicago.org/surveys/objectives-of-the-european-central-bank/">"Objectives of the European Central Bank"</a>. www.igmchicago.org. Retrieved 25 November 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.igmchicago.org&rft.atitle=Objectives+of+the+European+Central+Bank&rft_id=https%3A%2F%2Fwww.igmchicago.org%2Fsurveys%2Fobjectives-of-the-european-central-bank%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-202"><a href="#cite_ref-202">^</a> "Certainly, the protection of the environment is not the only transversal objective assigned to EU institutions and hence to the ECB. Under the Treaty, one could equally ask, for example, why the ECB should not promote industries that promise the strongest employment growth, irrespective of their ecological footprint. But equally importantly, the ECB is subject to the Treaty requirement to "act in accordance with the principle of an open market economy with free competition". – <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp181108.en.html">"Monetary policy and climate change</a>, Speech from Benoit Cœuré, November 2018 </li> <li id="cite_note-203"><a href="#cite_ref-203">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bruegel.org/2020/09/how-can-the-european-parliament-better-oversee-the-european-central-bank/">"How Can the European Parliament Better Oversee the European Central Bank? | Bruegel"</a>. Retrieved 28 November 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=How+Can+the+European+Parliament+Better+Oversee+the+European+Central+Bank%3F+%7C+Bruegel&rft_id=https%3A%2F%2Fwww.bruegel.org%2F2020%2F09%2Fhow-can-the-european-parliament-better-oversee-the-european-central-bank%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-204"><a href="#cite_ref-204">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.lemonde.fr/idees/article/2021/04/09/la-bce-devrait-avoir-un-mandat-politique-clair-qui-expliciterait-quels-objectifs-secondaires-sont-les-plus-pertinents-pour-l-ue_6076202_3232.html">"" La BCE devrait avoir un mandat politique clair qui expliciterait quels objectifs secondaires sont les plus pertinents pour l'UE ""</a>. Le Monde.fr (in French). 9 April 2021. Retrieved 16 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Le+Monde.fr&rft.atitle=%22+La+BCE+devrait+avoir+un+mandat+politique+clair+qui+expliciterait+quels+objectifs+secondaires+sont+les+plus+pertinents+pour+l%27UE+%22&rft.date=2021-04-09&rft_id=https%3A%2F%2Fwww.lemonde.fr%2Fidees%2Farticle%2F2021%2F04%2F09%2Fla-bce-devrait-avoir-un-mandat-politique-clair-qui-expliciterait-quels-objectifs-secondaires-sont-les-plus-pertinents-pour-l-ue_6076202_3232.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-205"><a href="#cite_ref-205">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVan't_KloosterDe_Boer2021" class="citation web cs1">Van't Klooster, Jens; De Boer, Nik (25 October 2021). <a rel="nofollow" class="external text" href="https://www.positivemoney.eu/2021/10/report-ecb-neglected-secondary-mandate/">"New report "The ECB's neglected secondary mandate: An inter-institutional solution""</a>. Positive Money Europe. Retrieved 28 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Positive+Money+Europe&rft.atitle=New+report+%22The+ECB%27s+neglected+secondary+mandate%3A+An+inter-institutional+solution%22&rft.date=2021-10-25&rft.aulast=Van%27t+Klooster&rft.aufirst=Jens&rft.au=De+Boer%2C+Nik&rft_id=https%3A%2F%2Fwww.positivemoney.eu%2F2021%2F10%2Freport-ecb-neglected-secondary-mandate%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-206"><a href="#cite_ref-206">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCosta2023" class="citation web cs1">Costa, Adua Dalla (16 February 2023). <a rel="nofollow" class="external text" href="https://www.positivemoney.eu/2023/02/historic-solution-ecb-secondary-objectives/">"EU Parliament offers historic solution on ECB's secondary objectives"</a>. Positive Money Europe. Retrieved 29 May 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Positive+Money+Europe&rft.atitle=EU+Parliament+offers+historic+solution+on+ECB%27s+secondary+objectives&rft.date=2023-02-16&rft.aulast=Costa&rft.aufirst=Adua+Dalla&rft_id=https%3A%2F%2Fwww.positivemoney.eu%2F2023%2F02%2Fhistoric-solution-ecb-secondary-objectives%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-207"><a href="#cite_ref-207">^</a> "A clear prioritisation of certain economic policies by the competent EU institutions, including the European Parliament, will help to guide the ECB in its pursuit of its secondary objective. In addition, it is also relevant to the ECB’s pursuit of its secondary objective to consider factors such as the proximity of the policy to the primary objective and the ECB’s main field of expertise, as well as the degree of precision and unconditionality of those economic policies." <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/pdf/other/ecb.20230525_feedback_on_the_input_provided_by_the_european_parliament~92020517af.en.pdf?dcef5730ce0bff0733e3d37013a4fec1">Feedback on the input provided by the European Parliament as part of its resolution on the ECB’s Annual Report 2021</a>, 25 May 2023 </li> <li id="cite_note-208"><a href="#cite_ref-208">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIoannidisHláskováZilioli2021" class="citation journal cs1">Ioannidis, Michael; Hlásková, Sarah Jane; Zilioli, Chiara (2021). <a rel="nofollow" class="external text" href="https://www.ssrn.com/abstract=3928298">"The Mandate of the ECB: Legal Considerations in the Ecb's Monetary Policy Strategy Review"</a>. SSRN Electronic Journal. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.3928298">10.2139/ssrn.3928298</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1556-5068">1556-5068</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN+Electronic+Journal&rft.atitle=The+Mandate+of+the+ECB%3A+Legal+Considerations+in+the+Ecb%27s+Monetary+Policy+Strategy+Review&rft.date=2021&rft_id=info%3Adoi%2F10.2139%2Fssrn.3928298&rft.issn=1556-5068&rft.aulast=Ioannidis&rft.aufirst=Michael&rft.au=Hl%C3%A1skov%C3%A1%2C+Sarah+Jane&rft.au=Zilioli%2C+Chiara&rft_id=https%3A%2F%2Fwww.ssrn.com%2Fabstract%3D3928298&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-209"><a href="#cite_ref-209">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/pdf/other/monetarypolicy2011en.pdf?4004e7099b3dcdbf58d0874f6eab650e">"Monetary policy"</a> (PDF).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Monetary+policy&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpub%2Fpdf%2Fother%2Fmonetarypolicy2011en.pdf%3F4004e7099b3dcdbf58d0874f6eab650e&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-BBC_ECB-210">^ <a href="#cite_ref-BBC_ECB_210-0">a</a> <a href="#cite_ref-BBC_ECB_210-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFairlambRossant,_John2003" class="citation news cs1">Fairlamb, David; Rossant, John (12 February 2003). <a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/business_basics/86006.stm">"The powers of the European Central Bank"</a>. BBC News. Retrieved 16 October 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=The+powers+of+the+European+Central+Bank&rft.date=2003-02-12&rft.aulast=Fairlamb&rft.aufirst=David&rft.au=Rossant%2C+John&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fbusiness%2Fbusiness_basics%2F86006.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Euro_debt_crisis-211">^ <a href="#cite_ref-Euro_debt_crisis_211-0">a</a> <a href="#cite_ref-Euro_debt_crisis_211-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.rediff.com/business/slide-show/slide-show-1-all-about-european-debt-crisis-in-simple-terms/20110819.htm">"All about the European debt crisis: In SIMPLE terms"</a>. rediff business. rediff.com. 19 August 2011. Retrieved 28 October 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=rediff+business&rft.atitle=All+about+the+European+debt+crisis%3A+In+SIMPLE+terms&rft.date=2011-08-19&rft_id=http%3A%2F%2Fwww.rediff.com%2Fbusiness%2Fslide-show%2Fslide-show-1-all-about-european-debt-crisis-in-simple-terms%2F20110819.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-212"><a href="#cite_ref-212">^</a> THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER SECOND REVISED EDITION 2006, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/92-899-0022-9" title="Special:BookSources/92-899-0022-9">92-899-0022-9</a> (print) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/92-899-0027-X" title="Special:BookSources/92-899-0027-X">92-899-0027-X</a> (online) page 87 at the pdf online version </li> <li id="cite_note-Bernanke-213">^ <a href="#cite_ref-Bernanke_213-0">a</a> <a href="#cite_ref-Bernanke_213-1">b</a> <a href="#cite_ref-Bernanke_213-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernanke2008" class="citation web cs1">Bernanke, Ben S. (1 December 2008). <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/speech/bernanke20081201a.htm">"Federal Reserve Policies in the Financial Crisis"</a> (Speech). Greater Austin Chamber of Commerce, Austin, Texas: Board of Governors of the Federal Reserve System. Retrieved 23 October 2011. <q>To ensure that adequate liquidity is available, consistent with the central bank's traditional role as the liquidity provider of last resort, the Federal Reserve has taken a number of extraordinary steps.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Federal+Reserve+Policies+in+the+Financial+Crisis&rft.place=Greater+Austin+Chamber+of+Commerce%2C+Austin%2C+Texas&rft.pub=Board+of+Governors+of+the+Federal+Reserve+System&rft.date=2008-12-01&rft.aulast=Bernanke&rft.aufirst=Ben+S.&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fspeech%2Fbernanke20081201a.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-214"><a href="#cite_ref-214">^</a> In practice, 400–500 banks participate regularly. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCheunvon_Köppen-MertesWeller2009" class="citation cs2">Cheun, Samuel; von Köppen-Mertes, Isabel; Weller, Benedict (December 2009), <a rel="nofollow" class="external text" href="http://www.ecb.int/pub/pdf/scpops/ecbocp107.pdf">The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil</a> (PDF), ECB, retrieved 24 August 2011</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+collateral+frameworks+of+the+Eurosystem%2C+the+Federal+Reserve+System+and+the+Bank+of+England+and+the+financial+market+turmoil&rft.pub=ECB&rft.date=2009-12&rft.aulast=Cheun&rft.aufirst=Samuel&rft.au=von+K%C3%B6ppen-Mertes%2C+Isabel&rft.au=Weller%2C+Benedict&rft_id=http%3A%2F%2Fwww.ecb.int%2Fpub%2Fpdf%2Fscpops%2Fecbocp107.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-The_ECB_and_the_Eurosystem-216">^ <a href="#cite_ref-The_ECB_and_the_Eurosystem_216-0">a</a> <a href="#cite_ref-The_ECB_and_the_Eurosystem_216-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBertaut2002" class="citation journal cs1">Bertaut, Carol C. (2002). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121019052919/http://www.bos.frb.org/economic/neer/neer2002/neer202e.pdf">"The European Central Bank and the Eurosystem"</a> (PDF). New England Economic Review (2nd quarter): 25–28. Archived from <a rel="nofollow" class="external text" href="http://www.bos.frb.org/economic/neer/neer2002/neer202e.pdf">the original</a> (PDF) on 19 October 2012. Retrieved 8 December 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=New+England+Economic+Review&rft.atitle=The+European+Central+Bank+and+the+Eurosystem&rft.issue=2nd+quarter&rft.pages=25-28&rft.date=2002&rft.aulast=Bertaut&rft.aufirst=Carol+C.&rft_id=http%3A%2F%2Fwww.bos.frb.org%2Feconomic%2Fneer%2Fneer2002%2Fneer202e.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Governing_Council2-217">^ <a href="#cite_ref-Governing_Council2_217-0">a</a> <a href="#cite_ref-Governing_Council2_217-1">b</a> <a href="#cite_ref-Governing_Council2_217-2">c</a> <a href="#cite_ref-Governing_Council2_217-3">d</a> <a href="#cite_ref-Governing_Council2_217-4">e</a> <a href="#cite_ref-Governing_Council2_217-5">f</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/orga/decisions/govc/html/index.en.html">"ECB: Governing Council"</a>. ECB. ecb.int. 1 January 2002. Retrieved 28 October 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ECB&rft.atitle=ECB%3A+Governing+Council&rft.date=2002-01-01&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Forga%2Fdecisions%2Fgovc%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-218"><a href="#cite_ref-218">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/ecb/pdf/orga/distributionofresp_EB.pdf">"Distribution of responsibilities among the Members of the Executive Board of the ECB"</a> (PDF).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Distribution+of+responsibilities+among+the+Members+of+the+Executive+Board+of+the+ECB&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Fpdf%2Forga%2Fdistributionofresp_EB.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-219"><a href="#cite_ref-219">^</a> Article 11.2 of the ESCB Statute </li> <li id="cite_note-MW01-220"><a href="#cite_ref-MW01_220-0">^</a> Marsh, David, <a rel="nofollow" class="external text" href="http://www.marketwatch.com/story/cameron-irritates-as-euros-high-noon-approaches-2012-05-28">"Cameron irritates as euro’s High Noon approaches"</a>, MarketWatch, 28 May 2012. Retrieved 29 May 2012. </li> <li id="cite_note-221"><a href="#cite_ref-221">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://blogs.ft.com/money-supply/tag/jose-manuel-gonzalez-paramo/#axzz1wP9yAdBr">"Tag: José Manuel González-Páramo"</a>. <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> Money Supply blog entries. 23 January 2012. Retrieved 14 September 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times+Money+Supply+blog+entries&rft.atitle=Tag%3A+Jos%C3%A9+Manuel+Gonz%C3%A1lez-P%C3%A1ramo&rft.date=2012-01-23&rft_id=http%3A%2F%2Fblogs.ft.com%2Fmoney-supply%2Ftag%2Fjose-manuel-gonzalez-paramo%2F%23axzz1wP9yAdBr&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-222"><a href="#cite_ref-222">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavenport" class="citation news cs1">Davenport, Claire. <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-eu-parliament-mersch-idUSBRE89O0KA20121025">"EU parliament vetoes Mersch, wants woman for ECB"</a>. U.S. Retrieved 3 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=U.S.&rft.atitle=EU+parliament+vetoes+Mersch%2C+wants+woman+for+ECB&rft.aulast=Davenport&rft.aufirst=Claire&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-eu-parliament-mersch-idUSBRE89O0KA20121025&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-223"><a href="#cite_ref-223">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2012-11-22/mersch-named-to-ecb-post-after-longest-euro-appointment-battle.html">"Mersch Named to ECB After Longest Euro Appointment Battle"</a>. Bloomberg. 23 November 2012. Retrieved 14 September 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Bloomberg&rft.atitle=Mersch+Named+to+ECB+After+Longest+Euro+Appointment+Battle&rft.date=2012-11-23&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2012-11-22%2Fmersch-named-to-ecb-post-after-longest-euro-appointment-battle.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-224"><a href="#cite_ref-224">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://agenceurope.eu/en/bulletin/article/12620/7">"Frank Elderson officially appointed member of executive boar..."</a> agenceurope.eu. Retrieved 7 March 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=agenceurope.eu&rft.atitle=Frank+Elderson+officially+appointed+member+of+executive+boar...&rft_id=https%3A%2F%2Fagenceurope.eu%2Fen%2Fbulletin%2Farticle%2F12620%2F7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-225"><a href="#cite_ref-225">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://nos.nl/l/2357869">"Benoeming Nederlander Frank Elderson in directie ECB stap dichterbij"</a>. nos.nl (in Dutch). 24 November 2020. Retrieved 25 November 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=nos.nl&rft.atitle=Benoeming+Nederlander+Frank+Elderson+in+directie+ECB+stap+dichterbij&rft.date=2020-11-24&rft_id=https%3A%2F%2Fnos.nl%2Fl%2F2357869&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-226"><a href="#cite_ref-226">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130206095156/http://www.ecb.int/ecb/educational/facts/orga/html/or_016.en.html">"ECB: Decision-making bodies"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/educational/facts/orga/html/or_016.en.html">the original</a> on 6 February 2013. Retrieved 14 September 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB%3A+Decision-making+bodies&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Feducational%2Ffacts%2Forga%2Fhtml%2For_016.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-227"><a href="#cite_ref-227">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/accounts/2016/html/index.en.html">"Monetary policy accounts published in 2016"</a> (Press release). 17 December 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Monetary+policy+accounts+published+in+2016&rft.date=2019-12-17&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Faccounts%2F2016%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-228"><a href="#cite_ref-228">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/7e58a3ea-d1bc-11e2-9336-00144feab7de?ftcamp=published_links/rss/comment/feed//product">"The ECB must open itself up"</a>. Financial Times. 10 June 2013. Retrieved 23 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=The+ECB+must+open+itself+up&rft.date=2013-06-10&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F7e58a3ea-d1bc-11e2-9336-00144feab7de%3Fftcamp%3Dpublished_links%2Frss%2Fcomment%2Ffeed%2F%2Fproduct&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-229"><a href="#cite_ref-229">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20040717041849/http://www.ecb.int/ecb/orga/decisions/govc/html/index.en.html">"Members of the Governing Council"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/orga/decisions/govc/html/index.en.html">the original</a> on 17 July 2004. Retrieved 22 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Members+of+the+Governing+Council&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Forga%2Fdecisions%2Fgovc%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ENA_Com-230"><a href="#cite_ref-ENA_Com_230-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.cvce.eu/collections/unit-content/-/unit/en/d5906df5-4f83-4603-85f7-0cabc24b9fe1/ae7780e3-050b-4a5e-914e-e1599d6f04dc">"Composition of the European Central Bank"</a>. CVCE. Retrieved 18 February 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Composition+of+the+European+Central+Bank&rft.pub=CVCE&rft_id=http%3A%2F%2Fwww.cvce.eu%2Fcollections%2Funit-content%2F-%2Funit%2Fen%2Fd5906df5-4f83-4603-85f7-0cabc24b9fe1%2Fae7780e3-050b-4a5e-914e-e1599d6f04dc&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ECB_GC-231"><a href="#cite_ref-ECB_GC_231-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/ecb/orga/decisions/genc/html/index.en.html">"ECB: General Council"</a>. European Central Bank. Retrieved 4 January 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB%3A+General+Council&rft.pub=European+Central+Bank&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Forga%2Fdecisions%2Fgenc%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-SupBoard-232">^ <a href="#cite_ref-SupBoard_232-0">a</a> <a href="#cite_ref-SupBoard_232-1">b</a> <a href="#cite_ref-SupBoard_232-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/ecb/orga/decisions/ssm/html/index.en.html">"Supervisory Board"</a>. European Central Bank. Retrieved 3 December 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Supervisory+Board&rft.pub=European+Central+Bank&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Forga%2Fdecisions%2Fssm%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-233"><a href="#cite_ref-233">^</a> Article 28.1 of the ESCB Statute </li> <li id="cite_note-234"><a href="#cite_ref-234">^</a> Article 29 of the ESCB Statute </li> <li id="cite_note-235"><a href="#cite_ref-235">^</a> Article 28.5 of the ESCB Statute </li> <li id="cite_note-236"><a href="#cite_ref-236">^</a> Article 28.4 of the ESCB Statute </li> <li id="cite_note-237"><a href="#cite_ref-237">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBuell2014" class="citation news cs1">Buell, Todd (29 October 2014). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/translation-adds-complexity-to-european-central-banks-supervisory-role-1414580925">"Translation Adds Complexity to European Central Bank's Supervisory Role: ECB Wants Communication in English, But EU Rules Allow Use of Any Official Language"</a>. The Wall Street Journal. Retrieved 11 October 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Translation+Adds+Complexity+to+European+Central+Bank%27s+Supervisory+Role%3A+ECB+Wants+Communication+in+English%2C+But+EU+Rules+Allow+Use+of+Any+Official+Language&rft.date=2014-10-29&rft.aulast=Buell&rft.aufirst=Todd&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Ftranslation-adds-complexity-to-european-central-banks-supervisory-role-1414580925&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-238"><a href="#cite_ref-238">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAthanassiou2006" class="citation web cs1">Athanassiou, Phoebus (February 2006). <a rel="nofollow" class="external text" href="http://www.ecb.europa.eu/pub/pdf/scplps/ecblwp2.pdf">"The Application of multilingualism in the European Union Context"</a> (PDF). ECB. p. 26. Retrieved 11 October 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Application+of+multilingualism+in+the+European+Union+Context&rft.pages=26&rft.pub=ECB&rft.date=2006-02&rft.aulast=Athanassiou&rft.aufirst=Phoebus&rft_id=http%3A%2F%2Fwww.ecb.europa.eu%2Fpub%2Fpdf%2Fscplps%2Fecblwp2.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-239"><a href="#cite_ref-239">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2022" class="citation web cs1">Bank, European Central (28 April 2022). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/annual/html/ecb.ar2021~14d7439b2d.en.html#toc93">"Annual Report 2021"</a>. European Central Bank.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Annual+Report+2021&rft.pub=European+Central+Bank&rft.date=2022-04-28&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpub%2Fannual%2Fhtml%2Fecb.ar2021~14d7439b2d.en.html%23toc93&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-240"><a href="#cite_ref-240">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/key/date/1997/html/sp970513.en.html">"The European Central Bank: independent and accountable"</a>. European Central Bank (Press release). 13 May 1997. Retrieved 5 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+European+Central+Bank%3A+independent+and+accountable&rft.date=1997-05-13&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fkey%2Fdate%2F1997%2Fhtml%2Fsp970513.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-241"><a href="#cite_ref-241">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/key/date/1999/html/sp990504.en.html">"The role of the Central Bank in the United Europe"</a>. European Central Bank (Press release). 4 May 1999. Retrieved 5 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+role+of+the+Central+Bank+in+the+United+Europe&rft.date=1999-05-04&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fkey%2Fdate%2F1999%2Fhtml%2Fsp990504.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-242"><a href="#cite_ref-242">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPapadiaRuggiero1999" class="citation journal cs1">Papadia, Francesco; Ruggiero, Gian Paolo (1 February 1999). "Central Bank Independence and Budget Constraints for a Stable Euro". Open Economies Review. 10 (1): 63–90. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1023%2FA%3A1008305128157">10.1023/A:1008305128157</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0923-7992">0923-7992</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153508547">153508547</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Open+Economies+Review&rft.atitle=Central+Bank+Independence+and+Budget+Constraints+for+a+Stable+Euro&rft.volume=10&rft.issue=1&rft.pages=63-90&rft.date=1999-02-01&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153508547%23id-name%3DS2CID&rft.issn=0923-7992&rft_id=info%3Adoi%2F10.1023%2FA%3A1008305128157&rft.aulast=Papadia&rft.aufirst=Francesco&rft.au=Ruggiero%2C+Gian+Paolo&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-243"><a href="#cite_ref-243">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWood" class="citation news cs1">Wood, Geoffrey. <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB902443500523452500">"Is the ECB Too Independent?"</a>. The Wall Street Journal. Retrieved 5 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Is+the+ECB+Too+Independent%3F&rft.aulast=Wood&rft.aufirst=Geoffrey&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB902443500523452500&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Independence-244">^ <a href="#cite_ref-Independence_244-0">a</a> <a href="#cite_ref-Independence_244-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/orga/independence/html/index.en.html">"Independence"</a>. European Central Bank. Retrieved 1 December 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Independence&rft.pub=European+Central+Bank&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Forga%2Findependence%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-245"><a href="#cite_ref-245">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank2017" class="citation journal cs1">Bank, European Central (12 January 2017). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/explainers/tell-me-more/html/ecb_independent.en.html">"Why is the ECB independent?"</a>. European Central Bank. Retrieved 5 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Central+Bank&rft.atitle=Why+is+the+ECB+independent%3F&rft.date=2017-01-12&rft.aulast=Bank&rft.aufirst=European+Central&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fexplainers%2Ftell-me-more%2Fhtml%2Fecb_independent.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-246"><a href="#cite_ref-246">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://transparency.eu/ecb">"Transparency International EU – The global coalition against corruption in Brussels"</a>. transparency.eu. 28 March 2017. Retrieved 5 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=transparency.eu&rft.atitle=Transparency+International+EU+%E2%80%93+The+global+coalition+against+corruption+in+Brussels&rft.date=2017-03-28&rft_id=http%3A%2F%2Ftransparency.eu%2Fecb&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Heinemann_Hüfner_2003_p.-247"><a href="#cite_ref-Heinemann_Hüfner_2003_p._247-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHeinemannHüfner2003" class="citation journal cs1">Heinemann, Friedrich; Hüfner, Felix P. (2003). <a rel="nofollow" class="external text" href="https://ub-madoc.bib.uni-mannheim.de/376/1/dp0269.pdf">"Is the View from the Eurotower Purely European? - National Divergence and ECB Interest Rate Policy"</a> (PDF). SSRN Electronic Journal. Elsevier BV. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.374600">10.2139/ssrn.374600</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1556-5068">1556-5068</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:12675305">12675305</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN+Electronic+Journal&rft.atitle=Is+the+View+from+the+Eurotower+Purely+European%3F+-+National+Divergence+and+ECB+Interest+Rate+Policy&rft.date=2003&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A12675305%23id-name%3DS2CID&rft.issn=1556-5068&rft_id=info%3Adoi%2F10.2139%2Fssrn.374600&rft.aulast=Heinemann&rft.aufirst=Friedrich&rft.au=H%C3%BCfner%2C+Felix+P.&rft_id=https%3A%2F%2Fub-madoc.bib.uni-mannheim.de%2F376%2F1%2Fdp0269.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-248"><a href="#cite_ref-248">^</a> Jose Ramon Cancelo, Diego Varela and Jose Manuel Sanchez-Santos (2011) 'Interest rate setting at the ECB: Individual preferences and collective decision making', Journal of Policy Modeling 33(6): 804–820. <a href="//doi.org/10.1016/j.jpolmod.2011.08.017" class="extiw" title="doi:10.1016/j.jpolmod.2011.08.017">DOI</a>. </li> <li id="cite_note-249"><a href="#cite_ref-249">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/pdf/scplps/ecblwp4.pdf?581a2ecf674a6554f5af698f5bf54019">"PRIVILEGES AND IMMUNITIES OF THE EUROPEAN CENTRAL BANK"</a> (PDF). European Central Bank. 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=PRIVILEGES+AND+IMMUNITIES+OF+THE+EUROPEAN+CENTRAL+BANK&rft.date=2007&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpub%2Fpdf%2Fscplps%2Fecblwp4.pdf%3F581a2ecf674a6554f5af698f5bf54019&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-250"><a href="#cite_ref-250">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&reference=A4-1998-0110&language=EN">"Report on democratic accountability in the third phase of European Monetary Union – Committee on Economic and Monetary Affairs and Industrial Policy – A4-0110/1998"</a>. europarl.europa.eu. Retrieved 8 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=europarl.europa.eu&rft.atitle=Report+on+democratic+accountability+in+the+third+phase+of+European+Monetary+Union+%E2%80%93+Committee+on+Economic+and+Monetary+Affairs+and+Industrial+Policy+%E2%80%93+A4-0110%2F1998&rft_id=http%3A%2F%2Fwww.europarl.europa.eu%2Fsides%2FgetDoc.do%3Ftype%3DREPORT%26reference%3DA4-1998-0110%26language%3DEN&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-251"><a href="#cite_ref-251">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/economic-bulletin/articles/2018/html/ecb.ebart201805_01.en.html">"The evolution of the ECB's accountability practices during the crisis"</a>. European Central Bank. 9 August 2018. Retrieved 8 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=The+evolution+of+the+ECB%27s+accountability+practices+during+the+crisis&rft.date=2018-08-09&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpub%2Feconomic-bulletin%2Farticles%2F2018%2Fhtml%2Fecb.ebart201805_01.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-252"><a href="#cite_ref-252">^</a> <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/pub/pdf/other/Exchange_of_Letters_ECB_European_Parliament_central_banking230605~87aa8ed4a3.en.pdf">Exchange of letters between the ECB and the European Parliament</a> (5 June 2023) </li> <li id="cite_note-253"><a href="#cite_ref-253">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/ecb/orga/accountability/html/index.en.html">"Accountability"</a>. European Central Bank. 20 August 2020. Retrieved 25 November 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=Accountability&rft.date=2020-08-20&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Forga%2Faccountability%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ECB_Acc-254"><a href="#cite_ref-ECB_Acc_254-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/orga/accountability/html/index.en.html">"Accountability"</a>. European Central Bank. Retrieved 15 October 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Accountability&rft.pub=European+Central+Bank&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Forga%2Faccountability%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-255"><a href="#cite_ref-255">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html">"Monetary dialogue | ECON Policies | ECON | Committees | European Parliament"</a>. europarl.europa.eu. Retrieved 6 October 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=europarl.europa.eu&rft.atitle=Monetary+dialogue+%7C+ECON+Policies+%7C+ECON+%7C+Committees+%7C+European+Parliament&rft_id=http%3A%2F%2Fwww.europarl.europa.eu%2Fcommittees%2Fen%2Fecon%2Fmonetary-dialogue.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-256"><a href="#cite_ref-256">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/committees/en/econ/questions-ecb.html">"Questions to the ECB | Documents | ECON | Committees | European Parliament"</a>. europarl.europa.eu. Retrieved 6 October 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=europarl.europa.eu&rft.atitle=Questions+to+the+ECB+%7C+Documents+%7C+ECON+%7C+Committees+%7C+European+Parliament&rft_id=http%3A%2F%2Fwww.europarl.europa.eu%2Fcommittees%2Fen%2Fecon%2Fquestions-ecb.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-BF_EB-257"><a href="#cite_ref-BF_EB_257-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.banque-france.fr/fileadmin/user_upload/banque_de_france/Eurosysteme_et_international/Directoire_GB.pdf">"Executive Board"</a> (PDF). <a href="/wiki/Banque_de_France" class="mw-redirect" title="Banque de France">Banque de France</a>. 2005. Retrieved 23 July 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Executive+Board&rft.pub=Banque+de+France&rft.date=2005&rft_id=http%3A%2F%2Fwww.banque-france.fr%2Ffileadmin%2Fuser_upload%2Fbanque_de_france%2FEurosysteme_et_international%2FDirectoire_GB.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-258"><a href="#cite_ref-258">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.politico.eu/article/merschs-ecb-candidacy-survives-meps-no-vote/">"Mersch's ECB candidacy survives MEPs' 'No' vote"</a>. POLITICO. 30 October 2012. Retrieved 24 October 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=POLITICO&rft.atitle=Mersch%27s+ECB+candidacy+survives+MEPs%27+%27No%27+vote&rft.date=2012-10-30&rft_id=https%3A%2F%2Fwww.politico.eu%2Farticle%2Fmerschs-ecb-candidacy-survives-meps-no-vote%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-259"><a href="#cite_ref-259">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/ecb/legal/pdf/celex_32013q113001_en_txt.pdf">"Interinstitutional Agreement between the European Parliament and the European Central Bank on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the ECB within the framework of the Single Supervisory Mechanism"</a> (PDF). 30 November 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Interinstitutional+Agreement+between+the+European+Parliament+and+the+European+Central+Bank+on+the+practical+modalities+of+the+exercise+of+democratic+accountability+and+oversight+over+the+exercise+of+the+tasks+conferred+on+the+ECB+within+the+framework+of+the+Single+Supervisory+Mechanism&rft.date=2013-11-30&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Flegal%2Fpdf%2Fcelex_32013q113001_en_txt.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-260"><a href="#cite_ref-260">^</a> Braun, Benjamin, and Leo Hoffmann-Axthelm. ‘<a rel="nofollow" class="external text" href="https://transparency.eu/wp-content/uploads/2017/03/TI-EU_ECB_Report_DIGITAL.pdf">Two Sides of the Same Coin: Independence and Accountability of the European Central Bank</a>’. Transparency International, March 2017. </li> <li id="cite_note-261"><a href="#cite_ref-261">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/pr/date/2014/html/pr140703_1.en.html">"ECB to adjust schedule of meetings and to publish regular accounts of monetary policy discussions in 2015"</a>. European Central Bank (Press release). 3 July 2014. Retrieved 5 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ECB+to+adjust+schedule+of+meetings+and+to+publish+regular+accounts+of+monetary+policy+discussions+in+2015&rft.date=2014-07-03&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fpr%2Fdate%2F2014%2Fhtml%2Fpr140703_1.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-262"><a href="#cite_ref-262">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://bruegel.org/2017/11/the-eurosystem-too-opaque-and-costly/">"The Eurosystem – Too opaque and costly?"</a>. bruegel.org. Retrieved 7 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=bruegel.org&rft.atitle=The+Eurosystem+%E2%80%93+Too+opaque+and+costly%3F&rft_id=http%3A%2F%2Fbruegel.org%2F2017%2F11%2Fthe-eurosystem-too-opaque-and-costly%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-263"><a href="#cite_ref-263">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:11997D/TXT">"Treaty of Amsterdam amending the Treaty on European Union, the Treaties establishing the European Communities and certain related acts"</a> (published 23 December 2014). 11 October 1997. Protocol on the institutions with the prospect of enlargement of the European Union, Article 2, sole article, (i). Retrieved 4 January 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Treaty+of+Amsterdam+amending+the+Treaty+on+European+Union%2C+the+Treaties+establishing+the+European+Communities+and+certain+related+acts&rft.pages=Protocol+on+the+institutions+with+the+prospect+of+enlargement+of+the+European+Union%2C+Article+2%2C+sole+article%2C+%28i%29&rft.date=1997-10-11&rft_id=http%3A%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FTXT%2F%3Furi%3DCELEX%3A11997D%2FTXT&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-ECB-2007b-264">^ <a href="#cite_ref-ECB-2007b_264-0">a</a> <a href="#cite_ref-ECB-2007b_264-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20070924213221/http://www.ecb.int/ecb/premises/html/image29.en.html">"Winning design by Coop Himmelb(l)au for the ECB's new headquarters in Frankfurt/Main"</a>. European Central Bank. Archived from <a rel="nofollow" class="external text" href="http://www.ecb.int/ecb/premises/html/image29.en.html">the original</a> on 24 September 2007. Retrieved 2 August 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Winning+design+by+Coop+Himmelb%28l%29au+for+the+ECB%27s+new+headquarters+in+Frankfurt%2FMain&rft.pub=European+Central+Bank&rft_id=http%3A%2F%2Fwww.ecb.int%2Fecb%2Fpremises%2Fhtml%2Fimage29.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-265"><a href="#cite_ref-265">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.ecb.int/press/pr/date/2007/html/pr070710_3.en.html">"Launch of a public tender for a general contractor to construct the new ECB premises"</a> (Press release). European Central Bank. 10 July 2007. Retrieved 2 August 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Launch+of+a+public+tender+for+a+general+contractor+to+construct+the+new+ECB+premises&rft.pub=European+Central+Bank&rft.date=2007-07-10&rft_id=http%3A%2F%2Fwww.ecb.int%2Fpress%2Fpr%2Fdate%2F2007%2Fhtml%2Fpr070710_3.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-FT_new_building-266"><a href="#cite_ref-FT_new_building_266-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDougherty" class="citation news cs1">Dougherty, Carter. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080919022915/http://www.iht.com/articles/2004/11/16/ecb_ed3_.php">"In ECB future, a new home to reflect all of Europe"</a>. <a href="/wiki/International_Herald_Tribune" title="International Herald Tribune">International Herald Tribune</a>. Archived from <a rel="nofollow" class="external text" href="http://www.iht.com/articles/2004/11/16/ecb_ed3_.php">the original</a> on 19 September 2008. Retrieved 2 August 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Herald+Tribune&rft.atitle=In+ECB+future%2C+a+new+home+to+reflect+all+of+Europe&rft.aulast=Dougherty&rft.aufirst=Carter&rft_id=http%3A%2F%2Fwww.iht.com%2Farticles%2F2004%2F11%2F16%2Fecb_ed3_.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-267"><a href="#cite_ref-267">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ecb.europa.eu/ecb/premises/intro/html/index.en.html">"Overview"</a>. European Central Bank. Retrieved 25 September 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Overview&rft.pub=European+Central+Bank&rft_id=http%3A%2F%2Fwww.ecb.europa.eu%2Fecb%2Fpremises%2Fintro%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-268"><a href="#cite_ref-268">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVaitilingam2019" class="citation web cs1">Vaitilingam, Romesh (13 May 2019). <a rel="nofollow" class="external text" href="https://www.igmchicago.org/surveys/fed-appointments/">"Fed Appointments"</a>. IGM Forum. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211204174401/https://www.igmchicago.org/surveys/fed-appointments/">Archived</a> from the original on 4 December 2021. Retrieved 4 December 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=IGM+Forum&rft.atitle=Fed+Appointments&rft.date=2019-05-13&rft.aulast=Vaitilingam&rft.aufirst=Romesh&rft_id=https%3A%2F%2Fwww.igmchicago.org%2Fsurveys%2Ffed-appointments%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-269"><a href="#cite_ref-269">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRampell2009" class="citation web cs1">Rampell, Catherine (15 July 2009). <a rel="nofollow" class="external text" href="https://economix.blogs.nytimes.com/2009/07/15/petition-for-fed-independence/">"Petition for Fed Independence"</a>. NY Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210128110926/https://economix.blogs.nytimes.com/2009/07/15/petition-for-fed-independence/">Archived</a> from the original on 28 January 2021. Retrieved 4 December 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=NY+Times&rft.atitle=Petition+for+Fed+Independence&rft.date=2009-07-15&rft.aulast=Rampell&rft.aufirst=Catherine&rft_id=https%3A%2F%2Feconomix.blogs.nytimes.com%2F2009%2F07%2F15%2Fpetition-for-fed-independence%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-270"><a href="#cite_ref-270">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMishkin2006" class="citation journal cs1">Mishkin, Frederic (September 2006). <a rel="nofollow" class="external text" href="http://www.nber.org/papers/w12515.pdf">"Monetary Policy Strategy: How Did We Get Here?"</a> (PDF). Cambridge, MA: w12515. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw12515">10.3386/w12515</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154595734">154595734</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Monetary+Policy+Strategy%3A+How+Did+We+Get+Here%3F&rft.pages=w12515&rft.date=2006-09&rft_id=info%3Adoi%2F10.3386%2Fw12515&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154595734%23id-name%3DS2CID&rft.aulast=Mishkin&rft.aufirst=Frederic&rft_id=http%3A%2F%2Fwww.nber.org%2Fpapers%2Fw12515.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> <code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>) </li> <li id="cite_note-271"><a href="#cite_ref-271">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEuropean_Central_Bank.2020" class="citation book cs1">European Central Bank. (2020). <a rel="nofollow" class="external text" href="https://data.europa.eu/doi/10.2866/908675">The case for central bank independence</a>. LU: Publications Office. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2866%2F908675">10.2866/908675</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9789289944243" title="Special:BookSources/9789289944243"><bdi>9789289944243</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+case+for+central+bank+independence.&rft.place=LU&rft.pub=Publications+Office&rft.date=2020&rft_id=info%3Adoi%2F10.2866%2F908675&rft.isbn=9789289944243&rft.au=European+Central+Bank.&rft_id=https%3A%2F%2Fdata.europa.eu%2Fdoi%2F10.2866%2F908675&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-272"><a href="#cite_ref-272">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarroGordon1983" class="citation journal cs1">Barro, Robert; Gordon, David (February 1983). <a rel="nofollow" class="external text" href="http://www.nber.org/papers/w1079.pdf">"Rules, Discretion and Reputation in a Model of Monetary Policy"</a> (PDF). Cambridge, MA: w1079. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw1079">10.3386/w1079</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Rules%2C+Discretion+and+Reputation+in+a+Model+of+Monetary+Policy&rft.pages=w1079&rft.date=1983-02&rft_id=info%3Adoi%2F10.3386%2Fw1079&rft.aulast=Barro&rft.aufirst=Robert&rft.au=Gordon%2C+David&rft_id=http%3A%2F%2Fwww.nber.org%2Fpapers%2Fw1079.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> <code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>) </li> <li id="cite_note-273"><a href="#cite_ref-273">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCukiermanWebNeyapti1992" class="citation journal cs1">Cukierman, Alex; Web, Steven B.; Neyapti, Bilin (1992). <a rel="nofollow" class="external text" href="https://doi.org/10.1093/wber/6.3.353">"Measuring the Independence of Central Banks and Its Effect on Policy Outcomes"</a>. The World Bank Economic Review. 6 (3): 353–398. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Fwber%2F6.3.353">10.1093/wber/6.3.353</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0258-6770">0258-6770</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+World+Bank+Economic+Review&rft.atitle=Measuring+the+Independence+of+Central+Banks+and+Its+Effect+on+Policy+Outcomes&rft.volume=6&rft.issue=3&rft.pages=353-398&rft.date=1992&rft_id=info%3Adoi%2F10.1093%2Fwber%2F6.3.353&rft.issn=0258-6770&rft.aulast=Cukierman&rft.aufirst=Alex&rft.au=Web%2C+Steven+B.&rft.au=Neyapti%2C+Bilin&rft_id=https%3A%2F%2Fdoi.org%2F10.1093%2Fwber%2F6.3.353&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Adolph,_Christopher,_1976–2013-274"><a href="#cite_ref-Adolph,_Christopher,_1976–2013_274-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAdolph2013" class="citation book cs1">Adolph, Christopher (2013). Bankers, bureaucrats, and central bank politics : the myth of neutrality. New York: Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-139-61681-2" title="Special:BookSources/978-1-139-61681-2"><bdi>978-1-139-61681-2</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/844940155">844940155</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bankers%2C+bureaucrats%2C+and+central+bank+politics+%3A+the+myth+of+neutrality&rft.place=New+York&rft.pub=Cambridge+University+Press&rft.date=2013&rft_id=info%3Aoclcnum%2F844940155&rft.isbn=978-1-139-61681-2&rft.aulast=Adolph&rft.aufirst=Christopher&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Delaume_2015_75-275">^ <a href="#cite_ref-Delaume_2015_75_275-0">a</a> <a href="#cite_ref-Delaume_2015_75_275-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDelaume2015" class="citation journal cs1 cs1-prop-foreign-lang-source">Delaume, Coralie (2015). <a rel="nofollow" class="external text" href="http://www.cairn.info/revue-le-debat-2015-5-page-75.htm">"Où va la Banque centrale européenne ?: De la technique à la politique, sans la démocratie"</a>. Le Débat (in French). 187 (5): 75. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.3917%2Fdeba.187.0075">10.3917/deba.187.0075</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0246-2346">0246-2346</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Le+D%C3%A9bat&rft.atitle=O%C3%B9+va+la+Banque+centrale+europ%C3%A9enne+%3F%3A+De+la+technique+%C3%A0+la+politique%2C+sans+la+d%C3%A9mocratie&rft.volume=187&rft.issue=5&rft.pages=75&rft.date=2015&rft_id=info%3Adoi%2F10.3917%2Fdeba.187.0075&rft.issn=0246-2346&rft.aulast=Delaume&rft.aufirst=Coralie&rft_id=http%3A%2F%2Fwww.cairn.info%2Frevue-le-debat-2015-5-page-75.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-276"><a href="#cite_ref-276">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFontan2010" class="citation journal cs1 cs1-prop-foreign-lang-source">Fontan, Clément (2010). <a rel="nofollow" class="external text" href="http://www.cairn.info/revue-politique-europeenne-2010-1-page-225.htm">"Chantiers de recherche transfert d'idée et résistances au changement : le cas de la banque centrale européenne après la crise.: Questionnement scientifique et objectifs de la thèse"</a>. Politique Européenne (in French). 30 (1): 225. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.3917%2Fpoeu.030.0225">10.3917/poeu.030.0225</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1623-6297">1623-6297</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Politique+Europ%C3%A9enne&rft.atitle=Chantiers+de+recherche+transfert+d%27id%C3%A9e+et+r%C3%A9sistances+au+changement+%3A+le+cas+de+la+banque+centrale+europ%C3%A9enne+apr%C3%A8s+la+crise.%3A+Questionnement+scientifique+et+objectifs+de+la+th%C3%A8se&rft.volume=30&rft.issue=1&rft.pages=225&rft.date=2010&rft_id=info%3Adoi%2F10.3917%2Fpoeu.030.0225&rft.issn=1623-6297&rft.aulast=Fontan&rft.aufirst=Cl%C3%A9ment&rft_id=http%3A%2F%2Fwww.cairn.info%2Frevue-politique-europeenne-2010-1-page-225.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-277"><a href="#cite_ref-277">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaymond2012" class="citation web cs1">Raymond, Grégory (31 August 2012). <a rel="nofollow" class="external text" href="https://www.huffingtonpost.fr/2012/08/30/jens-weidmann-bundesbank-draghi-merkel-euro_n_1843003.html">"Jens Weidmann, l'homme qui dit "non" à toute l'Europe"</a>. huffingtonpost.fr.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=huffingtonpost.fr&rft.atitle=Jens+Weidmann%2C+l%27homme+qui+dit+%22non%22+%C3%A0+toute+l%27Europe&rft.date=2012-08-31&rft.aulast=Raymond&rft.aufirst=Gr%C3%A9gory&rft_id=https%3A%2F%2Fwww.huffingtonpost.fr%2F2012%2F08%2F30%2Fjens-weidmann-bundesbank-draghi-merkel-euro_n_1843003.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-278"><a href="#cite_ref-278">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.lexpress.fr/archives/economie/2011/09/11/">"La démission de Jürgen Stark de la BCE vient au pire moment"</a>. lexpansion.lexpress.fr/. Reuters. 11 September 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=lexpansion.lexpress.fr%2F&rft.atitle=La+d%C3%A9mission+de+J%C3%BCrgen+Stark+de+la+BCE+vient+au+pire+moment&rft.date=2011-09-11&rft_id=https%3A%2F%2Fwww.lexpress.fr%2Farchives%2Feconomie%2F2011%2F09%2F11%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-279"><a href="#cite_ref-279">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLebaron2014" class="citation journal cs1 cs1-prop-foreign-lang-source">Lebaron, Frédéric (2014). <a rel="nofollow" class="external text" href="http://www.cairn.info/revue-savoir-agir-2014-1-page-5.htm">"Quand le gardien du Temple devient le sauveur des marchés financiers"</a>. Savoir/Agir (in French). 27 (1): 5–9. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.3917%2Fsava.027.0005">10.3917/sava.027.0005</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1958-7856">1958-7856</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Savoir%2FAgir&rft.atitle=Quand+le+gardien+du+Temple+devient+le+sauveur+des+march%C3%A9s+financiers&rft.volume=27&rft.issue=1&rft.pages=5-9&rft.date=2014&rft_id=info%3Adoi%2F10.3917%2Fsava.027.0005&rft.issn=1958-7856&rft.aulast=Lebaron&rft.aufirst=Fr%C3%A9d%C3%A9ric&rft_id=http%3A%2F%2Fwww.cairn.info%2Frevue-savoir-agir-2014-1-page-5.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-Barbier-Gauchard,_Amélie_1978-....-280"><a href="#cite_ref-Barbier-Gauchard,_Amélie_1978-...._280-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarbier-Gauchard,_Amélie_(1978–....).2018" class="citation book cs1">Barbier-Gauchard, Amélie (1978–....). (15 May 2018). La gouvernance économique de la zone euro : réalités et perspectives. Sidiropoulos, Moïse., Varoudakis, Aristomène (1958–....)., De Grauwe, Paul (1946–....). Louvain-la-Neuve. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-2-8073-2010-9" title="Special:BookSources/978-2-8073-2010-9"><bdi>978-2-8073-2010-9</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1041143371">1041143371</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=La+gouvernance+%C3%A9conomique+de+la+zone+euro+%3A+r%C3%A9alit%C3%A9s+et+perspectives&rft.place=Louvain-la-Neuve&rft.date=2018-05-15&rft_id=info%3Aoclcnum%2F1041143371&rft.isbn=978-2-8073-2010-9&rft.au=Barbier-Gauchard%2C+Am%C3%A9lie+%281978%E2%80%93....%29.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>) CS1 maint: numeric names: authors list (<a href="/wiki/Category:CS1_maint:_numeric_names:_authors_list" title="Category:CS1 maint: numeric names: authors list">link</a>) </li> <li id="cite_note-281"><a href="#cite_ref-281">^</a> SEIBT Sébastien, Ministre des finances de la zone euro, Merkel ne dit pas non, France 24, 13/07/<a rel="nofollow" class="external text" href="https://www.france24.com/fr/20170713-merkel-macron-ministre-finances-commun-zone-euro-economie-ue">2017</a> </li> <li id="cite_note-282"><a href="#cite_ref-282">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.lefigaro.fr/flash-eco/2017/10/02/97002-20171002FILWWW00065-ministre-des-finances-zone-euro-je-connais-bien-le-job-moscovici.php">"Ministre des Finances zone euro: "je connais bien le job" (Moscovici)"</a>. Le Figaro. 2 October 2017. Retrieved 28 March 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Le+Figaro&rft.atitle=Ministre+des+Finances+zone+euro%3A+%22je+connais+bien+le+job%22+%28Moscovici%29&rft.date=2017-10-02&rft_id=https%3A%2F%2Fwww.lefigaro.fr%2Fflash-eco%2F2017%2F10%2F02%2F97002-20171002FILWWW00065-ministre-des-finances-zone-euro-je-connais-bien-le-job-moscovici.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-283"><a href="#cite_ref-283">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEnderlein2015" class="citation web cs1">Enderlein, Henrik (October 2015). <a rel="nofollow" class="external text" href="https://hertieschool-f4e6.kxcdn.com/fileadmin/user_upload/MinistreFinancesEurropeen_JDI-B_FR1.pdf">"QUEL SERAIT LE RÔLE D'UN MINISTRE EUROPÉEN DES FINANCES ? UNE PROPOSITION"</a> (PDF). Retrieved 28 March 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=QUEL+SERAIT+LE+R%C3%94LE+D%27UN+MINISTRE+EUROP%C3%89EN+DES+FINANCES+%3F+UNE+PROPOSITION&rft.date=2015-10&rft.aulast=Enderlein&rft.aufirst=Henrik&rft_id=https%3A%2F%2Fhertieschool-f4e6.kxcdn.com%2Ffileadmin%2Fuser_upload%2FMinistreFinancesEurropeen_JDI-B_FR1.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-284"><a href="#cite_ref-284">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChopinJamet2012" class="citation cs2">Chopin, Thierry; Jamet, Jean-François (2012), "Europe — Afterwards. From Crisis Federalism to Pragmatic Federalism", Schuman Report on Europe, Springer Paris, pp. 29–33, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-2-8178-0319-7_2">10.1007/978-2-8178-0319-7_2</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-2-8178-0318-0" title="Special:BookSources/978-2-8178-0318-0"><bdi>978-2-8178-0318-0</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Schuman+Report+on+Europe&rft.atitle=Europe+%E2%80%94+Afterwards.+From+Crisis+Federalism+to+Pragmatic+Federalism&rft.pages=29-33&rft.date=2012&rft_id=info%3Adoi%2F10.1007%2F978-2-8178-0319-7_2&rft.isbn=978-2-8178-0318-0&rft.aulast=Chopin&rft.aufirst=Thierry&rft.au=Jamet%2C+Jean-Fran%C3%A7ois&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-285"><a href="#cite_ref-285">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTrichet2011" class="citation pressrelease cs1">Trichet, Jean Claude (2 June 2011). <a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/press/key/date/2011/html/sp110602.en.html">"Speech by Jean-Claude Trichet, President of the ECB on receiving the Karlspreis 2011 in Aachen"</a>. European Central Bank (Press release).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Speech+by+Jean-Claude+Trichet%2C+President+of+the+ECB+on+receiving+the+Karlspreis+2011+in+Aachen&rft.date=2011-06-02&rft.aulast=Trichet&rft.aufirst=Jean+Claude&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpress%2Fkey%2Fdate%2F2011%2Fhtml%2Fsp110602.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-286"><a href="#cite_ref-286">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ouest-france.fr/economie/banques-finance/zone-euro/l-eurogroupe-rejette-l-idee-d-un-ministre-europeen-des-finances-5430414">"L'Eurogroupe rejette l'idée d'un ministre européen des Finances"</a>. Ouest France. 7 December 2017. Retrieved 28 March 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Ouest+France&rft.atitle=L%27Eurogroupe+rejette+l%27id%C3%A9e+d%27un+ministre+europ%C3%A9en+des+Finances&rft.date=2017-12-07&rft_id=https%3A%2F%2Fwww.ouest-france.fr%2Feconomie%2Fbanques-finance%2Fzone-euro%2Fl-eurogroupe-rejette-l-idee-d-un-ministre-europeen-des-finances-5430414&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-287"><a href="#cite_ref-287">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.recherche.unistra.fr/index.php?id=30096">"L'euro reste une monnaie inachevée"</a>. Université de Strasbourg. 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Universit%C3%A9+de+Strasbourg&rft.atitle=L%27euro+reste+une+monnaie+inachev%C3%A9e&rft.date=2019&rft_id=http%3A%2F%2Fwww.recherche.unistra.fr%2Findex.php%3Fid%3D30096&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-288"><a href="#cite_ref-288">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPIKETTY2017" class="citation news cs1">PIKETTY, Thomas (1 February 2017). <a rel="nofollow" class="external text" href="https://www.lemonde.fr/blog/piketty/2017/02/01/pour-un-vrai-gouvernement-de-la-zone-euro/">"Pour un gouvernement enfin démocratique de la zone euro"</a>. Le Monde. Retrieved 28 March 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Le+Monde&rft.atitle=Pour+un+gouvernement+enfin+d%C3%A9mocratique+de+la+zone+euro&rft.date=2017-02-01&rft.aulast=PIKETTY&rft.aufirst=Thomas&rft_id=https%3A%2F%2Fwww.lemonde.fr%2Fblog%2Fpiketty%2F2017%2F02%2F01%2Fpour-un-vrai-gouvernement-de-la-zone-euro%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-289"><a href="#cite_ref-289">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://institutdelors.eu/wp-content/uploads/2018/01/reformergouvernanceue-bertoncini-vitorino-ne-ijd-sept14.pdf">"RÉFORMER LA " GOUVERNANCE " EUROPÉENNE POUR UNE FÉDÉRATION D'ÉTATS NATIONS PLUS LÉGITIME ET PLUS EFFICACE"</a> (PDF). Institut Jacques Delors. September 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Institut+Jacques+Delors&rft.atitle=R%C3%89FORMER+LA+%22+GOUVERNANCE+%22+EUROP%C3%89ENNE+POUR+UNE+F%C3%89D%C3%89RATION+D%27%C3%89TATS+NATIONS+PLUS+L%C3%89GITIME+ET+PLUS+EFFICACE&rft.date=2014-09&rft_id=https%3A%2F%2Finstitutdelors.eu%2Fwp-content%2Fuploads%2F2018%2F01%2Freformergouvernanceue-bertoncini-vitorino-ne-ijd-sept14.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-290"><a href="#cite_ref-290">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFde_GrauweJi2023" class="citation journal cs1">de Grauwe, Paul; Ji, Yuemei (13 June 2023). <a rel="nofollow" class="external text" href="https://www.ceps.eu/ceps-publications/towards-monetary-policies-that-do-not-subsidise-banks/">"Towards monetary policies that do not subsidise banks"</a>. CEPS.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CEPS&rft.atitle=Towards+monetary+policies+that+do+not+subsidise+banks&rft.date=2023-06-13&rft.aulast=de+Grauwe&rft.aufirst=Paul&rft.au=Ji%2C+Yuemei&rft_id=https%3A%2F%2Fwww.ceps.eu%2Fceps-publications%2Ftowards-monetary-policies-that-do-not-subsidise-banks%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-291"><a href="#cite_ref-291">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFde_Grauwe2023" class="citation web cs1">de Grauwe, Paul (4 September 2023). <a rel="nofollow" class="external text" href="https://www.bundesbank.de/en/service/dates/the-role-of-central-bank-reserves-in-monetary-policy-913968">"The role of central bank reserves in monetary policy: Bundesbank Invited Speakers Series"</a>. Deutsche Bundesbank. Retrieved 26 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Deutsche+Bundesbank&rft.atitle=The+role+of+central+bank+reserves+in+monetary+policy%3A+Bundesbank+Invited+Speakers+Series&rft.date=2023-09-04&rft.aulast=de+Grauwe&rft.aufirst=Paul&rft_id=https%3A%2F%2Fwww.bundesbank.de%2Fen%2Fservice%2Fdates%2Fthe-role-of-central-bank-reserves-in-monetary-policy-913968&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> <li id="cite_note-292"><a href="#cite_ref-292">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKoranyi2024" class="citation news cs1">Koranyi, Balazs (1 September 2024). <a rel="nofollow" class="external text" href="https://www.reuters.com/markets/europe/ecb-policymakers-odds-over-downturns-impact-sources-say-2024-09-02/">"ECB policymakers at odds over downturn's impact, sources say"</a>. Reuters. Retrieved 2 September 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=ECB+policymakers+at+odds+over+downturn%27s+impact%2C+sources+say&rft.date=2024-09-01&rft.aulast=Koranyi&rft.aufirst=Balazs&rft_id=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Feurope%2Fecb-policymakers-odds-over-downturns-impact-sources-say-2024-09-02%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+Central+Bank" class="Z3988"> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=European_Central_Bank&action=edit&section=56" title="Edit section: External links">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <a href="https://commons.wikimedia.org/wiki/Category:European_Central_Bank" class="extiw" title="commons:Category:European Central Bank">European Central Bank</a>.</div></div> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1235681985"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237033735"><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/38px-Wikisource-logo.svg.png" decoding="async" width="38" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/57px-Wikisource-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/76px-Wikisource-logo.svg.png 2x" data-file-width="410" data-file-height="430" /></div> <div class="side-box-text plainlist"><a href="/wiki/Wikisource" title="Wikisource">Wikisource</a> has original text related to this article: <div style="margin-left: 10px;"><a href="https://en.wikisource.org/wiki/Consolidated_protocols,_annexes_and_declarations_attached_to_the_treaties_of_the_European_Union#Protocol_(no_4)_on_the_statute_of_the_European_system_of_central_banks_and_of_the_European_central_bank" class="extiw" title="wikisource:Consolidated protocols, annexes and declarations attached to the treaties of the European Union">Protocol on the statute of the ESCB and ECB</a></div></div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/home/html/index.en.html">Official website</a> <a href="https://www.wikidata.org/wiki/Q8901#P856" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Links_to_related_articles" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background:#e8e8ff;"><div id="Links_to_related_articles" style="font-size:114%;margin:0 4em">Links to related articles</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0;font-size:114%"><div style="padding:0px"> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Executive_Board_of_the_European_Central_Bank" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:ECB_board" title="Template:ECB board"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:ECB_board" title="Template talk:ECB board"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:ECB_board" title="Special:EditPage/Template:ECB board"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Executive_Board_of_the_European_Central_Bank" style="font-size:114%;margin:0 4em"><a href="/wiki/Executive_Board_of_the_European_Central_Bank" title="Executive Board of the European Central Bank">Executive Board of the European Central Bank</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Presidents</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Wim_Duisenberg" title="Wim Duisenberg">Wim Duisenberg</a> (1998–2003)</li> <li><a href="/wiki/Jean-Claude_Trichet" title="Jean-Claude Trichet">Jean-Claude Trichet</a> (2003–2011)</li> <li><a href="/wiki/Mario_Draghi" title="Mario Draghi">Mario Draghi</a> (2011–2019)</li> <li><a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a> (2019–)</li></ul> </div></td><td class="noviewer navbox-image" rowspan="3" style="width:1px;padding:0 0 0 2px"><div><a href="/wiki/File:Flag_of_Europe.svg" class="mw-file-description" title="European Union"><img alt="European Union" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/52px-Flag_of_Europe.svg.png" decoding="async" width="52" height="35" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/78px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/104px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /></a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current Members</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a>1</li> <li><a href="/wiki/Luis_de_Guindos" title="Luis de Guindos">Luis de Guindos</a>2</li> <li><a href="/wiki/Philip_R._Lane" title="Philip R. Lane">Philip R. Lane</a>3</li> <li><a href="/wiki/Piero_Cipollone" title="Piero Cipollone">Piero Cipollone</a></li> <li><a href="/wiki/Isabel_Schnabel" title="Isabel Schnabel">Isabel Schnabel</a></li> <li><a href="/wiki/Frank_Elderson" title="Frank Elderson">Frank Elderson</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Former Members</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Christian_Noyer" title="Christian Noyer">Christian Noyer</a>2</li> <li><a href="/wiki/Sirkka_H%C3%A4m%C3%A4l%C3%A4inen" title="Sirkka Hämäläinen">Sirkka Hämäläinen</a></li> <li><a href="/wiki/Wim_Duisenberg" title="Wim Duisenberg">Wim Duisenberg</a>1</li> <li><a href="/wiki/Eugenio_Domingo_Solans" title="Eugenio Domingo Solans">Eugenio Domingo Solans</a></li> <li><a href="/wiki/Tommaso_Padoa-Schioppa" title="Tommaso Padoa-Schioppa">Tommaso Padoa-Schioppa</a></li> <li><a href="/wiki/Otmar_Issing" title="Otmar Issing">Otmar Issing</a>3</li> <li><a href="/wiki/Lucas_Papademos" title="Lucas Papademos">Lucas Papademos</a>2</li> <li><a href="/wiki/Gertrude_Tumpel-Gugerell" title="Gertrude Tumpel-Gugerell">Gertrude Tumpel-Gugerell</a></li> <li><a href="/wiki/Jean-Claude_Trichet" title="Jean-Claude Trichet">Jean-Claude Trichet</a>1</li> <li><a href="/wiki/Lorenzo_Bini_Smaghi" title="Lorenzo Bini Smaghi">Lorenzo Bini Smaghi</a></li> <li><a href="/wiki/J%C3%BCrgen_Stark" title="Jürgen Stark">Jürgen Stark</a>3</li> <li><a href="/wiki/Jos%C3%A9_Manuel_Gonz%C3%A1lez_Paramo" class="mw-redirect" title="José Manuel González Paramo">José Manuel González Paramo</a></li> <li><a href="/wiki/J%C3%B6rg_Asmussen" title="Jörg Asmussen">Jörg Asmussen</a></li> <li><a href="/wiki/V%C3%ADtor_Const%C3%A2ncio" title="Vítor Constâncio">Vítor Constâncio</a>2</li> <li><a href="/wiki/Peter_Praet" title="Peter Praet">Peter Praet</a>3</li> <li><a href="/wiki/Mario_Draghi" title="Mario Draghi">Mario Draghi</a>1</li> <li><a href="/wiki/Sabine_Lautenschl%C3%A4ger" title="Sabine Lautenschläger">Sabine Lautenschläger</a></li> <li><a href="/wiki/Beno%C3%AEt_C%C5%93ur%C3%A9" title="Benoît Cœuré">Benoît Cœuré</a></li> <li><a href="/wiki/Yves_Mersch" title="Yves Mersch">Yves Mersch</a></li> <li><a href="/wiki/Fabio_Panetta" title="Fabio Panetta">Fabio Panetta</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="3" style="font-size:smaller;"><div>1 = <a href="/wiki/President_of_the_European_Central_Bank" title="President of the European Central Bank">President</a> 2 = Vice President 3 = Chief Economist</div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Central_banks_of_the_European_Union_23x15px&#124;border_&#124;alt=European_Union&#124;link=European_Union" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Central_banks_of_the_European_Union" title="Template:Central banks of the European Union"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Central_banks_of_the_European_Union" title="Template talk:Central banks of the European Union"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Central_banks_of_the_European_Union" title="Special:EditPage/Template:Central banks of the European Union"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Central_banks_of_the_European_Union_23x15px&#124;border_&#124;alt=European_Union&#124;link=European_Union" style="font-size:114%;margin:0 4em"><a href="/wiki/Central_bank" title="Central bank">Central banks</a> of the <a href="/wiki/European_Union" title="European Union">European Union</a> <a href="/wiki/European_Union" title="European Union"><img alt="European Union" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/23px-Flag_of_Europe.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/35px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/45px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /></a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Within <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> (Members of the <a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a>)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/National_Bank_of_Belgium" title="National Bank of Belgium">National Bank of Belgium</a></li> <li><a href="/wiki/Croatian_National_Bank" title="Croatian National Bank">Croatian National Bank</a></li> <li><a href="/wiki/Central_Bank_of_Cyprus" title="Central Bank of Cyprus">Central Bank of Cyprus</a></li> <li><a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a></li> <li><a href="/wiki/Bank_of_Estonia" title="Bank of Estonia">Bank of Estonia</a></li> <li><a href="/wiki/Bank_of_Finland" title="Bank of Finland">Bank of Finland</a></li> <li><a href="/wiki/Banque_de_France" class="mw-redirect" title="Banque de France">Banque de France</a></li> <li><a href="/wiki/Bank_of_Greece" title="Bank of Greece">Bank of Greece</a></li> <li><a href="/wiki/Central_Bank_of_Ireland" title="Central Bank of Ireland">Central Bank of Ireland</a></li> <li><a href="/wiki/Bank_of_Italy" title="Bank of Italy">Bank of Italy</a></li> <li><a href="/wiki/Bank_of_Latvia" title="Bank of Latvia">Bank of Latvia</a></li> <li><a href="/wiki/Bank_of_Lithuania" title="Bank of Lithuania">Bank of Lithuania</a></li> <li><a href="/wiki/Central_Bank_of_Luxembourg" title="Central Bank of Luxembourg">Central Bank of Luxembourg</a></li> <li><a href="/wiki/Central_Bank_of_Malta" title="Central Bank of Malta">Central Bank of Malta</a></li> <li><a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank</a></li> <li><a href="/wiki/Oesterreichische_Nationalbank" title="Oesterreichische Nationalbank">Oesterreichische Nationalbank</a></li> <li><a href="/wiki/Banco_de_Portugal" title="Banco de Portugal">Banco de Portugal</a></li> <li><a href="/wiki/National_Bank_of_Slovakia" title="National Bank of Slovakia">National Bank of Slovakia</a></li> <li><a href="/wiki/Bank_of_Slovenia" title="Bank of Slovenia">Bank of Slovenia</a></li> <li><a href="/wiki/Bank_of_Spain" title="Bank of Spain">Bank of Spain</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Outside Eurozone</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgarian National Bank</a></li> <li><a href="/wiki/Czech_National_Bank" title="Czech National Bank">Czech National Bank</a></li> <li><a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Danmarks Nationalbank</a></li> <li><a href="/wiki/Hungarian_National_Bank" title="Hungarian National Bank">Hungarian National Bank</a></li> <li><a href="/wiki/National_Bank_of_Poland" title="National Bank of Poland">National Bank of Poland</a></li> <li><a href="/wiki/National_Bank_of_Romania" title="National Bank of Romania">National Bank of Romania</a></li> <li><a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking-related <a href="/wiki/Institutions_of_the_European_Union" title="Institutions of the European Union">EU institutions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">European Central Bank</a></li> <li><a href="/wiki/European_System_of_Central_Banks" title="European System of Central Banks">European System of Central Banks</a></li> <li><a href="/wiki/European_Investment_Bank" title="European Investment Bank">European Investment Bank</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/16px-Symbol_template_class_pink.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/23px-Symbol_template_class_pink.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/31px-Symbol_template_class_pink.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Template:Central_banks" title="Template:Central banks">Central banks</a></li> <li><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a> <a href="/wiki/Portal:European_Union" title="Portal:European Union">European Union</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Central_banks" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Central_banks" title="Template:Central banks"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Central_banks" title="Template talk:Central banks"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Central_banks" title="Special:EditPage/Template:Central banks"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Central_banks" style="font-size:114%;margin:0 4em"><a href="/wiki/Central_bank" title="Central bank">Central banks</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Global</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Basel_Committee_on_Banking_Supervision" title="Basel Committee on Banking Supervision">Basel Committee on Banking Supervision</a></li> <li><a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_requirement" title="Capital requirement">Capital requirement</a></li> <li><a href="/wiki/Contractionary_monetary_policy" class="mw-redirect" title="Contractionary monetary policy">Contractionary monetary policy</a></li> <li><a href="/wiki/Expansionary_monetary_policy" class="mw-redirect" title="Expansionary monetary policy">Expansionary monetary policy</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Implementation</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_control" title="Capital control">Capital control</a></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount rate</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rates</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Open_market_operation" title="Open market operation">Open market operation</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a></li> <li><a href="/wiki/World_Bank_Group" title="World Bank Group">World Bank Group</a> <ul><li><a href="/wiki/International_Bank_for_Reconstruction_and_Development" title="International Bank for Reconstruction and Development">International Bank for Reconstruction and Development</a></li> <li><a href="/wiki/International_Centre_for_Settlement_of_Investment_Disputes" title="International Centre for Settlement of Investment Disputes">International Centre for Settlement of Investment Disputes</a></li> <li><a href="/wiki/International_Development_Association" title="International Development Association">International Development Association</a></li> <li><a href="/wiki/International_Finance_Corporation" title="International Finance Corporation">International Finance Corporation</a></li> <li><a href="/wiki/Multilateral_Investment_Guarantee_Agency" title="Multilateral Investment Guarantee Agency">Multilateral Investment Guarantee Agency</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_central_banks" title="List of central banks">List of central banks</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Africa" class="mw-redirect" title="Central banks and currencies of Africa">Central banks and currencies of Africa</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Asia-Pacific" title="Central banks and currencies of Asia-Pacific">Central banks and currencies of Asia-Pacific</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Caribbean" title="Central banks and currencies of the Caribbean">Central banks and currencies of the Caribbean</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Europe" title="Central banks and currencies of Europe">Central banks and currencies of Europe</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Americas" title="Central banks and currencies of the Americas">Central banks and currencies of the Americas</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economies_of_the_dependencies_of_European_Union_states_23x15px&#124;border_&#124;alt=European_Union&#124;link=European_Union" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economies_of_EU_Dependencies" title="Template:Economies of EU Dependencies"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economies_of_EU_Dependencies" title="Template talk:Economies of EU Dependencies"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economies_of_EU_Dependencies" title="Special:EditPage/Template:Economies of EU Dependencies"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economies_of_the_dependencies_of_European_Union_states_23x15px&#124;border_&#124;alt=European_Union&#124;link=European_Union" style="font-size:114%;margin:0 4em">Economies of the <a href="/wiki/Dependent_territory" title="Dependent territory">dependencies</a> of <a href="/wiki/European_Union" title="European Union">European Union</a> states <a href="/wiki/European_Union" title="European Union"><img alt="European Union" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/23px-Flag_of_Europe.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/35px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/45px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /></a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economy_of_Denmark" title="Economy of Denmark">Denmark</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_the_Faroe_Islands" title="Economy of the Faroe Islands">Faroe Islands</a></li> <li><a href="/wiki/Economy_of_Greenland" title="Economy of Greenland">Greenland</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economy_of_France" title="Economy of France">France</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_French_Polynesia" title="Economy of French Polynesia">French Polynesia</a></li> <li><a href="/wiki/Economy_of_New_Caledonia" title="Economy of New Caledonia">New Caledonia</a></li> <li><a href="/wiki/Economy_of_Saint_Barth%C3%A9lemy" class="mw-redirect" title="Economy of Saint Barthélemy">Saint Barthélemy</a></li> <li><a href="/wiki/Economy_of_Saint_Martin_(France)" class="mw-redirect" title="Economy of Saint Martin (France)">Saint Martin</a></li> <li><a href="/wiki/Economy_of_Saint_Pierre_and_Miquelon" class="mw-redirect" title="Economy of Saint Pierre and Miquelon">Saint Pierre and Miquelon</a></li> <li><a href="/wiki/Economy_of_Wallis_and_Futuna" title="Economy of Wallis and Futuna">Wallis and Futuna</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economy_of_the_Netherlands" title="Economy of the Netherlands">Netherlands</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Aruba" title="Economy of Aruba">Aruba</a></li> <li><a href="/wiki/Economy_of_Cura%C3%A7ao" title="Economy of Curaçao">Curaçao</a></li> <li><a href="/wiki/Economy_of_Sint_Maarten" class="mw-redirect" title="Economy of Sint Maarten">Sint Maarten</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Euro_topics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Euro_topics" title="Template:Euro topics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Euro_topics" title="Template talk:Euro topics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Euro_topics" title="Special:EditPage/Template:Euro topics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Euro_topics" style="font-size:114%;margin:0 4em"><a href="/wiki/Euro" title="Euro">Euro</a> topics</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union of the European Union</a></li> <li><a href="/wiki/Capital_Markets_Union" title="Capital Markets Union">Capital Markets Union</a></li> <li><a href="/wiki/European_banking_union" title="European banking union">European banking union</a></li> <li><a href="/wiki/Euro_sign" title="Euro sign">Euro sign</a></li> <li><a href="/wiki/Eurozone" title="Eurozone">Eurozone</a></li> <li><a href="/wiki/Language_and_the_euro" title="Language and the euro">Language</a></li> <li><a href="/wiki/Euro-Skulptur" title="Euro-Skulptur">Euro-Skulptur</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Administration</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">European Central Bank</a></li> <li><a href="/wiki/President_of_the_European_Central_Bank" title="President of the European Central Bank">ECB president</a></li> <li><a href="/wiki/European_System_of_Central_Banks" title="European System of Central Banks">European System of Central Banks</a></li> <li><a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a></li> <li><a href="/wiki/Economic_and_Financial_Affairs_Council" title="Economic and Financial Affairs Council">Ecofin</a></li> <li><a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a></li> <li><a href="/wiki/Euro_summit" title="Euro summit">Euro summit</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Fiscal provisions</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Stability_and_Growth_Pact" title="Stability and Growth Pact">Stability and Growth Pact</a></li> <li><a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">European Stability Mechanism</a></li> <li><a href="/wiki/Euro_Plus_Pact" title="Euro Plus Pact">Euro Plus Pact</a></li> <li><a href="/wiki/Sixpack_(European_Union_law)" class="mw-redirect" title="Sixpack (European Union law)">Six pack</a></li> <li><a href="/wiki/European_Fiscal_Compact" title="European Fiscal Compact">European Fiscal Compact</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economy</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Europe" title="Economy of Europe">Economy of Europe</a></li> <li><a href="/wiki/Economy_of_the_European_Union" title="Economy of the European Union">Economy of the European Union</a></li> <li><a href="/wiki/Eonia" title="Eonia">Eonia</a></li> <li><a href="/wiki/Euro_calculator" title="Euro calculator">Euro calculator</a></li> <li><a href="/wiki/Euribor" title="Euribor">Euro interbank offered rate (Euribor)</a></li> <li><a href="/wiki/Single_Euro_Payments_Area" title="Single Euro Payments Area">Single euro payments area (SEPA)</a> <ul><li><a href="/wiki/European_Payments_Initiative" title="European Payments Initiative">European payments initiative (EPI)</a></li></ul></li> <li><a href="/wiki/Euro_Currency_Index" title="Euro Currency Index">Euro Currency Index</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/International_status_and_usage_of_the_euro" title="International status and usage of the euro">International status</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eurobond_(eurozone)" title="Eurobond (eurozone)">Proposed eurobonds</a></li> <li><a href="/wiki/Reserve_currency" title="Reserve currency">Reserve currency</a></li> <li><a href="/wiki/Petrocurrency" title="Petrocurrency">Petroeuro</a></li> <li><a href="/wiki/World_currency" title="World currency">World currency</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Denominations</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro_coins" title="Euro coins">Coins</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1_euro_cent_coin" title="1 euro cent coin">1c</a></li> <li><a href="/wiki/2_euro_cent_coin" title="2 euro cent coin">2c</a></li> <li><a href="/wiki/5_euro_cent_coin" title="5 euro cent coin">5c</a></li> <li><a href="/wiki/10_euro_cent_coin" title="10 euro cent coin">10c</a></li> <li><a href="/wiki/20_euro_cent_coin" title="20 euro cent coin">20c</a></li> <li><a href="/wiki/50_euro_cent_coin" title="50 euro cent coin">50c</a></li> <li><a href="/wiki/1_euro_coin" title="1 euro coin">1 €</a></li> <li><a href="/wiki/2_euro_coin" title="2 euro coin">2 €</a></li> <li><a href="/wiki/2_euro_commemorative_coins" title="2 euro commemorative coins">2 € commemorative coins</a></li> <li><a href="/wiki/Euro_gold_and_silver_commemorative_coins" title="Euro gold and silver commemorative coins">Other commemorative coins</a></li> <li><a href="/wiki/Identifying_marks_on_euro_coins" title="Identifying marks on euro coins">Identifying marks</a></li> <li><a href="/wiki/Euro_starter_kits" title="Euro starter kits">Starter kits</a></li> <li><a href="/wiki/Europa_coin_programme" title="Europa coin programme">Europa coin programme</a></li> <li><a href="/wiki/List_of_euro_mints" title="List of euro mints">Euro mint</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro_banknotes" title="Euro banknotes">Banknotes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/5_euro_note" title="5 euro note">5 €</a></li> <li><a href="/wiki/10_euro_note" title="10 euro note">10 €</a></li> <li><a href="/wiki/20_euro_note" title="20 euro note">20 €</a></li> <li><a href="/wiki/50_euro_note" title="50 euro note">50 €</a></li> <li><a href="/wiki/100_euro_note" title="100 euro note">100 €</a></li> <li><a href="/wiki/200_euro_note" title="200 euro note">200 €</a></li> <li><a href="/wiki/500_euro_note" title="500 euro note">500 €</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Coins by country with minting rights</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Eurozone" title="Eurozone">Eurozone</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Austrian_euro_coins" title="Austrian euro coins">Austria</a></li> <li><a href="/wiki/Belgian_euro_coins" title="Belgian euro coins">Belgium</a></li> <li><a href="/wiki/Croatian_euro_coins" title="Croatian euro coins">Croatia</a></li> <li><a href="/wiki/Cypriot_euro_coins" title="Cypriot euro coins">Cyprus</a></li> <li><a href="/wiki/Estonian_euro_coins" title="Estonian euro coins">Estonia</a></li> <li><a href="/wiki/Finnish_euro_coins" title="Finnish euro coins">Finland</a></li> <li><a href="/wiki/French_euro_coins" title="French euro coins">France</a></li> <li><a href="/wiki/German_euro_coins" title="German euro coins">Germany</a></li> <li><a href="/wiki/Greek_euro_coins" title="Greek euro coins">Greece</a></li> <li><a href="/wiki/Irish_euro_coins" title="Irish euro coins">Ireland</a></li> <li><a href="/wiki/Italian_euro_coins" title="Italian euro coins">Italy</a></li> <li><a href="/wiki/Latvian_euro_coins" class="mw-redirect" title="Latvian euro coins">Latvia</a></li> <li><a href="/wiki/Lithuanian_euro_coins" class="mw-redirect" title="Lithuanian euro coins">Lithuania</a></li> <li><a href="/wiki/Luxembourgish_euro_coins" title="Luxembourgish euro coins">Luxembourg</a></li> <li><a href="/wiki/Maltese_euro_coins" title="Maltese euro coins">Malta</a></li> <li><a href="/wiki/Dutch_euro_coins" title="Dutch euro coins">Netherlands</a></li> <li><a href="/wiki/Portuguese_euro_coins" title="Portuguese euro coins">Portugal</a></li> <li><a href="/wiki/Slovak_euro_coins" title="Slovak euro coins">Slovakia</a></li> <li><a href="/wiki/Slovenian_euro_coins" title="Slovenian euro coins">Slovenia</a></li> <li><a href="/wiki/Spanish_euro_coins" title="Spanish euro coins">Spain</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro#Agreed_direct_usage_with_minting_rights" title="Euro">Monetary agreement with EU</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Andorra_and_the_euro" title="Andorra and the euro">Andorra</a></li> <li><a href="/wiki/Mon%C3%A9gasque_euro_coins" title="Monégasque euro coins">Monaco</a></li> <li><a href="/wiki/Sammarinese_euro_coins" class="mw-redirect" title="Sammarinese euro coins">San Marino</a></li> <li><a href="/wiki/Vatican_euro_coins" title="Vatican euro coins">Vatican City</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Euro#Agreed_direct_usage_without_minting_rights" title="Euro">Non-EU territories using euro per agreement without minting rights</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Saint_Barth%C3%A9lemy" title="Saint Barthélemy">Saint Barthélemy</a></li> <li><a href="/wiki/Saint_Pierre_and_Miquelon" title="Saint Pierre and Miquelon">Saint Pierre and Miquelon</a></li> <li><a href="/wiki/French_Southern_and_Antarctic_Lands" title="French Southern and Antarctic Lands">French Southern and Antarctic Lands</a></li> <li><a href="/wiki/Akrotiri_and_Dhekelia" title="Akrotiri and Dhekelia">Akrotiri and Dhekelia</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Potential adoption by other countries</div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bulgaria_and_the_euro" title="Bulgaria and the euro">Bulgaria</a></li> <li><a href="/wiki/Czech_Republic_and_the_euro" title="Czech Republic and the euro">Czech Republic</a></li> <li><a href="/wiki/Denmark_and_the_euro" title="Denmark and the euro">Denmark</a></li> <li><a href="/wiki/Hungary_and_the_euro" title="Hungary and the euro">Hungary</a></li> <li><a href="/wiki/Poland_and_the_euro" title="Poland and the euro">Poland</a></li> <li><a href="/wiki/Romania_and_the_euro" title="Romania and the euro">Romania</a></li> <li><a href="/wiki/Sweden_and_the_euro" title="Sweden and the euro">Sweden</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Euro#Unilateral_direct_usage" title="Euro">Countries and territories using euro unilaterally</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Kosovo_and_the_euro" title="Kosovo and the euro">Kosovo</a></li> <li><a href="/wiki/Montenegro_and_the_euro" title="Montenegro and the euro">Montenegro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Currencies_of_the_European_Union" title="Currencies of the European Union">Other extant EU currencies</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">ERM II</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a></li> <li><a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Czech_koruna" title="Czech koruna">Czech koruna</a></li> <li><a href="/wiki/Hungarian_forint" title="Hungarian forint">Hungarian forint</a></li> <li><a href="/wiki/Polish_z%C5%82oty" title="Polish złoty">Polish złoty</a></li> <li><a href="/wiki/Romanian_leu" title="Romanian leu">Romanian leu</a></li> <li><a href="/wiki/Swedish_krona" title="Swedish krona">Swedish krona</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_euro" title="History of the euro">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">General</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li>"<a href="/wiki/Snake_in_the_tunnel" title="Snake in the tunnel">Snake in the tunnel</a>"</li> <li><a href="/wiki/European_Monetary_System" title="European Monetary System">European Monetary System</a> <ul><li>I <a href="/wiki/European_Currency_Unit" title="European Currency Unit">ECU</a></li> <li>II <a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">ERM</a></li> <li>III <a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">EMU</a></li></ul></li> <li><a href="/wiki/European_Monetary_Cooperation_Fund" title="European Monetary Cooperation Fund">European Monetary Cooperation Fund</a></li> <li><a href="/wiki/Delors_Committee" title="Delors Committee">Delors Committee</a></li> <li><a href="/wiki/European_Monetary_Institute" title="European Monetary Institute">European Monetary Institute</a></li> <li><a href="/wiki/Enlargement_of_the_eurozone" title="Enlargement of the eurozone">Enlargement</a></li> <li><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a></li> <li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/Withdrawal_from_the_eurozone" title="Withdrawal from the eurozone">Withdrawal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Previous EU members and euro</div></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_Kingdom_and_the_euro" title="United Kingdom and the euro">United Kingdom</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Preceding currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Currency_Unit" title="European Currency Unit">European Currency Unit</a></li> <li><a href="/wiki/Austrian_schilling" title="Austrian schilling">Austrian schilling</a></li> <li><a href="/wiki/Belgian_franc" title="Belgian franc">Belgian franc</a></li> <li><a href="/wiki/Croatian_kuna" title="Croatian kuna">Croatian kuna</a></li> <li><a href="/wiki/Cypriot_pound" title="Cypriot pound">Cypriot pound</a></li> <li><a href="/wiki/Dutch_guilder" title="Dutch guilder">Dutch guilder</a></li> <li><a href="/wiki/Estonian_kroon" title="Estonian kroon">Estonian kroon</a></li> <li><a href="/wiki/Finnish_markka" title="Finnish markka">Finnish markka</a></li> <li><a href="/wiki/French_franc" title="French franc">French franc</a></li> <li><a href="/wiki/Deutsche_Mark" title="Deutsche Mark">German Mark</a></li> <li><a href="/wiki/Modern_drachma" title="Modern drachma">Greek drachma</a></li> <li><a href="/wiki/Irish_pound" title="Irish pound">Irish pound</a></li> <li><a href="/wiki/Italian_lira" title="Italian lira">Italian lira</a></li> <li><a href="/wiki/Latvian_lats" title="Latvian lats">Latvian lats</a></li> <li><a href="/wiki/Lithuanian_litas" title="Lithuanian litas">Lithuanian litas</a></li> <li><a href="/wiki/Luxembourg_franc" title="Luxembourg franc">Luxembourg franc</a></li> <li><a href="/wiki/Maltese_lira" title="Maltese lira">Maltese lira</a></li> <li><a href="/wiki/Mon%C3%A9gasque_franc" title="Monégasque franc">Monégasque franc</a></li> <li><a href="/wiki/Portuguese_escudo" title="Portuguese escudo">Portuguese escudo</a></li> <li><a href="/wiki/Sammarinese_lira" title="Sammarinese lira">Sammarinese lira</a></li> <li><a href="/wiki/Slovak_koruna" title="Slovak koruna">Slovak koruna</a></li> <li><a href="/wiki/Slovenian_tolar" title="Slovenian tolar">Slovenian tolar</a></li> <li><a href="/wiki/Spanish_peseta" title="Spanish peseta">Spanish peseta</a></li> <li><a href="/wiki/Vatican_lira" title="Vatican lira">Vatican lira</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Former fiscal provisions</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Financial_Stability_Facility" title="European Financial Stability Facility">European Financial Stability Facility</a></li> <li><a href="/wiki/European_Financial_Stabilisation_Mechanism" title="European Financial Stabilisation Mechanism">European Financial Stabilisation Mechanism</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a> <a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a> <a href="/wiki/Portal:European_Union" title="Portal:European Union">European Union portal</a></li> <li><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a> <a href="/wiki/Portal:Numismatics" title="Portal:Numismatics">Numismatics portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style></div><div role="navigation" class="navbox" aria-labelledby="European_Union_articles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:European_Union_topics" title="Template:European Union topics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:European_Union_topics" title="Template talk:European Union topics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:European_Union_topics" title="Special:EditPage/Template:European Union topics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="European_Union_articles" style="font-size:114%;margin:0 4em"><a href="/wiki/European_Union" title="European Union">European Union</a> articles</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_European_Union" title="History of the European Union">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Timeline_of_European_Union_history" title="Timeline of European Union history">Timeline</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ideas_of_European_unity_before_1948" title="Ideas of European unity before 1948">Ideas of European unity before 1948</a></li> <li><a href="/wiki/Founding_fathers_of_the_European_Union" title="Founding fathers of the European Union">Founders</a></li> <li><a href="/wiki/History_of_the_European_integration_(1948%E2%80%931957)" class="mw-redirect" title="History of the European integration (1948–1957)">1948–1957</a></li> <li><a href="/wiki/History_of_the_European_Communities_(1958%E2%80%931972)" title="History of the European Communities (1958–1972)">1958–1972</a></li> <li><a href="/wiki/History_of_the_European_Communities_(1973%E2%80%931993)" title="History of the European Communities (1973–1993)">1973–1993</a></li> <li><a href="/wiki/History_of_the_European_Union_(1993%E2%80%932004)" title="History of the European Union (1993–2004)">1993–2004</a></li> <li><a href="/wiki/History_of_the_European_Union_since_2004" class="mw-redirect" title="History of the European Union since 2004">Since 2004</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Predecessors</th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Common_Security_and_Defence_Policy" title="Common Security and Defence Policy">Defence policy</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Western_Union_(alliance)" title="Western Union (alliance)">Western Union (1948–1954)</a></li> <li><a href="/wiki/Western_European_Union" title="Western European Union">Western European Union (1954–2011)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/European_Communities" title="European Communities">European Communities (1967–2009)</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Authority_for_the_Ruhr" title="International Authority for the Ruhr">International Authority for the Ruhr (1949–1951)</a></li> <li><a href="/wiki/European_Coal_and_Steel_Community" title="European Coal and Steel Community">European Coal and Steel Community (1951–2002)</a></li></ul> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Economic_Community" title="European Economic Community">European Economic Community (1958–1993)</a></li> <li><a href="/wiki/European_Community" class="mw-redirect" title="European Community">European Community (1993–2009)</a></li></ul> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Atomic_Energy_Community" class="mw-redirect" title="European Atomic Energy Community">European Atomic Energy Community (est. 1958)</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a class="mw-selflink selflink">Central bank</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Monetary_Cooperation_Fund" title="European Monetary Cooperation Fund">European Monetary Cooperation Fund (1973–1994)</a></li> <li><a href="/wiki/European_Monetary_Institute" title="European Monetary Institute">European Monetary Institute (1994–1998)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">Financial stability</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Financial_Stability_Facility" title="European Financial Stability Facility">European Financial Stability Facility (2010–2012)</a></li> <li><a href="/wiki/European_Financial_Stability_Mechanism" class="mw-redirect" title="European Financial Stability Mechanism">European Financial Stability Mechanism (2010–2012)</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Enlargement_of_the_European_Union" title="Enlargement of the European Union">Enlargements</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Free_Territory_of_Trieste#Dissolution" title="Free Territory of Trieste">1954</a></li> <li><a href="/wiki/1973_enlargement_of_the_European_Communities" title="1973 enlargement of the European Communities">1973</a></li> <li><a href="/wiki/1981_enlargement_of_the_European_Communities" title="1981 enlargement of the European Communities">1981</a></li> <li><a href="/wiki/1986_enlargement_of_the_European_Communities" title="1986 enlargement of the European Communities">1986</a></li> <li><a href="/wiki/German_reunification" title="German reunification">1990</a></li> <li><a href="/wiki/1995_enlargement_of_the_European_Union" title="1995 enlargement of the European Union">1995</a></li> <li><a href="/wiki/2004_enlargement_of_the_European_Union" title="2004 enlargement of the European Union">2004</a></li> <li><a href="/wiki/2007_enlargement_of_the_European_Union" title="2007 enlargement of the European Union">2007</a></li> <li><a href="/wiki/2013_enlargement_of_the_European_Union" title="2013 enlargement of the European Union">2013</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Withdrawal_from_the_European_Union" title="Withdrawal from the European Union">Withdrawals</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/%C3%89vian_Accords" title="Évian Accords">1962</a></li> <li><a href="/wiki/Withdrawal_of_Greenland_from_the_European_Communities" title="Withdrawal of Greenland from the European Communities">1984</a></li> <li><a href="/wiki/Saint_Pierre_and_Miquelon#After_1945" title="Saint Pierre and Miquelon">1985</a></li> <li><a href="/wiki/Saint_Barth%C3%A9lemy#21st_century" title="Saint Barthélemy">2012</a></li> <li><a href="/wiki/Brexit" title="Brexit">2020</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Geography_of_the_European_Union" title="Geography of the European Union">Geography</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Geography_of_the_European_Union" title="Geography of the European Union">Geography</a></li> <li><a href="/wiki/Demographics_of_the_European_Union" title="Demographics of the European Union">Demographics</a></li> <li><a href="/wiki/External_border_of_the_European_Union" title="External border of the European Union">External border</a></li> <li><a href="/wiki/Environmental_issues_in_the_European_Union" title="Environmental issues in the European Union">Environmental issues</a></li> <li><a href="/wiki/Extreme_points_of_the_European_Union" title="Extreme points of the European Union">Extreme points</a></li> <li><a href="/wiki/Geographical_midpoint_of_Europe#Geographic_centre_of_the_European_Union" title="Geographical midpoint of Europe">Geographic centre</a></li> <li><a href="/wiki/Larger_urban_zone" class="mw-redirect" title="Larger urban zone">Larger urban zones</a></li> <li><a href="/wiki/Member_state_of_the_European_Union" title="Member state of the European Union">Member states</a></li> <li><a href="/wiki/Protected_areas_of_the_European_Union" title="Protected areas of the European Union">Protected areas</a></li> <li><a href="/wiki/First-level_NUTS_of_the_European_Union" title="First-level NUTS of the European Union">Regions (first-level NUTS)</a></li> <li><a href="/wiki/Special_territories_of_members_of_the_European_Economic_Area" title="Special territories of members of the European Economic Area">Special territories</a></li> <li><a href="/wiki/European_Union_statistics" title="European Union statistics">Statistics</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bodies_of_the_European_Union_and_the_Euratom" class="mw-redirect" title="Bodies of the European Union and the Euratom">Bodies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Institutions_of_the_European_Union" title="Institutions of the European Union">Institutions</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Legislature" title="Legislature">Legislature</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> <ul><li><a href="/wiki/President_of_the_European_Parliament" title="President of the European Parliament">President</a></li> <li><a href="/wiki/Vice-President_of_the_European_Parliament" title="Vice-President of the European Parliament">Vice-Presidents</a></li> <li><a href="/wiki/Secretariat_of_the_European_Parliament" title="Secretariat of the European Parliament">Secretariat</a></li> <li><a href="/wiki/Committees_of_the_European_Parliament" title="Committees of the European Parliament">Committees</a></li> <li><a href="/wiki/Elections_to_the_European_Parliament" title="Elections to the European Parliament">Elections</a> <ul><li><a href="/wiki/European_Parliament_constituency" title="European Parliament constituency">Constituencies</a></li></ul></li> <li><a href="/wiki/Political_groups_of_the_European_Parliament" title="Political groups of the European Parliament">Political groups</a></li> <li><a href="/wiki/European_political_party" title="European political party">European political parties</a></li> <li><a href="/wiki/European_political_foundation" title="European political foundation">European political foundations</a></li></ul></li> <li><a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a> <ul><li><a href="/wiki/Presidency_of_the_Council_of_the_European_Union" title="Presidency of the Council of the European Union">Presidency</a></li> <li><a href="/wiki/General_Secretariat_of_the_Council_of_the_European_Union" title="General Secretariat of the Council of the European Union">General Secretariat</a></li> <li><a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Executive_(government)" title="Executive (government)">Executive</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Council" title="European Council">European Council</a> <ul><li><a href="/wiki/President_of_the_European_Council" title="President of the European Council">President</a></li> <li><a href="/wiki/Euro_summit" title="Euro summit">Euro summit</a></li></ul></li> <li><a href="/wiki/European_Commission" title="European Commission">European Commission</a> <ul><li><a href="/wiki/President_of_the_European_Commission" title="President of the European Commission">President</a></li> <li><a href="/wiki/Vice-President_of_the_European_Commission" title="Vice-President of the European Commission">Vice-Presidents</a></li> <li><a href="/wiki/List_of_European_Commissioners_by_nationality" class="mw-redirect" title="List of European Commissioners by nationality">Commissioners</a></li> <li><a href="/wiki/Directorate-General" title="Directorate-General">Directorates-General</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Judiciary" title="Judiciary">Judiciary</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Court_of_Justice_of_the_European_Union" title="Court of Justice of the European Union">Court of Justice of the European Union</a> <ul><li><a href="/wiki/European_Court_of_Justice" title="European Court of Justice">Court of Justice</a></li> <li><a href="/wiki/General_Court_(European_Union)" title="General Court (European Union)">General Court</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Central_bank" title="Central bank">Central bank</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">European Central Bank</a> <ul><li><a href="/wiki/President_of_the_European_Central_Bank" title="President of the European Central Bank">President</a></li> <li><a href="/wiki/European_System_of_Central_Banks" title="European System of Central Banks">System of Central Banks</a></li> <li><a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Supreme_audit_institution" title="Supreme audit institution">Supreme audit institution</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Court_of_Auditors" title="European Court of Auditors">European Court of Auditors</a> <ul><li><a href="/wiki/Secretary-General_of_the_European_Court_of_Auditors" title="Secretary-General of the European Court of Auditors">Secretary-General</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other international-law EU bodies</th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Atomic_Energy_Community" class="mw-redirect" title="European Atomic Energy Community">European Atomic Energy Community</a></li> <li>EIB Group <ul><li><a href="/wiki/European_Investment_Bank" title="European Investment Bank">European Investment Bank</a></li> <li><a href="/wiki/European_Investment_Fund" title="European Investment Fund">European Investment Fund</a></li> <li>EIB Institute</li></ul></li> <li><a href="/wiki/European_University_Institute" title="European University Institute">European University Institute</a></li> <li><a href="/wiki/European_Stability_Mechanism" title="European Stability Mechanism">European Stability Mechanism</a></li> <li><a href="/wiki/Unified_Patent_Court" title="Unified Patent Court">Unified Patent Court</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Independent offices</th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Ombudsman" title="European Ombudsman">European Ombudsman</a></li> <li><a href="/wiki/European_Data_Protection_Supervisor" title="European Data Protection Supervisor">European Data Protection Supervisor</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Agencies</th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agencies_of_the_European_Union" title="Agencies of the European Union">Agencies of the European Union</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Advisory bodies</th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Committee_of_the_Regions" title="European Committee of the Regions">European Committee of the Regions</a></li> <li><a href="/wiki/European_Economic_and_Social_Committee" title="European Economic and Social Committee">European Economic and Social Committee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Military bodies</th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Political_and_Security_Committee" title="Political and Security Committee">Political and Security Committee</a></li> <li><a href="/wiki/European_Union_Military_Committee" title="European Union Military Committee">European Union Military Committee</a></li> <li><a href="/wiki/European_Union_Military_Staff" title="European Union Military Staff">European Union Military Staff</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/European_Union_law" class="mw-redirect" title="European Union law">Law</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Acquis_communautaire" title="Acquis communautaire">Acquis</a></li> <li><a href="/wiki/Charter_of_Fundamental_Rights_of_the_European_Union" title="Charter of Fundamental Rights of the European Union">Charter of Fundamental Rights</a></li> <li><a href="/wiki/European_Union_competition_law" title="European Union competition law">Competition law</a></li> <li><a href="/wiki/Copyright_law_of_the_European_Union" title="Copyright law of the European Union">Copyright law</a></li> <li><a href="/wiki/Directive_(European_Union)" title="Directive (European Union)">Directive</a> <ul><li><a href="/wiki/Citizens%27_Rights_Directive" title="Citizens' Rights Directive">Citizens' Rights</a></li></ul></li> <li><a href="/wiki/Mechanism_for_Cooperation_and_Verification" title="Mechanism for Cooperation and Verification">Mechanism for Cooperation and Verification</a></li> <li><a href="/wiki/Official_Journal_of_the_European_Union" title="Official Journal of the European Union">Official Journal</a></li> <li><a href="/wiki/European_Union_legislative_procedure" title="European Union legislative procedure">Legislative procedure</a></li> <li><a href="/wiki/European_Citizens%27_Initiative" title="European Citizens' Initiative">Citizens' Initiative</a></li> <li><a href="/wiki/Regulation_(European_Union)" title="Regulation (European Union)">Regulation</a></li> <li><a href="/wiki/LGBT_rights_in_the_European_Union" class="mw-redirect" title="LGBT rights in the European Union">LGBT rights</a></li> <li><a href="/wiki/Enhanced_cooperation" title="Enhanced cooperation">Enhanced cooperation</a></li> <li><a href="/wiki/Treaties_of_the_European_Union" title="Treaties of the European Union">Treaties</a> <ul><li><a href="/wiki/Opt-outs_in_the_European_Union" title="Opt-outs in the European Union">opt-outs</a></li> <li><a href="/wiki/Withdrawal_from_the_European_Union" title="Withdrawal from the European Union">Withdrawal</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economy_of_the_European_Union" title="Economy of the European Union">Economy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Budget_of_the_European_Union" title="Budget of the European Union">Budget</a></li> <li><a href="/wiki/Currencies_of_the_European_Union" title="Currencies of the European Union">Currencies</a></li> <li><a href="/wiki/Community_preference_(EU)" class="mw-redirect" title="Community preference (EU)">Community preference</a></li> <li><a href="/wiki/Government_procurement_in_the_European_Union" title="Government procurement in the European Union">Government procurement</a></li> <li><a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> <ul><li><a href="/wiki/Euro" title="Euro">Euro</a> <ul><li><a href="/wiki/International_status_and_usage_of_the_euro" title="International status and usage of the euro">International status and usage</a></li></ul></li></ul></li> <li><a href="/wiki/European_Commissioner_for_Transport" title="European Commissioner for Transport">Transport</a> <ul><li><a href="/wiki/TRACECA" title="TRACECA">TRACECA</a></li></ul></li> <li><a href="/wiki/List_of_European_Union_member_states_by_minimum_wage" title="List of European Union member states by minimum wage">Minimum wage</a></li> <li><a href="/wiki/List_of_European_countries_by_average_wage" title="List of European countries by average wage">Average wage</a></li> <li><a href="/wiki/List_of_European_Union_member_states_by_unemployment_rate" title="List of European Union member states by unemployment rate">Unemployment rate</a></li> <li><a href="/wiki/List_of_European_Union_member_states_by_health_expense_per_person" title="List of European Union member states by health expense per person">Health expense per person</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Politics_of_the_European_Union" title="Politics of the European Union">Politics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Concepts</th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_integration" title="European integration">European integration</a></li> <li><a href="/wiki/Eurosphere" title="Eurosphere">Eurosphere</a></li> <li><a href="/wiki/Intergovernmentalism" title="Intergovernmentalism">Intergovernmentalism</a></li> <li><a href="/wiki/Multi-speed_Europe" title="Multi-speed Europe">Multi-speed Europe</a></li> <li><a href="/wiki/Neofunctionalism" title="Neofunctionalism">Neofunctionalism</a></li> <li><a href="/wiki/Optimum_currency_area" title="Optimum currency area">Optimum currency area</a></li> <li><a href="/wiki/Supranational_union" title="Supranational union">Supranational union</a></li> <li><a href="/wiki/Euroscepticism" title="Euroscepticism">Euroscepticism</a></li> <li><a href="/wiki/Euromyth" title="Euromyth">Euromyths</a></li> <li><a href="/wiki/European_Federation" class="mw-redirect" title="European Federation">Federalisation</a></li> <li><a href="/wiki/Pro-Europeanism" title="Pro-Europeanism">Pro-Europeanism</a></li> <li><a href="/wiki/Democratic_legitimacy_of_the_European_Union" title="Democratic legitimacy of the European Union">Democratic legitimacy</a></li> <li><a href="/wiki/Differentiated_integration" title="Differentiated integration">Differentiated integration</a></li> <li><a href="/wiki/Privileged_partnership" title="Privileged partnership">Privileged partnership</a></li> <li><a href="/wiki/Potential_superpower#European_Union" title="Potential superpower">Potential superpower status</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Area_of_freedom,_security_and_justice" title="Area of freedom, security and justice">Area of freedom, security and justice</a> <ul><li><a href="/wiki/Migration_and_asylum_policy_of_the_European_Union" title="Migration and asylum policy of the European Union">Migration and asylum policy</a></li> <li><a href="/wiki/Schengen_Area" title="Schengen Area">Schengen Area</a></li> <li><a href="/wiki/European_Judicial_Network" title="European Judicial Network">European Judicial Network</a> (criminal matters)</li> <li><a href="/w/index.php?title=European_Judicial_Network_in_civil_and_commercial_matters&action=edit&redlink=1" class="new" title="European Judicial Network in civil and commercial matters (page does not exist)">European Judicial Network in civil and commercial matters</a></li> <li><a href="/wiki/Citizenship_of_the_European_Union" class="mw-redirect" title="Citizenship of the European Union">Citizenship</a></li> <li><a href="/wiki/Passports_of_the_European_Union" title="Passports of the European Union">passports</a></li> <li><a href="/wiki/European_identity_card" class="mw-redirect" title="European identity card">identity card</a> (<a href="/wiki/National_identity_cards_in_the_European_Economic_Area" class="mw-redirect" title="National identity cards in the European Economic Area">list</a>)</li> <li><a href="/wiki/European_driving_licence" title="European driving licence">Driving licence</a></li> <li><a href="/wiki/Vehicle_registration_plates_of_the_European_Union" class="mw-redirect" title="Vehicle registration plates of the European Union">Vehicle registration plates</a></li></ul></li> <li><a href="/wiki/Common_Foreign_and_Security_Policy" title="Common Foreign and Security Policy">Common Foreign and Security Policy</a> <ul><li><a href="/wiki/Common_Security_and_Defence_Policy" title="Common Security and Defence Policy">Common Security and Defence Policy</a> <ul><li><a href="/wiki/Permanent_Structured_Cooperation" title="Permanent Structured Cooperation">Permanent Structured Cooperation</a></li></ul></li> <li><a href="/wiki/Enlargement_of_the_European_Union" title="Enlargement of the European Union">Enlargement Policy</a></li> <li><a href="/wiki/European_Neighbourhood_Policy" title="European Neighbourhood Policy">Neighbourhood Policy</a></li> <li><a href="/wiki/European_Union_Global_Strategy" title="European Union Global Strategy">Global Strategy</a></li></ul></li> <li><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union (EMU)</a> <ul><li><a href="/wiki/Eurozone" title="Eurozone">Eurozone</a></li> <li><a href="/wiki/European_banking_union" title="European banking union">European banking union</a> <ul><li><a href="/wiki/European_Banking_Supervision" title="European Banking Supervision">European Banking Supervision</a></li> <li><a href="/wiki/Single_Resolution_Mechanism" title="Single Resolution Mechanism">Single Resolution Mechanism</a></li></ul></li> <li><a href="/wiki/Capital_Markets_Union" title="Capital Markets Union">Capital Markets Union</a> <ul><li><a href="/wiki/European_System_of_Financial_Supervision" title="European System of Financial Supervision">European System of Financial Supervision</a></li></ul></li></ul></li> <li><a href="/wiki/European_Single_Market" class="mw-redirect" title="European Single Market">Single market</a> <ul><li><a href="/wiki/Common_Agricultural_Policy" title="Common Agricultural Policy">Agricultural policy</a></li> <li><a href="/wiki/Cultural_policies_of_the_European_Union" title="Cultural policies of the European Union">Cultural policies</a></li> <li><a href="/wiki/European_Union_Customs_Union" title="European Union Customs Union">Customs Union</a></li> <li><a href="/wiki/Educational_policies_and_initiatives_of_the_European_Union" title="Educational policies and initiatives of the European Union">Educational policies</a></li> <li><a href="/wiki/Energy_policy_of_the_European_Union" title="Energy policy of the European Union">Energy policy</a></li> <li><a href="/wiki/Environmental_policy_of_the_European_Union" title="Environmental policy of the European Union">Environmental policy</a> <ul><li><a href="/wiki/European_Green_Deal" title="European Green Deal">European Green Deal</a></li></ul></li> <li><a href="/wiki/Common_Fisheries_Policy" title="Common Fisheries Policy">Fisheries policy</a></li> <li><a href="/w/index.php?title=HealthCare_in_the_European_Union&action=edit&redlink=1" class="new" title="HealthCare in the European Union (page does not exist)">Healthcare</a> <ul><li><a href="/wiki/European_Health_Insurance_Card" title="European Health Insurance Card">Health Insurance Card</a></li></ul></li> <li><a href="/wiki/Freedom_of_movement_for_workers_in_the_European_Union" title="Freedom of movement for workers in the European Union">Labour mobility</a></li> <li><a href="/wiki/Regional_policy_of_the_European_Union" title="Regional policy of the European Union">Regional development</a></li> <li><a href="/wiki/European_Structural_and_Investment_Funds" title="European Structural and Investment Funds">European Structural and Investment Funds</a></li> <li><a href="/wiki/European_Union_Space_Programme" title="European Union Space Programme">Space policy</a></li> <li><a href="/wiki/Sport_policies_of_the_European_Union" title="Sport policies of the European Union">Sport policies</a></li> <li><a href="/wiki/European_Union_value_added_tax" title="European Union value added tax">VAT Area</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Foreign_relations_of_the_European_Union" title="Foreign relations of the European Union">Foreign relations</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist wraplinks" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Neighbourhood_Policy" title="European Neighbourhood Policy">Neighbourhood Policy</a></li> <li><a href="/wiki/European_Economic_Area" title="European Economic Area">European Economic Area</a> <ul><li><a href="/wiki/EEA_Joint_Committee" title="EEA Joint Committee">EEA Joint Committee</a></li></ul></li> <li><a href="/wiki/Energy_Community" title="Energy Community">Energy Community</a></li> <li><a href="/wiki/European_Political_Community" title="European Political Community">European Political Community</a></li> <li><a href="/wiki/European_Common_Aviation_Area" title="European Common Aviation Area">European Common Aviation Area</a></li> <li><a href="/wiki/European_Higher_Education_Area" title="European Higher Education Area">European Higher Education Area</a></li> <li><a href="/wiki/European_Union_Space_Programme#EU/ESA_Space_Council" title="European Union Space Programme">EU/ESA Framework Agreement</a> <ul><li><a href="/wiki/European_Union_Space_Programme#EU/ESA_Space_Council" title="European Union Space Programme">EU/ESA Space Council</a></li></ul></li> <li><a href="/wiki/European_Peace_Facility" title="European Peace Facility">European Peace Facility</a></li> <li><a href="/wiki/Economic_Partnership_Agreements" title="Economic Partnership Agreements">Economic Partnership Agreements</a></li> <li><a href="/wiki/European_Union_Association_Agreement" title="European Union Association Agreement">European Union Association Agreement</a></li> <li><a href="/wiki/Stabilisation_and_Association_Process" title="Stabilisation and Association Process">Stabilisation and Association Process</a></li> <li><a href="/wiki/Eastern_Partnership" title="Eastern Partnership">Eastern Partnership</a></li> <li><a href="/wiki/Euronest_Parliamentary_Assembly" title="Euronest Parliamentary Assembly">Euronest Parliamentary Assembly</a></li> <li><a href="/wiki/EU_Gateway_Programme" title="EU Gateway Programme">EU Gateway Programme</a></li> <li><a href="/wiki/EU_Strategy_for_the_South_Caucasus" title="EU Strategy for the South Caucasus">EU Strategy for the South Caucasus</a></li> <li><a href="/wiki/Northern_Dimension" title="Northern Dimension">Northern Dimension</a></li> <li><a href="/wiki/Union_for_the_Mediterranean" title="Union for the Mediterranean">Union for the Mediterranean</a></li> <li><a href="/wiki/European_Union_Global_Strategy" title="European Union Global Strategy">Global Strategy</a></li> <li><a href="/wiki/European_Union_free_trade_agreements" class="mw-redirect" title="European Union free trade agreements">Free trade agreements</a></li> <li><a href="/wiki/Enlargement_of_the_European_Union" title="Enlargement of the European Union">Enlargement</a> <ul><li><a href="/wiki/Potential_enlargement_of_the_European_Union" title="Potential enlargement of the European Union">Current agenda</a></li> <li><a href="/wiki/Statistics_relating_to_enlargement_of_the_European_Union" title="Statistics relating to enlargement of the European Union">Statistics</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Cultural_policies_of_the_European_Union" title="Cultural policies of the European Union">Culture</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Douzelage" title="Douzelage">Douzelage</a></li> <li><a href="/wiki/House_of_European_History" title="House of European History">House of European History</a></li> <li><a href="/wiki/2012_Nobel_Peace_Prize" title="2012 Nobel Peace Prize">2012 Nobel Peace Prize</a></li> <li><a href="/wiki/European_Union_laissez-passer" title="European Union laissez-passer">Laissez-passer</a></li> <li><a href="/wiki/Languages_of_the_European_Union" title="Languages of the European Union">Languages</a></li> <li><a href="/wiki/Media_freedom_in_the_European_Union" title="Media freedom in the European Union">Media freedom</a></li> <li><a href="/wiki/Public_holidays_in_the_European_Union" title="Public holidays in the European Union">Public holidays</a></li> <li><a href="/wiki/Religion_in_the_European_Union" title="Religion in the European Union">Religion</a></li> <li><a href="/wiki/Telephone_numbers_in_Europe" title="Telephone numbers in Europe">Telephone numbers</a></li> <li><a href="/wiki/Symbols_of_the_European_Union" title="Symbols of the European Union">Symbols</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:European_Union-related_lists" title="Category:European Union-related lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_books_on_the_European_Union" title="List of books on the European Union">Books on the subject</a></li> <li><a href="/wiki/List_of_European_Union_directives" title="List of European Union directives">Directives</a></li> <li><a href="/wiki/List_of_cities_in_the_European_Union_by_population_within_city_limits" title="List of cities in the European Union by population within city limits">Largest cities by population within city limits</a></li> <li><a href="/wiki/Table_of_political_parties_in_Europe_by_pancontinental_organisation" title="Table of political parties in Europe by pancontinental organisation">National parties by affiliation</a></li> <li><a href="/wiki/List_of_presidents_of_the_institutions_of_the_European_Union" title="List of presidents of the institutions of the European Union">Presidents of the institutions</a></li> <li><a href="/wiki/Terrorism_in_Europe" title="Terrorism in Europe">Terrorist incidents</a></li> <li><a href="/wiki/List_of_urban_areas_in_the_European_Union" title="List of urban areas in the European Union">Urban areas</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div><div style="margin-bottom:-0.4em;"><ul><li><a href="/wiki/Outline_of_the_European_Union" title="Outline of the European Union">Outline</a></li></ul></div> <ul><li><a href="/wiki/Category:European_Union" title="Category:European Union">Category</a></li> <li><a href="/wiki/Portal:European_Union" title="Portal:European Union">Portal</a></li></ul></div></td></tr></tbody></table></div></div></td></tr></tbody></table></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1130092004"><div class="portal-bar noprint metadata noviewer portal-bar-bordered" role="navigation" aria-label="Portals"><a href="/wiki/Wikipedia:Contents/Portals" title="Wikipedia:Contents/Portals">Portals</a>:<ul class="portal-bar-content"><li class="portal-bar-item"><img alt="flag" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/21px-Flag_of_Europe.svg.png" decoding="async" width="21" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/32px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/42px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /> <a href="/wiki/Portal:European_Union" title="Portal:European Union">European Union</a></li><li class="portal-bar-item"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/19px-Emblem-money.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/29px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/38px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a> <a href="/wiki/Portal:Economy" class="mw-redirect" title="Portal:Economy">Economy</a></li></ul></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q8901#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q8901#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <a href="https://www.wikidata.org/wiki/Q8901#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://isni.org/isni/0000000405557916">ISNI</a></li><li><a rel="nofollow" class="external text" href="https://viaf.org/viaf/129891942">VIAF</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/5287962-8">Germany</a></li><li><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/n95055518">United States</a></li><li><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb13324493d">France</a></li><li><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb13324493d">BnF data</a></li><li><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00885724">Japan</a></li><li><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=kn20021216004&CON_LNG=ENG">Czech Republic</a></li><li><a rel="nofollow" class="external text" href="http://catalogo.bne.es/uhtbin/authoritybrowse.cgi?action=display&authority_id=XX179487">Spain</a></li><li><a rel="nofollow" class="external text" href="http://id.bnportugal.gov.pt/aut/catbnp/832096">Portugal</a></li><li><a rel="nofollow" class="external text" href="https://authority.bibsys.no/authority/rest/authorities/html/98010085">Norway</a></li><li><a rel="nofollow" class="external text" href="https://kopkatalogs.lv/F?func=direct&local_base=lnc10&doc_number=000055428&P_CON_LNG=ENG">Latvia</a></li><li><a rel="nofollow" class="external text" href="http://katalog.nsk.hr/F/?func=direct&doc_number=000278166&local_base=nsk10">Croatia</a></li><li><a rel="nofollow" class="external text" href="https://catalogue.nlg.gr/cgi-bin/koha/opac-authoritiesdetail.pl?authid=178082">Greece</a></li><li><a rel="nofollow" class="external text" href="https://dbn.bn.org.pl/descriptor-details/9810630989605606">Poland</a></li><li><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007261088605171">Israel</a></li><li><a rel="nofollow" class="external text" href="https://cantic.bnc.cat/registre/981058522600606706">Catalonia</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Academics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://ci.nii.ac.jp/author/DA11965552?l=en">CiNii</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://www.idref.fr/035582480">IdRef</a></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=European_Central_Bank&oldid=1258411323">https://en.wikipedia.org/w/index.php?title=European_Central_Bank&oldid=1258411323</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:European_Central_Bank" title="Category:European Central Bank">European Central Bank</a></li><li><a href="/wiki/Category:1998_establishments_in_the_European_Union" title="Category:1998 establishments in the European Union">1998 establishments in the European Union</a></li><li><a href="/wiki/Category:Banks_established_in_1998" title="Category:Banks established in 1998">Banks established in 1998</a></li><li><a href="/wiki/Category:Eurosystem" title="Category:Eurosystem">Eurosystem</a></li><li><a href="/wiki/Category:Eurozone" title="Category:Eurozone">Eurozone</a></li><li><a href="/wiki/Category:Institutions_of_the_European_Union" title="Category:Institutions of the European Union">Institutions of the European Union</a></li><li><a href="/wiki/Category:Banks_based_in_Frankfurt" title="Category:Banks based in Frankfurt">Banks based in Frankfurt</a></li><li><a href="/wiki/Category:European_System_of_Central_Banks" title="Category:European System of Central Banks">European System of Central Banks</a></li><li><a href="/wiki/Category:European_Banking_Supervision" title="Category:European Banking Supervision">European Banking Supervision</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_September_2015" title="Category:Articles with unsourced statements from September 2015">Articles with unsourced statements from September 2015</a></li><li><a href="/wiki/Category:Pages_with_login_required_references_or_sources" title="Category:Pages with login required references or sources">Pages with login required references or sources</a></li><li><a href="/wiki/Category:CS1_German-language_sources_(de)" title="Category:CS1 German-language sources (de)">CS1 German-language sources (de)</a></li><li><a href="/wiki/Category:CS1:_long_volume_value" title="Category:CS1: long volume value">CS1: long volume value</a></li><li><a href="/wiki/Category:CS1_French-language_sources_(fr)" title="Category:CS1 French-language sources (fr)">CS1 French-language sources (fr)</a></li><li><a href="/wiki/Category:CS1_Dutch-language_sources_(nl)" title="Category:CS1 Dutch-language sources (nl)">CS1 Dutch-language sources (nl)</a></li><li><a href="/wiki/Category:CS1_errors:_missing_periodical" title="Category:CS1 errors: missing periodical">CS1 errors: missing periodical</a></li><li><a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">CS1 maint: location missing publisher</a></li><li><a href="/wiki/Category:CS1_maint:_numeric_names:_authors_list" title="Category:CS1 maint: numeric names: authors list">CS1 maint: numeric names: authors list</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:Use_British_English_from_March_2013" title="Category:Use British English from March 2013">Use British English from March 2013</a></li><li><a href="/wiki/Category:Use_dmy_dates_from_March_2022" title="Category:Use dmy dates from March 2022">Use dmy dates from March 2022</a></li><li><a href="/wiki/Category:Pages_using_gadget_WikiMiniAtlas" title="Category:Pages using gadget WikiMiniAtlas">Pages using gadget WikiMiniAtlas</a></li><li><a href="/wiki/Category:Articles_to_be_expanded_from_April_2021" title="Category:Articles to be expanded from April 2021">Articles to be expanded from April 2021</a></li><li><a href="/wiki/Category:All_articles_to_be_expanded" title="Category:All articles to be expanded">All articles to be expanded</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_April_2019" title="Category:Articles with unsourced statements from April 2019">Articles with unsourced statements from April 2019</a></li><li><a href="/wiki/Category:Articles_containing_potentially_dated_statements_from_2021" title="Category:Articles containing potentially dated statements from 2021">Articles containing potentially dated statements from 2021</a></li><li><a href="/wiki/Category:All_articles_containing_potentially_dated_statements" title="Category:All articles containing potentially dated statements">All articles containing potentially dated statements</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_December_2015" title="Category:Articles needing additional references from December 2015">Articles needing additional references from December 2015</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_July_2016" title="Category:Articles with unsourced statements from July 2016">Articles with unsourced statements from July 2016</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_August_2020" title="Category:Articles with unsourced statements from August 2020">Articles with unsourced statements from August 2020</a></li><li><a href="/wiki/Category:Wikipedia_articles_with_style_issues_from_May_2020" title="Category:Wikipedia articles with style issues from May 2020">Wikipedia articles with style issues from May 2020</a></li><li><a href="/wiki/Category:All_articles_with_style_issues" title="Category:All articles with style issues">All articles with style issues</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_July_2024" title="Category:Articles with unsourced statements from July 2024">Articles with unsourced statements from July 2024</a></li><li><a href="/wiki/Category:Commons_category_link_is_on_Wikidata" title="Category:Commons category link is on Wikidata">Commons category link is on Wikidata</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 19 November 2024, at 15:49 (UTC).</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=European_Central_Bank&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-f69cdc8f6-gzd6v","wgBackendResponseTime":211,"wgPageParseReport":{"limitreport":{"cputime":"3.462","walltime":"4.092","ppvisitednodes":{"value":49449,"limit":1000000},"postexpandincludesize":{"value":1236567,"limit":2097152},"templateargumentsize":{"value":170317,"limit":2097152},"expansiondepth":{"value":19,"limit":100},"expensivefunctioncount":{"value":58,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":1134256,"limit":5000000},"entityaccesscount":{"value":1,"limit":400},"timingprofile":["100.00% 3306.214 1 -total"," 44.63% 1475.633 2 Template:Reflist"," 18.14% 599.759 1 Template:Politics_of_the_European_Union"," 17.98% 594.520 1 Template:Sidebar_with_collapsible_lists"," 15.87% 524.833 113 Template:Cite_web"," 13.39% 442.756 87 Template:Cite_journal"," 8.15% 269.512 1 Template:Navboxes"," 7.73% 255.415 122 Template:Flag_icon"," 5.01% 165.756 39 Template:Cite_news"," 4.67% 154.456 1 Template:Infobox_central_bank"]},"scribunto":{"limitreport-timeusage":{"value":"1.680","limit":"10.000"},"limitreport-memusage":{"value":13790202,"limit":52428800},"limitreport-logs":"table#1 {\n [\"size\"] = \"medium\",\n}\n","limitreport-profile":[["?","740","35.2"],["dataWrapper \u003Cmw.lua:672\u003E","300","14.3"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::callParserFunction","260","12.4"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::gsub","140","6.7"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::find","80","3.8"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::plain","80","3.8"],["\u003Cmw.lua:694\u003E","60","2.9"],["recursiveClone \u003CmwInit.lua:45\u003E","60","2.9"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::getExpandedArgument","40","1.9"],["date","40","1.9"],["[others]","300","14.3"]]},"cachereport":{"origin":"mw-web.codfw.main-f69cdc8f6-fn5x6","timestamp":"20241123203056","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"European Central Bank","url":"https:\/\/en.wikipedia.org\/wiki\/European_Central_Bank","sameAs":"http:\/\/www.wikidata.org\/entity\/Q8901","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q8901","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2001-07-27T10:44:08Z","dateModified":"2024-11-19T15:49:00Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/c\/cb\/Logo_European_Central_Bank.svg","headline":"central bank of the European Union and the eurozone"}</script> </body> </html>