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<hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">12 December 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.en.html">Introduction</a><a href="#" class="subpages" title="toggle subpages for Introduction"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.en.html">Benefits of price 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class="clearfix"><a href="/mopo/ela/html/index.en.html">Emergency liquidity assistance (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.en.html">Liquidity analysis</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.en.html">Collateral</a><a href="#" class="subpages" title="toggle subpages for Collateral"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.en.html">Eligibility criteria and assessment</a><a href="#" class="subpages" title="toggle subpages for Eligibility criteria and assessment"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.en.html">Mobilising collateral</a><a href="#" class="subpages" title="toggle subpages for Mobilising collateral"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.en.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.en.html">Risk mitigation</a><a href="#" class="subpages" title="toggle subpages for Risk mitigation"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.en.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.en.html">Risk control</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.en.html">Haircut categories</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.en.html">Valuation</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.en.html">Loan-level requirements</a><a href="#" class="subpages" title="toggle subpages for Loan-level requirements"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.en.html">Data templates</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.en.html">Eligibility requirements</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.en.html">Contacts</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.en.html">Structure of the 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href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments and market infrastructures</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news & events</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</a></li> </ul> </div> <a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" 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innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages -current"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Second progress report on the preparation phase of a digital euro</div> <div class="image-date">2 December 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.en.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.en.html">Future banknotes</a><a href="#" class="subpages" title="toggle subpages for Future banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html">Redesign process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.en.html">Current banknotes</a><a href="#" class="subpages" title="toggle subpages for Current banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.en.html">Banknote production and stocks</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.en.html">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.en.html">Environment, health and safety</a><a href="#" class="subpages" title="toggle subpages for Environment, health and safety"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.en.html">Product environmental footprint</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.en.html">Research and development</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.en.html">Images and reproduction rules</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.en.html">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.en.html">Coins</a><a href="#" class="subpages" title="toggle subpages for Coins"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.en.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.en.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.en.html">50 cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.en.html">20 cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.en.html">10 cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.en.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.en.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.en.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.en.html">Common sides</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.en.html">€2 commemorative coins</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.en.html">Security features</a></li><li class="clearfix"><a 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