Discover euro banknotes and their security features and find out more about the euro. ECB (European Central Bank) – central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states.ECB announcements very important for traders. If the market expects a rate cut, but the ECB comes in with an increase in the rate, a trader may want to place a short long position on the Euro for 1-2 hours. To this end, the ECB uses interest rates – and since the crisis also other measures – to affect financing conditions in the economy. It is uncommon for a central bank to comment on FX – but investors were eyeing such remarks following previous murmurings about the value of the euro. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. Much of the governments’ debt is held by banks in the Eurozone and the ECB wants them to give more credits. High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. EUR/USD jumps above 1.1250. and is edging closer to 1.13 before retreating. European Central Bank sticks to low rate monetary policy. Like the euro we already use every day, the design of a digital euro should meet the needs of a broad range of users. This week's ECB Decision promises a change after the suggestion by Lagarde on October 29th that, "the Governing Council will recalibrate its instruments" “Markets are cornering central banks into this new round of cuts. UK PM Johnson said that a no-deal Brexit is "looking very very likely." 2499: Contagion accounting, Working paper no. If the market’s expectations differ from the actual rate decision there can be some excellent trading opportunities. See what has changed in our privacy policy, Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 December 2020, Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Deutsche Bundesbank conference on the “Future of Payments in Europe”, Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Economics Department and IM-TCD, Trinity College Dublin, Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at The Bank of Finland Monetary Policy webinar: New Challenges to Monetary Policy Strategies, Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi on 1 December 2020, Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jana Randow, Carolynn Look and Alexander Weber on 30 November 2020, Article by Christine Lagarde, President of the ECB, in L’ENA hors les murs magazine, Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Marie Charrel and Eric Albert, Interview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari on 24 November 2020, Blog post by Fabio Panetta, Member of the Executive Board of the ECB, Blog post by Isabel Schnabel, Member of the Executive Board of the ECB, Blog post by Philip R. Lane, Member of the Executive Board of the ECB, Blog post by Luis de Guindos, Vice-President of the ECB, and Fabio Panetta and Isabel Schnabel, Members of the Executive Board of the ECB, Financial stability and macroprudential policy, Euro area economic and financial developments by institutional sector, Euro area insurance corporation statistics, Euro area financial vehicle corporation statistics, Webcasts: hearings at European Parliament, Meetings of the Governing Council and the General Council, Banking Industry Dialogue on ESCB statistics, Implementation of ESA 2010 in euro area accounts, About the Statistical Data Warehouse (SDW), Selected euro area statistics and national breakdowns, Credit institutions and money market funds, Estimated MFI loans to NFCs by economic activity (NACE), Financial corporations engaged in lending, Long-term interest rate statistics for convergence purposes, Financial integration and structure in the euro area, Balance of payments and other external statistics, Balance of payments and international investment position, International reserves and foreign currency liquidity, Cross-border collateral in Eurosystem credit operations, Payment services, large-value and retail payment systems, Securities trading, clearing and settlement, ECB survey of professional forecasters (SPF), Survey on the access to finance of enterprises (SAFE), Household finance and consumption survey (HFCS), Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD), Emergency liquidity assistance (ELA) and monetary policy, Securities settlement systems and central counterparties, Other infrastructures and service providers, Advisory groups on market infrastructures, Debt Issuance Market Contact Group (DIMCG), European Forum for Innovation in Payments (EFIP), Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates), ECB prolongs support via targeted lending operations for banks that lend to the real economy, ECB extends pandemic emergency longer-term refinancing operations, Euro area securities issues statistics: October 2020, Tables: Annex to the statistical release on euro area securities issues statistics, Charts: Annex to the statistical release on euro area securities issues statistics, Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (with Q&A), Fabio Panetta: From the payments revolution to the reinvention of money, Philip R. Lane: Monetary policy in a pandemic: ensuring favourable financing conditions, Philip R. Lane: IMF Policy dialogue: New policy frameworks for a "Lower-for-Longer" world, Isabel Schnabel: COVID-19 and monetary policy: Reinforcing prevailing challenges, Philip R. Lane: Transcript of the fireside chat at Reuters Global Outlook Investment Summit, Isabel Schnabel: Interview with Bloomberg, Christine Lagarde: The future of money – innovating while retaining trust, Luis de Guindos: Interview with Helsingin Sanomat, Isabel Schnabel: Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking, Fabio Panetta: We must be prepared to issue a digital euro, Philip R. Lane: The outlook for the euro area, Luis de Guindos, Fabio Panetta, Isabel Schnabel: Europe needs a fully fledged capital markets union – now more than ever, Working paper no. That’s why we want to hear the views of the public and of all interested stakeholders on the benefits and challenges of issuing a digital euro and on its possible design. Markets also were considering the ECB decision to boost the size of the pandemic emergency purchase program by €500 billion and extend its … Enhancements and new directions, 2003-12, by Peter Bull, The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field, We are always working to improve this website for our users. ECB Preview: Here Comes Another €500 Billion In QE ECB Preview: Here Comes Another €500 Billion In QE Tyler Durden Tue, 12/08/2020 - 22:25 Last March, the ECB's then-brand new boss Christine Lagarde sparked a mini crisis when quipped that it was not the job of the European Central Bank to narrow the gap in borrowing costs between the…; Key Events In The Coming Busy Week Key … Resistance awaits at 1.1333, followed by 1.1410. At its monetary policy meeting held on September10th, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50%, respectively, as expected. The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. The Euro has shown remarkable resilience to rising coronavirus cases and negative inflation this quarter. PARIS, Dec 11 — The European Central Bank is targeting favourable financing conditions rather than pumping a given amount of liquidity into the economy with its latest stimulus decision, ECB policymaker Francois Villeroy de Galhau said today. In return for the securities, these banks and financial deals are paid in Euros, therefore increasing the supply of Euros in the economy. ... What to expect from the ECB meeting today. With its beginnings in Germany 1998, the ECB is empowered to maintain price stability in the euro area, so that the euro’s purchasing power is not eroded by inflation. We should be ready to issue a digital euro if and when it is necessary, writes Executive Board member Fabio Panetta. ECB President Mario Draghi has announced interest rates will be cut to a new record low of -0.5%, and a new round of bond purchases in a bid to stimulate the flagging euro zone economy. The ECB said … The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. To do this, we use the anonymous data provided by cookies. Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. Citing the downward pressure on inflation and the bank stated, “The PEPP expansion will further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households.” Interest rate unchanged at 0.0%, deposit at -0.5%. The European Central Bank brought its bond purchase program limit t €1.3 trillion in an effort to help member states cope with the expense of rebuilding their economies after the coronavirus pandemic. ET First Published: Dec. 8, 2020 at 3:48 p.m. ... What to expect from the ECB meeting today… Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The ECB had previously warned that the euro area economy could contract as much as 15% in its worst-case scenario due to the coronavirus crisis. ECB President Lagarde has laid down a gloomy picture of the economy under the second covid wave. For instance, if the market believes that the European Central Bank will hike the rate; traders buy the Euro and close the position shortly after the announcement. LONDON — European markets closed slightly lower on Thursday after a choppy trading session, as investors digest new lockdown measures in France and Germany and the European Central Bank… Follow all the ECB updates in the live coverage. Discover more about working at the ECB and apply for vacancies. This effectively decreases the amount of currency circulating in the economy. The England and Wales Cricket Board (ECB) today announced a number of measures to help lower central costs, and protect jobs in the long-term, as the COVID-19 situation continues to unfold. "We do not target the FX rate" – Christine Lagarde, President of the European Central Bank. ECB Interest Rate Decision is announced by the European central Bank. Today's economic calendar: In the Eurozone, the most important thing will be the European Central Bank’s announcement of its monetary policy decisions, and at a later time, ECB Governor Lagarde's press conference. The results of the ECB’s latest study on payment behaviours suggest that no single means of payment currently available meets all consumer needs, Executive Board member Fabio Panetta writes in The ECB Blog. ... Monetary policy decisions. The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. of the International Monetary Fund between 2011 and 2019. The European Central Bank (ECB) should hammer the urgency of rising deflation risk and lengthen the maturity of its asset purchases when it meets on Dec. 10, according to Robin Brooks, Chief Economist at the Institute of International Finance (IIF). U.S. stocks slid Thursday after the European Central Bank hinted it is preparing to cut key interest rates for the first time since early 2016, a sign that the global-easing cycle is gaining momentum. The European Central Bank's latest policy decision is coming on Thursday with the focus on any clues on how the bank intends to shift its strategy. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Traders look to Futures Magazine for insights, analysis, and strategies so they can make better trading decisions. The ECB really had very little choice today and the Fed’s next cuts are more or less pre-determined, too. The Pandemic Emergency Purchase Programme (PEPP) and the Targeted Longer-Term Refinancing Operations (TLTRO) have been a very good match for pandemic conditions, ECB's chief economist Philip Lane said on Wednesday, per Reuters. EUR/USD jumps above 1.1250. and is edging closer to 1.13 before retreating. Here is a breakdown on the ECB decision later today on rates from Adam Button. The ECB opted to expand its pandemic emergency purchase program by €600 billion rather than the €500 billion consensus as it also said it would reinvest the … Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation. One-two punch – in favor of the euro. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. XAU/USD prices remain subdued below its 50DMA and the $1840 level, despite risk-off flows. In addition, as a result of the stimulus to internal and external consumption, the ECB combats the risk of deflation, a widespread and prolonged drop in prices, as well as the high unemployment. ECB (European Central Bank) – central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states.ECB announcements very important for traders. A turbulent 2020 is nearly over with one last Federal Reserve meeting. Look at press releases, speeches and interviews and filter them by date, speaker or activity. European Central Bank sticks to low rate monetary policy. Resistance awaits at 1.1333, followed by 1.1410. Governing Council decisions. The ECB’s rate decision will arrive on Thursday at 12:45. Round one was carried out on 21 December, when banks took €489 billion from the European Central Bank. Christine Lagarde was born in 1956 in Paris, France. Please read our privacy policy and legal disclaimer. These words, alongside a headline saying the ECB prefers to remain calm on the exchange rate, sent EUR/USD toward 1.19. If the market is expecting a rate hike, but the European Central Bank ends up cutting the interest rate, a short 1-2 hour trade selling the Euro may prove successful. The main objective of the ECB is to maintain price stability in the euro area. If the European Central Bank buys government bonds, their prices rise and profitability drop even more. The council’s decisions are always announced via press release at 1.45pm CET on the day of the meeting, followed by an ECB press conference at 2.30pm CET. EUR/USD is set to remain under pressure and focused on coronavirus statistics. Lagarde previously held various senior ministerial posts in the Government of France: she was Minister of the Economy, Finance and Industry (2007–2011), Minister of Agriculture EUR/USD currently trades above 1.21, representing a 3.32% gain for the fourth quarter. ECB announcements informs everyone about the decision on interest rates and are one of the most anticipated events on the economic calendar (official website). PARIS, Dec 11 — The European Central Bank is targeting favourable financing conditions rather than pumping a given amount of liquidity into the economy with its latest stimulus decision, ECB policymaker Francois Villeroy de Galhau said today. But expectations are for ECB President Christine Lagarde and her colleagues to build on that remark when the central bank announces its decision on … and Fishing (2007) and Minister of Commerce (2005–2007). He also discusses potential long-term damage from the pandemic and the importance of restoring the inflation path. ... What the European Central Bank's decision to extend QE means. The coronavirus crisis makes progress on capital markets union even more important, write Luis de Guindos, Fabio Panetta and Isabel Schnabel. The December European Central Bank rate decision will conclude on Thursday, December 10 at 12:45 GMT. The European Central Bank has announced an increase of €600 billion to its Pandemic Emergency Purchase Program (PEPP), and it now reaches €1.35 trillion. 251: Liquidity in resolution: comparing frameworks for liquidity provision across jurisdictions, Agreement on emergency liquidity assistance (9 November 2020), Study on the payment attitudes of consumers in the euro area, Tables and charts: Annex to the study on the payment attitudes of consumers in the euro area, Regulation amending Regulation (EU) No 1333/2014 concerning statistics on the money markets, Working paper no. The euro rose for the first day this week before the European Central Bank policy decision that’s expected to add 500 billion euros ($605 billion) to … Fresh Brexit talks aren't the only thing happening in Europe. Get an overview of what the European Central Bank does and how it operates. NYC. LIVE ECB Interest Rate Decision - 12th March 2020 Amplify Trading. The council’s decisions are always announced via press release at 1.45pm CET on the day of the meeting, followed by an ECB press conference at 2.30pm CET. Many traders buy the rumors and square their positions shortly after the decision is made. In the light of the European Commission’s forthcoming Action Plan, they outline priority areas for reform to foster European capital markets. Ahead of its policy decision the ECB will announce the allotment of the 6th TLTRO.III tranche. This is a liquidity-providing operation that weakens the value of the euro. This depreciation makes European exports cheaper and competitive, and ultimately, helps in recovering. ECB Interest Rate Decision is announced by the European central Bank. Graduated from Paris West University Nanterre La Défense and became President of the European Central Bank in November 1st 2019. 2498: Benefits of macro-prudential policy in low interest rate environments, Eurosystem staff macroeconomic projections for the euro area, December 2020, Occasional paper no. Joseph Trevisani and Yohay Elam preview the world's most powerful central bank meeting and move toward 2021. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside. Prior to that, she served as Chairman and Managing Director GBP/USD is struggling to hold onto 1.32 after hitting a low of 1.3134 as Brexit talks seem to be on the verge of collapse. 252: Fiscal transfers and economic convergence, Opinion of the European Central Bank of 1 December 2020 concerning exchange rate matters relating to the CFA franc and the Comorian franc (CON/2020/31), Occasional paper no. Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. ECB Quick Analysis: Lagarde shows her love for markets and the euro, more EUR/USD gains likely, ECB should hammer the urgency of dealing with rising deflation risk – IIF, ECB’s Kazaks: PEPP expansion by EUR500 billion not very off the mark, ECB's Lane: PEPP, TLTRO programmes very good match for pandemic conditions, How bad management of currencies impacts markets, EU paves way for stimulus as vaccine campaign kicks off, GBP slumps as officials warn of no-deal Brexit, ECB’s Holzmann: Stimulus cannot be withdrawn too rapidly, EUR/USD: Rebound remains capped below 1.2150 amid USD comeback, ECB’s Villeroy: We are vigilant about the exchange rate, EUR/USD eyes bigger gains on less pessimistic ECB, Wall Street Close: US labour market in tatters, hopes for stimulus prop risk appatite, ECB Quick Analysis: Gloomy Lagarde lays ground for stimulus, next euro moves depend on covid, ECB Quick Analysis: Lagarde unleashes euro rally, virus and more QE may push it lower, ECB leaves key rates unchanged in September as expected, European Central Bank Preview: EUR/USD depends on Lagarde's fearless nudging of the Frugal Four, ECB Quick Analysis: Frankfurt's firepower joins Berlin's boost, EUR/USD higher levels to watch, ECB expands economic support for the eurozone, GBP/USD struggles around 1.32 on no-deal Brexit fears, EUR/USD drops below 1.2150 on ECB's exchange rate comments, XAU/USD still subdued beneath 50DMA despite risk off market feel, Where next for the Fed, fiscal stimulus and Trump, WTI pulls back beneath $47.00 level as risk appetite fades. The money supply is intended to flood financial institutions with capital in an effort to stimulate lending and increase liquidity. At today’s meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The interest rate on the deposit facility will be decreased by 10 basis points to -0.50%. Today, the European Central Bank (ECB) is set to announce its Interest and Deposit Rate Decision at 11:45 GMT. It is almost Christmas – and while the European Central Bank holds socially distanced events, it has been able to grant gifts to markets. As the eurozone crisis has escalated, banks have become less stable and have less money to lend. Eurozone banks are the other clear winners from today’s ECB decision. This underlines the importance of continuing to give people a choice on how to pay. Predictions flocking in are in favour of the interest rates and policy initiatives to remain unchanged, but it is expected that the market will still scrutinise the details of the ECB’s statement and the entire press … ... Monetary policy decisions. Traders look to Futures Magazine for insights, analysis, and strategies so they can make better trading decisions. The new deadline is Sunday. A decreasing supply leads to higher demand, and therefore causes the value of the Euro to appreciate. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. EUR/USD drops below 1.2150, quickly shedding 30 pips following ECB Villeroy's comments on the euro exchange rate. This new money swells the size of bank reserves by the quantity of assets purchased and that’s why this programme is called Quantitative Easings. ECB President Christine Lagarde explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference on 10 December 2020. Monetary policy decisions. See a full calendar of Governing Council meetings Lagarde has picked the low-hanging fruit – and now needs her political skills to poke policymakers on the fiscal front – without scaring markets, a fine balancing act. See a full calendar of Governing Council meetings Business News. Today, the European Central Bank (ECB) is set to announce its Interest and Deposit Rate Decision at 11:45 GMT. We have been getting questions about exactly what's priced in for the European Central Bank meeting today and it's not as straight-forward as it might seem. The Frankfurt-based institution will expand its Pandemic Emergency Purchase Program (PEPP) by €500 billion and will run it at least through March 2022. The 10 biggest business stories on Thursday December 3. Search for decisions using OATH database. The 10 biggest business stories on Thursday December 3. France August final CPI figures is due at 6:45GMT. Christine Lagarde is the President of this organism since November 1st 2019. In practical terms, QE means that central banks create money out of nothing to buy securities, such as government bonds. The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. EURUSD traders focus today is on ECB decision at 11:45GMT today. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. ECB addresses stronger euro, says it will 'carefully monitor' exchange rate Published Thu, Sep 10 2020 7:46 AM EDT Updated Thu, Sep 10 2020 10:14 AM EDT Silvia Amaro @Silvia_Amaro Business News. The front-month futures contract for the US benchmark for sweet light crude, West Texas Intermediary (or WTI) trades with mild gains on Friday, but has seen a pullback below the $47.00 handle following Thursday’s rally that took the crude oil contract as high as the $47.70s. As supply increases, the value of the Euros depreciates. On the other hand, if the expectation is a rate decrease, traders will short the Euro and square the position after the announcement. We need to make sure that it is fit for the future. ... Head of Market Analysis Anthony Cheung delivers a live session covering the highly anticipated European Central Bank … She committed to providing additional stimulus measures in the December meeting. The ECB will announce its decision at 1:45 p.m. local time (7:45 a.m. Eastern), followed by a news conference with President Mario Draghi at 2:30 p.m. Economists at … Browse the ECB’s reports, publications and research papers and filter them by date or activity. Key figures and latest releases at a glance. EUR/USD Daily Forecast – Euro Traders Await ECB Decision EUR/USD is paring some losses from Wednesday but ultimately, the big price swings today will follow the ECB meeting. The euro is a currency that Europeans trust. 10 December 2020. The use of this website constitutes acceptance of our user agreement. Search for decisions using the online library for the Center for New York City Law. ET Today's ECB rate decision is top event risk with uneven market moving scenarios and heavy implications for the Franc, Dollar, risk and more Search Decisions. The high degree of leverage can work against you as well as for you. In the U.S., the Consumer Price … The European Central Bank’s work is organized via the following decision-making bodies: the Executive Board, the Governing Council and the General Council. As an entity independent of individual EU countries and EU institutions, the ECB aims to ensure that the year-on-year increase in consumer prices is less than, but close to 2% over the medium term. The Governing Council, the main decision-making body of the ECB, usually meets every two weeks. Another of its tasks is the one of controlling the money supply. The decision always has an effect on the Euro. Less than 24 hours have passed since German Chancellor Angela Merkel announced a €130 billion stimulus plan, and in Frankfurt, on the other side of Europe's largest economy, another stimulus boost came. Every six weeks, it takes its monetary policy decision, i.e. Calendar of … ECB legal acts and instruments, Statistics for Economic and Monetary Union. Today's ECB rate decision is top event risk with uneven market moving scenarios and heavy implications for the Franc, Dollar, risk and more We don't anticipate a high volume in this transaction, as any changes which would incentivize and allow banks to take on more funds will only be made public after the allotment. The long term refinancing operation (LTRO) is a cheap loan scheme for European banks that was announced by the European Central Bank towards the end of 2011 in a bid to help ease the eurozone crisis. When the interest rate is increased the European Central Bank is literally selling government securities to large financial firms. The ECB will make its announcement at 1:45 p.m. in Frankfurt, followed by a press conference with President Mario Draghi 45 minutes later. ... What the European Central Bank's decision to extend QE means. ECB Interest Rate Decision Discussion Comment Guidelines We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. Directory of City Agencies Contact NYC Government City Employees Notify NYC CityStore Stay Connected NYC Mobile Apps Maps Resident Toolkit. The ECB really had very little choice today and the Fed’s next cuts are more or less pre-determined, too. According to Brooks, the ECB needs to boost easing to match the Federal Reserve to stall the EUR's deflation-importing rise. ECB Governing Council Press Conference - 10 September 2020, ECB Governing Council Press Conference - 16 July 2020, ECB Governing Council Press Conference - 04 June 2020, Join a Youth Dialogue with Christine Lagarde, ECB Governing Council Press Conference - 30 April 2020, Christine Lagarde, President of the ECB, signing the euro banknotes, 28 November 2019, Travelogue: ECB Executive Board member Benoît Cœuré visiting Vorwerk factory in Cloyes-sur-le-Loir, Youth Dialogue with Christine Lagarde - 27 May 2020, New signature for euro banknotes - 28 November 2019, Christine Lagarde's Keynote Speech - European Banking Congress 2019, Farewell President Draghi - 28 October 2019, ECB Conference on Gender and Career Progression - 21 October 2019, The international role of the euro, June 2018, Financial integration in Europe, May 2018, Price and wage-setting in advanced economies, Legal framework of the Eurosystem and the European System of Central Banks. 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