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Annual Report

The Annual Report describes the tasks and activities of the European System of Central Banks (ESCB) and reports on the Eurosystem’s monetary policy. It is usually published in April of the following year and is presented by one of the ECB’s Executive Board members to the European Parliament at a public hearing.


In key figures


Unemployment continued to fall until year-end

Euro area labour markets continued to improve in 2019. The unemployment rate declined further to 7.6%, despite a growing workforce. However, the differences in unemployment rates across euro area countries remained high.


Annual inflation declined to 1.2%

Headline inflation in the euro area stood at 1.2% on average in 2019, down from 1.8% in 2018. The decline was driven by energy and food, two of the more volatile components of inflation.


Total value of euro banknotes in circulation

There were 24.1 billion euro banknotes in circulation at the end of last year. The roll-out of the Europa series – with its new and innovative security features – was completed with the introduction of the new €100 and €200 notes in May 2019.



Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more

Presentation to the European Parliament

Read Luis de Guindos' speech to the Committee on Economic and Monetary Affairs of the European Parliament when presenting the Annual Report.

Read the speech

Full report

Look back at what the ECB has done as well as our assessment of the economy for the last year.

Read the full report

Annual accounts

The annual accounts show our financial position and the results of our operations. They are part of our Annual Report but are published earlier, in February. Have a look at the latest and previous releases.

Annual accounts

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Reporting obligations

The ECB is an independent institution which has discretion to use its intruments as necessary to carry out its tasks and fulfil its mandate. Accountability is the necessary counterpart to that independence.



The ECB President and other Executive Board members appear regularly before the European Parliament.

Hearings at the European Parliament

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