Name: Keynote speech: De Guindos | European Financial Integration 2026 @ecbeuro
Uploaded: 2026-09-21T08:17:00-05:00
Duration: 8 min 17 s
Description: Keynote speech: De Guindos | European Financial Integration 2026

Keynote speech: De Guindos | European Financial Integration 2026

European Central Bank 2026-09-21 | Keynote speech: De Guindos | European Financial Integration 2026

The ECB Podcast - Quo vadis, inflation?

European Central Bank 2024-03-25 | We have made good progress in our fight against inflation since we started to tighten our monetary policy in 2022. Where do we stand right now? And what are we keeping a close eye on in the economy?
Host Stefania Secola discusses these topics with our Chief Economist Philip R. Lane. They also talk about the ECB’s recent changes to its operational framework for implementing monetary policy.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 25 March 2024 and recorded on 21 March 2024.

In this episode:
00:05 – Inflation right now
How has inflation evolved since its peak in late 2022? What is the outlook for the year ahead and what will shape our future decisions?
04:00 – Wages and inflation
How are rising wages affecting inflation, and is the situation the same across all euro area countries?
08:00 – The state of the labour market
Unemployment is historically low, but economic growth is projected to be lower than in previous years. What might the coming months hold for the labour market?
14:30 – The ECB’s operational framework
Why have we reviewed our operational framework for implementing monetary policy? How does it help our work to keep prices stable?
20:00 – Our guest’s hot tip
Our guest, Philip R. Lane, encourages our listeners to read a paper that looks at the macroeconometric models used at the ECB for forecasting and policy analysis.

The ECB Podcast: Are wages and greedflation really pushing up prices? June 2023
https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html

Occasional Paper 344: ECB macroeconometric models for forecasting and policy analysis
https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op344~53b9e2aa4d.en.pdf?14821c7f99280514dbdaa26114c4f565

Press release: ECB announces changes to the operational framework for implementing monetary policy
https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr240313_1~a3a50a9add.en.html

Economic Bulletin Issue 2/2024, Article 1: The impact of recent shocks and ongoing structural changes on euro area productivity growth
https://www.ecb.europa.eu/pub/economic-bulletin/articles/2024/html/ecb.ebart202402_01~d63ecff49c.en.html

Press release: Monetary policy decisions (7 March 2024)
https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240307~a5fa52b82b.en.html

European Central Bank
www.ecb.europa.eu

Focus Session (virtual) - Instant Payments: TIPS for getting there

European Central Bank 2024-03-20 | Looking for a solution to comply with the recently adopted regulation on instant payments in the EU? Join our next virtual Focus Session introducing the TARGET Instant Payment Settlement (TIPS) service, the Eurosystem’s platform that will allow you to easily offer instant payment services. Learn how TIPS operates, discover its pricing scheme and find out how you can join the service through this event.

What did we decide in our latest monetary policy decisions? – March 2024

European Central Bank 2024-03-11 | Three things you need to know about the economy right now!

Earlier this week, we decided to keep our key interest rates unchanged!

Our past interest rate hikes are helping to push inflation down. Future decisions will depend on how we see the economy and inflation developing.

Our colleague Pedro explains what’s behind our decisions and how the economy is doing.

If you want to know more read our monetary policy statement at a glance https://www.ecb.europa.eu/press/pressconf/visual-mps/2024/html/mopo_statement_explained_march.en.html

ECB Governing Council Press Conference - 7 March 2024

European Central Bank 2024-03-11 | ECB President Christine Lagarde explains the Governing Council's monetary policy decisions and will answer questions from journalists at the Governing Council press conference to be held on 7 March 2024 at 14:45 CET in Frankfurt am Main.

Challenging stereotypes: women in monetary policy

European Central Bank 2024-03-08 | Monetary policy is a field of economics where women are traditionally underrepresented.

While this situation is slowly improving, much more can be done. Female role models can inspire women to pursue a career in monetary policy and achieve better gender balance in this field.

To mark International Women’s Day, we spoke with top women economists who work in euro area central banks to learn more about their experiences. We also asked for the advice they would give to women interested in building a professional path in economics.

President Lagarde presents the latest monetary policy decisions – 7 March 2024

European Central Bank 2024-03-07 | Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% target in a timely manner.
Listen to President Christine Lagarde present today’s decisions. The statement also covers:

- how the economy is performing
- how we expect prices to develop
- the risks to the economic outlook
- the dynamics behind financial and monetary conditions

Recorded and published on 7 March 2024

Our monetary policy statement at a glance, 7 March 2024 www.ecb.europa.eu/press/pressconf/…ed_march.en.html
Christine Lagarde, Luis de Guindos: Monetary policy statement, 7 March 2024 www.ecb.europa.eu/press/pressconf/…4650bd5c.en.html
Monetary policy decisions, 7 March 2024 www.ecb.europa.eu/press/pr/date/20…fa52b82b.en.html
Combined monetary policy decisions and statement, 7 March 2024 www.ecb.europa.eu/press/pressconf/…095a37dc4f1f6355

European Central Bank
www.ecb.europa.eu/home/html/index.en.html
You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

The ECB Podcast - Future euro banknotes, unpacked

European Central Bank 2024-02-10 | Did you know that euro banknotes are getting a makeover? As the euro turns 25, let’s look at the road ahead for our banknotes. What will future euro banknotes look like, why do we need them, and when can we start using them?

Join our host Stefania Secola and Sarai Artiles, who works on banknote communications, to find out more.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 10 February 2024 and recorded on 1 February 2024.

In this episode:

00:05 – The euro is turning 25
The euro unites us – it is used by 350 million people in 20 countries! Euro banknotes are a physical reminder of our shared identity.

01:56 – Why are we redesigning euro banknotes?
Security, environmental aspects and relatability: these are just some of the reasons we are designing a new series of euro banknotes.

05:28 – Many cultures, one euro
Euro banknotes are used by people with different backgrounds, cultures, and languages. How can future banknotes represent them all?

08:50 – What will they look like?
“European culture” and “Rivers and birds” have been selected as the themes for future euro banknotes. Does this mean we already know what they’ll look like?

10:20 – When can we start using them?
We have the themes, but what’s next in the banknote redesign process? When can we expect to start using these new banknotes?

12:30 – Our guest’s hot tip

Additional material:

Press release: ECB selects “European culture” and “Rivers and birds” as possible themes for future euro banknotes
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231130~cad7fa27ab.en.html

Press release: ECB surveys Europeans on new themes for euro banknotes
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230710~77cf718c59.en.html

Podcast: All you need to know about euro banknotes
https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220205_episode27.en.html

Webpage: FAQ on the redesign of euro banknotes
https://www.ecb.europa.eu/euro/banknotes/future_banknotes/html/ecb.faq_banknotes_redesign.en.html

Webpage: The redesign process
https://www.ecb.europa.eu/euro/banknotes/future_banknotes/redesign/html/index.en.html

European Central Bank
http://www.ecb.europa.eu/

Focus Session: Eurosystem Collateral Management System: Closing remarks

European Central Bank 2024-01-31 | George Kalogeropoulos, ECB

Focus Session: Eurosystem Collateral Management System: Preparing for migration

European Central Bank 2024-01-31 | All actors who will participate in ECMS will take part in migration rehearsals before the go-live in November 2024. How does the planning look for these and other migration preparation activities? Find out more on the key aspects and milestones related to migration.

Bobby Bashford, ECB
Ana Isa Martins, ECB

Focus Session: Eurosystem Collateral Management System: User testing

European Central Bank 2024-01-31 | The different ECMS functionality are currently being testing by the users. What should users focus on during this period? Gain insights on what the important aspects are in this phase.

Bobby Bashford, ECB
Bamini Raghavan, ECB

Focus Session: Eurosystem Collateral Management System: Planning and updated project plan

European Central Bank 2024-01-31 | The project plan for ECMS has been adjusted for the new go-live date. What does the new launch date mean for the project in terms of the planning and what should be the focus right now?

Flora Laszlo, ECB

The ECB Podcast - The ECB’s climate and nature plan: our path to a greener future

European Central Bank 2024-01-31 | What lies ahead on our path to a greener future? How can we assess the impact of extreme weather on the economy? And how can we tackle financial risks from nature loss and degradation? With its new climate and nature plan, the ECB is stepping up its work in these areas over the next two years.

Our host Stefania Secola discusses this and more with the head of the ECB’s climate change centre, Irene Heemskerk.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 31 January 2024 and recorded on 23 January 2024.

In this episode:

01:00 – The ECB’s work on climate
What has the ECB done so far to help tackle climate change, what does it plan to focus on going forward and why is this work important?

04:35 – The intensifying climate crisis
As global temperatures rise and extreme climate events become more frequent and more devastating, what is the impact on the economy and the financial system? What can the ECB do about it?

07:40– Keeping the green transition on course
Time is running out to contain global warming and meet the Paris Agreement targets. Governments are in the driving seat but we’re all heading in the same direction. How can economic analysis contribute to these efforts, and how can we unlock the funds needed to keep the green transition moving forward?

13:15 – Defining a role for monetary policy
The ECB has already tilted its corporate bond holdings towards issuers with better climate performance. What else can it do, within its mandate, to support the green transition? What role can interest rates play?

15:00 – From climate change to environmental crises: nature and biodiversity loss
Euro area firms and banks are highly dependent on nature, but nature is being rapidly devastated by human activity. What are the economic and financial risks stemming from nature degradation?

17:22 - Our guest’s hot tip
ECB climate change centre head Irene Heemskerk shares her hot tip with our listeners.

Additional material:

Press release: ECB steps up climate work with focus on green transition, climate and nature-related risks, 30 January 2024
https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr240130~afa3d90e07.en.html

The ECB’s climate and nature plan 2024-25
https://www.ecb.europa.eu/ecb/climate/our-climate-and-nature-plan/html/index.en.html

Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html

The ECB’s publications on climate change https://www.ecb.europa.eu/home/search/html/climate_change.en.html

The ECB Podcast: What biodiversity and nature loss mean for our economy, 25 November 2023
youtube.com/watch?v=DP3tRzELPLY

European Central Bank

www.ecb.europa.eu

www.bankingsupervision.europa.eu

International Holocaust Remembrance Day 2024

European Central Bank 2024-01-27 | The European Central Bank hosted its annual memorial for International Holocaust Remembrance Day in the Jewish memorial at the ECB Main building in Frankfurt, Germany.

President Lagarde presents the latest monetary policy decisions – 25 January 2024

European Central Bank 2024-01-25 | Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.

Listen to President Christine Lagarde present today’s decisions. The statement also covers:

- how the economy is performing
- how we expect prices to develop
- the risks to the economic outlook
- the dynamics behind financial and monetary conditions
Published and recorded during our press conference on 14 December 2023.

Additional material
Our monetary policy statement at a glance, 14 December 2023 www.ecb.europa.eu/press/pressconf/…december.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 14 December 2023 www.ecb.europa.eu/press/pressconf/…8627de60.en.html

Monetary policy decisions, 14 December 2023 www.ecb.europa.eu/press/pr/date/20…46e62f62.en.html

Combined monetary policy decisions and statement, 14 December 2023 www.ecb.europa.eu/press/pressconf/…bcff0882a.en.pdf

Macroeconomic projections, 14 December 2023 www.ecb.europa.eu/pub/projections/…ml/index.en.html

European Central Bank
www.ecb.europa.eu/home/html/index.en.html

You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

ECB Governing Council Press Conference - 25 January 2024

European Central Bank 2024-01-25 | ECB President Christine Lagarde explains the Governing Council's monetary policy decisions and will answer questions from journalists at the Governing Council press conference to be held on 25 January 2024 at 14:45 CET in Frankfurt am Main.

Focus Session (virtual) – Eurosystem Collateral Management System

European Central Bank 2024-01-25 | The Governing Council of the ECB decided to reschedule the launch of the Eurosystem Collateral Management System (ECMS) to November 2024. Learn more about the decision taken and the reasons behind it, as well as the next steps.

New Year’s message from President Christine Lagarde

European Central Bank 2024-01-02 | European Central Bank President Christine Lagarde wishes viewers a healthy and successful 2024. She references the 25th anniversary of the euro as a cause for celebration in the new year.

Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Dinner speech

Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Session 3

European Central Bank 2023-12-27 | The European Central Bank organised its sixth biennial conference on Fiscal Policy and EMU Governance, which took place in Frankfurt on 18-19 December 2023.

In view of the Covid-19 crisis, the war in Ukraine and its economic consequences, and the current situation of high inflation, the role of fiscal policy for stabilisation and its effects on inflation are matters of interest for both academics and policymakers. The aim of this conference is to explore these issues, including the interaction of fiscal and monetary policy, fiscal policy implications of monetary policy normalisation, and risk-sharing arrangements and private/public balance sheet developments in monetary unions.

Macroeconomic effects of fiscal policy
Chair: Christiane Nickel, European Central Bank

Fiscal policy in a networked economy
John Sturm Becko, Princeton University, together with Joel P. Flynn and Christina Patterson

Discussant: Andrea Ferrero, University of Oxford

Spending effects of fiscal transfers in a pandemic
Nils Wehrhöfer, Deutsche Bundesbank, together with Olga Goldfayn-Frank and Vivien Lewis

Discussant: Annika Bacher, BI Norwegian Business School

ECB MIP Focus Session - Exploratory work

European Central Bank 2023-12-27 | The virtual Focus Session took place on the 15 December 2023 with a title: Potential use of new technology for wholesale central bank money settlement.

The Eurosystem is looking into if, when and how financial market stakeholders could take part in the Eurosystem’s exploratory work. Trials and experiments with solutions for settling central bank money on DLT are planned to start in 2024. Learn more about the planned framework for the conduct of the exploratory work.

Holger Neuhaus, Head of Division, ECB
Claudine O’Connor, ECB

Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Welcome remarks and Session 1

European Central Bank 2023-12-27 | The European Central Bank organised its sixth biennial conference on Fiscal Policy and EMU Governance, which took place in Frankfurt on 18-19 December 2023.

In view of the Covid-19 crisis, the war in Ukraine and its economic consequences, and the current situation of high inflation, the role of fiscal policy for stabilisation and its effects on inflation are matters of interest for both academics and policymakers. The aim of this conference is to explore these issues, including the interaction of fiscal and monetary policy, fiscal policy implications of monetary policy normalisation, and risk-sharing arrangements and private/public balance sheet developments in monetary unions.

Welcome remarks
Frank Smets, European Central Bank

Session 1
Fiscal policies in monetary unions and the financing of fiscal deficits
Chair: Frank Smets, European Central Bank

Fiscal federalism and monetary unions
Eugenia Gonzalez-Aguado, Toulouse School of Economics, together with Rafael Berriel, Patrick J. Kehoe, and Elena Pastorino

Discussant: Ramon Marimon, Universitat Pompeu Fabra

Can deficits finance themselves?
Christian K. Wolf, MIT, together with George-Marios Angeletos and Chen Lian

Discussant: Davide Debortoli, Universitat Pompeu Fabra

ECB MIP Focus Session - Closing Remarks

ECB MIP Focus session - Demo: Full-DLT Interoperability solution

European Central Bank 2023-12-27 | The virtual Focus Session took place on the 15 December 2023 with a title: Potential use of new technology for wholesale central bank money settlement

The Full-DLT interoperability solution “DL3S” allows for settlement of wholesale financial transactions in central bank money in a DLT-based account held on a DLT platform provided by the Eurosystem. The solution is developed and operated by Banque de France.

Victorien Goldscheider, Banque de France

Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Session 2

European Central Bank 2023-12-27 | The European Central Bank organised its sixth biennial conference on Fiscal Policy and EMU Governance, which took place in Frankfurt on 18-19 December 2023.

In view of the Covid-19 crisis, the war in Ukraine and its economic consequences, and the current situation of high inflation, the role of fiscal policy for stabilisation and its effects on inflation are matters of interest for both academics and policymakers. The aim of this conference is to explore these issues, including the interaction of fiscal and monetary policy, fiscal policy implications of monetary policy normalisation, and risk-sharing arrangements and private/public balance sheet developments in monetary unions.

The design of fiscal rules and fiscal consolidations
Chair: Christophe Kamps, European Central Bank

Measuring Fiscal Discipline: A Revealed Preference Approach
Geert Mesters, Universitat Pompeu Fabra, together with Regis Barnichon

Discussant: Facundo Piguillem, Einaudi Institute for Economics and Finance

Is “expansionary fiscal austerity” for real?
Roberto Perotti, Bocconi University, together with Luca Sala

Discussant: Gernot Mueller, Universität Tübingen

Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Policy panel

European Central Bank 2023-12-27 | The European Central Bank organised its sixth biennial conference on Fiscal Policy and EMU Governance, which took place in Frankfurt on 18-19 December 2023.

In view of the Covid-19 crisis, the war in Ukraine and its economic consequences, and the current situation of high inflation, the role of fiscal policy for stabilisation and its effects on inflation are matters of interest for both academics and policymakers. The aim of this conference is to explore these issues, including the interaction of fiscal and monetary policy, fiscal policy implications of monetary policy normalisation, and risk-sharing arrangements and private/public balance sheet developments in monetary unions.

Policy panel
“New policy challenges and reform needs for the EMU”
Chair: Philip R. Lane, Member of the Executive Board, European Central Bank

Panellists:

Silvia Ardagna, Chief European Economist, Barclays
Roel Beetsma, Member of the European Fiscal Board, University of Amsterdam
Valdis Dombrovskis, Executive Vice-President, European Commission
Jeromin Zettelmeyer, Director, Bruegel

ECB MIP Focus Session - Demo: TIPS Hash-Link solution

European Central Bank 2023-12-27 | The virtual Focus Session took place on the 15 December 2023 with a title: Potential use of new technology for wholesale central bank money settlement.

The TIPS Hash Link enables settlement of wholesale financial transactions in central bank money on accounts in a TIPS-like platform, set up for the Eurosystem. The solution tests interoperability between a market DLT platform and a payment system, the TARGET Instant Payment System (TIPS) via an API gateway. The solution is developed and operated by Banca d’Italia.

Giuseppe Santangeli, Banca d’Italia

ECB MIP Focus Session - Demo: Trigger solution

European Central Bank 2023-12-27 | The virtual Focus Session took place on the 15 December 2023 with a title: Potential use of new technology for wholesale central bank money settlement

The Trigger Solution allows for the settlement of DLT-based wholesale financial transactions in central bank money in T2, the Eurosystem RTGS system. This solution consists of a DLT infrastructure, which acts as technical bridge between T2 and market DLT platforms. The solution is developed and operated by Deutsche Bundesbank.

Nadine Knaust, Deutsche Bundesbank
Besfort Shala, Deutsche Bundesbank

ECB MIP Focus Session - Opening remarks

European Central Bank 2023-12-27 | The virtual Focus Session took place on the 15 December 2023 with a title: Potential use of new technology for wholesale central bank money settlement.

The Eurosystem is exploring potential solutions for central bank money settlement of wholesale financial transactions recorded on distributed ledger technology (DLT) platforms. The work is part of the Eurosystem’s broader efforts to ensure that central banks keep pace with and contribute to digital innovation in wholesale and retail payments. Learn more about the background and intended purpose of the work.

Ulrich Bindseil, Director General, ECB

Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Keynote lecture

European Central Bank 2023-12-27 | The European Central Bank organised its sixth biennial conference on Fiscal Policy and EMU Governance, which took place in Frankfurt on 18-19 December 2023.

In view of the Covid-19 crisis, the war in Ukraine and its economic consequences, and the current situation of high inflation, the role of fiscal policy for stabilisation and its effects on inflation are matters of interest for both academics and policymakers. The aim of this conference is to explore these issues, including the interaction of fiscal and monetary policy, fiscal policy implications of monetary policy normalisation, and risk-sharing arrangements and private/public balance sheet developments in monetary unions.

Keynote lecture
Fiscal versus monetary policy as stabilization tools
Olivier Blanchard, Peterson Institute for International Economics

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank

Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Session 4

European Central Bank 2023-12-27 | The European Central Bank organised its sixth biennial conference on Fiscal Policy and EMU Governance, which took place in Frankfurt on 18-19 December 2023.

In view of the Covid-19 crisis, the war in Ukraine and its economic consequences, and the current situation of high inflation, the role of fiscal policy for stabilisation and its effects on inflation are matters of interest for both academics and policymakers. The aim of this conference is to explore these issues, including the interaction of fiscal and monetary policy, fiscal policy implications of monetary policy normalisation, and risk-sharing arrangements and private/public balance sheet developments in monetary unions.

Monetary fiscal interactions in a monetary union
Chair: Oscar Arce, European Central Bank

Asset Purchases in a Monetary Union with Default and Liquidity Risks
Huixin Bi, Federal Reserve Bank of Kansas City, together with Andrew Foerster and Nora Traum

Discussant: Anna Rogantini-Picco, European Central Bank

Fiscal influences on inflation in OECD countries, 2020-2022
Francesco Bianchi, Johns Hopkins University, together with Robert J. Barro
Discussant: Luis Garicano, London School of Economics

Seasons greetings from President Christine Lagarde

European Central Bank 2023-12-22 | President Christine Lagarde’s message to mark the end of 2023.

President Lagarde presents the latest monetary policy decisions – 14 December 2023

European Central Bank 2023-12-21 | Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.
Listen to President Christine Lagarde present today’s decisions. The statement also covers:
- how the economy is performing
- how we expect prices to develop
- the risks to the economic outlook
- the dynamics behind financial and monetary conditions
Published and recorded during our press conference on 14 December 2023.

Additional material
Our monetary policy statement at a glance, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_december.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is231214~df8627de60.en.html

Monetary policy decisions, 14 December 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp231214~9846e62f62.en.html

Combined monetary policy decisions and statement, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds231214~cbcff0882a.en.pdf

Macroeconomic projections, 14 December 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.html

European Central Bank
https://www.ecb.europa.eu/home/html/index.en.html

You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

ECB Banking Supervision Press Conference: SREP results and Supervisory Priorities - 19 December 2023

European Central Bank 2023-12-19 | In his final press conference as Supervisory Board Chair, Andrea Enria will present the results of the 2023 Supervisory Review and Evaluation Process, as well as the supervisory priorities for the next three years

ECB Governing Council Press Conference - 14 December 2023

European Central Bank 2023-12-14 | ECB President Christine Lagarde explains the Governing Council's monetary policy decisions and will answer questions from journalists at the Governing Council press conference to be held on 14 December 2023 at 14:45 CET in Frankfurt am Main.

The ECB Podcast - The end of an era – five years with Andrea Enria

European Central Bank 2023-12-09 | Outgoing Supervisory Board Chair Andrea Enria sat down with President Christine Lagarde during the ECB Forum on Banking Supervision to look back on his five-year term, marked by challenges such as the pandemic and reflects on the most difficult decision he had to take.

He also reflects on the decisions taken to overcome these challenges, and what the future holds for European banking supervision.

Recorded on 1 December 2023 and published on 9 December 2023.

Additional material:

President Christine Lagarde’s welcome address at the fifth ECB Forum on Banking Supervision
https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp231130~48f5947179.en.html

ECB Forum on Banking Supervision
https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

European Banking Supervision
https://www.bankingsupervision.europa.eu/home/html/index.en.html

European Central Bank www.ecb.europa.eu

Conversation between Christine Lagarde and Andrea Enria

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 - Fifth ECB Forum on Banking Supervision 2023

Conversation between Christine Lagarde, President, European Central Bank, and Andrea Enria, Chair of the Supervisory Board, European Central Bank

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

The road ahead for bankers and policymakers

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 - Fifth ECB Forum on Banking Supervision 2023

The road ahead for bankers and policymakers

Bankers and policymakers will have to deal with some “known knowns” in the coming years, such as climate change, the digital transformation and governance flaws. But what are the known unknowns? Will supervision and regulation act as a brake or an accelerator? Will Europe heed the lessons of the global financial crisis and stick to its global commitments? Can the banking union survive, let alone thrive, in its present state?

Panellists:

Frank Elderson, Vice-Chair of the Supervisory Board, European Central Bank
Tuomas Saarenheimo, Chairman of the Economic and Financial Committee, Council of the European Union
Christian Sewing, Chief Executive Officer, Deutsche Bank and President, European Banking Federation
Irene Tinagli, Chair of the Committee on Economic and Monetary Affairs, European Parliament
Sam Woods, Deputy Governor for Prudential Regulation, Bank of England

Moderator: Patrick Jenkins, Deputy Editor, Financial Times

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

The new reality: banking after the end of “low for long”

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 - Fifth ECB Forum on Banking Supervision 2023

The new reality: banking after the end of “low for long”

Banks have shown resilience during recent crises, but will that last? As both customer behaviour and economic conditions change, banks will need to adapt to the new environment while also tackling emerging and unforeseen challenges. If banks stick to their old ways, will they be prepared to address new risks? To what extent will banking resilience depend on large-scale countercyclical policies by the official sector?

Panellists:

Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements
Elena Carletti, Professor of Finance, Bocconi University and Member of the Board of Directors, UniCredit S.p.A.
Stuart Graham, Partner and Head of Banks Strategy, Autonomous Research
Jean Pierre Mustier, Chairman of the Supervisory Board, Aareal Bank
Steven van Rijswijk, Chief Executive Officer, ING Group

Moderator: Maria Tadeo, Europe Correspondent, Bloomberg

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

Keynote speech Michael Barr

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 - Fifth ECB Forum on Banking Supervision 2023

Keynote speech
Michael Barr, Vice Chair for Supervision, Federal Reserve System

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

Modern supervision what is key

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 - Fifth ECB Forum on Banking Supervision 2023

Modern supervision: what is key?
What key tools should every modern supervisor have at their disposal? Is there tension between supervisory effectiveness and transparency? How do we strike the right balance between horizontal and vertical supervision? What have the recent crises taught us about risk-based supervision, operational resilience and market communication by supervisors?

Panellists:

Marlene Amstad, Chair, Swiss Financial Market Supervisory Authority
José Manuel Campa, Chairperson, European Banking Authority
Kerstin af Jochnick, Member of the Supervisory Board, European Central Bank
Davide Taliente, Chair of Global Public Sector and Policy, Oliver Wyman
Nicolas Théry, Chairman of the Board of Directors, Crédit Mutuel
Moderator: Naomi Lloyd, Euronews

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

Taking stock: the single supervisor ten years on

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 - Fifth ECB Forum on Banking Supervision 2023

Taking stock: the single supervisor ten years on
Banking supervision in Europe has changed. What has the Single Supervisory Mechanism achieved? What remains to be done? Are supervisors striking the right balance between intrusiveness and supporting banks when addressing risks? Has Europe succeeded in breaking the sovereign-bank nexus and integrating financial markets? Have the expectations of banks, markets and the public at large been met?

Panellists:

Thorsten Beck, Director, Florence School of Banking and Finance and Professor of Financial Stability, European University Institute
John Berrigan, Director-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Ana Botín, Group Executive Chair, Banco Santander, S.A.
Dominique Laboureix, Chair, Single Resolution Board
Elizabeth McCaul, Member of the Supervisory Board, European Central Bank
Moderator: Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

Welcome address by Christine Lagarde, President, European Central Bank

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 -
Europe: banking on resilience

Welcome address by Christine Lagarde, President, European Central Bank

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

Conversation between Andrea Enria and and Jacques de Larosière

European Central Bank 2023-12-04 | Fifth ECB Forum on Banking Supervision 2023 - Europe: banking on resilience

Conversation between Andrea Enria, Chair of the Supervisory Board, European Central Bank, and Jacques de Larosière, former Governor, Banque de France and former Managing Director, International Monetary Fund

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

The ECB Podcast - When the yin meets the yang: resilience in gloomy times

European Central Bank 2023-12-02 | How are financial markets reacting to higher rates, a sluggish economy and geopolitical tensions? Should we worry about property markets?

Our host Stefania Secola puts these questions to financial stability expert John Fell on The ECB Podcast.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 2 December 2023 and recorded on 27 November 2023.

In this episode:
01:08 – Financial markets’ optimism is put to the test
How are financial markets reacting to the new environment of high interest rates, a sluggish economy and rising geopolitical tensions?

06:00 – The conundrum of banks’ increasing profits and stagnant valuations
Banks’ profits are at multi-year highs, yet their valuations haven’t changed much. What factors explain this?

10:31 – Real estate markets are a source of concern
Residential and commercial property markets are feeling the impact of higher interest rates. What are the implications for banks and financial stability?

16:06 – The yin and the yang of financial stability
As the credit cycle turns, and with several vulnerabilities unravelling, can resilience compensate?

18:22 – Conclusion

Additional material:

Financial Stability Review, November 2023 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html

FSR Box 5 on Euro area bank fundamentals, valuations and cost of equity
https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc27

Special feature B on Real estate markets in an environment of high financing costs
https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc40

The ECB Podcast: Financial stability and bank runs, June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230607_episode60.en.html

European Central Bank www.ecb.europa.eu

Fifth ECB Forum on Banking Supervision 2023 | Day 2

European Central Bank 2023-12-01 | Europe: banking on resilience

The fifth ECB Forum on Banking Supervision will take place on 30 November and 1 December 2023 at the ECB’s Main Building in Frankfurt. You can also follow the event online.

https://www.bankingsupervision.europa.eu/press/conferences/html/ECB_Forum_Banking_supervision.en.html

Every two years the Forum brings together high-level policymakers, academics, financial executives and experts to exchange views on current developments in banking and supervision. With new risks on the horizon, how can banks retain their long-term resilience? What tools should every modern supervisor have at its disposal? Can Europe thrive without an incomplete banking union?
Have a look at the programme and join inspiring discussions.

Friday, 1 December 2023

9:00
Keynote speech
Michael Barr, Vice Chair for Supervision, Federal Reserve System

9:30
The new reality: banking after the end of “low for long”
Banks have shown resilience during recent crises, but will that last? As both customer behaviour and economic conditions change, banks will need to adapt to the new environment while also tackling emerging and unforeseen challenges. If banks stick to their old ways, will they be prepared to address new risks? To what extent will banking resilience depend on large-scale countercyclical policies by the official sector?

Panellists:

Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements
Elena Carletti, Professor of Finance, Bocconi University and Member of the Board of Directors, UniCredit S.p.A.
Stuart Graham, Partner and Head of Banks Strategy, Autonomous Research
Jean Pierre Mustier, Chairman of the Supervisory Board, Aareal Bank
Steven van Rijswijk, Chief Executive Officer, ING Group
Moderator: Maria Tadeo, Europe Correspondent, Bloomberg

10:45
Coffee break

11:00
The road ahead for bankers and policymakers
Bankers and policymakers will have to deal with some “known knowns” in the coming years, such as climate change, the digital transformation and governance flaws. But what are the known unknowns? Will supervision and regulation act as a brake or an accelerator? Will Europe heed the lessons of the global financial crisis and stick to its global commitments? Can the banking union survive, let alone thrive, in its present state?

Panellists:

Frank Elderson, Vice-Chair of the Supervisory Board, European Central Bank
Tuomas Saarenheimo, Chairman of the Economic and Financial Committee, Council of the European Union
Christian Sewing, Chief Executive Officer, Deutsche Bank and President, European Banking Federation
Irene Tinagli, Chair of the Committee on Economic and Monetary Affairs, European Parliament
Sam Woods, Deputy Governor for Prudential Regulation, Bank of England
Moderator: Patrick Jenkins, Deputy Editor, Financial Times

12:30
Conversation between Christine Lagarde, President, European Central Bank, and Andrea Enria, Chair of the Supervisory Board, European Central Bank

13:00
Light buffet and end of Forum

Fifth ECB Forum on Banking Supervision 2023 | Day 1

European Central Bank 2023-11-30 | Europe: banking on resilience

The fifth ECB Forum on Banking Supervision will take place on 30 November and 1 December 2023 at the ECB’s Main Building in Frankfurt. You can also follow the event online.

https://www.bankingsupervision.europa.eu/press/conferences/html/ECB_Forum_Banking_supervision.en.html

Every two years the Forum brings together high-level policymakers, academics, financial executives and experts to exchange views on current developments in banking and supervision. With new risks on the horizon, how can banks retain their long-term resilience? What tools should every modern supervisor have at its disposal? Can Europe thrive without an incomplete banking union?

Have a look at the programme and join inspiring discussions.

Thursday, 30 November 2023

14:30
Welcome address by Christine Lagarde, President, European Central Bank

14:45
Conversation between Andrea Enria, Chair of the Supervisory Board, European Central Bank, and Jacques de Larosière, former Governor, Banque de France and former Managing Director, International Monetary Fund

15:15
Taking stock: the single supervisor ten years on
Banking supervision in Europe has changed. What has the Single Supervisory Mechanism achieved? What remains to be done? Are supervisors striking the right balance between intrusiveness and supporting banks when addressing risks? Has Europe succeeded in breaking the sovereign-bank nexus and integrating financial markets? Have the expectations of banks, markets and the public at large been met?

Panellists:

Thorsten Beck, Director, Florence School of Banking and Finance and Professor of Financial Stability, European University Institute
John Berrigan, Director-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Ana Botín, Group Executive Chair, Banco Santander, S.A.
Dominique Laboureix, Chair, Single Resolution Board
Elizabeth McCaul, Member of the Supervisory Board, European Central Bank
Moderator: Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics

16:30
Coffee break

16:45
Modern supervision: what is key?
What key tools should every modern supervisor have at their disposal? Is there tension between supervisory effectiveness and transparency? How do we strike the right balance between horizontal and vertical supervision? What have the recent crises taught us about risk-based supervision, operational resilience and market communication by supervisors?

Panellists:

Marlene Amstad, Chair, Swiss Financial Market Supervisory Authority
José Manuel Campa, Chairperson, European Banking Authority
Kerstin af Jochnick, Member of the Supervisory Board, European Central Bank
Davide Taliente, Chair of Global Public Sector and Policy, Oliver Wyman
Nicolas Théry, Chairman of the Board of Directors, Crédit Mutuel
Moderator: Naomi Lloyd, Euronews

18:00
End of day one

Possible themes selected for future euro banknotes

European Central Bank 2023-11-30 | The Governing Council has selected “European culture” and “Rivers and birds” as the possible themes for future euro banknotes, taking into account the results of two surveys.

Fifth ECB Forum on Banking Supervision 2023

European Central Bank 2023-11-27 | Europe: banking on resilience
Thursday, 30 November and Friday, 1 December 2023
European Central Bank, Frankfurt am Main

Conference moderation: Conny Lotze, European Central Bank

https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html

2023 CEPR-ECB Conference Session 4

European Central Bank 2023-11-27 | Session 4
CBDC and monetary policy implementation
Chair: Katrin Assenmacher, European Central Bank & RPN member

CBDC, monetary policy implementation and the interbank market
Nora Lamersdorf*, Frankfurt School of Economics
Tobias Linzert, European Central Bank
Cyril Monnet, University of Bern
Discussant: Anneke Kosse, Bank for International Settlements

CBDC and the operational framework of monetary policy
Galo Nuño*, Bank for International Settlements
Jorge Abad, Banco de España
Carlos Thomas, Banco de España
Discussant: Lea Bitter, European Central Bank

2023 CEPR-ECB Conference Session 3

European Central Bank 2023-11-27 | Session 3
CBDC and the banking sector
Chair: Toni Ahnert, European Central Bank & CEPR

Unveiling the interplay between central bank digital currency and bank deposits
Maria Elena Filippin* and Hanfeng Chen, both Uppsala University

Discussant: Dirk Niepelt, University of Bern & CEPR

Central bank digital currency and banking choices
Andrew Usher*, Bank of Canada
Jiaqi Li, Bank of Canada
Yu Zhu, Renmin University of China

Discussant: Nicola Pavanini, University of Tilburg & CEPR