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 nowHow 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 inflationHow are rising wages affecting inflation, and is the situation the same across all euro area countries?08:00 – The state of the labour marketUnemployment 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 frameworkWhy 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 tipOur 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 analysishttps://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 policyhttps://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 growthhttps://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.htmlEuropean Central Bankwww.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 conditionsRecorded and published on 7 March 2024Our monetary policy statement at a glance, 7 March 2024 www.ecb.europa.eu/press/pressconf/…ed_march.en.htmlChristine Lagarde, Luis de Guindos: Monetary policy statement, 7 March 2024 www.ecb.europa.eu/press/pressconf/…4650bd5c.en.htmlMonetary policy decisions, 7 March 2024 www.ecb.europa.eu/press/pr/date/20…fa52b82b.en.htmlCombined monetary policy decisions and statement, 7 March 2024 www.ecb.europa.eu/press/pressconf/…095a37dc4f1f6355European Central Bankwww.ecb.europa.eu/home/html/index.en.htmlYou 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 25The 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 tipAdditional material:Press release: ECB selects “European culture” and “Rivers and birds” as possible themes for future euro banknoteshttps://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231130~cad7fa27ab.en.htmlPress release: ECB surveys Europeans on new themes for euro banknoteshttps://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230710~77cf718c59.en.htmlPodcast: All you need to know about euro banknoteshttps://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220205_episode27.en.htmlWebpage: FAQ on the redesign of euro banknoteshttps://www.ecb.europa.eu/euro/banknotes/future_banknotes/html/ecb.faq_banknotes_redesign.en.htmlWebpage: The redesign processhttps://www.ecb.europa.eu/euro/banknotes/future_banknotes/redesign/html/index.en.htmlEuropean Central Bankhttp://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, ECBAna 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, ECBBamini 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 climateWhat 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 crisisAs 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 courseTime 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 policyThe 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 lossEuro 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 tipECB 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.htmlThe ECB’s climate and nature plan 2024-25https://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.htmlThe ECB’s publications on climate change https://www.ecb.europa.eu/home/search/html/climate_change.en.htmlThe ECB Podcast: What biodiversity and nature loss mean for our economy, 25 November 2023youtube.com/watch?v=DP3tRzELPLYEuropean 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 conditionsPublished and recorded during our press conference on 14 December 2023.Additional materialOur monetary policy statement at a glance, 14 December 2023 www.ecb.europa.eu/press/pressconf/…december.en.htmlChristine Lagarde, Luis de Guindos: Monetary policy statement, 14 December 2023 www.ecb.europa.eu/press/pressconf/…8627de60.en.htmlMonetary policy decisions, 14 December 2023 www.ecb.europa.eu/press/pr/date/20…46e62f62.en.htmlCombined monetary policy decisions and statement, 14 December 2023 www.ecb.europa.eu/press/pressconf/…bcff0882a.en.pdfMacroeconomic projections, 14 December 2023 www.ecb.europa.eu/pub/projections/…ml/index.en.htmlEuropean Central Bankwww.ecb.europa.eu/home/html/index.en.htmlYou 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 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. Dinner speech Vítor Gaspar, Director of the Fiscal Affairs Department, International Monetary Fund
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 policyChair: Christiane Nickel, European Central BankFiscal policy in a networked economyJohn Sturm Becko, Princeton University, together with Joel P. Flynn and Christina PattersonDiscussant: Andrea Ferrero, University of OxfordSpending effects of fiscal transfers in a pandemicNils Wehrhöfer, Deutsche Bundesbank, together with Olga Goldfayn-Frank and Vivien LewisDiscussant: 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, ECBClaudine 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 remarksFrank Smets, European Central BankSession 1Fiscal policies in monetary unions and the financing of fiscal deficitsChair: Frank Smets, European Central BankFiscal federalism and monetary unionsEugenia Gonzalez-Aguado, Toulouse School of Economics, together with Rafael Berriel, Patrick J. Kehoe, and Elena PastorinoDiscussant: Ramon Marimon, Universitat Pompeu FabraCan deficits finance themselves?Christian K. Wolf, MIT, together with George-Marios Angeletos and Chen LianDiscussant: Davide Debortoli, Universitat Pompeu Fabra
ECB MIP Focus Session - Closing 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.Holger Neuhaus, ECB
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 settlementThe 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 consolidationsChair: Christophe Kamps, European Central BankMeasuring Fiscal Discipline: A Revealed Preference ApproachGeert Mesters, Universitat Pompeu Fabra, together with Regis BarnichonDiscussant: Facundo Piguillem, Einaudi Institute for Economics and FinanceIs “expansionary fiscal austerity” for real?Roberto Perotti, Bocconi University, together with Luca SalaDiscussant: 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 BankPanellists:Silvia Ardagna, Chief European Economist, BarclaysRoel Beetsma, Member of the European Fiscal Board, University of AmsterdamValdis Dombrovskis, Executive Vice-President, European CommissionJeromin 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 settlementThe 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 BundesbankBesfort 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 lectureFiscal versus monetary policy as stabilization toolsOlivier Blanchard, Peterson Institute for International EconomicsChair: 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 unionChair: Oscar Arce, European Central BankAsset Purchases in a Monetary Union with Default and Liquidity RisksHuixin Bi, Federal Reserve Bank of Kansas City, together with Andrew Foerster and Nora TraumDiscussant: Anna Rogantini-Picco, European Central BankFiscal influences on inflation in OECD countries, 2020-2022Francesco Bianchi, Johns Hopkins University, together with Robert J. BarroDiscussant: 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 conditionsPublished and recorded during our press conference on 14 December 2023.Additional materialOur 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.htmlChristine Lagarde, Luis de Guindos: Monetary policy statement, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is231214~df8627de60.en.htmlMonetary policy decisions, 14 December 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp231214~9846e62f62.en.htmlCombined monetary policy decisions and statement, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds231214~cbcff0882a.en.pdfMacroeconomic projections, 14 December 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.htmlEuropean Central Bank https://www.ecb.europa.eu/home/html/index.en.htmlYou 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 Supervisionhttps://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp231130~48f5947179.en.htmlECB Forum on Banking Supervisionhttps://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.htmlEuropean Banking Supervisionhttps://www.bankingsupervision.europa.eu/home/html/index.en.htmlEuropean 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 2023Conversation between Christine Lagarde, President, European Central Bank, and Andrea Enria, Chair of the Supervisory Board, European Central Bankhttps://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 2023The road ahead for bankers and policymakersBankers 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 BankTuomas Saarenheimo, Chairman of the Economic and Financial Committee, Council of the European UnionChristian Sewing, Chief Executive Officer, Deutsche Bank and President, European Banking FederationIrene Tinagli, Chair of the Committee on Economic and Monetary Affairs, European ParliamentSam Woods, Deputy Governor for Prudential Regulation, Bank of EnglandModerator: Patrick Jenkins, Deputy Editor, Financial Timeshttps://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 2023The 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 SettlementsElena 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 ResearchJean Pierre Mustier, Chairman of the Supervisory Board, Aareal BankSteven van Rijswijk, Chief Executive Officer, ING GroupModerator: Maria Tadeo, Europe Correspondent, Bloomberghttps://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 2023Keynote speechMichael Barr, Vice Chair for Supervision, Federal Reserve Systemhttps://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 2023Modern 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 AuthorityJosé Manuel Campa, Chairperson, European Banking AuthorityKerstin af Jochnick, Member of the Supervisory Board, European Central BankDavide Taliente, Chair of Global Public Sector and Policy, Oliver WymanNicolas Théry, Chairman of the Board of Directors, Crédit MutuelModerator: Naomi Lloyd, Euronewshttps://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 2023Taking stock: the single supervisor ten years onBanking 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 InstituteJohn Berrigan, Director-General for Financial Stability, Financial Services and Capital Markets Union, European CommissionAna Botín, Group Executive Chair, Banco Santander, S.A.Dominique Laboureix, Chair, Single Resolution BoardElizabeth McCaul, Member of the Supervisory Board, European Central BankModerator: Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economicshttps://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 resilienceWelcome address by Christine Lagarde, President, European Central Bankhttps://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 resilienceConversation 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 Fundhttps://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 testHow 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 valuationsBanks’ 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 concernResidential 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 stabilityAs the credit cycle turns, and with several vulnerabilities unravelling, can resilience compensate?18:22 – ConclusionAdditional material:Financial Stability Review, November 2023 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.htmlFSR 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#toc40The 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 resilienceThe 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.htmlEvery 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 20239:00Keynote speechMichael Barr, Vice Chair for Supervision, Federal Reserve System9:30The 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 SettlementsElena 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 ResearchJean Pierre Mustier, Chairman of the Supervisory Board, Aareal BankSteven van Rijswijk, Chief Executive Officer, ING GroupModerator: Maria Tadeo, Europe Correspondent, Bloomberg10:45Coffee break11:00The road ahead for bankers and policymakersBankers 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 BankTuomas Saarenheimo, Chairman of the Economic and Financial Committee, Council of the European UnionChristian Sewing, Chief Executive Officer, Deutsche Bank and President, European Banking FederationIrene Tinagli, Chair of the Committee on Economic and Monetary Affairs, European ParliamentSam Woods, Deputy Governor for Prudential Regulation, Bank of EnglandModerator: Patrick Jenkins, Deputy Editor, Financial Times12:30Conversation between Christine Lagarde, President, European Central Bank, and Andrea Enria, Chair of the Supervisory Board, European Central Bank13:00Light buffet and end of Forum
Fifth ECB Forum on Banking Supervision 2023 | Day 1 European Central Bank 2023-11-30 | Europe: banking on resilienceThe 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.htmlEvery 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 202314:30Welcome address by Christine Lagarde, President, European Central Bank14:45Conversation 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 Fund15:15Taking stock: the single supervisor ten years onBanking 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 InstituteJohn Berrigan, Director-General for Financial Stability, Financial Services and Capital Markets Union, European CommissionAna Botín, Group Executive Chair, Banco Santander, S.A.Dominique Laboureix, Chair, Single Resolution BoardElizabeth McCaul, Member of the Supervisory Board, European Central BankModerator: Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics16:30Coffee break16:45Modern 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 AuthorityJosé Manuel Campa, Chairperson, European Banking AuthorityKerstin af Jochnick, Member of the Supervisory Board, European Central BankDavide Taliente, Chair of Global Public Sector and Policy, Oliver WymanNicolas Théry, Chairman of the Board of Directors, Crédit MutuelModerator: Naomi Lloyd, Euronews18:00End 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 resilienceThursday, 30 November and Friday, 1 December 2023European Central Bank, Frankfurt am MainConference moderation: Conny Lotze, European Central Bankhttps://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 4CBDC and monetary policy implementationChair: Katrin Assenmacher, European Central Bank & RPN memberCBDC, monetary policy implementation and the interbank marketNora Lamersdorf*, Frankfurt School of EconomicsTobias Linzert, European Central BankCyril Monnet, University of BernDiscussant: Anneke Kosse, Bank for International SettlementsCBDC and the operational framework of monetary policyGalo Nuño*, Bank for International SettlementsJorge Abad, Banco de EspañaCarlos Thomas, Banco de EspañaDiscussant: Lea Bitter, European Central Bank
2023 CEPR-ECB Conference Session 3 European Central Bank 2023-11-27 | Session 3CBDC and the banking sectorChair: Toni Ahnert, European Central Bank & CEPRUnveiling the interplay between central bank digital currency and bank depositsMaria Elena Filippin* and Hanfeng Chen, both Uppsala UniversityDiscussant: Dirk Niepelt, University of Bern & CEPRCentral bank digital currency and banking choicesAndrew Usher*, Bank of CanadaJiaqi Li, Bank of CanadaYu Zhu, Renmin University of ChinaDiscussant: Nicola Pavanini, University of Tilburg & CEPR
