25 August 2015SPEECH

Unconventional monetary policy at the ECB

Addressing the 30th Annual Congress of the European Economic Association in Mannheim, Germany, ECB Vice-President Vítor Constâncio explains how non-standard monetary policy measures can stimulate aggregate demand in the euro area.

Assessing the new phase of unconventional monetary policy at the ECB
03 September 2015 MONETARY POLICY

Latest ECB press conference

President Mario Draghi explained the Governing Council’s latest monetary policy decisions and answered questions from journalists at a press conference on 3 September 2015.

Next press conference: 22 October 2015

04/09/2015
ECB to install new artwork in front of main building
03/09/2015
Monetary policy decisions
02/09/2015
Statistical press release: MFI interest rate statistics
31/08/2015
ECB publishes Guideline amending the General Documentation on monetary policy implementation
28/08/2015
ECB publishes Consolidated Banking Data for Dec-2014
27/08/2015
Statistical press release: Monetary developments in the euro area
19/08/2015
Statistical press release: Euro area monthly balance of payments (June 2015)
18/08/2015
Statistical press release: Euro area investment fund statistics - Q2 2015
13/08/2015
Account of the monetary policy meeting
of the Governing Council of the European Central Bank, 
held in Frankfurt am Main on Wednesday and Thursday, 15-16 July 2015
12/08/2015
Statistical press release: Euro area securities issues statistics

All press releases

03/09/2015
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Vítor Constâncio, Vice-President of the ECB, 
Frankfurt am Main, 3 September 2015
29/08/2015
Vítor Constâncio:  Understanding Inflation Dynamics and Monetary Policy
Panel remarks by Vítor Constâncio, Vice-President of the ECB at the Jackson Hole Economic Policy Symposium, 
Federal Reserve Bank of Kansas City, 29 August 2015

Summary

Understanding Inflation Dynamics and Monetary Policy

Panel remarks by Vítor Constâncio, Vice-President of the ECB at the Jackson Hole Economic Policy Symposium,
Federal Reserve Bank of Kansas City, 29 August 2015

At the 2015 Jackson Hole Economic Policy Symposium, ECB Vice-President Vítor Constâncio discusses main challenges in understanding inflation dynamics. He reviews recent developments in euro area inflation and related implications for monetary policy.

Understanding inflation dynamics has become particularly important in present times, in view of the prolonged low inflation phase. The traditional relationship between slack in the economy and inflation seems to have weakened significantly in some countries. This requires a careful examination since that relationship – the Phillips curve – is the traditional cornerstone of the transmission mechanism giving central banks control of inflation. Inflation dynamics since the Great Recession have shown signs of instability that have led to a sequence of systematic forecast errors. The two puzzles of “missing disinflation” in 2009-11 followed by “excessive disinflation” after 2012 triggered a surge of new research around the Phillips curve and its possible demise.

After reviewing a number of unsettled issues pertaining to the Phillips curve in the economic literature, such as those related to the measurement of economic slack and inflation expectations, the discussion note argues that the two puzzles can be explained, and that the Philips curve for the euro area is alive and well. This is comforting since the opposite result would raise serious questions about the central bank’s capacity to control inflation.

The current phase of low inflation is significantly driven by negative demand shocks at the global and domestic level, besides commodity price developments. This is certainly the case for the euro area where the low inflation can largely be explained by domestic demand weakness, possibly leading to a larger degree of economic slack than indicated by the usual methods. The link between inflation and real economic activity appears however to have strengthened in the euro area as of late (steepening of the Phillips curve). We should thus be able to bring the inflation rate closer to target in the medium term, provided that our policies are successful in significantly reducing the economic slack.

27/08/2015
Benoît Cœuré:  Drawing lessons from the crisis for the future of the euro area
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at “Ambassadors Week”, 
Paris, 27 August 2015
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25/08/2015
Vítor Constâncio:  Assessing the new phase of unconventional monetary policy at the ECB
Panel remarks prepared by Vítor Constâncio, Vice-President of the ECB, 
at the Annual Congress of the European Economic Association, 
University of Mannheim, 25 August 2015
14/08/2015
Benoît Cœuré:  Interview with Börsen-Zeitung
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Mark Schrörs of Börsen-Zeitung and published on 15 August 2015
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27/07/2015
Benoît Cœuré:  Interview with Le Monde
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Marie Charrel of Le Monde and published on 27 July 2015
16/07/2015
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Vítor Constâncio, Vice-President of the ECB, 
Frankfurt am Main, 16 July 2015
14/07/2015
Yves Mersch:  Ways towards more dynamic growth
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the DZ BANK Kapitalmarktkonferenz 2015, Frankfurt, 14 July 2015
ENGLISH
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03/07/2015
Vítor Constâncio:  Strengthening macroprudential policy in Europe
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the Conference on “The macroprudential toolkit in Europe and credit flow restrictions”, organised by Lietuvos Bankas, 
Vilnius, 3 July 2015

Summary

Strengthening macroprudential policy in Europe

Speech by Vítor Constâncio, Vice-President of the ECB,
at the Conference on “The macroprudential toolkit in Europe and credit flow restrictions”, organised by Lietuvos Bankas,
Vilnius, 3 July 2015

The current euro area environment, with policy rates required to stay low for a prolonged period of time and an apparent disconnect between the business and financial cycle, clearly points to a situation where monetary policy cannot deviate from price stability objectives to influence the financial cycle. This is the task of macroprudential policy. While acknowledged in principle, this fact has not yet been fully reflected in our policy frameworks.

Two major moves are required. First, macroprudential policy must place greater emphasis on preventing large fluctuations in the financial cycle, rather than simply increasing resilience to shocks when they occur. In addition to the bank-side capital based measures enhancing banks’ resilience, borrower-based instruments (such as LTVs or DSTIs), which have proved to be more effective in curtailing excessive credit growth, and are also applicable in a time-varying fashion, should gain more prominence. In particular, borrower-based measures should be properly embedded in European legislation, which is not the case at present. Second, a broader macroprudential toolkit is needed to address risks stemming from the shadow banking sector due to its increasing role in credit intermediation. This could involve measures such as redemption gates and loading fees to provide additional safeguards. Guided stress tests can provide comparable assessments of the health of individual institutions and of the resilience of the financial system as a whole. Appropriate policy responses to mitigate growing risks need however to be calibrated, in order to ensure a contained impact on credit supply to the real economy.

02/07/2015
Mario Draghi:  Opening remarks at the T2S launch celebration
Mario Draghi, President of the ECB, 
Milan, 2 July 2015
02/07/2015
Yves Mersch:  Translating a shared vision into a winning story
Closing Remarks at the T2S launch celebration by Yves Mersch, Member of the Executive Board of the ECB, 
Milan, 2 July 2015
30/06/2015
Peter Praet:  The APP impact on the economy and bond markets
Intervention by Peter Praet, Member of the Executive Board of the ECB, 
at the annual dinner of the ECB’s Bond Market Contact Group, 
Frankfurt am Main, 30 June 2015
29/06/2015
Benoît Cœuré:  Interview with Les Echos
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Nicolas Barré, Catherine Chatignoux, Jean-Philippe Lacour, Etienne Lefebvre, Guillaume Maujean, Dominique Seux and François Vidal, Les Echos, on 29 June 2015.
ENGLISH
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25/06/2015
Yves Mersch:  On European Unity: Economic and Institutional Challenges Facing Europe
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
Discussant Prof. Hannah Scobie, Chairman, European Economics & Financial Centre, 
European Economics & Financial Centre, London, 25 June 2015
24/06/2015
Vítor Constâncio:  Remarks at the Symposium on Debt - Economic, Political and Moral Consequences
Remarks prepared by Vítor Constâncio, Vice-President of the ECB, 
at the 37th Symposium on Debt - Economic, Political and Moral Consequences in honour of Benjamin M. Friedman, 
organised by the Institut für bankhistorische Forschung e.V. jointly with the Deutsche Bundesbank and Goethe University/ Research Center SAFE, 
Frankfurt am Main, 24 June 2015
16/06/2015
Yves Mersch:  Introductory statement on TARGET2-Securities (T2S) before the Committee on Economic and Monetary Affairs (ECON)
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the Public Hearing on TARGET2-Securities (T2S) before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament
Brussels, 16 June 2015
15/06/2015
Mario Draghi:  Hearing at the European Parliament’s Economic and Monetary Affairs Committee
Introductory statement by Mario Draghi, President of the ECB, 
Brussels, 15 June 2015
15/06/2015
Peter Praet:  Structural reforms and long-run growth in the euro area
Intervention by Peter Praet, Member of the Executive Board of the ECB, 
on panel “Long-run growth, monetary policy and financing of the economy” at 43rd Economics Conference of Oesterreichische Nationalbank
Vienna, 15 June 2015

Summary

Structural reforms and long-run growth in the euro area

Intervention by Peter Praet, Member of the Executive Board of the ECB,
on panel “Long-run growth, monetary policy and financing of the economy” at 43rd Economics Conference of Oesterreichische Nationalbank
Vienna, 15 June 2015

As the ECB’s accommodative monetary policy is playing its part in the euro area recovery, structural reforms are the domain where there is more still to do to create the conditions for sustainable long-run growth, which is critical to the integrity of our monetary union. There is however no “one size fits all” model for how countries should go about tackling structural challenges. While there are principles that apply across countries, each economy is different and reforms have to be tailored to national conditions. As a central bank, our interest is not in how countries implement reforms, but whether they succeed in doing so.

There are two main channels through which structural reforms can support long-run growth in the euro area, namely through increasing the adjustment capacity of the economy and through raising its potential growth rate. Put differently, reforms can raise both the trend of long-run growth and reduce the fluctuations around that trend. Both aspects are particularly important in a monetary union, which makes structural reforms commensurately more pressing. The environment for introducing structural reforms is better today than for several years: all the conditions are in place for governments in the euro area, individually and collectively, to begin addressing their long-term challenges.

13/06/2015
Peter Praet:  Interview with der Standard
Interview with Peter Praet, Member of the Executive Board of the ECB, and der Standard, conducted by Andras Szigètvari on 10 June 2015
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11/06/2015
Yves Mersch:  Capital Markets Union: Optimising investment and financing conditions, increasing resilience
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the Morgan Stanley Global Investment Seminar, 
Terre Blanche, Provence
11 June 2015
10/06/2015
Benoît Cœuré:  Interview with La Croix
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Marie Dancer, La Croix, 10 June 2015
ENGLISH
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04/06/2015
Yves Mersch:  Getting the balance right: innovation, trust and regulation in retail payments
Introductory speech by Yves Mersch, Member of the Executive Board, 
European Central Bank at the joint European Central Bank/Suomen Pankki Conference, 
Helsinki, 4 June 2015
ENGLISH
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03/06/2015
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Vítor Constâncio, Vice-President of the ECB, 
Frankfurt am Main, 3 June 2015
30/05/2015
Vítor Constâncio:  Monetary Policy and the European recovery
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the XXXI Reunión Círculo de Economía, 
Barcelona 30 May 2015
22/05/2015
Mario Draghi:  Structural reforms, inflation and monetary policy
Introductory speech by Mario Draghi, President of the ECB, 
ECB Forum on Central Banking
Sintra, 22 May 2015
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Summary

Structural Reforms, Inflation and Monetary Policy

Introductory Speech by Mario Draghi, President of the ECB,
at the ECB Forum on Central Banking,
Sintra, 22 May 2015

Structural and cyclical policies – including monetary policy – are heavily interdependent. Structural reforms increase both potential output and the resilience of the economy to shocks. This makes structural reforms relevant for any central bank, but especially in a monetary union.
For members of monetary union resilience is crucial to avoid that shocks lead to consistently higher unemployment, and over time, permanent economic divergence. It therefore has direct implications for price stability, and is no less relevant for the integrity of the euro area. This is why the ECB has frequently called for stronger common governance of structural reforms that would make resilience part of our common DNA.

Structural reforms are equally important for their effect on growth. Potential growth is today estimated to be below 1% in the euro area and is projected to remain well below pre-crisis growth rates. This would mean that a significant share of the economic losses in the crisis would become permanent, with structural unemployment staying above 10% and youth unemployment elevated. It would also make it harder to work through the debt overhang still present in some countries. Finally, low potential growth can have a direct impact on the tools available to monetary policy, as it increases the likelihood that the central bank runs into the lower bound and has to resort recurrently to unconventional policies to meet its mandate.

The euro area’s weak long-term performance also provides an opportunity. Since many economies are distant from the frontier of best practice, the gains from structural reforms are easier to achieve and the potential magnitude of those gains is greater. There is a large untapped potential in the euro area for substantially higher output, employment and welfare. And the fact that monetary policy is today at the lower bound, and the recovery still fragile, is not, as some argue, a reason for reforms to be delayed.

This is because the short-term costs and benefits of reforms depend critically on how they are implemented. If structural reforms are credible, their positive effects can be felt quickly even in a weak demand environment. The same is true if the type of reforms is carefully chosen. And our accommodative monetary policy means that the benefits of reforms will materialise faster, creating the ideal conditions for them to succeed. It is the combination of these demand and supply policies that will deliver lasting stability and prosperity.

Strukturreformen, Inflation und Geldpolitik

Eröffnungsrede von Mario Draghi, Präsident der EZB,
anlässlich des ECB Forum on Central Banking,
Sintra, 22. Mai 2015

Struktur- und konjunkturpolitische Maßnahmen – darunter auch die Geldpolitik – stehen in einer engen Wechselbeziehung zueinander. Strukturreformen erhöhen sowohl das Produktionspotenzial als auch die Widerstandsfähigkeit der Wirtschaft gegenüber Schocks. Deshalb sind Strukturreformen stets relevant für Zentralbanken, besonders aber in einer Währungsunion.

Widerstandsfähigkeit ist für Mitglieder einer Währungsunion von entscheidender Bedeutung, damit Schocks nicht zu einer beständig höheren Arbeitslosigkeit und im Zeitverlauf zu dauerhaften wirtschaftlichen Divergenzen führen. Sie hat also unmittelbare Folgen für die Preisstabilität und ist nicht minder relevant für die Integrität des Euro-Währungsgebiets. Die EZB hat daher wiederholt zu einer stärkeren gemeinsamen Steuerung von Strukturreformen aufgerufen, um die Widerstandsfähigkeit zu einem Bestandteil unserer gemeinsamen DNA zu machen.

Strukturreformen sind auch wegen ihrer Auswirkungen auf das Wachstum wichtig. Das Potenzialwachstum im Euroraum beläuft sich laut Schätzungen derzeit auf weniger als 1 % und wird den Projektionen zufolge deutlich hinter den Wachstumsraten zurückbleiben, die vor der Krise verzeichnet wurden. Ein beträchtlicher Teil der in der Krise verbuchten wirtschaftlichen Verluste würde also dauerhaft bestehen bleiben – mit der Folge einer strukturellen Arbeitslosigkeit von mehr als 10 % und einer erhöhten Jugendarbeitslosigkeit. Dies würde auch den Abbau des in einigen Ländern nach wie vor bestehenden Schuldenüberhangs erschweren. Und schließlich kann sich ein niedriges Potenzialwachstum unmittelbar auf die verfügbaren geldpolitischen Instrumente auswirken, da die Zentralbank mit einer größeren Wahrscheinlichkeit an die Nullzinsgrenze stößt und zur Erfüllung ihres Mandats wiederholt auf unkonventionelle Maßnahmen zurückgreifen muss.

Die langfristig schwache Entwicklung im Eurogebiet eröffnet jedoch auch Möglichkeiten. Da viele Volkswirtschaften weit von der Best Practice entfernt sind, lassen sich mit Strukturreformen schneller Erfolge erzielen, und der positive Effekt kann größer ausfallen. Der Euroraum verfügt über ein erhebliches unausgeschöpftes Potenzial für einen deutlichen Produktions-, Beschäftigungs- und Wohlstandszuwachs. Die derzeitige Geldpolitik an der Nullzinsgrenze und die immer noch schwache Konjunkturerholung sind trotz gegenteiliger Behauptungen kein Grund für Verzögerungen bei den Reformanstrengungen.

Denn die kurzfristigen Kosten und der Nutzen von Reformen hängen entscheidend davon ab, wie diese umgesetzt werden. Wenn Strukturreformen glaubwürdig sind, haben sie rasch positive Auswirkungen, selbst bei einer schwachen Nachfrage. Das Gleiche gilt für die sorgfältige Auswahl der Art von Reform. Und dank unserer akkommodierenden Geldpolitik wird der Nutzen der Reformen schneller zum Tragen kommen, denn sie schafft ideale Bedingungen hierfür. Gemeinsam werden diese angebots- und nachfrageseitigen Maßnahmen dauerhaft zu Stabilität und Wohlstand führen.

Reformas estructurales, inflación y política monetaria

Discurso inaugural de Mario Draghi, presidente del BCE,
en el Foro del BCE sobre Banca Central
Sintra, 22 de mayo de 2015

Las políticas estructurales y cíclicas, incluida la política monetaria, muestran un elevado grado de interdependencia. Las reformas estructurales aumentan tanto el producto potencial como la fortaleza de la economía frente a las perturbaciones. Por ello son relevantes para cualquier banco central, especialmente en una unión monetaria.

Para los miembros de una unión monetaria, la capacidad de resistencia de la economía es fundamental para que las perturbaciones no se traduzcan en niveles de desempleo sistemáticamente más elevados y den lugar, con el tiempo, a divergencias económicas permanentes. Por tanto, tiene implicaciones directas para la estabilidad de precios y no es menos importante para la integridad de la zona del euro. Ese es el motivo por el que el BCE ha reclamado frecuentemente un refuerzo de la gobernanza común de las reformas estructurales, que integre esa capacidad de resistencia en nuestro ADN común.

Las reformas estructurales son igualmente importantes por sus efectos sobre el crecimiento. Actualmente, se estima que el crecimiento potencial es inferior al 1 % en la zona del euro y se prevé que se mantenga muy por debajo de las tasas de crecimiento registradas antes de la crisis. Esto significaría que una parte considerable de las pérdidas económicas que se produjeron durante la crisis se convertirían en permanentes, y que el desempleo estructural se situaría por encima del 10 % y el paro juvenil en niveles elevados. También haría más difícil superar el sobreendeudamiento que sigue existiendo en algunos países. Por último, un bajo crecimiento potencial puede afectar directamente a los instrumentos de política monetaria disponibles, ya que la probabilidad de que el banco central alcance el límite inferior, y tenga que recurrir repetidamente a políticas no convencionales para cumplir su mandato, es mayor.

Pero el débil comportamiento de la zona del euro a largo plazo también representa una oportunidad. Dado que muchas economías están muy lejos de aplicar las mejores prácticas, los beneficios de las reformas estructurales son más fáciles de alcanzar y su magnitud potencial es mayor. En la zona del euro hay sin utilizar un gran potencial para un crecimiento, un empleo y un bienestar considerablemente mayores. Y el hecho de que la política monetaria se encuentre en el límite inferior y de que la recuperación sea aún frágil, no es, como algunos sostienen, motivo para retrasar las reformas.

En realidad, los costes y los beneficios a corto plazo de las reformas dependen de forma crucial de cómo se apliquen. Si las reformas estructurales son creíbles, sus efectos positivos pueden apreciarse rápidamente, incluso en un entorno de contención de la demanda. Lo mismo ocurre si las reformas se eligen cuidadosamente. Y nuestra política monetaria acomodaticia significa que los beneficios de las reformas se materializarán con mayor rapidez, creando las condiciones ideales para su éxito. Es la combinación de estas políticas de oferta y demanda lo que dará como resultado una estabilidad y una prosperidad duraderas.

Réformes structurelles, inflation et politique monétaire

Discours d'ouverture de M. Mario Draghi, président de la BCE,
à l'occasion du Forum de la BCE consacré à l'activité de banque centrale
Sintra, le 22 mai 2015

Les politiques structurelles et conjoncturelles, y compris la politique monétaire, sont largement interdépendantes. Les réformes structurelles renforcent tant la croissance potentielle que la capacité de résistance de l'économie aux chocs. Elles sont donc importantes pour toute banque centrale, mais davantage encore dans une union monétaire.

Pour les différents participants à l'union monétaire, la capacité de résistance est cruciale pour éviter que les chocs n'entraînent un chômage durablement plus élevé et, avec le temps, des divergences économiques permanentes. Elle pèse donc directement sur la stabilité des prix et est tout aussi importante pour l'intégrité de la zone euro. C'est pourquoi la BCE appelle régulièrement à une gouvernance commune resserrée des réformes structurelles qui placerait la capacité de résistance au cœur de nos préoccupations communes.

Les réformes structurelles sont tout aussi cruciales s'agissant de leurs retombées en termes de croissance. La croissance potentielle au sein de la zone euro est estimée actuellement à moins de 1 % et devrait rester nettement en deçà des taux de croissance d'avant la crise. Il en résulterait qu'une part importante des pertes économiques subies pendant la crise deviendraient permanentes, le chômage structurel demeurant supérieur à 10 % et le chômage des jeunes élevé. La réduction du surendettement encore observé dans certains pays s'en trouverait elle aussi entravée. Enfin, une faible croissance potentielle peut avoir une influence directe sur les instruments de politique monétaire disponibles, car la probabilité est plus grande que la banque centrale atteigne le niveau plancher des taux d'intérêt et doive recourir de façon répétée à des politiques non conventionnelles pour remplir son mandat.

Mais les faibles performances économiques de long terme de la zone euro peuvent aussi offrir une chance à cet égard. De nombreuses économies étant assez éloignées des meilleures pratiques, il est plus facile d'obtenir des bienfaits - qui plus est plus importants - des réformes structurelles. La zone euro se caractérise par un grand potentiel inexploité en vue d'une croissance, d'un niveau d'emploi et d'un bien-être significativement supérieurs. Et ce n'est pas parce que la politique monétaire a atteint un niveau plancher de taux d'intérêt et parce que la reprise reste fragile que l'on peut, comme le souhaitent certains, reporter les réformes.

En effet, les coûts et les bienfaits à court terme des réformes dépendent fondamentalement de la manière dont elles sont mises en œuvre. Les retombées positives de réformes structurelles crédibles peuvent se faire sentir rapidement, même dans un contexte de demande atone. Il en va de même des réformes soigneusement sélectionnées. En outre, grâce au caractère accommodant de notre politique monétaire, les bienfaits des réformes se concrétiseront plus vite, créant les conditions idéales de leur succès. C'est la combinaison de ces politiques d'offre et de demande qui permettra d'obtenir une stabilité et une prospérité durables.

Riforme strutturali, inflazione e politica monetaria

Intervento introduttivo di Mario Draghi, Presidente della BCE,
in occasione dell'ECB Forum on Central Banking,
Sintra, 22 maggio 2015

Le politiche strutturali e cicliche, compresa la politica monetaria, sono fortemente interdipendenti. Le riforme strutturali accrescono sia il prodotto potenziale sia la tenuta dell'economia agli shock e pertanto assumono rilevanza per ogni banca centrale, soprattutto in un'unione monetaria.

Per i paesi dell'unione monetaria la capacità di tenuta è cruciale per evitare che gli shock generino una disoccupazione durevolmente maggiore e, nel tempo, una divergenza economica permanente. La capacità di tenuta ha quindi ricadute dirette per la stabilità dei prezzi e non è meno importante per l'integrità dell'area dell'euro. Per questa ragione la BCE ha spesso invocato un rafforzamento della governance comune delle riforme strutturali che renderebbe la capacità di tenuta parte del nostro DNA.

Le riforme strutturali sono altrettanto rilevanti per il loro effetto sulla crescita. Secondo le stime, la crescita potenziale dell'area dell'euro si colloca oggi al di sotto dell'1% e dovrebbe mantenersi su livelli ben inferiori a quelli pre-crisi. Ne consegue che una parte significativa delle perdite economiche riconducibili alla crisi diverrebbe permanente, con una disoccupazione strutturale al di sopra del 10% e un'elevata disoccupazione giovanile. Sarebbe inoltre più difficile abbattere il debito eccessivo tuttora presente in alcuni paesi. Infine, una crescita potenziale contenuta può avere un impatto diretto sugli strumenti disponibili per la politica monetaria, poiché aumenta la probabilità che la banca centrale porti i tassi di interesse al limite inferiore e debba spesso ricorrere a misure non convenzionali per assolvere il proprio mandato.

La debolezza degli andamenti di lungo periodo dell'area dell'euro offre anche un'opportunità. Essendo molte economie lontane dalla frontiera delle migliori prassi, i benefici delle riforme strutturali sono più facilmente raggiungibili e l'entità potenziale dei benefici stessi è maggiore. Vi è un grande potenziale inutilizzato nell'area dell'euro per conseguire livelli considerevolmente più elevati di prodotto, occupazione e benessere. Il fatto che la politica monetaria si trovi oggi sul limite inferiore e che la ripresa sia ancora fragile non giustifica, come vorrebbero alcuni, un ritardo nel processo di riforma.

E questo perché i costi e i benefici a breve termine delle riforme dipendono in modo cruciale dalle modalità di attuazione. Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. Lo stesso accade se la tipologia delle riforme è scelta con attenzione. La nostra politica monetaria accomodante implica che i benefici delle riforme si manifesteranno più celermente, creando le condizioni ideali per la loro riuscita. È la combinazione di queste politiche di domanda e offerta che assicurerà stabilità e prosperità durature.

Structurele hervormingen, inflatie en monetair beleid

Inleidende toespraak door Mario Draghi President van de ECB,
op het ECB Forum on Central Banking, Sintra,
22 mei 2015

Structureel beleid en conjunctuurbeleid - met inbegrip van het monetair beleid - zijn zeer nauw met elkaar verbonden Structurele hervormingen verhogen zowel de potentiële productie als de schokbestendigheid van de economie. Hierdoor zijn structurele hervormingen van belang voor elke centrale bank, maar met name voor een centrale bank binnen een monetaire unie.

Voor de leden van een monetaire unie is schokbestendigheid van cruciaal belang om te voorkomen dat schokken leiden tot langdurig hogere werkloosheid en na verloop van tijd tot permanente economische divergentie. Schokbestendigheid heeft daarom directe implicaties voor de prijsstabiliteit, en is niet minder belangrijk voor de integriteit van het eurogebied. Daarom heeft de ECB regelmatig opgeroepen tot een steviger gemeenschappelijk beheer van structurele hervormingen die schokbestendigheid zouden opnemen in ons gemeenschappelijke DNA.

Structurele hervormingen zijn van even groot belang door hun effect op de groei. De potentiële groei in het eurogebied ligt momenteel naar schatting onder 1% en zal, zo wordt voorzien, ruim onder het groeicijfer van vóór de crisis blijven. Dit zou betekenen dat een aanzienlijk deel van de economische verliezen die zich tijdens de crisis hebben voorgedaan, permanent zouden worden, waarbij de structurele werkloosheid boven de 10% en de jeugdwerkloosheid hoog zou blijven . Dit zou het tevens lastiger maken een uitweg te vinden uit de in enkele landen nog steeds aanwezige grote schulden. Lage potentiële groei, ten slotte, kan van directe invloed zijn op de instrumenten die het monetair beleid ter beschikking staan, aangezien het de waarschijnlijkheid vergroot dat de centrale bank tegen de ondergrens aanstoot en daardoor herhaaldelijk zal moeten terugvallen op onconventioneel beleid om aan haar mandaat te voldoen.
De zwakke langetermijnprestaties van het eurogebied bieden overigens ook kansen. Aangezien veel economieën nog lang de grens van "best practice" niet zijn genaderd, zijn de winsten van structurele hervormingen gemakkelijker te verwezenlijken en is de potentiële omvang van deze winsten groter. Er is een groot nog ongebruikt potentieel in het eurogebied voor aanzienlijk hogere productie, werkgelegenheid en voorspoed. En het feit dat het monetair beleid zich thans aan de ondergrens bevindt en het herstel nog steeds broos is, is geen reden, zoals enkelen bepleiten, om hervormingen uit te stellen.
Dit is omdat de kortetermijnkosten en voordelen van hervormingen in cruciale mate afhangen van hoe zij ten uitvoer worden gelegd. Als structurele hervormingen geloofwaardig zijn, zijn hun positieve effecten snel merkbaar, zelfs in een klimaat van zwakke vraag. Hetzelfde geldt als het soort hervormingen nauwkeurig wordt gekozen. En ons accommoderende monetair beleid betekent dat de voordelen van hervormingen zich sneller zullen concretiseren, en aldus de ideale voorwaarden zullen creëren voor het welslagen van deze hervormingen. Het is de combinatie van deze vraag- en aanbodbeleidslijnen die zal leiden tot blijvende stabiliteit en voorspoed.

19/05/2015
Benoît Cœuré:  Interview with L’Economie politique
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Sandra Moatti in April 2015 and published in the issue # 66 of L’Economie politique (quarterly publication of Alternatives Economiques)
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19/05/2015
Benoît Cœuré:  How binding is the zero lower bound?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference “Removing the zero lower bound on interest rates”, organised by Imperial College Business School / Brevan Howard Centre for Financial Analysis, CEPR and the Swiss National Bank, 
London, 18 May 2015

Summary

How binding is the zero lower bound?

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at the conference “Removing the zero lower bound on interest rates”, organised by Imperial College Business School / Brevan Howard Centre for Financial Analysis, CEPR and the Swiss National Bank,
London, 18 May 2015

The notion of an effective lower bound on policy interest rates that is lower than zero has become a concrete concern for monetary policy. While the effective lower bound for short-term rates exists, it does not impose a binding constraint on the effectiveness of monetary policy. There are tools for dealing with the lower bound constraint, which at the ECB go under the name of “non-standard monetary policy measures”. We saw that the short-term interest rate going below zero does not pose difficulties for monetary policy.
While removing the effective lower bound by abolishing cash can be envisaged, such a step should be the outcome of changing technologies and social perceptions, not of policy prescriptions. Also political capital could be better spent on structural reforms of euro area economies, which would raise the natural real rate of interest and thereby make the lower bound less of a constraint.

18/05/2015
Yves Mersch:  Swedbank Economic Outlook Seminar
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
Stockholm, 18 May 2015
14/05/2015
Mario Draghi:  The ECB’s recent monetary policy measures: Effectiveness and challenges
Camdessus lecture by Mario Draghi, President of the ECB, 
IMF, Washington, DC, 14 May 2015
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13/05/2015
Benoît Cœuré:  Consolidating the euro area’s economic recovery
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, 
prior to an informal exchange of views with the European Affairs Committee and the Finance Committee of the National Assembly, 
Paris, 13 May 2015
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13/05/2015
Benoît Cœuré:  Domestic and cross-border spillovers 
of unconventional monetary policies
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the at the SNB-IMF Conference "Monetary Policy Challenges in a Changing World", 
Zurich, 12 May 2015

Summary

Domestic and cross-border spillovers of unconventional monetary policies

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at the at the SNB-IMF Conference "Monetary Policy Challenges in a Changing World",
Zurich, 12 May 201

Discussion has recently emerged on the global financial market implications of diverging monetary policy cycles. Central banks in large advanced economies can free themselves from the global financial cycle and regain monetary independence, provided that they show clarity in purpose and resolve in implementation. The global exchange rate adjustments should be therefore seen as a natural by-product of such move towards monetary policy independence and divergence. Monetary policy always has unintended consequences, no matter where it is pursued. At the ECB we take our decisions with a view to attaining our primary objective of price stability. But without prejudice to this objective, we take financial stability risk seriously and monitor closely whether severe imbalances are emerging in the financial sector.

08/05/2015
Vítor Constâncio:  Reinforcing financial stability in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the OMFIF City Lecture, 
London, 8 May 2015
07/05/2015
Yves Mersch:  Interview with La Vanguardia
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Beatriz Navarro
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04/05/2015
Vítor Constâncio:  Interview with Het Financieele Dagblad
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Marcel de Boer and Saskia Jonker on 29 April 2015
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27/04/2015
Vítor Constâncio:  Financial integration and macro-prudential policy
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the joint conference organised by the European Commission and the European Central Bank “European Financial Integration and Stability”, 
27 April 2015
24/04/2015
Yves Mersch:  Dinner speech at EUI-NOMICS
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at EUI-NOMICS, 
Florence, 24 April 2015
23/04/2015
Peter Praet:  Lifting potential growth in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, 
at the Welt-Währungskonferenz, 
Berlin, 23 April 2015
22/04/2015
Benoît Cœuré:  Interview with Kathimerini
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Alexis Papahelas on 22 April 2015
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21/04/2015
Sabine Lautenschläger:  Monitoring, regulation and self-regulation in the European banking sector
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, at the evening reception at the Deutsche Aktieninstitut in Frankfurt am Main, 21 April 2015.
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20/04/2015
Vítor Constâncio:  Presentation of the ECB Annual Report 2014 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory remarks by Vítor Constâncio, Vice-President of the ECB, 
Brussels, 20 April 2015
17/04/2015
Mario Draghi:  Euro area economic outlook, the ECB’s monetary policy and current policy challenges
Statement by Mario Draghi, President of the ECB, 
prepared for the thirty-first meeting of the International Monetary and Financial Committee, 
Washington DC, 17 April 2015
16/04/2015
Peter Praet:  Price stability: a sinking will-o'-the-wisp?
Intervention by Peter Praet, Member of the Executive Board of the ECB, 
during a panel on “The elusive pursuit of inflation” at the IMF Spring Meetings Seminar, 
Washington, 16 April 2015
16/04/2015
Vítor Constâncio:  Financial regulation and the global recovery
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the 24th Annual Hyman P. Minsky Conference “Is financial reregulation holding back finance for the global recovery?”, 
Washington, 16 April 2015
15/04/2015
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Vítor Constâncio, Vice-President of the ECB, 
15 April 2015
11/04/2015
Benoît Cœuré:  Ensuring an adequate loss-absorbing capacity of central counterparties
Special invited lecture by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the Federal Reserve Bank of Chicago 2015 Symposium on Central Clearing, 
Chicago, 10 April 2015
08/04/2015
Yves Mersch:  Interview with Börsen-Zeitung
Interview with Yves Mersch, Member of the Executive Board of the ECB, 
conducted by Mark Schrörs and published on 8 April 2015
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02/04/2015
Sabine Lautenschläger:  Interview with Wirtschaftswoche
Interview with Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, 
conducted by Mark Fehr and Malte Fischer and published on 2 April 2015
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31/03/2015
Mario Draghi:  Accounts and accountability
Speech by Mario Draghi, President of the ECB, 
at the Euro50 Group Roundtable on 
“Monetary Policy in Times of Turbulence”, 
Frankfurt am Main, 31 March 2015
30/03/2015
Benoît Cœuré:  Rencontres économiques lycéennes (Transparents de la présentation)
Benoît Cœuré, membre du directoire de la BCE, 
20ème édition des Rencontres économiques de Pontault-Combault 
30 mars 2015
26/03/2015
Mario Draghi:  Introductory statement at the Italian Parliament
Speech by Mario Draghi, President of the ECB, 
at the Italian Parliament, 
Rome, 26 March 2015
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25/03/2015
Peter Praet:  Interview with Il Sole 24 Ore
Interview with Peter Praet, Member of the Executive Board of the ECB, 
conducted by Alessandro Merli on 17 March and published on 25 March 2015
23/03/2015
Mario Draghi:  Hearing at the European Parliament’s Economic and Monetary Affairs Committee (introductory remarks and Q&A)
Speech by Mario Draghi, President of the ECB, 
Brussels, 23 March 2015
23/03/2015
Benoît Cœuré:  Introductory remarks
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the press conference on the closing of the EU-funded technical cooperation programme with the Central Bank of Montenegro, 
in Podgorica, Montenegro on 23 March 2015
18/03/2015
Mario Draghi:  Speech at the inauguration of the New ECB Premises
Speech by Mario Draghi, President of the ECB, 
Frankfurt am Main, 18 March 2015

Summary

Speech by the President at the inauguration of the New ECB Premises

Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 18 March 2015

The new ECB headquarters are a symbol of the best of what Europe can achieve together. But it also reminds us of why we can never again risk to split apart.

The crisis is testing European unity. Some, like many of the protesters today, believe the problem is that Europe is doing too little while others, like the populist parties emerging across Europe, believe Europe is doing too much.

The answer is not to unwind integration, nor to hold out an unattainable vision of where integration should lead. We need ambition in our ends and pragmatism in our means. We need to reconcile the economics of integration, which is about efficiency, with the politics of integration, which is about equity. Education and training need to be as much a part of the reform agenda as creating more flexible markets and reducing red tape.

And the more decision-making over economic issues moves to the European level, the more democracy needs to move with it. We therefore need to strengthen the channels for genuine European democratic legitimacy, like the European Parliament. By giving up some formal sovereignty, people will gain in effective sovereignty. They will empower institutions with euro area-wide responsibility able to tackle the pressing problems of jobs and growth. And so their votes may make more of a difference to their lives than they do today.

18/03/2015
Benoît Cœuré:  What is the goal of the Capital Markets Union?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at a conference "The European Capital Markets Union, a viable concept and a real goal?" 
organised by the Institute for Law and Finance in Frankfurt on 18 March 2015
16/03/2015
Sabine Lautenschläger:  How can prudential regulation foster growth?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, 
at Frankfurt Finance Summit, 
Frankfurt am Main, 16 March 2015

Summary

How can prudential regulation foster growth?

Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, Frankfurt am Main, 16 March 2015

Supervisors can contribute to sustainable economic growth by ensuring that supervised entities are resilient to plausible shocks, properly managed, adequately capitalised and subject to an efficient risk management and the right incentives. The European Single Supervisory Mechanism takes a medium to long-term perspective on this, resisting those who argue for short-term relief. The SSM ensures that banks can deliver in their tasks in all phases of the economic cycle and thus are able to provide the economy with the financial services that corporations, smaller firms and citizens need.

16/03/2015
Mario Draghi:  Speech by the President at SZ Finance Day 2015
Speech by Mario Draghi, President of the ECB, 
Frankfurt am Main, 16 March 2015

Summary

Speech by the President at SZ Finance Day 2015

Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 16 March 2015

Europe needs to accelerate on its way to economic and institutional convergence. Due to falling oil prices, accommodative monetary policy and successful structural reforms, we can be optimistic about the economic outlook. The nascent recovery should be used as a window of opportunity to go ahead with reforms that make the euro area less fragile and vulnerable to shocks. Economic convergence should be reached through structural reforms that lead to an alignment of productivity levels. On the institutional side, we need to move from a system of rules and guidelines for national economic policy making to a system of further sovereignty sharing within common institutions. As part of this process, we need to strengthen the democratic accountability of Europe towards its citizens.

12/03/2015
Benoît Cœuré:  La politique monétaire dans la zone euro
Intervention de Benoît Cœuré, membre du directoire de la BCE, 
à la conférence organisée par l’Association des Journalistes Économiques e Financiers (AJEF), 
Paris, le 12 mars 2015
11/03/2015
Mario Draghi:  The ECB and its Watchers XVI Conference
Speech by Mario Draghi, President of the ECB, 
Frankfurt am Main, 11 March 2015

Summary

The ECB and its Watchers XVI Conference

Speech by Mario Draghi, President of the ECB,
Frankfurt am Main, 11 March 2015

In January, the ECB decided to expand its asset purchase programme to include government bonds after it became clear that there was a need for more monetary stimulus. Asset purchases are unconventional, but not unorthodox, and they have been part of the ECB’s toolkit from the start. By deploying this tool, the ECB underlined its ability and determination to stabilise euro area inflation in line with its objective.

The impact of the programme and the ECB’s previous monetary policy measures is visible: Bank lending rates to companies started to decline in the third quarter of last year, market-based measures of inflation expectations have reacted positively to the ECB’s balance sheet expansion over recent months, and euro area long-term sovereign yields have fallen – in spite of the renewed crisis in Greece. This suggests that the asset purchase programme may be shielding other euro area countries from contagion, which also helps the ECB achieve its monetary policy goals across the euro area.

The euro area economy grew more than expected in the fourth quarter and unemployment fell to its lowest level since August 2012 in January. While this cannot exclusively be attributed to the ECB’s monetary policy, it certainly supports the recovery. Even though inflation is expected to remain very low or negative in the months ahead mainly due to the sharp drop in oil prices, it is expected to move closer the ECB’s policy target over the coming years to reach 1.8 per cent in 2017 - conditional on the full implementation of all policy measures.

The beneficial impact of the ECB’s asset purchases on financing conditions will increase the benefits of governments’ structural reforms, rather than reducing incentives for reforms. Firms will be encouraged to increase investment, bringing forward the economic recovery.

11/03/2015
Peter Praet:  Public sector security purchases and monetary dominance in a monetary union without a fiscal union
Speech by Peter Praet, Member of the Executive Board of the ECB, 
at the Conference The ECB and Its Watchers XVI, 
Contribution to the Panel on Low-interest-rate Policy and Non-standard Monetary Policy Measures: Effectiveness and Challenges, 
Frankfurt am Main, 11 March 2015

Summary

Public sector security purchases and monetary dominance in a monetary union without a fiscal union

Speech by Peter Praet, Member of the Executive Board of the ECB,
Frankfurt am Main, 11 March 2015

The Governing Council decision to start purchases of public sector securities has demonstrated its ability to meet the mandate of price stability and bring inflation rates back to levels below but close to 2 percent. With this policy, it makes full use of all legal and effective monetary policy instruments. The design of such purchases has taken into account the specificities of the institutional set-up, notably the fact that the euro area is a monetary union that is not a fiscal union. This is an assertion of monetary dominance, in compliance with the principles enshrined in the Maastricht Treaty.

Nevertheless the overall success of the euro area depends on all stakeholders doing their job.

10/03/2015
Benoît Cœuré:  Embarking on public sector asset purchases
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at the Second International Conference on Sovereign Bond Markets, 
Frankfurt, 10 March 2015

Summary

Embarking on public sector asset purchases

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at the Second International Conference on Sovereign Bond Markets,
Frankfurt, 10 March 2015

On 9 March the Eurosystem launched its public sector purchase programme (PSPP). On that day the ECB and the national central banks of the euro area purchased €3.2 billon of public sector bonds, putting the programme on track to reach a total of €60 billion in March. Monetary policy is implemented in normal times in money markets. Stepping into bond markets creates challenges and might have unintended consequences. One key principle underlying the implementation of the PSPP is the minimisation of unintended consequences, which can be ensured by obeying the concept of market neutrality. We do want to affect market prices but we will not suppress the price discovery mechanism. The Eurosystem will ensure a high degree of transparency around its interventions and will closely monitor their impact on market liquidity and collateral availability. Some market reports have suggested that we may not be able to buy the intended amounts of government bonds. While the effective supply of eligible securities is undoubtedly lower than the total amount outstanding, it will still be substantially higher than the amounts we intend to purchase. If this is the case, there will be a price at which we can buy the quantities needed to meet our monthly targets. In other words, we may face a scarcity of bonds, but we won't face a shortage. And there are good reasons to expect that scarcity will materialise first and foremost in those market segments with a higher duration, potentially helping to maximise the economic impact of our operations.

10/03/2015
Yves Mersch:  The Future of Banking – a Central Banker’s view
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
at the Economist Future of Banking Summit in Paris, 10 March 2015
08/03/2015
Benoît Cœuré:  Interview with Politis
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Yannis Seitanidis on 8 March 2015
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05/03/2015
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Nicosia, 5 March 2015
27/02/2015
Vítor Constâncio:  Central banks with large balance sheets (slides from the presentation)
Presentation by Vítor Constâncio, Vice-President of the ECB, 
for the panel discussion “Central banks with large balance sheets” at the U.S. Monetary Forum in New York City, 27 February 2015
25/02/2015
Mario Draghi:  Introductory statement to the plenary debate of the European Parliament on the ECB’s Annual Report 2013
Mario Draghi, President of the ECB, 
Brussels, 25 February 2015
24/02/2015
Mario Draghi:  Unveiling of the new €20 banknote
Speech by Mario Draghi, President of the European Central Bank, 
European Central Bank
Frankfurt, 24 February 2015
16/02/2015
Peter Praet:  Interview with Jornal de Negócios
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Rui Jorge on 9 February and published on 16 February 2015
13/02/2015
Vítor Constâncio:  Financial stability risks, monetary policy and the need for macro-prudential policy
Speech by Vítor Constâncio, Vice-President of the ECB, Warwick Economics Summit, 13 February 2015

Summary

Financial stability risks, monetary policy and the need for macro-prudential policy

Speech by Vítor Constâncio, Vice-President of the ECB,
Warwick Economics Summit,
13 February 2015

The financial crisis has shown that price stability is not sufficient to guarantee financial stability. The financial cycle and the business cycle are not synchronised, implying that risks can emerge especially in the periods of “disconnect” between the two cycles. In the run-up to the financial crisis, imbalances were building-up while inflation was low and stable. At present, the search for yield phenomenon continues against the very low inflation, subdued growth and low interest rate environment.

Monetary policy aims at ensuring price stability in the market for goods and services. It should not be used to address pockets of instability in asset markets. This falls under the remit of macro-prudential policy, aimed at safeguarding stability of the financial system and containing systemic risk. At present, in advance economies, monetary policy needs to stabilise prices and to continue supporting real activity, while macro-prudential policy needs to tame the financial sector in asset market segments showing signs of exuberance or where imbalances could be forming.

Financial stability objectives can only be achieved with an effective macro-prudential policy. This requires policy interventions in a timely and bold manner, significantly affecting the normal behaviour of financial markets or financial institutions. This poses great challenges. First, measures would need to be admittedly intrusive, going well beyond the new capital and liquidity regulatory framework. Secondly, the macro-prudential tool-kit that has been legislated – including the one entrusted to the ECB/SSM – is not complete, it is centred on banks. Instruments would need to address other financial activities and institutions, notably pertaining to the steadily growing “shadow banking” sector. Advanced economies will only be able to ensure financial stability with effective macro-prudential policy interventions.

12/02/2015
Peter Praet:  Economic Developments in the Euro Area
Speech by Peter Praet, Member of the Executive Board of the ECB, 
at the FT Debt Capital Markets Outlook Conference in London, 
12 February 2015

Summary

Economic Developments in the Euro Area

Speech by Peter Praet, Member of the Executive Board of the ECB,
at the FT Debt Capital Markets Outlook Conference in London,
12 February 2015

Given the “gap” between inflation projections and our policy objective, we decided to launch an expanded asset purchase programme. We had to act because the inflation outlook had deteriorated, while our previous measures had not worked as effectively as we expected. In this environment our decision was fully consistent with our reaction function, which we had communicated last year, and it was only natural for markets to anticipate our move. Indeed faced with an increasing risk of a too prolonged period of low inflation, we intensified our stimulus to a degree necessary to bring inflation closer to 2%. We did it in line with our mandate and price stability objective. And I have no doubt that the measures we took will bring the intended effects.

05/02/2015
Peter Praet:  Interview with Les Echos
Interview with Peter Praet, Member of the Executive Board of the ECB, 
conducted by Isabelle Couet and Jean-Philippe Lacour on 2 February and published on 5 February 2015
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02/02/2015
Benoît Cœuré:  Lamfalussy was right: independence and interdependence in a monetary union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
at Lamfalussy Lecture Conference organised by Magyar Nemzeti Bank in Budapest, 
2 February 2015

Summary

Lamfalussy was right: independence and interdependence in a monetary union

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at Lamfalussy Lecture Conference organised by Magyar Nemzeti Bank in Budapest,
2 February 2015

Decision-makers in different policy areas act independently and are at the same time interdependent. Managing interdependence requires strong framework: “monetary dominance” is the framework in the euro area in which the central bank acts in independence and fiscal policies are constrained in the SGP.

The crisis in Europe has shown that policy interactions can be more subtle and involve also financial and structural policies. Monetary policy becomes more effective in impacting the real economy if other policies act in support. If not, it has less impact and expansionary policy has to last longer.

An example for interdependence between monetary and financial policies (micro level) is if supervisors show too much forbearance to undercapitalized banks, central bank funding may end up being used to fill the gap. Fiscal policies can also become overburdened if they need to smoothen the economic cycle and at the same time stabilize the banking sector. Banking union has been there one answer to the crisis. European supervision helps align the governance of the financial sector with the aims of monetary policy. And the resolution leg creates rules that limit the link between fiscal policies and the banking sector; bail-in replaces bail-out by governments and taxpayers.

The interaction between structural reforms and fiscal policies is clear: if product and labour markets are resilient and flexible, there is less need for fiscal intervention. Constantly refining fiscal rules while leaving structural policies at the national level makes little sense. If fiscal policies are to be freed from structural dominance, strong framework for both is needed. Today structural reforms are their own reward. Tomorrow sovereignty over structural reforms should be shared between countries, allowing for symmetric risk sharing.

31/01/2015
Vítor Constâncio:  Monetary policy challenges in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the Annual Conference of the Marshall Society, on “The power of policy: solving problems and shaping the future”, 
Cambridge, 31 January 2015

Summary

Monetary policy challenges in the euro area

Speech by Vítor Constâncio, Vice-President of the ECB,
at the Annual Conference of the Marshall Society,
on “The power of policy: solving problems and shaping the future”,
Cambridge, 31 January 2015

The monetary policy experience of the past seven years is reviewed. In pursuit of its objectives, the ECB has been very flexible in adjusting and expanding its toolkit.

In a first phase, from 2008 to 2013, monetary policy measures aimed at easing financial constraints arising from malfunctioning money and funding markets. Non-standard monetary policy was conducted in a context of well-anchored inflation expectations. It was not aimed at, but unavoidably resulted in, the expansion of the ECB's balance sheet.

The second phase, since 2013, is characterised by a more active use of the ECB’s balance sheet, as inflation started to fall significantly below 2%, accompanied by declines in various measures of long-term inflation expectations. Non-standard measures, introduced as from July 2013, included a policy of forward guidance, asset purchase programmes of private debt, a programme to provide targeted long-term funding to banks and an enlargement of the asset purchase programme to include sovereign bonds.

A number of concerns have been voiced regarding the adoption of a large scale asset purchase programme (APP) in the euro area. It is argued that these concerns are unfounded since: the transmission channels of the APP go well beyond the direct effect on the price and yield of the purchased assets; government fiscal discipline should not be achieved at the expense of central bank independence; central banks have instruments to absorb the effects of an expanded monetary base should inflation become a risk in the future; and finally, exuberance in specific asset markets should be addressed with macro-prudential policy tools, at national level, since price stability relevant for monetary policy refers to the market of goods and services, not to asset markets at large.

At the moment, the euro area is suffering mostly from weak aggregate demand. Supply-side policies are necessary to increase the medium-term growth potential. Monetary policy, aiming at price stability by stimulating demand and supporting investment, should reduce employment and output gaps, thereby positively affecting medium-term growth.

31/01/2015
Peter Praet:  Interview with Süddeutsche Zeitung
Interview with Peter Praet, Member of the Executive Board of the ECB, 
conducted by Markus Zydra on 27 January 2015 and published on 31 January 2015
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29/01/2015
Benoît Cœuré:  Interview with Corriere della Sera
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Danilo Taino on 27 January 2015
26/01/2015
Benoît Cœuré:  Interview with Europe 1
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Jean-Pierre Elkabbach on 26 January 2015
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25/01/2015
Yves Mersch:  Advancing Monetary Union
Speech by Yves Mersch, Member of the Executive Board of the ECB, 
Euro Exhibition 
Osnabrück, 25 January 2015
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22/01/2015
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Frankfurt am Main, 22 January 2015
16/01/2015
Benoît Cœuré:  Interview with Libération
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Jean Quatremer on 14 January, published on 16 January 2015
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16/01/2015
Benoît Cœuré:  Interview with the Irish Times
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Arthur Beesley on 12 January, published on 16 January 2015
15/01/2015
Mario Draghi:  Interview with Die Zeit
Interview with Mario Draghi, President of the ECB, conducted by Giovanni di Lorenzo on 17 December 2014, published on 15 January 2015
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13/01/2015
Benoît Cœuré:  Interview with Die Welt
Interview with Benoît Cœuré, Member of the Executive Board of the ECB
Published on 13 January 2015
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10/01/2015
Benoît Cœuré:  Interview avec France 24
Interview de Benoît Cœuré, membre du directoire de la BCE, 
par Stéphanie Antoine, France 24, le 8 janvier 2015, 
diffusée le 10 janvier 2015.
02/01/2015
Mario Draghi:  Interview with Handelsblatt
Interview with Mario Draghi, President of the ECB
Published on 2 January 2015
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02/01/2015
Mario Draghi:  Stability and Prosperity in Monetary Union
Opinion piece by Mario Draghi, President of the ECB, 
for Project Syndicate, 2 January 2015
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31/12/2014
Peter Praet:  Interview with Börsen-Zeitung
Interview with Peter Praet, Member of the Executive Board of the ECB, 
conducted by Mark Schrörs on 11 December 2014 and published on 31 December 2014
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22/12/2014
Vítor Constâncio:  Interview with Wirtschaftswoche
Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Angela Hennersdorf and published on 22 December 2014
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19/12/2014
Vítor Constâncio:  Where to from here?
Remarks by Vítor Constâncio, Vice-President of the ECB, 
at the Federal Reserve Bank of Chicago 17th Annual International Banking Conference, Policy panel: Where to from here?
Chicago, 7 November 2014
19/12/2014
Peter Praet:  Is the ECB doing enough?
Opinion piece by Peter Praet, 
Member of the Executive Board of the ECB, 
for Project Syndicate, 
19 December 2014
17/12/2014
Benoît Cœuré:  Interview with Wall Street Journal
Edited transcript of an interview with Benoît Cœuré, Member of the Executive Board of the ECB, and Wall Street Journal (WSJ), conducted by Brian Blackstone and Todd Buell on 16 December 2014, 
published 17 December 2014
16/12/2014
Benoît Cœuré:  Entretien avec L’Opinion
Entretien accordé par Benoît Cœuré, membre du directoire de la Banque centrale européenne, à Cyrille Lachèvre et Raphaël Legendre, L’Opinion, 
le 15 décembre 2014.
15/12/2014
Vítor Constâncio:  Nonlinearities in Macroeconomics and Finance
Speech by Vítor Constâncio, Vice-President of the ECB, 
15 December 2014
09/12/2014
Peter Praet:  Current issues in monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, 
at the Peterson Institute for International Economics in Washington, DC, 
9 December 2014

Summary

Current issues in monetary policy

Speech by Peter Praet, Member of the Executive Board of the ECB,
at the Peterson Institute for International Economics in Washington, DC,
9 December 2014

The ECB has responded forcefully to counter growing risks of a too prolonged period of low inflation. The current set of measures will enhance our monetary policy stance, incentivise bank lending, overcome remaining impairments in our transmission mechanism and underpin the firm anchoring of medium- to longer-term inflation expectations. Tentative evidence suggests that our credit easing package is delivering some tangible first benefits. But we need to remain vigilant as to whether the force of monetary stimulus already in the pipeline remains sufficient to reach our objective. If needed, one option for the ECB to ease the monetary policy stance further would be to extend its asset purchases towards other asset classes. Purchases of different asset classes will affect private sector financing conditions to varying degrees as they will activate different transmission channels and affect different spread components.

04/12/2014
Mario Draghi:  Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, 
Frankfurt am Main, 4 December 2014
29/11/2014
Sabine Lautenschläger:  How innovative should central banks be?
Keynote speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, 
at Wirtschaftsgipfel 2014 “Wirtschaft neu denken – die Kraft der Innovation” organised by Süddeutsche Zeitung in Berlin, 
29 November 2014
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27/11/2014
Mario Draghi:  Stability and Prosperity in Monetary Union
Speech by Mario Draghi, President of the European Central Bank, 
at the University of Helsinki, 
Helsinki, 27 November 2014

Summary

Stability and Prosperity in Monetary Union

Speech by Mario Draghi, President of the ECB,
at the University of Helsinki,
Helsinki, 27 November 2014

ECB President Mario Draghi outlined the minimum requirements needed to complete monetary union in a way that offers stability and prosperity for all its members in a speech to students of the University of Helsinki.

Acknowledging that, “for all its resilience, our union is still incomplete”, Mr Draghi argued that, ultimately, Member States “have to be better off inside than they would be outside.”

“If there are parts of the euro area that are worse off inside the Union, doubts may grow about whether they might ultimately have to leave”.

“The euro is – and has to be – irrevocable in all its member states, not just because the Treaties say so, but because without this there cannot be a truly single money”, he said.

In the absence of permanent fiscal transfers among Member States, there are two minimum requirements to achieve these objectives: the first is that all euro area countries need to be able to thrive independently, the second is that euro area countries need to invest more in other mechanisms to share the cost of shocks.

In a monetary union, the economic performance of any single country cannot be seen as a purely national concern. “There is a strong case for sovereignty over relevant economic policies to be exercised jointly. That means above all structural reforms”, the President remarked.

But even so, economic adjustments can have short term costs.

To ensure that countries are better off being in the Union when a shock hits than they would be outside, “we need other ways to help spread those costs…there is a particular onus on private risk-sharing to play this role”. In this context Mr Draghi said barriers to capital markets integration needed to be addressed with urgency.

Sovereign debt needs also to act as a safe haven in times of economic stress. It can do so first of all through a strong fiscal governance framework. Secondly, by having some form of backstop for sovereign debt in place. “Over the longer-term”, the President concluded, “it would be natural to reflect further on whether we have done enough in the euro area to preserve at all times the ability to use fiscal policy counter-cyclically. But it is also clear that… this could only take place in the context of a decisive step towards closer Fiscal Union”.

Stabilität und Wohlstand in der Währungsunion

Rede von Mario Draghi, Präsident der Europäischen Zentralbank,
an der Universität Helsinki
Helsinki, 27. November 2014

In einer Rede vor Studierenden der Universität Helsinki skizzierte EZB-Präsident Mario Draghi die Mindestanforderungen für die Vollendung der Währungsunion, sodass sie allen Mitgliedern Stabilität und Wohlstand bringt.

Draghi räumte ein, dass „unsere Union trotz ihrer Widerstandsfähigkeit noch nicht vollendet ist“, und stellte klar, dass die Mitgliedstaaten letztendlich „innerhalb der Union besser dastehen müssen als außerhalb“.

„Stehen einzelne Länder innerhalb der Union schlechter da, könnten sich Zweifel über den Sinn ihres Verbleibs in der Union mehren.“

„Der Euro ist in allen Mitgliedstaaten des Euroraums unwiderruflich – und daran ist nicht zu rütteln –, nicht nur, weil es so in den Verträgen steht, sondern weil es ansonsten keine wirklich einheitliche Währung geben kann“, sagte Draghi.

Gebe es keine dauerhaften Finanztransfers zwischen den Mitgliedstaaten, seien zwei Mindestanforderungen zu erfüllen, um diese Ziele zu erreichen: Erstens müssten alle Euro-Länder imstande sein, eigenständig wirtschaftlich zu florieren, und zweitens müssten die Euro-Länder stärker in andere Mechanismen investieren, die eine Lastenverteilung nach Schocks ermöglichen.

In einer Währungsunion könne der wirtschaftliche Erfolg eines einzelnen Landes nicht als rein nationale Angelegenheit betrachtet werden. „Es sprechen starke Argumente dafür, die Souveränität über relevante Bereiche der Wirtschaftspolitik gemeinsam auszuüben. Das betrifft vor allem Strukturreformen“, so der Präsident.

Gleichwohl könnten wirtschaftliche Anpassungen auf kurze Sicht immer mit Kosten verbunden sein.

Um zu gewährleisten, dass Länder im Falle eines Schocks innerhalb der Union besser dastehen als außerhalb, „brauchen wir andere Möglichkeiten zur Verteilung dieser Kosten. In einer Währungsunion wie der unseren fällt diese Rolle insbesondere der Risikobeteiligung des Privatsektors zu.“ In diesem Zusammenhang sagte Draghi, der Euroraum müsse dringend die Barrieren beseitigen, die der Integration der Kapitalmärkte im Wege stünden.

Auch müssten Staatsanleihen in wirtschaftlich angespannten Zeiten eine sichere Anlageform sein. Eine Möglichkeit, dies zu gewährleisten, bestehe in einem starken finanzpolitischen Steuerungsrahmen. Die zweite Möglichkeit liege in der Einführung eines Sicherungsmechanismus für Staatsanleihen. „Auf längere Sicht“, schloss der Präsident, „läge es also nahe, wenn wir uns weiter darüber Gedanken machen, ob im Euroraum genug getan wurde, um jederzeit die Fähigkeit zum Einsatz einer antizyklischen Finanzpolitik aufrechtzuerhalten. […] Möglich wäre dies nur im Rahmen eines entschiedenen Schritts hin zu einer engeren Fiskalunion.“

Estabilidad y prosperidad en la Unión Monetaria

Discurso pronunciado por Mario Draghi, presidente del Banco Central Europeo, en la Universidad de Helsinki,
Helsinki, 27 de noviembre de 2014

En su discurso ante los estudiantes de la Universidad de Helsinki, el presidente del BCE, Mario Draghi, explicó las condiciones mínimas necesarias para completar la unión monetaria de forma que traiga estabilidad y prosperidad a todos sus miembros.

Reconociendo que «pese a toda su capacidad de resistencia, nuestra unión aún no está terminada», Draghi argumentó que, en última instancia, sus Estados miembros «deben estar mejor dentro que fuera».

«Si algunas partes de la zona del euro están peor dentro de la Unión, surgirá la duda de si en última instancia tendrán que abandonarla».

«El euro es, y tiene que ser, irrevocable en todos sus Estados miembros, no solo porque lo digan los Tratados, sino también porque es imprescindible para que exista una auténtica moneda única», declaró el Presidente.

En ausencia de transferencias fiscales permanentes entre los Estados miembros, deben cumplirse dos condiciones mínimas para alcanzar estos objetivos: la primera es que todos los países de la zona del euro deben poder prosperar por sí mismos, la segunda es que los países de la zona del euro necesitan invertir más en otros mecanismos para compartir el coste de las perturbaciones.

En una unión monetaria la evolución económica de un país no puede considerarse una cuestión puramente nacional. «Existe un argumento de peso a favor del ejercicio conjunto de la soberanía sobre determinadas políticas económicas, referido, sobre todo, a las reformas estructurales», subrayó el Presidente.

Sin embargo, los ajustes económicos pueden tener costes a corto plazo.

Para asegurar que, en presencia de perturbaciones, los países estén en mejor situación dentro de la Unión que fuera de ella, «necesitamos otras vías que ayuden a distribuir dichos costes… existen razones de peso para que la distribución del riesgo privado desempeñe este papel». En este contexto Draghi declaró que necesitamos eliminar urgentemente las barreras a la integración de los mercados de capitales.

Es necesario que la deuda soberana actúe como refugio en tiempos de dificultades. Esto puede lograse, en primer lugar, mediante la aplicación de un marco sólido de gobernanza fiscal y, en segundo lugar, mediante alguna forma de respaldo de la deuda soberana. El Presidente concluyó que «a más largo plazo, sería lógico seguir reflexionando sobre si en la zona del euro hemos hecho bastante para mantener en todo momento la capacidad para aplicar una política fiscal contracíclica. Pero también es evidente que... esto solo podría tener lugar en el contexto de un paso decisivo hacia una unión fiscal más estrecha».

Vakaus ja vauraus rahaliitossa

EKP:n pääjohtajan Mario Draghin puhe Helsingin yliopistossa,
Helsinki 27.11.2014

Helsingin yliopiston opiskelijoille pitämässään puheessa EKP:n pääjohtaja Mario Draghi kävi läpi edellytyksiä, joiden on täytyttävä, jotta rahaliitto saadaan valmiiksi ja se voi tuoda vakautta ja vaurautta kaikille jäsenilleen.

Pääjohtaja Draghi totesi, että vaikka rahaliitto on selvinnyt monesta koitoksesta, se ei ole vielä valmis. Rahaliitosta on oltava jäsenilleen hyötyä.

Jos jollekin maalle on haittaa euroalueen jäsenyydestä, voidaan ruveta epäilemään sen mahdollisuuksia pysyä rahaliitossa.

Euro on tullut jäädäkseen kaikkiin euroalueen maihin, ja näin täytyykin olla – ei vain siksi, että perussopimuksissa määrätään niin, vaan siksi, että muuten yhteinen raha ei olisi aidosti yhteinen.

Koska euroalueella jäsenvaltioiden välillä ei tehdä jatkuvia tulonsiirtoja, tavoitteiden saavuttaminen edellyttää kahta asiaa: kaikkien euroalueen maiden täytyy pystyä menestymään myös omin avuin, ja niiden on pystyttävä hyödyntämään enemmän muita mekanismeja häiriöiden kustannusten jakamiseksi.

Rahaliitossa yksittäisen maan talouskehitys ei ole vain sen oma asia. Pääjohtaja Draghin mukaan olisi vahvat perusteet sille, että olennaisista talouspolitiikan osa-alueista – ennen kaikkea rakenneuudistuksista – päätettäisiin yhteisesti.

Silloinkin talouden sopeutuksesta voi aiheutua lyhyellä aikavälillä kustannuksia.

Jotta voidaan varmistaa, että mailla on rahaliitossa paremmat mahdollisuudet selviytyä häiriöistä kuin rahaliiton ulkopuolella, on löydettävä parempi tapa jakaa nämä kustannukset – etenkin yksityisen sektorin saaminen mukaan on tärkeää. Pääjohtaja Draghin mukaan tämän saavuttamiseksi on tärkeää poistaa esteitä pääomamarkkinoiden yhdentymisen tieltä.

Valtion velan on oltava turvallinen sijoituskohde silloinkin, kun talouskehitys on heikkoa. Se voidaan varmistaa ennen kaikkea vahvalla finanssipolitiikan ohjaus- ja valvontajärjestelmällä. Toinen tapa olisi taata julkinen velka varautumisjärjestelyin. Pääjohtaja Draghi totesi lopuksi, että pitemmällä aikavälillä on luontevaa pohtia, tulisiko euroalueella vielä pyrkiä vahvistamaan maiden valmiuksia käyttää finanssipolitiikkaa suhdannekehityksen tasoittajana. ”On kuitenkin selvää, että ennen kuin voimme tehdä voitavamme, meidän on otettava ratkaiseva askel kohti finanssiunionia.”.

Stabilité et prospérité dans une union monétaire

Intervention de M. Mario Draghi, président de la Banque centrale européenne
à l’Université d’Helsinki
le 27 novembre 2014

Dans un discours devant des étudiants de l'Université d'Helsinki, le président de la BCE a indiqué quelles étaient les exigences minimales en vue de parachever l'union monétaire de manière à apporter stabilité et prospérité à l'ensemble de ses membres.

Reconnaissant que « si elle est résiliente, notre union n'en demeure pas moins incomplète », M. Draghi a souligné que « l'appartenance à une telle union doit être bénéfique » pour les pays participants.

« Si certains membres de la zone euro sont pénalisés par leur appartenance à l'union monétaire, des doutes peuvent naître sur leur éventuelle sortie ».

« L'euro est - et doit être - irrévocable dans tous les pays participants, pas uniquement parce que les traités le veulent ainsi, mais parce que c'est la condition sine qua non de l'existence d'une monnaie véritablement unique », a-t-il déclaré.

En l'absence de transferts budgétaires permanents entre les pays participants, il existe deux exigences minimales devant permettre d'atteindre ces objectifs : la première est que tous les pays de la zone euro doivent pouvoir prospérer de façon autonome et la deuxième est que les pays appartenant à l'UEM doivent investir davantage dans d'autres mécanismes de partage du coût des chocs.

Dans une union monétaire, les performances économiques d'un pays ne peuvent être considérées comme une préoccupation strictement nationale. « Des arguments solides plaident pour l'exercice en commun de la souveraineté sur certaines politiques économiques. En particulier dans le domaine des réformes structurelles », a noté le président de la BCE.

Les ajustements économiques peuvent malgré tout entraîner des coûts à court terme.

Afin que l'appartenance des pays à l'union monétaire leur permette de mieux supporter un choc que s'ils n'en faisaient pas partie, « nous devons disposer d'autres moyens permettant de répartir ces coûts... Il incombe au partage du risque privé un rôle particulier à cet égard ». Dans ce contexte, « nous devons de toute urgence démanteler les barrières entravant l'intégration des marchés financiers », selon M. Draghi.

La dette souveraine doit également jouer le rôle de refuge en période de tensions économiques. Elle peut le faire, tout d'abord, grâce à un cadre de gouvernance budgétaire solide. Il faut disposer ensuite d'un mécanisme de soutien de la dette souveraine. « Sur le long terme », a conclu le président de la BCE, « il serait logique d'approfondir la réflexion sur la question de savoir si notre action a été suffisante dans la zone euro pour préserver à tout moment la capacité d'utiliser la politique budgétaire de manière contracyclique. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ».

La stabilità e la prosperità nell’Unione monetaria

Intervento di Mario Draghi, Presidente della Banca centrale europea,
presso l’Università di Helsinki, Helsinki,
27 novembre 2014

Il Presidente della BCE Mario Draghi ha illustrato, in un incontro con gli studenti dell’Università di Helsinki, i requisiti minimi necessari a completare l’unione monetaria attraverso modalità atte ad apportare stabilità e prosperità per tutti i suoi membri.

Poiché, “malgrado la sua tenuta, la nostra unione è ancora incompleta”, Draghi ha argomentato che, in definitiva, gli Stati membri “devono trovarsi in condizioni migliori aderendovi anziché restandone fuori”.

“Se vi sono parti dell’area dell’euro che si trovano in condizioni peggiori partecipando all’unione, potrebbe sorgere il dubbio che alla fine si ritrovino a doverla lasciare”.

“L’euro è – e deve essere – irrevocabile in tutti gli Stati membri che l’hanno adottato, non solo perché è scritto nei trattati, ma perché senza irrevocabilità non può esistere una moneta realmente unica” ha affermato.

In assenza di trasferimenti di bilancio permanenti tra Stati membri, vi sono due requisiti minimi per conseguire questi obiettivi: il primo è che tutti i paesi dell’area dell’euro devono essere in grado di prosperare in maniera indipendente, il secondo che gli stessi paesi devono investire maggiormente in altri meccanismi per ripartire il costo degli shock.

In un’unione monetaria i risultati economici di un singolo paese non possono essere considerati una questione puramente nazionale. “Vi sono [...] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in maniera congiunta. Si tratta innanzitutto delle riforme strutturali”, ha osservato il Presidente.

Anche così, però, gli aggiustamenti economici possono avere un costo nel breve periodo.

Per assicurare che, a fronte di uno shock, i paesi stiano meglio all’interno dell’unione che al suo esterno, “occorrono altre modalità per agevolare la ripartizione di tali costi [...] l’onere di espletare questo ruolo incombe in modo particolare sulla ripartizione del rischio nel settore privato”. A questo proposito Draghi ha dichiarato che il problema delle barriere all’integrazione dei mercati dei capitali va affrontato con urgenza.

Il debito sovrano, peraltro, deve agire quale attività rifugio nei periodi di tensioni economiche. Questa condizione può realizzarsi grazie innanzitutto a un solido quadro di riferimento per la governance dei conti pubblici e, in secondo luogo, ai meccanismi di sostegno per il debito sovrano. “Nel più lungo termine” ha concluso “bisognerebbe approfondire se sia stato sufficiente ciò che abbiamo fatto nell’area dell’euro per salvaguardare in ogni circostanza la possibilità di utilizzare la politica di bilancio in modo anticiclico. È anche evidente tuttavia che [...] ciò potrà avvenire solo nell’ambito di un cammino risoluto verso una più stretta unione di bilancio”.

Stabiliteit en welvaart in de Monetaire Unie

Toespraak door Mario Draghi, President van de Europese Centrale Bank,
aan de Universiteit van Helsinki, Helsinki, 27 november 2014

In een toespraak voor studenten aan de Universiteit van Helsinki schetste de President van de ECB, Mario Draghi, de minimumvereisten die nodig zijn voor de voltooiing van de monetaire unie op een wijze die stabiliteit en welvaart biedt voor al haar leden.

Mario Draghi, die erkende dat "ondanks al haar schokbestendigheid onze unie nog lang niet is voltooid", zei dat de leden uiteindelijk "binnen de unie beter af [moeten] zijn dan erbuiten".

"Als er delen van het eurogebied slechter af zijn binnen de Unie, dan zouden er twijfels kunnen ontstaan over of die delen uiteindelijk het eurogebied zouden moeten verlaten."

"De euro is - en moet dat ook zijn - onherroepelijk in al zijn lidstaten, niet alleen omdat de Verdragen dat zeggen maar omdat zonder die onherroepelijkheid er geen werkelijk gemeenschappelijk geld zou kunnen zijn", zei hij.

In de afwezigheid van permanente budgettaire overdrachten tussen de lidstaten, zijn er twee minimumvereisten om deze doelstellingen te verwezenlijken: het eerste is dat alle landen van het eurogebied onafhankelijk van elkaar moeten kunnen gedijen, en het tweede is dat landen van het eurogebied meer dienen te investeren in andere mechanismen om de kosten van schokken te delen.

In een monetaire unie kunnen de economische prestaties van één enkel land niet worden beschouwd als een zaak van puur nationaal belang. "En om deze reden kan goed worden verdedigd dat de soevereiniteit over relevant economisch beleid gezamenlijk dient te worden uitgeoefend. Dit betekent bovenal structurele hervormingen", aldus de President.

Maar economische aanpassingen kunnen kortetermijnkosten met zich mee brengen.

Om ervoor te zorgen dat landen ingeval van economische schokken beter af zijn binnen de Unie dan erbuiten, “moeten we andere manieren vinden om deze kosten te helpen spreiden…daarbij is met name een rol weggelegd voor private risicodeling”. In deze context zei Draghi dat er dringend iets moet worden gedaan aan de belemmeringen voor kapitaalmarktintegratie.

Staatsobligaties moeten tevens fungeren als veilige haven in tijden van economische stress. Dit kan in de eerste plaats via een krachtig kader voor begrotingsgovernance. De tweede manier is te zorgen voor een soort vangnet voor staatsschulden. “Op de langere termijn”, zei de President ter afsluiting, “zou het logisch zijn om verder na denken over de vraag of we in het eurogebied genoeg hebben gedaan om te allen tijde in staat te zijn begrotingsbeleid anticyclisch in te zetten. Maar het is ook duidelijk dat … dat alleen kan plaatsvinden in de context van een vastberaden stap naar een hechtere begrotingsunie”.

Stabilitet och välstånd i den monetära unionen

Tal av Mario Draghi, Europeiska centralbankens ordförande,
vid Helsingfors universitet
Helsingfors den 27 november 2014

ECB:s ordförande Mario Draghi presenterade i ett tal till studenter vid Helsingfors universitet vilka minimikrav som behövs för att fullborda den monetära unionen på ett sätt som erbjuder stabilitet och välstånd till alla dess medlemmar.

Draghi konstaterade att "trots motståndskraften står det emellertid klart att vår union fortfarande är ofullständig" men han sa samtidigt att medlemsstaterna "ska ha det bättre i unionen än utanför den."

"Om det finns delar av euroområdet som har det sämre inom unionen så kan det ge upphov till tvivel om att de till slut kan bli tvungna att lämna unionen".

Euron är, och ska vara, oåterkallelig i alla dess medlemsstater, inte bara för att det står så i fördraget utan för att en genuint gemensam valuta inte kan existera annars, sa han.

I avsaknad av permanenta finanspolitiska överföringar mellan medlemsstater finns det två minimikrav för att uppnå dessa mål. Det första är att alla länder i euroområdet var för sig ska kunna ha framgångar, det är att länderna i euroområdet behöver investera mer i andra mekanismer för att dela kostnader för chocker.

I en monetär union kan den ekonomiska utvecklingen i ett enskilt land inte ses enbart som en nationell angelägenhet. Det finns viktiga orsaker till att relevant ekonomisk politik ska utövas gemensamt. Detta innebär framför allt strukturreformer, sa ordföranden.

Inte desto mindre kan ekonomiska anpassningar innebära kostnader på kort sikt.

För att säkerställa att länder har det bättre ställt i unionen när en chock inträffar än utanför den behövs andra sätt som hjälper till att sprida dessa kostnader ... det är särskilt privat riskdelning som förväntas anta den rollen. Draghi sa också att de hinder som står i vägen för integrationen av kapitalmarknaderna snabbt måste åtgärdas.

Statsskuldspapper behöver också kunna fungera som en säker tillflyktsort i tider av ekonomisk stress. Detta kan ske genom ett starkt finanspolitiskt styrsystem. Den andra vägen är en form av säkerhetsmekanism för statspapper. På lång sikt vore det, enligt ordförande Draghi, naturligt att reflektera över om det har gjorts tillräckligt i euroområdet för att alltid bevara förmågan att använda finanspolitik kontracykliskt. Det står också klart att detta skulle kunna ske inom ramen för ett avgörande steg mot en allt fastare finanspolitisk union.

27/11/2014
Mario Draghi:  Introductory remarks at the Finnish parliament
Speech by Mario Draghi, President of the ECB, 
Helsinki, 27 November 2014
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Summary

Introductory remarks at the Finnish parliament

Speech by Mario Draghi, President of the ECB,
Helsinki, 27 November 2014

In his speech at the Finnish Parliament the President highlighted that, over the past crisis years, the ECB has acted forcefully to safeguard price stability and to contribute to financial stability in the euro area as a whole.

In particular, the ECB has taken several non-standard measures to ensure the transmission of its monetary policy to the economy. The latest unconventional measures announced by the ECB (the targeted long term refinancing operations (TLTROs), and the covered bond and ABS purchase programmes) will have a sizeable impact on our balance sheet, which we expect to move towards its early 2012 dimension. This will ensure the necessary degree of monetary accommodation and contribute to a gradual recovery and a return of inflation to levels closer to below, but close to, 2%. If, however, it becomes necessary to further address risks of too prolonged a period of low inflation, the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate.

Accountability and transparency are the essential elements balancing the independence of a central bank, especially in times where unconventional measures are being taken. The ECB regularly publishes a variety of data on the execution of monetary policy operations and the liquidity conditions of the Eurosystem. (i.e. the SMP, the Covered Bonds Programmes and the ABS Purchase Programme portfolios). Additionally, the Governing Council committed to the publication of an account of monetary policy discussions.

As regards fiscal policy and structural reforms, while the Stability and Growth Pact should remain the anchor for confidence in sustainable public finances, a comprehensive strategy is needed to put the euro area economy back on track. This involves further sharing of sovereignty, i.e a leap forward from common rules to common institutions. The upcoming report commissioned by the Euro Summit on the future of economic governance will present a good starting point for further reflection.

Puheenvuoro Suomen eduskunnassa

EKP:n pääjohtajan Mario Draghin puhe
Helsinki 27.11.2014

Puheessaan Suomen eduskunnalle EKP:n pääjohtaja korosti, että EKP on meneillään olevan kriisin aikana toiminut päättäväisesti varmistaakseen hintavakauden ja edistääkseen rahoitusjärjestelmän vakautta euroalueella.

EKP on toteuttanut useita epätavanomaisia toimia varmistaakseen rahapolitiikan välittymisen talouteen. Uusimmilla EKP:n ilmoittamilla epätavanomaisilla toimilla (kohdennetut pitempiaikaiset rahoitusoperaatiot sekä katettujen joukkolainojen ja omaisuusvakuudellisten arvopaperien osto-ohjelmat) tulee olemaan huomattava vaikutus eurojärjestelmän taseeseen, jonka suuruusluokan odotetaan kehittyvän samankaltaiseksi kuin alkuvuodesta 2012. Niiden avulla varmistetaan, että rahapolitiikan mitoitus tukee kasvua ja edistää talouden vähittäistä elpymistä sekä paluuta lähemmäksi tavoitteen mukaista inflaatiovauhtia (hieman alle kahden prosentin). Jos uudet toimet ovat tarpeen sen varmistamiseksi, että hitaan inflaation kausi ei pitkity liikaa, EKP:n neuvosto on yksimielisesti valmis käyttämään mandaattinsa rajoissa muitakin epätavanomaisia välineitä.

Tilivelvollisuus ja avoimuus ovat olennaisen tärkeitä seikkoja keskuspankin riippumattomuuden vastapainona erityisesti epätavanomaisia toimia toteutettaessa. EKP julkaisee säännöllisesti erilaisia tietoja rahapoliittisten toimien toteuttamisesta ja eurojärjestelmän likviditeettitilanteesta. (Tietoja julkaistaan muun muassa velkapaperiohjelmasta, katettujen joukkolainojen osto-ohjelmista ja omaisuusvakuudellisten arvopaperien osto-ohjelmasta). Lisäksi EKP:n neuvosto on sitoutunut julkaisemaan selonteon käymistään rahapoliittisista keskusteluista.

Finanssipolitiikan ja rakenteellisten uudistusten saralla vakaus- ja kasvusopimus ylläpitää luottamusta kestävään julkiseen talouteen. Lisäksi tarvitaan kuitenkin kattava strategia, jolla euroalueen talous saadaan jälleen kasvuun. Määräysvaltaa on jaettava entisestään, eli yhteisistä säännöistä tulisi edetä yhteisiin instituutioihin. Euroalueen huippukokouksen tilaama raportti tulevasta talouden ohjaus- ja hallintajärjestelmästä tulee olemaan hyvä lähtökohta syvemmälle tarkastelulle.

Inledningsanförande inför den finska riksdagen

Tal av Mario Draghi, ECB:s ordförande,
Helsingfors, 27 november 2014

I sitt tal inför den finska riksdagen poängterade ordföranden att ECB under de senaste krisåren med kraft agerat för att säkra prisstabilitet och bidra till finansiell stabilitet i hela euroområdet.

Framför allt har ECB vidtagit flera extraordinära åtgärder för att säkerställa att den penningpolitiska transmissionsmekanismen till ekonomin fungerar. De senaste okonventionella åtgärderna som ECB tillkännagivit (de riktade långfristiga refinansieringstransaktionerna (TLTRO), programmet för köp av säkerställda obligationer och ABS-programmet) kommer att få en betydande inverkan på vår balansräkning, som vi räknar med kommer att närma sig samma omfattning som i början av 2012. Detta kommer att säkerställa att penningpolitiken blir tillräckligt ackommoderande och bidra till en gradvis återhämtning och återgång till inflationsnivåer under men nära 2 procent. Om det skulle bli nödvändigt att vidta ytterligare åtgärder för att hantera de risker som en alltför utdragen period av låg inflation medför, är ECB-rådet enigt i sitt åtagande att inom ramen för sitt mandat använda andra okonventionella instrument.

Ansvarighet och öppenhet är nödvändiga förutsättningar för att en centralbank ska bevara sitt oberoende, särskilt i tider då okonventionella åtgärder vidtas. ECB publicerar regelbundet en mängd uppgifter om genomförandet av penningpolitiska transaktioner och Eurosystemets likviditetssituation. (t.ex. värdepappersmarknadsprogrammet, programmen för köp av säkerställda obligationer och ABS-programmet). ECB-rådet har vidare förbundit sig att publicera en redogörelse av de penningpolitiska diskussionerna.

Vad gäller finanspolitik och strukturreformer ska stabilitets- och tillväxtpakten även fortsättningsvis fungera som ett ankare för förtroendet för hållbara offentliga finanser men en omfattande strategi behövs för att få fart på ekonomin i euroområdet. Detta innebär att man ytterligare delar på befogenheter, dvs. ett steg framåt från gemensamma regler till gemensamma institutioner. Den kommande rapport som eurotoppmötet har beställt om den framtida ekonomiska styrningen kommer att vara en bra utgångspunkt för vidare funderingar.

26/11/2014
Vítor Constâncio:  The role of the banking union in achieving financial stability
Speech by Vítor Constâncio, Vice-President of the ECB, 
at the FT Banking Summit “Ensuring Future Growth”, 
London, 26 November 2014
24/11/2014
Benoît Cœuré:  Central counterparty recovery and resolution
Keynote Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 
At Exchange of Ideas #2 “Central clearing – guarantee of stability or new moral hazard?” organised by Eurex Clearing
London, 24 November 2014

Summary

Central counterparty recovery and resolution

Keynote Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
At Exchange of Ideas #2 “Central clearing – guarantee of stability or new moral hazard?” organised by Eurex Clearing
London, 24 November 2014

The mandatory use of central clearing is a relatively new regulatory tool for mitigating systemic risk in the OTC derivatives space. It has brought the central counterparties (CCPs) to the forefront of financial market regulation. It is therefore crucial for CCPs to have comprehensive and effective recovery plans, relying on a wide range of recovery tools, to continue providing their critical services also in a very severe crisis without requiring the use of resolution powers by authorities. Obviously the stability of CCPs primarily depends on the establishment and implementation of robust risk management framework. But CCPs are also in a unique position to set up efficient and comprehensive recovery plans as they can base them on contractual arrangements with members. But CCPs need to have appropriate procedures for managing conflicts of interest between stakeholders - it is vital to involve all those who would bear losses in the design of the recovery plan. And on the regulatory side, we need to make sure our approach is cautious and non-prescriptive at this stage. I am confident that CCPs, authorities and stakeholders will work together constructively to meet the ambitious objectives set out in the recent CPMI-IOSCO report.

21/11/2014
Mario Draghi:  Monetary policy in the euro area
Opening keynote speech by Mario Draghi, President of the ECB
at the Frankfurt European Banking Congress
Frankfurt am Main, 21 November 2014
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Monetary policy in the euro area

Opening keynote speech by Mario Draghi, President of the ECB
at the Frankfurt European Banking Congress
Frankfurt am Main, 21 November 2014

Mario Draghi, President of the European Central Bank, today opened the Frankfurt European Banking Congress, with an analysis of the economic situation facing the euro area and of the ECB’s monetary policy response.

The economic situation in the euro area remains difficult and confidence in the overall economic prospects is fragile and easily disrupted, feeding into low investment, Mr Draghi said. In this context, the inflation situation in the euro area has also become increasingly challenging.

The ECB President emphasised the risk that a too prolonged period of low inflation becomes embedded in inflation expectations, and that the firm anchoring of inflation expectations is critical under any circumstances. This is why the Governing Council has communicated its expectation that the combination of all the monetary policy measures it has decided on will expand the Eurosystem’s balance sheet towards the levels prevailing in early 2012, Mr Draghi said. The addition of purchases of covered bonds to ABS purchases will allow us to conduct interventions on a scale that will achieve the intended effects in terms of portfolio rebalancing and signalling.

He added the ECB would continue to meet its responsibility: “We will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us. If on its current trajectory our policy is not effective enough to achieve this, or further risks to the inflation outlook materialise, we would step up the pressure and broaden even more the channels through which we intervene, by altering accordingly the size, pace and composition of our purchases,” Mr Draghi said.

Geldpolitik im Euroraum

Grundsatzrede von Mario Draghi, Präsident der Europäischen Zentralbank,
zur Eröffnung des Europäischen Bankenkongresses,
Frankfurt am Main, 21. November 2014

Mario Draghi, Präsident der Europäischen Zentralbank, hat heute den Europäischen Bankenkongress in Frankfurt mit einer Analyse der wirtschaftlichen Lage im Euroraum und der geldpolitischen Reaktion der EZB eröffnet.

Die wirtschaftliche Situation im Euroraum bleibeschwierig, und dass Vertrauen in die Konjunkturaussichten insgesamt sei zerbrechlich und leicht zu erschüttern, was zu einer geringen Investitionstätigkeit führe, so Draghi. In diesem Kontext sei auch die Inflationslage im Euroraum eine immer größere Herausforderung geworden.

Der Präsident hob das Risiko hervor, dass eine über einen zu langen Zeitraum niedrige Inflation sich in den Inflationserwartungen festsetzen könnte. Eine feste Verankerung der Inflationserwartungen sei aber entscheidend. Aus diesem Grund hat der EZB-Rat die Erwartung geäußert, dass durch das Zusammenwirken aller beschlossenen geldpolitischen Maßnahmen die Bilanzsumme des Eurosystems eine Größenordnung wie Anfang 2012 erreichen werde, erklärte Draghi. Der Ankauf von Kreditverbriefungen (ABS) und Covered Bonds werde der EZB Interventionen in solch einem Umfang ermöglichen, dass sie die beabsichtigten Effekte im Hinblick auf Portfolioumschichtungen und Signalwirkungen erreichen werde.

Draghi fügte hinzu, dass die EZB auch weiterhin ihre Pflicht erfüllen wird: „Wir werden tun, was wir tun müssen, damit die Inflation und die Inflationserwartungen so bald wie möglich steigen, wie es unser Preisstabilitätsmandat erfordert. Wenn unser derzeitiger geldpolitischer Kurs nicht wirkungsvoll genug ist, um dies zu erreichen, oder weitere Risiken für die Inflationsaussichten auftreten, würden wir den Druck erhöhen und die Kanäle, über die wir intervenieren, noch stärker ausweiten – indem wir den Umfang, den Rhythmus und die Zusammensetzung unserer Ankäufe entsprechend ändern“, so Draghi.

La política monetaria en la zona del euro

Discurso pronunciado por Mario Draghi, presidente del Banco Central Europeo,
en el Congreso Europeo de Banca,
Fráncfort, 21 de noviembre de 2014

Mario Draghi, presidente del BCE, ha inaugurado hoy el Congreso Europeo de Banca en Fráncfort con un análisis de la situación económica a la que se enfrenta la zona del euro y de la respuesta de política monetaria del BCE.

“La situación económica en la zona del euro sigue siendo difícil y la confianza en las perspectivas económicas generales es frágil, debido al bajo nivel de inversión”, declaró Mario Draghi. En este contexto, la situación de la inflación en la zona del euro es cada vez más problemática.

El presidente del BCE destacó el riesgo de que un período demasiado prolongado de baja inflación pueda reflejarse en las expectativas de inflación, y subrayó que el firme anclaje de dichas expectativas es fundamental en cualquier circunstancia. «Por este motivo el Consejo de Gobierno ha manifestado su expectativa de que el conjunto de medidas de política monetaria adoptadas amplíe el balance del Eurosistema hasta los niveles de principios del 2012», señaló Mario Draghi. «Las compras de bonos garantizados sumadas a las compras de bonos de titulización de activos nos permitirán actuaciones de la envergadura necesaria para lograr los efectos deseados en términos de reajuste de carteras y señalamiento».

Mario Draghi añadió que el BCE continuará asumiendo su responsabilidad: «haremos lo que sea necesario para elevar la inflación y las expectativas de inflación lo antes posible, como requiere nuestro mandato de mantener la estabilidad de precios. Si la trayectoria actual de nuestra política no resulta suficientemente eficaz, o se materializan nuevos riesgos para las perspectivas de inflación, elevaríamos la presión y ampliaríamos aún más los canales a través de los que actuamos, modificando convenientemente el tamaño, el ritmo y la composición de nuestras compras».

La politique monétaire dans la zone euro

Discours d’ouverture de M. Mario Draghi, président de la Banque centrale européenne,
au Congrès bancaire européen,
Francfort-sur-le-Main, le 21 novembre 2014

M. Mario Draghi, président de la Banque centrale européenne, a ouvert ce jour le Congrès bancaire européen à Francfort (Frankfurt European Banking Congress), proposant une analyse de la situation économique dans la zone euro et des réponses de politique monétaire apportées par la Banque centrale européenne (BCE).

La situation économique dans la zone euro reste difficile et la confiance dans les perspectives économiques globales est fragile et facilement ébranlée, ce qui se traduit par une faiblesse de l’investissement, a déclaré M. Draghi. Dans ce contexte, la situation sur le front de l’inflation dans la zone euro pose également un défi de plus en plus grand.

Le président de la BCE a souligné le risque qu’une période trop longue de faible inflation se fixe dans les anticipations d’inflation et indiqué que l’ancrage solide de celles-ci est crucial en toutes circonstances. C’est la raison pour laquelle le Conseil des gouverneurs a annoncé qu’il s’attendait à ce que l’ensemble des mesures de politique monétaire qu’il a prises se traduise par une hausse du bilan de l’Eurosystème l’amenant à un niveau proche de celui observé début 2012, a déclaré M. Draghi. En cumulant les achats d’obligations sécurisées et les achats d’ABS, nous pourrons mener des interventions d’une ampleur permettant d’atteindre les résultats escomptés en termes de recomposition des portefeuilles et de signal.

M. Draghi a ajouté que la BCE continuera d’assumer ses responsabilités : « Nous mettrons tout en œuvre pour faire remonter aussi rapidement que possible l’inflation et les anticipations d’inflation, comme le commande notre mandat de sauvegarde de la stabilité des prix. Si la trajectoire actuelle de notre politique ne s’avérait pas assez effective pour ce faire, ou si de nouveaux risques se concrétisaient pour les perspectives d’inflation, nous renforcerions la pression et élargirions davantage encore les canaux par lesquels nous intervenons, en modifiant l’ampleur, le rythme et la composition de nos achats », a indiqué M. Draghi.

La politica monetaria nell’area dell’euro

Intervento di apertura di Mario Draghi, Presidente della BCE,
in occasione del Congresso bancario europeo
Francoforte sul Meno, 21 novembre 2014

Mario Draghi, Presidente della Banca centrale europea, ha aperto oggi il Congresso bancario europeo con un’analisi della situazione economica nell’area dell’euro e della risposta di politica monetaria fornita dalla BCE.

Draghi ha affermato che le condizioni nell’area restano difficili e la fiducia nelle prospettive economiche in generale è fragile e facilmente soggetta a perturbazioni, il che si traduce in bassi investimenti. In questo contesto è diventata sempre più problematica nell’area anche la situazione dell’inflazione.

Il Presidente ha posto l’accento sul rischio che un periodo troppo prolungato di bassa inflazione si radichi nelle aspettative di inflazione e ha rilevato che il loro solido ancoraggio è critico a prescindere dalle circostanze. Draghi ha dichiarato che per questa ragione il Consiglio direttivo ha comunicato l’attesa secondo la quale l’insieme di tutte le misure di politica monetaria decise farà aumentare il bilancio dell’Eurosistema, che si porterà in prossimità dei livelli osservati agli inizi del 2012. Grazie agli acquisti di obbligazioni garantite che si aggiungono a quelli di ABS, sarà possibile condurre interventi di una portata tale da conseguire gli effetti voluti in termini di riequilibrio dei portafogli e di segnalazione.

Ha aggiunto che la BCE continuerà ad assolvere i propri compiti, concludendo: “Faremo ciò che dobbiamo per conseguire il prima possibile un aumento dell’inflazione e delle aspettative di inflazione, nel rispetto del nostro mandato di preservare la stabilità dei prezzi. Se la direzione attuale della nostra politica non risulterà sufficientemente efficace a tale scopo, o se si concretizzeranno ulteriori rischi per le prospettive di inflazione, saremo pronti a esercitare maggiori pressioni e ad ampliare ancora i nostri canali di intervento, ricalibrando di conseguenza l’entità, il ritmo e la composizione degli acquisti”.

Monetair beleid in het eurogebied

Door de heer Draghi, President van de Europese Centrale Bank,
op 21 november 2014 te Frankfurt uitgesproken openingsrede van het Euro Banking Congress

De President van de Europese Centrale Bank, Mario Draghi, heeft vandaag het European Banking Congress in Frankfurt geopend met een analyse van de economische situatie in het eurogebied en de wijze waarop de ECB daarop met haar monetair beleid gereageerd heeft.

De economische situatie in het eurogebied blijft precair en het vertrouwen in de algehele vooruitzichten voor de economie is broos en snel verstoord, waardoor er weinig wordt geïnvesteerd, aldus Draghi. In deze omstandigheden is ook de inflatie in het eurogebied een steeds grotere uitdaging gaan vormen.

De ECB-President wees nadrukkelijk op het risico dat een te lang aanhoudende lage inflatie in de inflatieverwachtingen verankerd raakt en op het grote belang van een in alle omstandigheden stevige verankering van de inflatieverwachtingen. Daarom heeft de Raad van Bestuur zijn verwachting uitgesproken dat de combinatie van alle besloten monetaire beleidsmaatregelen ertoe zal leiden dat de balans van het Eurosysteem naar het niveau van begin 2012 groeit, aldus Draghi. Dat de ECB naast ABS ook gedekte obligaties gaat aankopenstelt ons in staat op zo'n schaal te interveniëren dat de beoogde doelen in termen van portefeuilleverschuivingen en signaalfunctie bereikt worden.

Hij voegde daaraan toe dat de ECB haar verantwoordelijkheid zal blijven nemen: "Wij zullen doen wat we moeten doen om de inflatie en de inflatieverwachtingen zo snel mogelijk te verhogen, zoals ons mandaat – prijsstabiliteit – van ons verlangt. Als ons beleid in zijn huidige richting niet afdoende is om dat te bereiken, of als zich andere risico's voor de inflatievooruitzichten voordoen, dan verhogen wij de druk en zullen wij onze interventiekanalen verder verbreden door de omvang, het tempo en de samenstelling van onze aankopen dienovereenkomstig te wijzigen,", aldus Draghi.

All speeches

14/08/2015
Benoît Cœuré:  Interview with Börsen-Zeitung
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Mark Schrörs of Börsen-Zeitung and published on 15 August 2015
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27/07/2015
Benoît Cœuré:  Interview with Le Monde
Interview of Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Marie Charrel of Le Monde and published on 27 July 2015
29/06/2015
Benoît Cœuré:  Interview with Les Echos
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Nicolas Barré, Catherine Chatignoux, Jean-Philippe Lacour, Etienne Lefebvre, Guillaume Maujean, Dominique Seux and François Vidal, Les Echos, on 29 June 2015.
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13/06/2015
Peter Praet:  Interview with der Standard
Interview with Peter Praet, Member of the Executive Board of the ECB, and der Standard, conducted by Andras Szigètvari on 10 June 2015
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10/06/2015
Benoît Cœuré:  Interview with La Croix
Interview with Benoît Cœuré, Member of the Executive Board of the ECB, 
conducted by Marie Dancer, La Croix, 10 June 2015
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04/09/2015
ECB response to the European Commission's consultation on the review of the EMIR
03/09/2015
ECB staff macroeconomic projections for the euro area
03/09/2015
Letter from the ECB President to Mr Jonas Fernández, MEP, on the expanded asset purchase programme
03/09/2015
Letter from the ECB President to Mr Brian Hayes, MEP, on SAFE survey results
03/09/2015
Letter from the ECB President to Mr Brian Hayes, MEP, on the ECB’s letter to the European Ombudsman

All publications

02/09/2015
Opinion on reporting of certain data relevant for financial stability  (CON/2015/30)
Austria, 
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31/08/2015
Guideline of the ECB of 27 August 2015 amending Guideline (EU) 2015/510 of the ECB of 19 December 2014 on the implementation of the Eurosystem monetary policy framework  (ECB/2015/27)
28/08/2015
Opinion on the circulation of banknotes and coins  (CON/2015/29)
Czech Republic, 
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11/08/2015
Opinion on amendments to constitutional law and the Law on Česká národní banka (CON/2015/28)
Czech Republic, 
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10/08/2015
Opinion on the use of an integrated data model for reporting data to the Oesterreichische Nationalbank (CON/2015/27)
Austria, 
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31 August 2015FINANCIAL INTEGRATION

Italy connects to TARGET2-Securities

The roll-out of T2S, the European securities settlement platform, moved a step forward today with the successful connection of the Italian market. T2S now covers five countries and will extend to 21 over the next two years.

Launched last June, T2S is a driver of capital market integration in Europe.

EXPLAINERS

What is monetary policy?

Why does monetary policy matter? Because it has a direct impact on interest rates and an indirect impact on inflation, the economy and employment.

Interest rates

Marginal lending facility 0.30 %
Main refinancing operations (fixed rate) 0.05 %
Deposit facility − 0.20 %
Effective from 10 September 2014

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Reference rates

USD US dollar icon arrow up 1.1229
JPY Japanese yen icon arrow up 134.98
GBP Pound sterling icon arrow up 0.73450
CHF Swiss franc icon arrow up 1.0903
Last update: Thursday, 03 September 2015 Euro foreign exchange rates

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