Speeches of the President

2/7/2015
Mario Draghi:  Opening remarks at the T2S launch celebration
Mario Draghi, President of the ECB, Milan, 2 July 2015
15/6/2015
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
22/5/2015
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.

14/5/2015
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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17/4/2015
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
31/3/2015
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
26/3/2015
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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23/3/2015
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
18/3/2015
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.

16/3/2015
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.

11/3/2015
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.

25/2/2015
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
24/2/2015
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
2/1/2015
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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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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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.

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.

20/11/2014
Mario Draghi:  Stronger together in Europe: the contribution of banking supervision
Speech by Mario Draghi, President of the ECB, marking the inauguration of the ECB’s new supervisory responsibilities, Frankfurt, 20 November 2014

Summary

Stronger together in Europe: the contribution of banking supervision

Speech by Mario Draghi, President of the ECB,
marking the inauguration of the ECB's new supervisory responsibilities,
Frankfurt, 20 November 2014

Speaking at the Inauguration of the European Central Bank's new supervisory responsibilities, Mario Draghi, the President of the European Central Bank, reflected on the creation of the Single Supervisory Mechanism, reminding the context that lead the Council and the Parliament to entrust the ECB with supervisory tasks.

According to Mr Draghi, the setting-up of European banking supervision has been the largest step towards deeper integration since the creation of our Economic and Monetary Union.

The President restated that the ECB was and remains determined to protect the euro, while reminding that more works needs to be done to improve "our" union, not only in the banking sector but also in relation to capital markets and in the economic and fiscal realms. "Our responsibility towards the people of this continent is indeed to put in place a sustainable economic model that helps to increase employment and boost growth", he said.

17/11/2014
Mario Draghi:  Introductory remarks at the EP’s Economic and Monetary Affairs Committee
Speech by Mario Draghi, President of the ECB, 17 November 2014
12/11/2014
Mario Draghi:  The economic policy of Federico Caffè in our times
Speech by Mario Draghi, President of the ECB, to mark the centenary of the birth of Federico Caffè at the Lecture room of the School of Economics and Business Studies “Federico Caffè”, Rome, 12 November 2014
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24/10/2014
Mario Draghi:  Economic situation in the euro area (slides from the presentation)
Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 24 October 2014
15/10/2014
Mario Draghi:  Towards the banking union – Opportunities and challenges for statistics
Introductory speech by Mario Draghi, President of the ECB, Seventh ECB Statistics Conference “Towards the banking Union. Opportunities and challenges for statistics”, Frankfurt am Main, 15 October 2014
10/10/2014
Mario Draghi:  Statement by Mario Draghi, President of the ECB, at the Thirtieth meeting of the IMFC
Mario Draghi, President of the ECB, Washington, D.C., 10 October 2014
9/10/2014
Mario Draghi:  Recovery and Reform in the euro area
Opening remarks by Mario Draghi, President of the ECB, Brookings Institution, Washington, 9 October 2014

Summary

Recovery and Reform in the euro area

Opening remarks by Mario Draghi, President of the ECB,
Brookings Institution,
Washington, 9 October 2014

In remarks delivered at the Brookings Institution in Washington, Mario Draghi underlined the urgent need to raise potential output in the euro area through reforms. “Put simply, I cannot see any way out of the crisis unless we create more confidence in the future potential of our economies”, he said, adding that “given demographic trends, raising structural growth will have to take place primarily through productivity”.

Referring to an open letter written by the economist John Maynard Keynes in 1933 to President Franklin D. Roosevelt on reform and recovery in the US, Mr Draghi argued that in the euro area today “without reform, there can be no recovery”.

The crisis has been tackled on several fronts: actions have been undertaken to “repair money”, that is to keep money fungible across space eliminating redenomination risks; to repair the financial sector and credit allocation; to repair monetary policy and fiscal policies.

On monetary policy, the ECB President noted that the ECB is now transitioning from a monetary policy framework predominantly founded on passive provision of central bank credit to a more active and controlled management of the balance sheet, in an attempt to lift inflation from its low levels. “We are accountable to the European people for delivering price stability, which today means lifting inflation from its excessively low level. And we will do exactly that,” Mr Draghi said. This could include changing the size and/or composition of unconventional policies.

On fiscal policies Mr Draghi emphasised the importance of the governance framework established in order to restore confidence in public finances.

“So to now call into question not just the letter, but also the spirit of the fiscal governance framework would be self-defeating. If this were to again cast doubt over fiscal sustainability, it would create a risk that borrowing costs, and hence fiscal policies, turn procyclical once more”.

At the same time, Mr Draghi reiterated the idea that for governments and European institutions that have fiscal space, it makes sense to use it, so that fiscal policy can work with rather than against monetary policy in supporting aggregate demand.

And for those without fiscal space, fiscal policy can still support demand by altering the composition of the budget – in particular by simultaneously cutting distortionary taxes and unproductive expenditure.

25/9/2014
Mario Draghi:  Keynote speech at the Euro Conference – Lithuania
Keynote speech by Mario Draghi, President of the ECB, Euro Conference – Lithuania, Vilnius, 25 September 2014
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Summary

Keynote speech at the Euro Conference – Lithuania

Keynote speech by Mario Draghi, President of the ECB,
Euro Conference – Lithuania,
Vilnius, 25 September 2014

The euro area benefits from Lithuania’s accession in at least two ways: first, Lithuania has shown that adjustment is not only necessary, but also possible – even without currency devaluation; second, Lithuania’s decision to join the euro area demonstrates that our common currency is attractive.

Lithuania itself will – amongst others – benefit from having a say in the monetary policy-making of the world’s second largest economy. Initial scepticism among some Lithuanians regarding the introduction of the euro is already transforming into increasing support now that people become more informed about their new currency and the changeover modalities. Joining the euro area does not only follow from economic considerations: it is a binding commitment to European values.

Kalba konferencijoje „Euras Lietuvoje“

ECB pirmininko Mario Draghi kalba,
konferencijoje „Euras Lietuvoje“,
2014 m. rugsėjo 25 d., Vilnius

Euro zonai Lietuvos prisijungimas naudingas mažiausiai dviem aspektais: pirma, Lietuva parodė, kad koregavimas ne tik būtinas, bet ir įmanomas – net ir nedevalvuojant valiutos; antra, Lietuvos sprendimas prisijungti prie euro zonos rodo, kad mūsų bendroji valiuta yra patraukli.

Lietuvai ir pačiai bus naudinga tai, kad ji kartu su kitomis šalimis dalyvaus formuojant antros pagal dydį pasaulio ekonomikos pinigų politiką. Pirminis kai kurių lietuvių skeptiškumas dėl euro įvedimo jau keičiasi į didėjantį palaikymą, kai tik žmonės daugiau sužino apie naująją valiutą ir perėjimo prie jos sąlygas. Tačiau į euro zoną stojama ne tik ekonominiais sumetimais. Tai saistantis įsipareigojimas puoselėti europines vertybes.

22/9/2014
Mario Draghi:  Introductory remarks at the EP’s Economic and Monetary Affairs Committee
Speech by Mario Draghi, President of the ECB, Brussels, 22 September 2014
11/9/2014
Mario Draghi:  Keynote speech at the Eurofi Financial Forum
Keynote speech by Mario Draghi, President of the ECB, Eurofi Financial Forum, Milan, 11 September 2014
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Summary

Summary of the speech at the Eurofi Financial Forum

Speech by Mario Draghi, President of the ECB,
Milan, 11 September 2014

We are facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy. This requires that all actors – both at national and European levels – play their parts in line with their respective mandate as laid down in the EU Treaties.

No monetary or fiscal stimulus can be successful if not accompanied by the right structural policies -- policies that foster potential growth and instil confidence.

Investment has been one of the great casualties of the crisis. From peak to trough business investment in the euro area decreased by around 20% since 2008, against 15% in the 1992 recession. We will not see a sustainable recovery unless this changes.

A decisive rise in investment is essential to bring inflation where we would want to see it, to kick-start the economy and to bring down unemployment.

There are two key areas where national and European level government action can help revive investment. First, the regulatory environment should be made more favourable to economic growth. Second, companies need to have access to more diversified sources of financing: the launch of a capital markets union could contribute to achieving this. It is an idea that the ECB fully supports.

The development of the market for simple and transparent Asset Backed Securities deserves particular support. Member States should consider the provision of public guarantees to support lending to small and medium sized enterprises.

There also needs to be a consistent and credible application of the Stability and Growth Pact across time and across countries. Within the existing framework, countries should explore how to support productive investment.

In monetary policy, we have deployed a number of non-standard tools to ensure our very accommodative monetary policy stance is transmitted to the real economy. Last week, the Governing Council decided to start the purchase of certain high-quality asset-backed securities and covered bonds in October. Senior tranches of such ABS have proven to be high quality assets.

Alongside our Targeted Longer Term Refinancing Operations, we expect these measures will enhance the functioning of monetary policy transmission, provide further accommodation now that we are at the lower bound, and have a sizeable impact on our balance sheet.

22/8/2014
Mario Draghi:  Unemployment in the euro area
Speech by Mario Draghi, President of the ECB, Annual central bank symposium in Jackson Hole, 22 August 2014
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Summary

Unemployment in the euro area

Speech by Mario Draghi, President of the ECB,
Annual central bank symposium in Jackson Hole,
22 August 2014

Everyone in society is affected by high unemployment. For central banks it is at the heart of the macro dynamics that determine inflation, and even when there are no risks to price stability it increases pressure on us to act. The key issue, however, is how much we can really sustainably affect unemployment, which depends on whether the drivers are predominantly cyclical or structural.

In the euro area, unemployment has been caused by a large and particularly sustained negative shock to GDP: first through the Great Recession, which affected all advanced economies, and second, through sovereign debt crisis, where job losses were concentrated in countries affected by financial stress. The sovereign debt crisis operated in part by disabling the tools of macroeconomic stabilisation, as fiscal policy had to switch towards convincing investors of debt sustainability, and monetary policy transmission became disrupted.

Cyclical factors have therefore played an important role in the rise in unemployment, and the weak economic situation in the euro area suggests they continue to do so. At the same time, there is evidence that a significant share of unemployment is also structural. This is suggested by patterns of long-term unemployment and skill mismatches.

Making firm conclusions about the degree of structural unemployment in the euro area, however, is complicated by uncertainty over estimation methods. There is also considerable heterogeneity across countries in terms of initial conditions, and in the way that demand shocks interact with labour market institutions.

In these circumstances, the only conclusion that policymakers can safely draw is that we need action on both sides of the economy: aggregate demand policies have to be accompanied by national structural policies.

Demand side policies are not only justified by the significant cyclical component in unemployment. They are also relevant because, given prevailing uncertainty, the risks of “doing too little” – i.e. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures.

At the same time, aggregate demand policies will ultimately not be effective without action on the supply side. Advanced economies are operating in a set of initial conditions which include low inflation, low interest rates and a large debt overhang. In this context, structural policies are needed to engineer higher potential growth and allow both fiscal and monetary policy regain traction over the economic cycle.

On the demand side, monetary policy can and should play a central role. The package of measures announced by the ECB in June should provide the intended boost to demand, and we stand ready to adjust our policy stance further. Acknowledging the downward path of inflation, the Governing Council would use also unconventional instruments to safeguard the firm anchoring of inflation expectations over the medium- to long -term.

On the demand side, monetary policy can and should play a central role. The package of measures announced by the ECB in June should provide the intended boost to demand, and we stand ready to adjust our policy stance further. Acknowledging the downward path of inflation, the Governing Council would use also unconventional instruments to safeguard the firm anchoring of inflation expectations over the medium- to long -term.

It would nonetheless be helpful for the overall stance of policy if fiscal policy could play a greater role alongside monetary policy. The euro area has suffered from fiscal policy being less effective and available, especially compared with other advanced economies, reflecting the fact that the central bank in those countries could act and has acted as a backstop for government funding. While respecting our specific initial conditions and legal constraints, there are four key elements.

First, the existing flexibility within the rules could be used to better address the weak recovery and to make room for the cost of needed structural reforms. Second, there is leeway to achieve a more growth-friendly composition of fiscal policies, for instance by lowering the tax burden in a budget-neutral way. Third, stronger coordination among the different national fiscal stances should in principle facilitate a more growth-friendly aggregate fiscal stance for the euro area. Fourth, complementary action at the EU level would also seem to be necessary to ensure both an appropriate aggregate position and a large public investment programme.

No amount of fiscal or monetary accommodation, however, can replace necessary structural reforms. Structural unemployment was already very high in the euro area before the crisis and the national structural reforms to tackle this problem can no longer be delayed.

Two types of labour market measures are a priority: first, measures that help workers redeploy quickly to new job opportunities and thus lower unemployment duration; and second, those that raise the skill intensity of the work force, which is also very important for potential growth due to demographic prospects.

In short, the way back to higher employment is a policy mix that combines monetary, fiscal and structural measures, which requires a coherent strategy at the union and national levels. This will allow each member of our union to achieve a sustainably high level of employment.

The stakes for our monetary union are high. Without permanent cross-country transfers, a high level of employment in each country is essential for the long-term cohesion of the euro area. Given the very high costs if the cohesion of the union is threatened, all countries should have an interest in achieving this.

4/8/2014
Mario Draghi:  Central bank communication
Opinion piece by Mario Draghi, President of the ECB, published in Handelsblatt on 4 August 2014
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14/7/2014
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 14 July 2014
9/7/2014
Mario Draghi:  Memorial lecture in honour of Tommaso Padoa-Schioppa
Speech by Mario Draghi, President of the ECB, London, 9 July 2014

Summary

Memorial lecture in honour of Tommaso Padoa-Schioppa

Summary of the speech by Mario Draghi, President of the ECB,
at the Tommaso Padoa-Schioppa Memorial Lecture in London, 9 July 2014

The governance of structural reforms deserves as much attention as enforcing fiscal rules and should be done at the euro area level, ECB President Mario Draghi said in a speech in London on Wednesday.

Structural reforms need strong domestic ownership since they reach deeply into societal arrangements. But at the same time, the example of the International Monetary Fund shows that there is a convincing case to be made for a supranational body that makes it easier to frame national debates on reform. This can shift the debate from whether to how to implement reforms, Mr Draghi argues.

The outcome of structural reforms – a higher level of productivity and competitiveness – is not merely in a country’s own interest, but in the interest of the monetary union as a whole.

In the euro area, there is therefore a case for establishing rules on structural reform at the EU-level. While a lack of reform can threaten cohesion of the union, the recovery shows us how decisive reform can strengthen it.

26/5/2014
Mario Draghi:  Monetary policy in a prolonged period of low inflation
Speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 26 May 2014

Summary

Monetary policy in a prolonged period of low inflation

Speech by Mario Draghi, President of the ECB,
at the ECB Forum on Central Banking,
Sintra, 26 May 2014

In the context of a certain disconnect between economic performance and inflation the monetary policy response has to be carefully considered and precisely designed. We are not resigned to allowing inflation to remain too low for too long. But to understand “what is too low for too long”, we need to answer two questions.

First, why is inflation so low?

Second, once we have a decomposition of inflation, we can ask: how likely is it that it persists over the medium-term? Falling commodity prices have accounted for around 80% of the decline in euro area inflation since late 2011. But there are two factors specific to the euro area that contribute to low inflation: the rise in the euro exchange rate and the process of relative price adjustments in certain euro area countries.

At present, our expectation is that low inflation will be prolonged but gradually return to 2%. Our responsibility is nonetheless to be alert to the risks to this scenario that might emerge and prepared for action if they do. What we need to be particularly watchful for at the moment is the potential for a negative spiral to take hold between between low inflation, falling inflation expectations and credit, in particular in stressed countries.

There is a risk that disinflationary expectations take hold. This may then cause households and firms to defer expenditure in a classic deflationary cycle – especially when monetary policy is at the effective lower bound and so cannot steer the nominal rate down to compensate.

On aggregate, euro area firms and households do not seem to be particularly exposed to debt deflation dynamics. But this picture masks the heterogeneity within the euro area. Debt service-to-income ratios tend to be higher in stressed countries. Credit weakness appears to be contributing to economic weakness in these countries. Our analysis suggests that credit constraints are putting a brake on the recovery in stressed countries, which adds to the disinflationary pressures. And heterogeneity becomes a factor in assessing low inflation in the euro area.

In terms of the monetary policy response, the key issue is timing. We have to be mindful of mismatches between the various trends: the rise in demand for credit; the repair of bank balance sheets; and the development of capital markets as a complement to bank lending. At this point of the cycle, these considerations feature prominently in the discussions of the Governing Council members. There is no debate about our goal, which is to return inflation towards 2% in the medium-term, in line with our mandate.

Geldpolitik in einem längeren Zeitraum niedriger Inflation

Rede von Mario Draghi, Präsident der Europäischen Zentralbank,
beim ECB Forum on Central Banking,
Sintra, 26. Mai 2014

Im Kontext einer gewissen Entkopplung von Wirtschaftsleistung und Inflation sind eine sorgfältige Abwägung und präzise Gestaltung der geldpolitischen Reaktion erforderlich. Wir lassen es nicht zu, dass die Inflation zu lange auf einem zu niedrigen Niveau verharrt. Um jedoch zu verstehen, was „zu lange auf einem zu niedrigen Niveau“ bedeutet, müssen wir zwei Fragen beantworten.

Zum einen müssen wir uns fragen, warum die Inflation so niedrig ist.

Und sobald uns die Aufgliederung der Inflation bekannt ist, können wir uns zum anderen die Frage stellen, wie hoch die Wahrscheinlichkeit ist, dass die Inflation auf mittlere Sicht anhält. Rund 80 % des Rückgangs der Inflation im Eurogebiet seit Ende 2011 sind auf sinkende Rohstoffpreise zurückzuführen. Es gibt allerdings zwei für das Eurogebiet spezifische Faktoren, die zu einer niedrigen Inflation beitragen: der Anstieg des Wechselkurses des Euro und der Prozess der relativen Preisanpassungen in bestimmten Ländern des Euroraums.

Gegenwärtig gehen wir davon aus, dass die niedrige Inflation zwar länger anhalten, jedoch schrittweise auf ein Niveau von 2 % zurückkehren wird. Dennoch liegt es in unserer Verantwortung, wachsam gegenüber Risiken für dieses Szenario zu sein, die möglicherweise auftreten, sowie handlungsbereit zu sein, falls sie sich manifestieren. Besonders wachsam müssen wir gegenwärtig in Bezug auf die Möglichkeit sein, dass sich – insbesondere in finanziell angeschlagenen Ländern – eine Negativspirale aus niedriger Inflation, sinkenden Inflationserwartungen und zurückgehendem Kreditangebot bildet.

Es besteht ein Risiko, dass sich Disinflationserwartungen verfestigen. Dies könnte dann dazu führen, dass private Haushalte und Unternehmen in einem klassischen Deflationszyklus geplante Investitionen verschieben – insbesondere wenn die Geldpolitik an der effektiven Zinssatz-Untergrenze angelangt ist und so den Nominalzinssatz nicht zum Ausgleich senken kann.

Insgesamt scheinen Unternehmen und Privathaushalte des Euroraums der Schuldendeflationsentwicklung nicht besonders ausgesetzt zu sein. Hinter diesem Bild verbirgt sich jedoch die Heterogenität innerhalb des Eurogebiets. Das Verhältnis des Schuldendienstes zum Einkommen ist in finanziell angeschlagenen Ländern meist höher. Eine schwache Kreditvergabe scheint zur Wirtschaftsschwäche in diesen Ländern beizutragen. Unsere Analysen weisen darauf hin, dass Kreditbeschränkungen die Erholung in finanziell angeschlagenen Ländern bremsen, was den Disinflationsdruck verstärkt. Und Heterogenität wird zu einem Faktor bei der Beurteilung der niedrigen Inflation im Eurogebiet.

Was die geldpolitische Reaktion betrifft, ist der richtige Zeitpunkt von zentraler Bedeutung. Wir müssen auf Missverhältnisse zwischen den verschiedenen Trends achten: dem Anstieg der Kreditnachfrage, der Sanierung der Bankbilanzen und der Entwicklung der Kapitalmärkte als Ergänzung zur Kreditvergabe der Banken. An diesem Punkt des Zyklus spielen diese Überlegungen eine wichtige Rolle bei den Erörterungen der Mitglieder des EZB-Rats. Es gibt keine Debatte über unser Ziel, das darin besteht, die Inflationsrate im Einklang mit unserem Mandat auf mittlere Sicht wieder auf ein Niveau von 2 % zurückzuführen.

La política monetaria en un período prolongado de baja inflación

Discurso pronunciado por Mario Draghi, presidente del Banco Central Europeo,
en el Foro del BCE sobre banca central
Sintra, 26 de mayo de 2014

En el contexto de una cierta desconexión entre el comportamiento de la economía y la inflación, la respuesta de la política monetaria ha de considerarse cuidadosamente y diseñarse con precisión. No nos resignamos a permitir que la inflación se mantenga demasiado baja durante demasiado tiempo. Pero para entender qué significa «demasiado baja durante demasiado tiempo», tenemos que plantearnos dos preguntas.

En primer lugar, ¿por qué está la inflación en un nivel tan bajo?

En segundo lugar, una vez desglosados los componentes de la inflación, podemos preguntarnos ¿cuál es la probabilidad de que se mantenga a medio plazo? El descenso de los precios de las materias primas explica un 80 % aproximadamente de la caída de la inflación en la zona del euro desde finales de 2011. Pero existen dos factores específicos de la zona del euro que contribuyen a la baja inflación: la apreciación del tipo de cambio del euro y el proceso de ajuste de los precios relativos en algunos países de la zona del euro.

Actualmente, nuestra expectativa es que la inflación continúe en niveles bajos y que retorne gradualmente al 2 %. No obstante, nuestra responsabilidad es prestar atención a los riesgos que podrían afectar a este escenario y estar preparados para actuar si se materializan. En este momento, lo que tenemos que vigilar en particular es la posibilidad de que surja una espiral negativa entre el bajo nivel de inflación, el descenso de las expectativas de inflación y el crédito, especialmente en los países con dificultades.

Existe el riesgo de que las expectativas de desinflación se consoliden, lo que a su vez podría hacer que hogares y empresas difieran su gasto en un ciclo deflacionista clásico —especialmente en un momento en el que la política monetaria se encuentra en el nivel efectivo mínimo y no puede guiar hacia abajo el tipo nominal para compensar―.

En términos agregados, las empresas y los hogares de la zona del euro no parecen especialmente expuestos a la dinámica de deflación de la deuda, aunque este cuadro enmascara la heterogeneidad de la zona del euro. La ratio carga financiera-renta tiende a ser más elevada en los países con dificultades. La debilidad del crédito parece estar contribuyendo a la debilidad económica en esos países.

Nuestro análisis sugiere que las restricciones al crédito están frenando la recuperación en los países con dificultades, lo que alimenta las presiones desinflacionistas. Y la heterogeneidad se convierte en un factor para evaluar la baja inflación en la zona del euro.

En lo que se refiere a la política monetaria, la cuestión clave es el calendario. Hemos de tener en cuenta los desfases entre las diversas tendencias: el aumento de la demanda de crédito, el saneamiento de los balances de las entidades de crédito y la evolución de los mercados de capital como complemento del crédito bancario. En el momento actual del ciclo, estas consideraciones ocupan un lugar preeminente en las discusiones entre los miembros del Consejo de Gobierno. No existe debate acerca de nuestro objetivo que, de acuerdo con nuestro mandato, es que la inflación vuelva a situarse en un nivel próximo al 2 % a medio plazo.

La politique monétaire dans une période prolongée d’inflation basse

Discours de Mario Draghi, Président de la Banque centrale européenne,
lors du Forum de la BCE sur l’activité de banque centrale
Sintra, le 26 mai 2014

Dans le contexte d’une relation distendue entre les performances économiques et l’inflation, il convient d’examiner attentivement et de concevoir avec précision la réponse de politique monétaire. Nous ne sommes pas résignés à permettre à l’inflation de demeurer trop basse pendant une trop longue période. Toutefois, pour comprendre ce que signifie « une inflation trop basse pendant une trop longue période », nous devons répondre à deux questions.

Premièrement, pourquoi l’inflation est-elle si basse ?

Deuxièmement, une fois que nous connaissons la décomposition de l'inflation, nous pouvons poser cette question : quelle est la probabilité qu’elle persiste à moyen terme ? La baisse des prix des matières premières compte pour environ 80 % dans le recul de l’inflation dans la zone euro depuis fin 2011. Mais il existe deux facteurs spécifiques à la zone euro qui contribuent au bas niveau de l’inflation : la hausse du taux de change de l’euro et le processus d’ajustement des prix relatifs dans certains pays de la zone euro.

À l’heure actuelle, notre anticipation est que l’inflation basse devrait se prolonger, mais qu’elle reviendrait progressivement à 2 %. Néanmoins, il nous incombe d’être vigilants face aux risques pesant sur ce scénario, qui pourraient se manifester, et d’être prêts à agir s’ils se concrétisent. Un élément requiert en ce moment toute notre vigilance : il s’agit de la possibilité qu’une spirale négative se mette en place entre une faible inflation, le repli des anticipations d’inflation et le crédit, notamment dans les pays en difficulté.

Il existe le risque que les anticipations désinflationnistes gagnent du terrain. Cette évolution pourrait alors inciter les ménages et les entreprises à différer leurs dépenses, phénomène classique dans un cycle déflationniste, notamment lorsque la politique monétaire a touché la limite inférieure effective et ne peut donc réduire le taux nominal pour compenser.

Dans l’ensemble, les entreprises et les ménages de la zone euro ne semblent pas être particulièrement exposés à la dynamique dette-déflation. Mais ce tableau masque l’hétérogénéité observée au sein de la zone euro. Les ratios service de la dette/revenu sont généralement plus élevés dans les pays en difficulté. L’atonie du crédit semble contribuer à la faiblesse de l’activité économique dans ces pays.

Il ressort de notre analyse que les contraintes de crédit freinent la reprise dans les pays en difficulté, ce qui amplifie les pressions désinflationnistes. Et l’hétérogénéité devient un facteur à prendre en compte dans l’évaluation de la faible inflation dans la zone euro.

Du point de vue de la réponse de politique monétaire, la question essentielle concerne le choix du moment. Nous devons être conscients des asymétries des diverses tendances : la progression de la demande de crédits ; le redressement des bilans des banques ; et l’évolution observée sur les marchés des capitaux, complétant les prêts bancaires. À ce point du cycle, ces considérations sont au cœur des discussions menées au sein du Conseil des gouverneurs. Il ne s’agit pas d’un débat portant sur notre objectif, qui est de ramener l’inflation vers 2 % à moyen terme, conformément à notre mandat.

La politica monetaria in un periodo prolungato di bassa inflazione

Intervento di Mario Draghi, Presidente della Banca centrale europea,
in occasione dell’ECB Forum on Central Banking
Sintra, 26 maggio 2014

A fronte di un certo scollamento tra andamento dell’economia e inflazione, l’azione di politica monetaria va considerata attentamente e formulata con precisione. Non ci rassegneremo a lasciare che l’inflazione resti su un livello troppo basso per troppo tempo. Ma per comprendere quale sia un “livello troppo basso per troppo tempo” dobbiamo rispondere a due interrogativi.

Innanzitutto, perché l’inflazione sia così contenuta. Secondariamente, sulla scorta di una sua scomposizione, possiamo chiederci quanto sia probabile che un tale livello persista nel medio termine. La flessione dei prezzi delle materie prime ha inciso per circa l’80% sul calo dell’inflazione dell’area dell’euro dalla fine del 2011. Ma vi sono due fattori specifici dell’area che contribuiscono a un’inflazione moderata: l’incremento del tasso di cambio dell’euro e il processo di aggiustamento dei prezzi relativi in alcuni dei paesi aderenti.

Al momento ci attendiamo che l’inflazione resterà contenuta, per poi tornare gradualmente sul 2%. Tuttavia, è nostra responsabilità prestare attenzione ai rischi che potrebbero emergere per questo scenario e prepararci a intervenire, se tali rischi si dovessero manifestare. Allo stadio attuale, dobbiamo tenere un atteggiamento particolarmente vigile riguardo alla possibilità che si affermi una spirale negativa tra bassa inflazione, aspettative di un calo dell’inflazione e credito, in particolare nei paesi soggetti a tensioni.

Vi è il rischio che si consolidino aspettative di disinflazione. Ciò può indurre famiglie e imprese a differire le decisioni di spesa in una classica spirale deflazionistica, specie se la politica monetaria ha raggiunto il limite inferiore effettivo e quindi non può influenzare il tasso nominale verso il basso per compensare.

In termini aggregati, le imprese e le famiglie dell’area dell’euro non sembrano essere particolarmente esposte alla dinamica della deflazione da debito. Questo quadro, tuttavia, cela l’eterogeneità presente all’interno dell’area. Il rapporto fra servizio del debito e reddito tende a essere più elevato nei paesi soggetti a tensioni. La moderata dinamica del credito sembra contribuire alla debolezza dell’economia in quei paesi.

La nostra analisi suggerisce che le restrizioni all’offerta di credito frenano la ripresa nei paesi sottoposti a tensioni, intensificando le pressioni disinflazionistiche. L’eterogeneità diventa un fattore di cui tenere conto nel valutare il basso livello di inflazione nell’area dell’euro.

Quanto all’azione di politica monetaria, la questione fondamentale sono i tempi. Dobbiamo essere consapevoli dei disallineamenti tra varie tendenze: l’incremento della domanda di credito, la correzione dei bilanci bancari e l’andamento dei mercati dei capitali, quale complemento dei prestiti bancari. In questa fase del ciclo economico, tali considerazioni assumono particolare rilievo nelle discussioni dei membri del Consiglio direttivo. Oggetto del dibattito non è il nostro obiettivo, che è un ritorno dell’inflazione verso il 2% nel medio termine, in linea con il nostro mandato.

Monetair beleid tijdens een langdurige periode van lage inflatie

Toespraak door Mario Draghi, President van de Europese Centrale Bank,
Bij het ECB Forum on Central Banking
Sintra, 26 mei 2014

In de context van een zeker gebrek aan samenhang tussen economische prestaties en inflatie, moet de monetairbeleidsreactie zorgvuldig worden overwogen en precies vormgegeven. Wij leggen ons er niet bij neer de inflatie te lang te laag te laten blijven. Maar om inzicht te krijgen in wat “te lang te laag” is, moeten we een antwoord geven op twee vragen.

Ten eerste: waarom is de inflatie zo laag?

Ten tweede, wanneer we eenmaal de inflatie ontleed hebben, kunnen we vragen: hoe waarschijnlijk is het dat deze op de middellange termijn aanhoudt? Dalende grondstoffenprijzen vertegenwoordigen sinds eind 2011 rond 80% van de daling van de inflatie in het eurogebied. Maar er zijn twee specifiek voor het eurogebied geldende factoren die bijdragen aan de lage inflatie: de stijging van de wisselkoers van de euro en het proces van relatieve prijsaanpassingen in bepaalde landen van het eurogebied.

Op dit moment is onze verwachting dat de lage inflatie lang zal aanhouden maar geleidelijk zal terugkeren naar 2%. Het is desalniettemin onze verantwoordelijkheid waakzaam te blijven ten aanzien van de risico’s voor dit scenario die zich zouden kunnen voordoen, en klaar te staan om actie te ondernemen als zij dit doen. Waar we op dit moment met name waakzaam voor moeten blijven is de mogelijkheid dat een negatieve spiraal ontstaat tussen lage inflatie, dalende inflatieverwachtingen en de kredietverschaffing, in het bijzonder in landen die onder druk staan.

Er bestaat het risico dat verwachtingen van desinflatie ontstaan. Dit zou dan, in een klassieke deflatoire cyclus, huishoudens en bedrijven ertoe kunnen brengen uitgaven uit te stellen – met name wanneer het monetair beleid aan de effectieve ondergrens zit en dus niet het nominale inflatiecijfer kan doen dalen ter compensatie.

Over het geheel genomen lijken bedrijven en huishoudens in het eurogebied niet bijzonder blootgesteld aan schulddeflatiedynamiek. Maar dit beeld maskeert de heterogeniteit binnen het eurogebied. De schuld/inkomen-quotes zijn over het algemeen hoger in landen onder druk. Kredietzwakte lijkt in deze landen bij te dragen aan economische zwakte.

Onze analyse suggereert dat kredietbeperkingen het herstel in landen onder druk remmen, hetgeen aan de desinflatoire druk bijdraagt. En heterogeniteit wordt een factor bij het beoordelen van lage inflatie in het eurogebied.

Wat betreft de monetairbeleidsreactie is het essentiële element timing. Wij dienen op te passen voor mismatches tussen de diverse tendensen: de stijging van de vraag naar krediet, het herstel van de balans van banken en de ontwikkeling van kapitaalmarkten als aanvulling op de bancaire kredietverlening. In de huidige conjunctuurfase spelen deze overwegingen een belangrijke rol in de besprekingen van de leden van de Raad van Bestuur. Er bestaat geen discussie over ons doel, namelijk het terugbrengen van de inflatie naar 2% op de middellange termijn, overeenkomstig ons mandaat.

A política monetária num período prolongado de inflação baixa

Discurso de Mario Draghi, Presidente do Banco Central Europeu,
no Fórum do BCE sobre Banca Central
Sintra, 26 de maio de 2014

No contexto de uma certa dissociação entre o desempenho económico e a inflação, a resposta da política monetária tem de ser cuidadosamente ponderada e concebida com precisão. Não nos resignamos a permitir que a inflação se mantenha num nível muito baixo durante demasiado tempo. Porém, para entender o que significa “um nível muito baixo durante demasiado tempo”, é necessário responder a duas questões.

Em primeiro lugar, por que razão a inflação é tão baixa?

Em segundo lugar, após uma decomposição da inflação, podemos perguntar: qual é a probabilidade de a inflação muito baixa persistir no médio prazo? A diminuição dos preços das matérias-primas é responsável por cerca de 80% da descida da inflação na área do euro, desde finais de 2011. No entanto, dois fatores específicos à área do euro contribuem para a baixa inflação: o aumento da taxa de câmbio do euro e o processo de ajustamento dos preços relativos em alguns países da área do euro.

A nossa expectativa atual é de que a inflação permaneça baixa durante um período prolongado, mas regresse gradualmente a 2%. Compete-nos, todavia, estar atentos ao eventual surgimento de riscos para este cenário e prepararmo-nos para agir caso tal aconteça. Neste momento, devemos estar particularmente vigilantes em relação ao potencial para a ocorrência de uma espiral negativa entre a inflação baixa, a descida das expectativas de inflação e o crédito, em especial nos países sob tensão.

Existe o risco de as expectativas desinflacionistas se concretizarem. Tal pode levar as famílias e as empresas a adiar a despesa, como é típico num ciclo deflacionista – sobretudo quando a política monetária se situa no seu limite inferior efetivo e, consequentemente, não pode orientar a taxa nominal no sentido descendente para compensar.

Na área do euro, a nível agregado, as empresas e as famílias parecem não estar particularmente expostas a uma dinâmica de deflação da dívida. Contudo, este cenário oculta a heterogeneidade da área do euro. Os rácios do serviço da dívida em relação ao rendimento tendem a ser mais elevados nos países sob tensão. A fraqueza do crédito está aparentemente a contribuir para a fragilidade económica nesses países.

A nossa análise sugere que as restrições de crédito estão a travar a recuperação nos países sob tensão, o que intensifica as pressões desinflacionistas. A heterogeneidade passa, assim, a ser um fator na avaliação do nível baixo da inflação na área do euro.

Em termos da resposta da política monetária, a questão fundamental prende-se com o momento oportuno. É necessário ter em consideração os desfasamentos entre as várias tendências: o aumento da procura de crédito, a correção de balanços por parte dos bancos e a evolução dos mercados de capitais como complemento do crédito bancário. Na presente fase do ciclo, tais considerações dominam os debates dos membros do Conselho do BCE. Não há, porém, discussão quanto ao nosso objetivo, que consiste em fazer a inflação regressar a valores próximos de 2% no médio prazo, em conformidade com o nosso mandato.

24/4/2014
Mario Draghi:  Monetary policy communication in turbulent times
Speech by Mario Draghi, President of the ECB, at the Conference De Nederlandsche Bank 200 years: Central banking in the next two decades, Amsterdam, 24 April 2014

Summary

Monetary policy communication in turbulent times

Speech by Mario Draghi, President of the ECB,
at the Conference De Nederlandsche Bank 200 years: Central banking in the next two decades,
Amsterdam, 24 April 2014

Communication and transparency have become more important for central banks like the ECB in recent decades, and will become even more important in the decades to come. A transparent central bank is not only more accountable, but also more effective in implementing its monetary policy. If the general public and financial markets can understand how the ECB is likely to respond in a given situation – its so-called “reaction function” – they can form reasonable expectations about future monetary policy. This in turn gives the ECB the capacity to influence interest rates at longer maturities and steer broader financial and economic conditions.

While such “management by expectations” worked relatively well in normal times, the crisis inevitably made our decision-making process more complicated and our policies more difficult to understand. For example, the use of unconventional measures implied a wider range of possible monetary policy responses to a given shock. To continue to steer expectations in this environment, the ECB had to be more explicit in its communication. This involved reaffirming our mandate and explaining its medium-turn orientation and euro area perspective. Furthermore, the Governing Council will be equally active in guarding against inflation and deflation. And, faced with the effective lower bound and different contingencies, we had to explain our future policy intentions and clarify our more complex reaction function.

With our forward guidance, we aim to give guidance on the expected level of future interest rates, and to remove uncertainty about that level by strengthening communication on our reaction function. We have also further simplified our reaction function by laying out some contingencies that would warrant a monetary policy reaction. These are, first, an unwarranted tightening of monetary policy stance (from developments in short-term money markets, global bond markets or foreign exchange markets) that could be tackled through more conventional measures. Second, a further impairment in the transmission of our stance, in particular via the bank lending channel, for which a targeted LTRO or an ABS purchase programme might be the right response. Third, a worsening of the medium-term outlook for inflation, which would warrant a more broad-based asset purchase programme. The Governing Council is committed – unanimously – to using both unconventional and conventional instruments to deal effectively with the risks of a too prolonged period of low inflation.

Despite these efforts to enhance transparency, the predictability of the past will not readily return. Hence, judgement is likely to play a greater role in decision-making, and this involves trade-offs that need to be explained. That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. Such a written account would provide a more detailed explanation of the reasoning behind the Governing Council’s decisions, and give a sense of the discussion and the main arguments.

Any written account needs to preserve the independence of the Governing Council members and the collegiality of their decision-making. Releasing an account of the main arguments considered, in a non-attributed form, should on balance achieve these goals. Such a release should complement the real-time messages conveyed in the press conferences and offer additional information to improve understanding of our reaction function.

„Kommunikation von Geldpolitik in turbulenten Zeiten“

Amsterdam, den 24. April 2014

Kommunikation und Transparenz haben in den vergangenen Jahrzehnten für Zentralbanken wie die EZB an Bedeutung gewonnen – und werden in den vor uns liegenden Jahrzehnten noch wichtiger werden. Eine transparente Zentralbank erfüllt nicht nur ihre Rechenschaftspflicht besser, sondern sie setzt auch ihre Geldpolitik effektiver um. Können die breite Öffentlichkeit und die Finanzmärkte verstehen, wie die EZB in einer bestimmten Situation voraussichtlich reagiert – wie sie also ihre sogenannte Reaktionsfunktion ausübt –, so können sie begründete Erwartungen in Bezug auf die künftige Geldpolitik formulieren. Dies wiederum versetzt die EZB in die Lage, die Zinssätze bei längeren Laufzeiten zu beeinflussen und die allgemeine Finanz- und Wirtschaftslage zu steuern.

Während dieses „Management by expectations“ zu normalen Zeiten relativ gut funktionierte, wurden unsere Entscheidungsprozesse durch die Krise unweigerlich komplizierter und unsere Politik schwerer verständlich. Durch den Einsatz unkonventioneller Maßnahmen zum Beispiel erweiterte sich die Palette möglicher geldpolitischer Reaktionen auf einen bestimmten Schock. Damit sie die Erwartungen in diesem Umfeld weiterhin steuern konnte, musste die EZB in ihrer Kommunikation deutlicher werden. Dazu gehörte es, unseren Auftrag zu bekräftigen und seine mittelfristige Orientierung und seine auf den Euroraum ausgerichtete Perspektive zu erklären. Außerdem war zu erläutern, dass der EZB-Rat hinsichtlich des Schutzes vor Inflation und Deflation gleichermaßen aktiv ist. Ferner mussten wir in Anbetracht der effektiven Zinssatz-Untergrenze und verschiedener Eventualfälle unsere künftigen geldpolitischen Absichten darlegen und unsere komplexere Reaktionsfunktion klarstellen.

Mit unserer Forward Guidance möchten wir Hinweise zur voraussichtlichen Leitzinsentwicklung geben und Unsicherheiten hinsichtlich des Zinsniveaus beseitigen, indem wir die Kommunikation zu unserer Reaktionsfunktion stärken. Außerdem haben wir unsere Reaktionsfunktion weiter vereinfacht, indem wir einige Eventualfälle beschrieben haben, die eine geldpolitische Reaktion erfordern würden: Erstens eine (aus Entwicklungen am kurzfristigen Geldmarkt, an den internationalen Anleihemärkten oder den Devisenmärkten herrührende) unerwünschte Anspannung der monetären Lage, die mit eher herkömmlichen Maßnahmen bewältigt werden könnte. Zweitens eine weitere Beeinträchtigung der Transmission unseres geldpolitischen Kurses ‒ insbesondere über den Bankkreditkanal. In diesem Fall wäre gegebenenfalls ein gezieltes längerfristiges Refinanzierungsgeschäft oder ein Programm zum Ankauf von Asset-Backed Securities (ABS) eine geeignete Reaktion. Drittens eine Verschlechterung der mittelfristigen Inflationsaussichten, die ein breiter angelegtes Programm zum Ankauf von Vermögenswerten erfordern würde. Der EZB-Rat hat sich – einstimmig – verpflichtet, sowohl konventionelle als auch unkonventionelle Instrumente einzusetzen, um den Risiken einer zu lang anhaltenden Phase niedriger Inflation wirksam entgegenzutreten.

Trotz dieser Bemühungen um Erhöhung der Transparenz wird sich die in der Vergangenheit gekannte Berechenbarkeit nicht ohne Weiteres wiedereinstellen. Deshalb werden Einschätzungen wahrscheinlich eine größere Rolle bei der Beschlussfassung spielen, und dazu zählen auch Trade-offs, die einer Erläuterung bedürfen. Aus diesem Grund hat der EZB-Rat Überlegungen zur Veröffentlichung von Aufzeichnungen oder Zusammenfassungen seiner geldpolitischen Beratungen angestellt. In einem solchen Papier könnten die Erwägungen, die den Beschlüssen des EZB-Rats zugrunde liegen, ausführlicher dargelegt und ein Eindruck von den Erörterungen und Hauptargumenten vermittelt werden.

Bei einem schriftlichen Resümee gleich welcher Art müssen jedoch die Unabhängigkeit der Mitglieder des EZB-Rats und die Beschlussfassung als Kollegium gewahrt bleiben. Die Veröffentlichung einer Zusammenfassung der wichtigsten Argumente in einer nicht attribuierten Form sollte insgesamt diese Ziele erreichen. Sie sollte die Aussagen, die in der Pressekonferenz in Echtzeit getroffen werden, ergänzen und zusätzliche Informationen bieten, damit unsere Reaktionsfunktion besser nachvollzogen werden kann.

«La comunicación de la política monetaria en tiempos de turbulencias»

Ámsterdam, 24 de abril de 2014

La comunicación y la transparencia han adquirido en las últimas décadas una importancia creciente para los bancos centrales como el BCE, que seguirá incrementándose en el futuro. Un banco central que actúa con transparencia, no solo cumple mejor su obligación de rendir cuentas, sino que aplica su política monetaria de forma más efectiva. Si los ciudadanos y los mercados financieros entienden las posibles reacciones del BCE ante una situación determinada ―su llamada «función de reacción»―, podrán formarse expectativas fundadas sobre la política monetaria. Ello, a su vez, da al BCE la capacidad para influir sobre los tipos de interés a plazos más largos y orientar las condiciones financieras y económicas en sentido más amplio.

Si bien esta «gestión de las expectativas» funcionó relativamente bien en tiempos normales, la crisis ha hecho, inevitablemente, que nuestro proceso de adopción de decisiones sea más complicado y que nuestras políticas sean más difíciles de entender. Por ejemplo, el empleo de medidas no convencionales trajo consigo una gama más amplia de posibles respuestas de política monetaria ante una turbulencia concreta. Para seguir guiando las expectativas en este entorno, el BCE tuvo que ser más explícito en su comunicación. Para ello, hemos reafirmado nuestro mandato y explicado su orientación a medio plazo y su perspectiva orientada al conjunto de la zona del euro. Asimismo, el Consejo de Gobierno hará frente igualmente a la inflación y a la deflación. Y, ante el límite inferior efectivo de los tipos de interés y diversas contingencias adversas, hemos tenido que explicar nuestras intenciones respecto a la política monetaria futura y aclarar nuestra compleja función de reacción.

Con nuestra forward guidance, nos proponemos dar indicaciones sobre el nivel esperado de los tipos de interés y eliminar la incertidumbre acerca de ese nivel reforzando la comunicación sobre nuestra función de reacción. Para simplificar esa función hemos introducido algunas contingencias que requerirían una respuesta de política monetaria. En primer lugar, un endurecimiento injustificado de las condiciones de política monetaria (debido a la evolución de los mercados monetarios a corto plazo, los mercados internacionales de renta fija o los mercados de divisas), que podría remediarse aplicando medidas más convencionales. En segundo lugar, un mayor deterioro del mecanismo de transmisión de nuestra orientación monetaria, especialmente a través del canal del crédito bancario, frente al que una operación específica de financiación a plazo más largo (OFPML) o un programa de adquisición de bonos de titulización de activos (ABS) podrían ser la respuesta correcta. En tercer lugar, un empeoramiento de las perspectivas de inflación a medio plazo, que justificaría un programa de compras de activos más amplio. El Consejo de Gobierno es unánime en su compromiso de utilizar instrumentos tanto convencionales como no convencionales para afrontar eficazmente los riesgos de un período de baja inflación demasiado prolongado.

Pese a los esfuerzos por mejorar la transparencia, la previsibilidad del pasado no volverá fácilmente. Probablemente la valoración del Consejo del Gobierno tendrá mayor peso en la adopción de decisiones, lo que conlleva soluciones de compromiso que deberán ser explicadas. Por ello, el Consejo de Gobierno ha estado considerando la posibilidad de publicar un acta o resumen de sus deliberaciones, que ofrecería una explicación más detallada de los fundamentos de sus decisiones y permitiría entender el debate y los principales argumentos esgrimidos.

Toda acta debe preservar la independencia de los miembros del Consejo de Gobierno y el principio de colegialidad de su proceso de adopción de decisiones. Publicar los principales argumentos considerados, presentados de manera anónima, debería cumplir estos objetivos. También debería complementar los mensajes en tiempo real comunicados en las conferencias de prensa y ofrecer información adicional para entender mejor nuestra función de reacción.

La communication de la politique monétaire durant les périodes de turbulences

Amsterdam, le 24 avril 2014

Pour les banques centrales telles que la BCE, la communication et la transparence sont devenues de plus en plus importantes au cours des dernières décennies et seront amenées à l’être encore davantage dans les décennies à venir. Une banque centrale transparente est non seulement plus responsable mais aussi plus efficace dans la mise en œuvre de sa politique monétaire. Si le grand public et les marchés financiers sont à même de comprendre comment la BCE est susceptible de réagir dans une situation donnée – c’est ce que l’on appelle sa « fonction de réaction » – ils peuvent former des anticipations raisonnables au sujet de la politique monétaire future, ce qui lui donne la possibilité d’influencer les taux d’intérêt sur des échéances plus longues tout en pilotant les conditions financières et économiques au sens large.

Tandis que cette « gestion par les anticipations » a relativement bien fonctionné en période normale, la crise a inévitablement compliqué notre processus de décision et rendu nos politiques plus difficiles à comprendre. Ainsi, le recours aux mesures non conventionnelles a entraîné une diversification des réponses de politique monétaire possibles face à un choc donné. Pour continuer à orienter les anticipations dans ce contexte, la BCE a dû se montrer plus explicite dans sa communication. Il nous a fallu réaffirmer notre mandat et expliquer son orientation à moyen terme et sa perspective du point de vue de la zone euro. En outre, le Conseil des gouverneurs jouera un rôle tout aussi actif dans la lutte contre l’inflation que dans celle contre la déflation. Et, devant faire face à la limite inférieure effective et à divers événements imprévus, nous avons dû expliquer quelles étaient nos intentions en matière de politique monétaire et apporter des éclaircissements au sujet de notre fonction de réaction à présent plus complexe.

En fournissant des indications sur la trajectoire future des taux directeurs de la BCE (forward guidance), nous visons à donner une orientation sur le niveau attendu des taux d’intérêt futurs, et à éliminer les incertitudes à ce sujet en renforçant la communication sur notre fonction de réaction. En outre, nous avons encore simplifié notre fonction de réaction en illustrant certaines éventualités qui nécessiteraient une réaction de politique monétaire. Il s’agit, tout d’abord, d’un durcissement injustifié de l’orientation de la politique monétaire (à partir des évolutions constatées sur les marchés monétaires à court terme, les marchés obligataires mondiaux ou les marchés des changes) auquel il pourrait être remédié par des mesures plus conventionnelles. En deuxième lieu, un nouvel affaiblissement de la transmission de l’orientation de notre politique monétaire, en particulier via le canal du crédit bancaire, auquel une opération de refinancement à plus long terme ciblée ou un programme d’achats d’ABS pourrait apporter une réponse appropriée. Et troisièmement, une dégradation des perspectives d’inflation à moyen terme, qui justifierait un programme d’achats d’actifs généralisé. Le Conseil des gouverneurs est déterminé – à l’unanimité – à recourir à des instruments tant conventionnels que non conventionnels pour contrer efficacement les risques d’une période trop prolongée de faible inflation.

En dépit de ces efforts visant à améliorer la transparence, un retour de la prévisibilité passée ne sera pas facile. Dès lors, il semble vraisemblable que la prise de décision s’appuiera davantage sur l’appréciation, impliquant des arbitrages qui doivent être expliqués. C’est la raison pour laquelle le Conseil des gouverneurs réfléchit à la publication d’un compte rendu de ses délibérations. Un tel compte rendu écrit fournirait une explication plus détaillée des motivations à l’origine des décisions du Conseil des gouverneurs, et donnerait une idée des discussions et des principaux arguments avancés.

Tout compte rendu écrit doit préserver l’indépendance des membres du Conseil des gouverneurs et le caractère collégial de la prise de décision. La publication d’un compte rendu des principaux arguments pris en considération, de manière anonyme, doit globalement permettre d’atteindre ces objectifs. Elle doit compléter les messages transmis en temps réel lors des conférences de presse et fournir des informations supplémentaires en vue d’améliorer la compréhension de notre fonction de réaction.

“La comunicazione sulla politica monetaria in tempi di turbolenza”

Amsterdam, 24 aprile 2014

Negli ultimi decenni la comunicazione e la trasparenza hanno acquisito maggiore importanza per banche centrali quali la BCE e questa tendenza è destinata a intensificarsi in futuro. La trasparenza comporta per una banca centrale non soltanto un rafforzamento per quanto riguarda la responsabilità di dar conto del proprio operato, ma anche una maggiore efficacia nell’attuazione della politica monetaria. Se possono comprendere quale sarà la probabile risposta della BCE in determinate circostanze, ovvero la “funzione di reazione”, l’opinione pubblica e i mercati finanziari saranno in grado di formulare aspettative ragionevoli circa il corso futuro della politica monetaria. Ciò conferisce, a sua volta, alla BCE la capacità di influenzare i tassi di interesse su scadenze più lunghe e di orientare le condizioni economiche e finanziarie in senso più ampio.

Se questa “gestione delle aspettative” ha funzionato relativamente bene in tempi normali, la crisi ha per noi inevitabilmente complicato il processo decisionale e reso più difficile la comprensione delle nostre politiche. Il ricorso a misure non convenzionali ha, ad esempio, comportato una più ampia gamma di possibili risposte a un determinato shock in termini di politica monetaria. Per continuare a orientare le aspettative in un simile contesto la BCE ha dovuto rendere più esplicita la propria comunicazione. È stato quindi necessario riaffermare il nostro mandato e spiegarne l’impostazione a medio termine e la prospettiva orientata all’intera area dell’euro. Inoltre il Consiglio direttivo si attiverà a salvaguardia dall’inflazione e altrettanto dalla deflazione. Trovandoci di fatto in prossimità del limite inferiore delle possibilità offerte dagli strumenti convenzionali della politica monetaria e in presenza di varie contingenze avverse, abbiamo dovuto spiegare le nostre intenzioni future in materia di politica monetaria e chiarire la nostra, più complessa, funzione di reazione.

Attraverso le indicazioni prospettiche (forward guidance) vogliamo dare l’idea del livello atteso dei tassi di interesse futuri e intendiamo fugare le incertezze al riguardo rafforzando la comunicazione sulla nostra funzione di reazione. Inoltre abbiamo ulteriormente semplificato la funzione di reazione illustrando alcune contingenze avverse che renderebbero necessaria una risposta di politica monetaria. Fra queste figura, innanzitutto, un ingiustificato inasprimento delle condizioni di politica monetaria (derivante da andamenti nei mercati monetari a breve termine, nei mercati obbligazionari mondiali o in quelli valutari) che potrebbe essere affrontato con misure più convenzionali. Vi è poi un’ulteriore disfunzione nella trasmissione dell’orientamento di politica monetaria, in particolare attraverso il canale del credito bancario, alla quale si potrebbe adeguatamente rispondere con un’operazione di rifinanziamento a più lungo termine (ORLT) mirata, oppure attraverso un programma di acquisti di attività cartolarizzate (asset-backed securities, ABS). Assistiamo infine a un peggioramento delle prospettive di inflazione nel medio termine, che richiederebbe un più ampio programma di acquisti di attività. Il Consiglio direttivo si impegna, unanimemente, a utilizzare strumenti sia non convenzionali che convenzionali per affrontare con efficacia i rischi connessi a un periodo troppo prolungato di bassa inflazione.

Malgrado gli sforzi per accrescere la trasparenza, non torneremo in tempi brevi alla prevedibilità del passato. È dunque probabile che il giudizio del Consiglio direttivo assuma maggior peso nel processo decisionale, con conseguenti trade-off che occorrerà spiegare. Per questo motivo il Consiglio direttivo ha riflettuto sulla pubblicazione di un resoconto riguardo alle proprie decisioni di politica monetaria. Un resoconto scritto fornirebbe spiegazioni più dettagliate circa le motivazioni alla base delle sue decisioni, oltre a dare un’idea del dibattito e delle principali argomentazioni.

Un tale resoconto deve in ogni caso preservare l’indipendenza dei membri del Consiglio direttivo e la collegialità del processo decisionale. La divulgazione delle principali argomentazioni considerate, senza precisarne la provenienza, dovrebbe nel complesso consentire di raggiungere questi obiettivi. Inoltre, andrebbe a integrare i messaggi in tempo reale comunicati nelle conferenze stampa e fornirebbe informazioni aggiuntive utili a migliorare la comprensione della nostra funzione di reazione.

‘Monetairbeleidscommunicatie in roerige tijden’

Amsterdam, 24 April 2014

Communicatie en transparantie zijn de afgelopen tientallen jaren steeds belangrijker geworden voor centrale banken als de ECB, en zullen de komende tientallen jaren nog belangrijker worden. Een transparante centrale bank kan niet alleen beter ter verantwoording worden geroepen, maar is tevens effectiever in het ten uitvoer leggen van haar monetair beleid. Als het algemene publiek en de financiële markten inzicht kunnen hebben in hoe de ECB in een bepaalde situatie waarschijnlijk zal reageren – haar “reactiefunctie” – kunnen zij zich redelijke verwachtingen vormen omtrent het toekomstige monetair beleid. Dit geeft op haar beurt de ECB de mogelijkheid de rentetarieven bij langere looptijden te beïnvloeden en de algemenere financiële en economische voorwaarden te sturen.

Hoewel dergelijk “verwachtingenbeheer” in normale tijden betrekkelijk goed heeft gewerkt, heeft de crisis ons besluitvormingsproces onvermijdelijk gecompliceerder gemaakt en ons beleid lastiger te begrijpen. Het gebruik van onconventionele maatregelen bijvoorbeeld betekende een breder scala van mogelijke monetairbeleidsreacties op een bepaalde schok. Om in dit klimaat de verwachtingen te blijven sturen, heeft de ECB in explicieter termen moeten communiceren. Dit behelste herbevestiging van ons mandaat en uitleg over de oriëntatie op de middellange termijn en het eurogebiedperspectief ervan. De Raad van Bestuur zal daarnaast in gelijke mate actief waken tegen inflatie en deflatie. En wij moesten, gezien de effectieve lagere ondergrens van de rente en de verschillende eventualiteiten, onze toekomstige beleidsvoornemens uitleggen en onze complexere reactiefunctie verduidelijken.

Met onze “forward guidance”, de door ons gegeven indicaties omtrent het toekomstige rentebeleid, beogen wij een leidraad te geven ten aanzien van het verwachte niveau van de toekomstige rentetarieven, en onzekerheid over dat niveau weg te nemen door de communicatie over onze reactiefunctie te versterken. Wij hebben tevens onze reactiefunctie verder vereenvoudigd door een aantal mogelijkheden aan te geven die een monetairbeleidsreactie zouden rechtvaardigen. Dit zijn, ten eerste, een ongewenste verkrapping van de monetairbeleidsvoorwaarden (voortvloeiende uit ontwikkelingen in de kortetermijngeldmarkten, de mondiale obligatiemarkten of de valutamarkten) die door conventioneler maatregelen het hoofd zou kunnen worden geboden. Ten tweede, een verdere verslechtering van de transmissie van onze beleidkoers, in het bijzonder via het bancaire kredietkanaal, waarvoor een gerichte langerlopende herfinancieringstransactie of een programma voor de aankoop van effecten op onderpand van activa de juiste reactie zou kunnen zijn. Ten derde, een verslechtering van de middellangetermijnvooruitzichten voor de inflatie, die een breder-gebaseerd aankoopprogramma van activa zou billijken. De Raad van Bestuur heeft zich – unaniem – verplicht tot het gebruik van onconventionele en conventionele instrumenten om op effectieve wijze de risico’s van een te lang aanhoudende periode van lage inflatie tegen te gaan.

Ondanks deze inspanningen om de transparantie te verbeteren, zal de voorspelbaarheid van voorheen niet snel terugkeren. Oordeelsvorming zal dus waarschijnlijk een grotere rol spelen bij de besluitvorming, en dit betekent dat er afwegingen moeten worden gemaakt die moeten worden uitgelegd. Dit is waarom de Raad van Bestuur nadenkt over het publiceren van een verslag van zijn beraadslagingen over het beleid. Via een dergelijk schriftelijk verslag zouden de redeneringen achter de besluiten van de Raad van Bestuur gedetailleerder kunnen worden uitgelegd, en kan een indruk worden gegeven van de besprekingen en de belangrijkste argumenten.

Een schriftelijk verslag dient de onafhankelijkheid van de leden van de Raad van Bestuur en de collegialiteit van hun besluitvorming te waarborgen. Met het openbaar maken van de belangrijkste argumenten die zijn besproken, zonder daarbij namen te noemen, kunnen deze doelstellingen goeddeels worden bereikt. Het publiceren van een dergelijk verslag dient ter aanvulling van de real-time beleidsboodschappen die tijdens de persconferenties worden overgebracht, en zou aanvullende informatie moeten verschaffen om het inzicht in onze reactiefunctie te verbeteren.

10/4/2014
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 twenty-ninth meeting of the International Monetary and Financial Committee, Washington D.C., 10 April 2014
25/3/2014
Mario Draghi:  A consistent strategy for a sustained recovery
Lecture by Mario Draghi, President of the ECB, at Sciences Po, Paris, 25 March 2014

Summary

A consistent strategy for a sustained recovery

Lecture by Mario Draghi, President of the ECB,
at Sciences Po,
Paris, 25 March 2014

The crisis is not over but the turning point has passed, ECB President Mario Draghi said in a speech in Paris. In the summer of 2012 Europe’s policymakers shifted from “real-time” crisis fighting to a consistent strategy that outlines the path to recovery. Before that point, policy measures, often commendable in themselves, were taken under the pressure of events and often in the wrong order. Combined with the euro area’s institutional set-up this delayed the recovery.

The early phase of the “Great Recession” that came after the global financial crisis followed roughly the same pattern across advanced economies. A retrenchment in investment, trade and hiring sent government budgets into large deficits as they sought to offset the shock to nominal spending. Nonetheless by mid-2010 most advanced economies were showing signs of a gradual return to growth.

The euro area however suffered a second recession lasting until the second quarter of 2013. With hindsight, we can see that one reason for this was the policy response, which was the reverse of the ideal sequence: the Deauville agreement on private sector involvement in 2010 and Greek debt restructuring in 2011 took place while an effective backstop for solvent governments was still being constructed. The stress testing of banks and capital raising took place without a clear backstop for solvent banks.

This created market pressure on banks and governments, exacerbated by the euro area’s incomplete financial integration and a fiscal framework that was not strictly enforced. A number of governments did not have the fiscal space to absorb the shock presented to them or were unable to maintain the trust of the market while doing so. Instead of providing a counter-cyclical buffer, these countries had to convince investors of their debt sustainability, making it unavoidable that fiscal consolidation was front-loaded.

The turning point came when European policymakers acknowledged the need to complete the euro area’s institutional architecture, with banking union as a first step. This marked the beginning of a consistent strategy towards sustained recovery.

While the ECB’s Outright Monetary Transactions removed unfounded redenomination fears that put price stability at risk, banking union was needed to bring together fragmented national banking systems. The single supervisory mechanism (SSM), the single resolution mechanism and single resolution fund are important conditions for the reintegration of the single financial market.

The SSM now provides a catalyst for cleaning up the banking system in a way that promotes “good deleveraging,” avoids creating “zombie banks” and sets the stage for economic recovery.

The unavoidable consolidation of public finances has placed a larger burden on monetary policy to achieve price stability by managing aggregate demand. This has led to record low interest rates and forward guidance. The ECB’s accommodative stance will support a gradual closing of the output gap in coming years.

Meanwhile potential growth must be raised, although this is not a task for monetary policy. Structural policies to increase productivity and attract investment need to be put in place – the latter can be supported by a healthier banking sector, but regulation, tax and education also play important roles. Moreover, those who have experienced the crisis, or the economic volatility of the 1970s and early 1980s, know that recovery also stems from joint action. By making policies consistent across borders we have achieved positive results.

3/3/2014
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 3 March 2014
27/2/2014
Mario Draghi:  The path to recovery and the ECB’s role
Speech by Mario Draghi, President of the ECB, at the Symposium on Financial Stability and the Role of Central Banks organised by the Deutsche Bundesbank, Frankfurt am Main, 27 February 2014
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Summary

The euro area has made considerable progress on its reform agenda, says ECB President Mario Draghi. Speaking at a conference organised by Germany’s Bundesbank in Frankfurt he emphasises that euro area governments have improved their fiscal positions despite recessionary headwinds and stressed euro area countries have become more competitive. “In parallel, the architecture of EMU has been strengthened in ways that many would have considered inconceivable two years ago”, says Mr Draghi. The move towards a banking union is crucial not only for the functioning of the financial system, but also for the conduct of monetary policy.

Since the beginning of the crisis the ECB’s Governing Council has taken decisive steps to engineer a monetary policy stance that is commensurate with the subdued medium-term inflation outlook. But standard monetary policy in the form of rate cuts was not enough to ensure an appropriate monetary policy stance, because unwarranted fears of euro break-up impaired the monetary transmission, he says. Against this background the ECB announced Outright Monetary Transactions (OMT). Like all the ECB’s monetary policy measures, OMT served, says Mr Draghi, to ensure compliance with the bank’s price stability mandate.

“And it builds on an established monetary policy doctrine that has gained prominence not least through its successful adherence by the Bundesbank for several decades,” Mr Draghi says. “Namely that the central bank should be endowed with a clear price stability mandate and, within this mandate, should be allowed – in fact obliged – to use its instruments in full independence to deliver price stability.”

12/2/2014
Mario Draghi:  Financial Integration and Banking Union
Speech by Mario Draghi, President of the ECB, at the conference for the 20th anniversary of the establishment of the European Monetary Institute, Brussels, 12 February 2014

Summary

Banking union will create more sustainable financial integration

Speech by Mario Draghi, President of the ECB,
at the conference for the 20th anniversary of the establishment of the European Monetary Institute,
Brussels, 12 February 2014

A banking union will contribute to more sustainable financial integration in the euro area, says ECB President Mario Draghi. Speaking at a conference celebrating the 20th anniversary of the European Monetary Institute in Brussels, Draghi explains how stronger supervision, cross-border banking integration and resolution frameworks can reduce the risk of financial fragmentation. It was that kind of fragmentation which contributed to the recent financial crisis.

Draghi explains that financial integration is necessary for an effective monetary union. But “the euro area did not succeed in achieving sustainable financial integration”, the ECB’s President says. “And we can see the importance of financial integration all the more in its absence.”

According to Draghi, financial integration before the crisis was incomplete. While the interbank market was fully integrated, retail banking remained fragmented. That led to a situation where banks used short-term and debt-based funding to increase lending to favoured domestic sectors such as real estate. “As banks’ assets were not well allocated, nor well diversified geographically, they were more vulnerable to domestic shocks. And as their foreign liabilities were mainly interbank, they could not share the subsequent losses with other jurisdictions.” So when the crisis hit, the cost of repairing balance sheets fell largely on their domestic fiscal authorities. “The result was the infamous bank sovereign nexus”, Draghi says.

A banking union will generate a higher quality of financial integration. The Single Supervisory Mechanism will enable supervisors to mitigate the possible destabilising effects of financial integration. It will also help to maximise the benefits of integration by creating a policy framework more conducive to cross-border banking. If problems still occur, the planned European resolution framework will help by improving private risk-sharing while insulating sovereigns. To reach that aim, Draghi makes a case to improve the design of the Single Resolution Mechanism and the Single Resolution Fund. The proposed ten-year period to mutualise national compartments into a single fund “creates uncertainty”, the President says. “We would see merits in doubling the pace of mutualisation to have a genuine European fund within five years.”

16/12/2013
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 16 December 2013
12/12/2013
Mario Draghi:  Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2012
Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 12 December 2013
10/12/2013
Mario Draghi:  Money and monetary institutions after the crisis
Speech by Mario Draghi, President of the ECB, at the conference organised by Banca d’Italia in memory of Curzio Giannini, Rome, 10 December 2013
22/11/2013
Mario Draghi:  Opening speech at the European Banking Congress “The future of Europe”
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 22 November 2013
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21/11/2013
Mario Draghi:  Keynote address at the Süddeutsche Zeitung Führungstreffen Wirtschaft 2013
Speech by Mario Draghi, President of the ECB, at Führungstreffen Wirtschaft “Strategies for more growth” organised by Süddeutsche Zeitung, Berlin, 21 November 2013.
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11/10/2013
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 Twenty-Eighth Meeting of the International Monetary and Financial Committee, in Washington D.C. on 12 October 2013
10/10/2013
Mario Draghi:  The euro area economy: current prospects 
and challenges ahead
Speech by Mario Draghi, President of the ECB at the Economic Club of New York New York, 10 October 2013
9/10/2013
Mario Draghi:  Europe’s pursuit of ‘a more perfect Union’
Lecture by Mario Draghi, President of the ECB, at Harvard Kennedy School, Cambridge (USA), 9 October 2013
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23/9/2013
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2013
16/9/2013
Mario Draghi:  Keynote speech at the conference “Europe and the Euro – A Family Affair”
Speech by Mario Draghi, President of the ECB, at the conference organised by Bundesverband der Deutschen Industrie and Bundesvereinigung der Deutschen Arbeitgeberverbände, Berlin, 16 September 2013
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12/9/2013
Mario Draghi:  Euro Conference - Latvia
Keynote Speech by Mario Draghi, President of the ECB, Riga, 12 September 2013
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8/7/2013
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 8 July 2013
26/6/2013
Mario Draghi:  Introductory remarks at the French Assemblée Nationale
Speech by Mario Draghi, President of the ECB, Paris, 26 June 2013
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25/6/2013
Mario Draghi:  Stable Euro, Strong Europe
Speech by Mario Draghi, President of the ECB, at the Wirtschaftstag 2013 Berlin, 25 June 2013
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18/6/2013
Mario Draghi:  Opening remarks at the session “Rethinking the Limitations of Monetary Policy”
Speech by Mario Draghi, President of the ECB, at the farewell conference honouring Governor Stanley Fischer, The Israel Museum, Jerusalem 18 June 2013
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13/6/2013
Mario Draghi:  Responsible leadership in times of crisis
Address by Mario Draghi, President of the ECB, on the occasion of receiving the ESMT Leadership Award 2013, Berlin, 13 June 2013
3/6/2013
Mario Draghi:  Strengthening financial resilience
Speech by Mario Draghi, President of the ECB, at the 2013 International Monetary Conference, Shanghai, 3 June 2013
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23/5/2013
Mario Draghi:  Building stability and sustained prosperity in Europe
Speech by Mario Draghi, President of the ECB, at the event entitled “The Future of Europe in the Global Economy” hosted by the City of London Corporation, London, 23 May 2013
6/5/2013
Mario Draghi:  The euro, monetary policy and reforms
Speech by Mario Draghi, President of the ECB, on receiving an honorary degree in political science, LUISS “Guido Carli” University, Rome, 6 May 2013
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2/5/2013
Mario Draghi:  Short address on the occasion of the launch of the Europa series €5 banknote
Speech by Mario Draghi, President of the ECB Bratislava, 2 May 2013
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16/4/2013
Mario Draghi:  Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2011
Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 16 April 2013
15/4/2013
Mario Draghi:  The role of monetary policy in addressing the crisis in the euro area
Speech by Mario Draghi, President of the ECB, at the “Room for discussion” of the Study Association SEFA and the Faculty of Economics and Business, Amsterdam, 15 April 2013
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19/3/2013
Mario Draghi:  Opening remarks at the conference ‘Post-trade harmonisation and the integration of financial markets: a joint effort’
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 19 March 2013
15/3/2013
Mario Draghi:  Euro area economic situation and the foundations for growth (slides from the presentation)
Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 14 March 2013
27/2/2013
Mario Draghi:  The policy and the role of the European Central Bank during the crisis in the euro area
Speech by Mario Draghi, President of the ECB, at the Katholische Akademie in Bayern, Munich, 27 February 2013
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18/2/2013
Mario Draghi:  Introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Speech by Mario Draghi, President of the ECB, Brussels, 18 February 2013
15/2/2013
Mario Draghi:  G20 priorities 
under the Russian Presidency
Speech by Mario Draghi, President of the ECB, at the G20 Ministers and Central Bank Governors meeting, Moscow, 15 February 2013
12/2/2013
Mario Draghi:  Introductory Statement at the Congreso de los Diputados de España
Speech by Mario Draghi, President of the ECB, Meeting with Members of Parliament, Madrid, 12 February 2013
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22/1/2013
Mario Draghi:  Address at the New Year’s Reception of the Frankfurt Chamber of Commerce and Industry
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 22 January 2013
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10/1/2013
Mario Draghi:  Unveiling of the 5 euro banknote of the new Europa series
Short address by Mario Draghi, President of the ECB, at the Archaeological Museum in Frankfurt am Main, 10 January 2013
17/12/2012
Mario Draghi:  Introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Mario Draghi, President of the ECB, Brussels, 17 December 2012
7/12/2012
Mario Draghi:  A central banker’s perspective on European economic convergence
Speech by Mario Draghi, President of the ECB at the Anchor 2013 Conference organised by the Magyar Nemzeti Bank, Budapest, 7 December 2012
30/11/2012
Mario Draghi:  Competitiveness: the key to balanced growth in monetary union
Remarks by Mario Draghi, President of the ECB, Treasury Talks ‘A European strategy for growth and integration with solidarity’, A conference organised by the Directorate General of the Treasury, Ministry of Economy and Finance – Ministry for Foreign Trade, Paris, 30 November 2012
23/11/2012
Mario Draghi:  Rationale and principles for Financial Union
Speech by Mario Draghi, President of the ECB, at the 22nd Frankfurt European Banking Congress, Frankfurt am Main, 23 November 2012
15/11/2012
Mario Draghi:  The monetary policy of the European Central Bank and its transmission in the euro area
Speech by Mario Draghi, President of the ECB, Università Bocconi, Opening of the academic year 2012-2013, Milan, 15 November 2012
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7/11/2012
Mario Draghi:  President’s address at Wirtschaftstag Volksbanken Raffeisenbanken
Speech by Mario Draghi, President of the ECB, at Wirtschaftstag 2012 "Kapitalismus in der Krise? Die Zukunft der Marktwirtschaft" der Volksbanken Raiffeisenbanken organised by Genossenschaftsverband e.V., Frankfurt am Main, 7 November 2012
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24/10/2012
Mario Draghi:  Opening statement at Deutscher Bundestag
Speech by Mario Draghi, President of the ECB, Discussion on ECB policies with Members of Parliament, Berlin, 24 October 2012
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13/10/2012
Mario Draghi:  Text of the video message given at the award ceremony for the second Luca Pacioli Award
Speech by Mario Draghi, President of the ECB, Ca’ Foscari University of Venice, 13 October 2012
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9/10/2012
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 9 October 2012
25/9/2012
Mario Draghi:  Building the bridge to a stable European economy
Speech by Mario Draghi, President of the ECB, at the annual event “Day of the German Industries” organised by the Federation of German Industries, Berlin, 25 September 2012
6/9/2012
Mario Draghi:  For a European Public Space
Remarks by Mario Draghi, President of the ECB on receiving the M100 Media Award 2012 Potsdam, 6 September 2012
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29/8/2012
Mario Draghi:  The future of the euro: stability through change
Contribution from Mario Draghi, President of the ECB, Published in "Die Zeit", 29 August 2012
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26/7/2012
Mario Draghi:  Verbatim of the remarks made by Mario Draghi
Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012
9/7/2012
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mario Draghi, President of the ECB, Brussels, 9 July 2012
15/6/2012
Mario Draghi:  President’s address at the 14th ECB and its Watchers Conference
Mario Draghi, President of the ECB, Frankfurt am Main, 15 June 2012
24/5/2012
Mario Draghi:  A route for Europe
Address by Mario Draghi, President of the ECB at the day in memory of Federico Caffè organised by the Faculty of Economics and the Department of Economics and Law at the Sapienza University Rome, 24 May 2012
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16/5/2012
Mario Draghi:  Monetary Policy in unconventional times
Introductory remarks by Mario Draghi, President of the ECB, at the ECB colloquium held in honour of José Manuel González-Páramo, Frankfurt am Main, 16 May 2012
8/5/2012
Mario Draghi:  Address at the event marking the first signatures to the T2S Framework Agreement
Mario Draghi, President of the ECB, Frankfurt am Main, 8 May 2012
26/4/2012
Mario Draghi:  Welcome remarks at the ECB-EC conference on financial integration and stability
Speech by Mario Draghi, President of the ECB, at the ECB-EC conference “Financial integration and stability: towards a more resilient single financial market” Frankfurt am Main, 26 April 2012
25/4/2012
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB Brussels, 25 April 2012
17/4/2012
Mario Draghi:  Statistics to deliver price stability and mitigate systemic risk
Speech by Mario Draghi, President of the ECB at the Sixth ECB Statistics Conference, Frankfurt am Main, 17 April 2012
26/3/2012
Mario Draghi:  Remarks at the Annual Reception of the Association of German Banks
Speech by Mario Draghi, President of the ECB, Berlin, 26 March 2012
13/3/2012
Mario Draghi:  Competitiveness of the euro area and within the euro area
Speech by Mario Draghi, President of the ECB, at the colloquium “Les défis de la compétitivité”, organised by Le Monde and l’Association Française des Entreprises Privées (AFEP), Paris, 13 March 2012
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19/12/2011
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement Mario Draghi, President of the ECB, Brussels, 19 December 2011
15/12/2011
Mario Draghi:  The euro, monetary policy and the design of a fiscal compact
Speech by Mario Draghi, President of the ECB, Ludwig Erhard Lecture, Berlin, 15 December 2011
1/12/2011
Mario Draghi:  Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB’s 2010 Annual Report
Introductory statement by Mario Draghi, President of the ECB, Brussels, 1 December 2011
18/11/2011
Mario Draghi:  Continuity, consistency and credibility
Introductory remarks by Mario Draghi, President of the ECB, at the 21st Frankfurt European Banking Congress “The Big Shift”, Frankfurt am Main, 18 November 2011
24/10/2011
Jean-Claude Trichet:  Tomorrow and the day after tomorrow: a vision for Europe
Speech by Jean-Claude Trichet, President of the ECB, at the Humboldt University, Berlin, 24 October 2011
21/10/2011
Jean-Claude Trichet:  Towards a more integrated Europe: Challenges ahead for the euro area and Central and Eastern Europe
Address by Jean-Claude Trichet, President of the ECB, at the National Bank of Poland’s conference, Warsaw, 21 October 2011
19/10/2011
Jean-Claude Trichet:  Remarks at the farewell event
Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 October 2011
4/10/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 4 October 2011
23/9/2011
Jean-Claude Trichet:  Preventing spillovers on the global economy
Speech by Jean-Claude Trichet, President of the ECB at the Bretton Woods Committee, International Council Meeting 2011 Washington, 23 September 2011
15/9/2011
Jean-Claude Trichet:  Intervention at the Eurofi Financial Forum 2011
Speech by Jean-Claude Trichet, President of the ECB, Wroclaw, 15 September 2011
5/9/2011
Jean-Claude Trichet:  Les enseignements de la crise
Jean-Claude Trichet, Président de la BCE, Discours d’introduction à la conférence de l’Institut Montaigne intitulée : « Trois ans après la chute de Lehman Brothers : leçons et défis de la crise » Paris, le 5 septembre 2011
29/8/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 29 August 2011
27/8/2011
Jean-Claude Trichet:  Achieving maximum long-term growth
Speech by Jean-Claude Trichet, President of the ECB at the Jackson Hole Economic Symposium Panel: Setting priorities for long-term growth Jackson Hole, U.S.A., 27 August 2011
22/7/2011
Jean-Claude Trichet:  Statement on the decisions taken by the Euro Area Heads of State or Government at a press briefing on 21 July 2011 in Brussels
Statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 21 July 2011
30/6/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 June 2011
28/6/2011
Jean-Claude Trichet:  Completing Economic and Monetary Union
Speech by Jean-Claude Trichet, President of the ECB, at the Gala Dinner of the State of the European Union conference “Revitalising the European Dream: A Corporate View”, Brussels, 28 June 2011
19/6/2011
Jean-Claude Trichet:  The euro area and its role in the global economy
Remarks by Jean-Claude Trichet, President of the ECB, upon reception of the 2011 Global Economy Prize, Kiel, 19 June 2011
16/6/2011
Jean-Claude Trichet:  Economic diversity on both sides of the Atlantic
Speech by Jean-Claude Trichet, President of the ECB, at the US Sciences Po Foundation Annual Benefit in New York on 16 June 2011
13/6/2011
Jean-Claude Trichet:  The euro, its central bank 
and economic governance
Stamp Memorial Lecture by Jean-Claude Trichet, President of the ECB at the London School of Economics and Political Science London, 13 June 2011
10/6/2011
Jean-Claude Trichet:  Two continents compared
Keynote address by Jean-Claude Trichet, President of the ECB at the “ECB and its Watchers XIII” conference Frankfurt am Main, 10 June 2011
6/6/2011
Jean-Claude Trichet:  The monetary policy of the ECB during the financial crisis
Speech by Jean-Claude Trichet, President of the ECB, Montreal, 6 June 2011
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2/6/2011
Jean-Claude Trichet:  Building Europe, building institutions
Speech by Jean-Claude Trichet, President of the ECB on receiving the Karlspreis 2011 in Aachen, 2 June 2011
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1/6/2011
Jean-Claude Trichet:  Making decisions in an uncertain world
Speech by Jean-Claude Trichet, President of the ECB, Rheinisch-Westfälische Technische Hochschule (RWTH), Aachen, 1 June 2011
26/5/2011
Jean-Claude Trichet:  The ECB’s response to the crisis
Speech by Jean-Claude Trichet, President of the ECB, at the WDR Europa-Forum, Berlin, 26 May 2011
15/5/2011
Jean-Claude Trichet:  Contribution to Bild am Sonntag
By Jean-Claude Trichet, President of the ECB, 15 May 2011
13/5/2011
Jean-Claude Trichet:  Financial reform: what has been achieved and what remains to be done
Speech by Jean-Claude Trichet, President of the ECB, Madrid, 13 May 2011
5/5/2011
Jean-Claude Trichet:  Monetary policy in uncertain times
Speech by Jean-Claude Trichet, President of the ECB at the Bank of Finland 200th Anniversary Conference Helsinki, 5 May 2011
2/5/2011
Jean-Claude Trichet:  Short Address in honour of Axel Weber
Speech by Jean-Claude Trichet, President of the ECB, Deutsche Bundesbank Festakt, Frankfurt am Main, 2 May 2011
4/4/2011
Jean-Claude Trichet:  La gouvernance de la zone euro
Speech by Jean-Claude Trichet, President of the ECB, at the Notre Europe Séminaire en Hommage à Tommaso Padoa-Schioppa, in the session “Quel bilan pour l’Union Economique et Monétaire”, Brussels, 4 April 2011
28/3/2011
Jean-Claude Trichet:  La surveillance de la compétitivité dans une union monétaire
Intervention de Jean-Claude Trichet, Président de la BCE, Académie des Sciences morales et politiques, Paris, le 28 mars 2011
23/3/2011
Jean-Claude Trichet:  Taking stock on financial reform
Speech by Jean-Claude Trichet, President of the ECB at the Frankfurt Main Finance Summit “The Future of Risk Management and Regulation: Smarter regulation, safer markets” Frankfurt, 23 March 2011
21/3/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 March 2011
18/3/2011
Jean-Claude Trichet:  Reforming EMU: time for bold decisions
Speech by Jean-Claude Trichet, President of the ECB at the conference of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament “What future for the euro?” Frankfurt, 18 March 2011
11/3/2011
Jean-Claude Trichet:  Decision on a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main
Remarks by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 11 March 2011
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23/2/2011
Jean-Claude Trichet:  Competitiveness and the smooth functioning of EMU
Speech by Jean-Claude Trichet, President of the ECB, Lecture at the University of Liège, Liège, 23 February 2011
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18/2/2011
Jean-Claude Trichet:  Intellectual challenges to financial stability analysis in the era of macroprudential oversight
Speech by Jean-Claude Trichet, President of the ECB, for the panel discussion on: “Global imbalances and financial stability” at the Eurofi G20 High Level Seminar, Paris, 18 February 2011
11/2/2011
Jean-Claude Trichet:  The essence of Economic and Monetary Union
Jean-Claude Trichet, President of the ECB, Speech as the Guest of Honour at the Schaffermahlzeit, Bremen, 11 February 2011
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1/2/2011
Jean-Claude Trichet:  I am still learning – The legacy of Tommaso Padoa-Schioppa
Speech by Jean-Claude Trichet, President of the ECB, colloquium in honour of Tommaso Padoa-Schioppa, Bocconi University, Milan, 1 February 2011
7/1/2011
Jean-Claude Trichet:  Economic and Monetary Union: What we have achieved and what we must do next
Speech by Jean-Claude Trichet, President of the ECB, Klausurtagung der CSU Landesgruppe, Wildbad Kreuth, 7 January 2011
13/12/2010
Jean-Claude Trichet:  Introductory remarks at the International Club of Economic Journalists
Jean-Claude Trichet, President of the European Central Bank, Frankfurt am Main, 13 December 2010
8/12/2010
Jean-Claude Trichet:  Remarks at the launch event for the educational games ‘€conomia’ and ‘Inflation Island’
Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 8 December 2010
3/12/2010
Jean-Claude Trichet:  Lessons from the crisis
Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club, Paris, 3 December 2010
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30/11/2010
Jean-Claude Trichet:  Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 November 2010
22/11/2010
Jean-Claude Trichet:  Hearing before the plenary of the European Parliament on the occasion of the adoption of the EP resolution on the ECB’s 2009 Annual Report
Introductory statement by Jean-Claude Trichet, President of the ECB Strasbourg, 22 November 2010
19/11/2010
Jean-Claude Trichet:  Macro-prudential oversight and the future European Systemic Risk Board
Keynote address by Jean-Claude Trichet, President of the ECB, at the European Banking Congress, Frankfurt am Main, 19 November 2010
18/11/2010
Jean-Claude Trichet:  Reflections on the nature of monetary policy non-standard measures and finance theory
Speech by Jean-Claude Trichet, President of the ECB, Opening address at the ECB Central Banking Conference Frankfurt, 18 November 2010
13/11/2010
Jean-Claude Trichet:  Reflections on EMU
Speech by Jean-Claude Trichet, President of the ECB, Evangelische Akademie Tutzing, 13 November 2010
19/10/2010
Jean-Claude Trichet:  The continuing quest for reliable 
and timely statistics
Opening address by Jean-Claude Trichet, President of the ECB at the fifth ECB conference on statistics “Central bank statistics: what did the financial crisis change?” Frankfurt, 19 October 2010
16/10/2010
Jean-Claude Trichet:  Global economic governance 
and euro area economic governance
Speech by Jean-Claude Trichet, President of the ECB at the World Policy Conference Marrakech, 16 October 2010
12/10/2010
Jean-Claude Trichet:  Europe’s frameworks for macro-prudential oversight and economic governance
Speech by Jean-Claude Trichet, President of the ECB, at the Economic Club of New York, New York, 12 October 2010
29/9/2010
Jean-Claude Trichet:  Keeping the momentum for financial reform
Keynote address by Jean-Claude Trichet, President of the ECB, at the EUROFI Financial Forum 2010, Brussels, 29 September 2010
27/9/2010
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB, Brussels, 27 September 2010
27/9/2010
Jean-Claude Trichet:  Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments
Speech by Jean-Claude Trichet, President of the ECB, at the 13th conference of the ECB-CFS Research Network, Frankfurt am Main, 27 September 2010
20/9/2010
Jean-Claude Trichet:  The entry of Estonia into the euro area
Speech by Jean-Claude Trichet, President of the ECB, at the Euro Conference hosted by Eesti Pank, Tallinn, 20 September 2010
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20/9/2010
Jean-Claude Trichet:  Inauguration of the Euro Exhibition
Speech by Jean-Claude Trichet, President of the ECB, on the occasion of the inauguration of the Euro Exhibition hosted by Eesti Pank Tallinn, 20 September 2010
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19/9/2010
Jean-Claude Trichet:  Euro Star Event
Speech by Jean-Claude Trichet, President of the ECB on the occasion of the Euro Star Event at Eesti Pank Tallinn, 19 September 2010
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5/9/2010
Jean-Claude Trichet:  Celebration of the 130th anniversary of Banca Naţională a României
Speech by Jean-Claude Trichet, President of the ECB at the gala event Bucharest, 5 September 2010
27/8/2010
Jean-Claude Trichet:  Central banking in uncertain times: conviction and responsibility
Speech by Jean-Claude Trichet, President of the ECB, at the symposium on “Macroeconomic challenges: the decade ahead”, Jackson Hole, Wyoming, 27 August 2010
9/7/2010
Jean-Claude Trichet:  Recovery, Reform and Renewal: Europe’s economic challenge
Speech by Jean-Claude Trichet, President of the ECB at the conference “The ECB and Its Watchers” XII Frankfurt am Main, 9 July 2010
21/6/2010
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 June 2010
18/6/2010
Jean-Claude Trichet:  Lessons drawn from the crisis
Speech by Jean-Claude Trichet, President of the ECB, at 150th Anniversary of the Central Bank of the Russian Federation High-Level International Conference on “Central Banks and Development of the World Economy: New Challenges and a Look Ahead”, Moscow, 18 June 2010
10/6/2010
Jean-Claude Trichet:  The changing world of global governance
Keynote by Jean-Claude Trichet, President of the ECB at the Institute of International Finance, Spring Membership Meeting Vienna, 10 June 2010
9/6/2010
Jean-Claude Trichet:  European integration: the benefits of acting collectively
Speech by Jean-Claude Trichet, President of the ECB, at the Feri Foundation award ceremony Kaisersaal, Frankfurt am Main, 9 June 2010
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31/5/2010
Jean-Claude Trichet:  The ECB’s response to the recent tensions in financial markets
Speech by Jean-Claude Trichet, President of the ECB, at the 38th Economic Conference of the Oesterreichische Nationalbank, Vienna, 31 May 2010
31/5/2010
Jean-Claude Trichet:  Central bank cooperation after the global financial crisis
Video address by Jean-Claude Trichet, President of the European Central Bank, at the Bank of Korea International Conference 2010, Seoul, 31 May 2010
28/5/2010
Jean-Claude Trichet:  Outcome of the competition for a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main
Remarks by Jean-Claude Trichet, President of the ECB Frankfurt, 28 May 2010
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20/5/2010
Jean-Claude Trichet:  The great financial crisis: Lessons for financial stability and monetary policy
Introductory remarks by Jean-Claude Trichet, President of the ECB, at the Colloquium in honour of Lucas Papademos, Frankfurt am Main, 20 May 2010
19/5/2010
Jean-Claude Trichet:  New ECB Premises: Ceremony of the laying of the foundation stone
Welcome address by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 May 2010
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6/5/2010
Jean-Claude Trichet:  “What role for finance?”
University lecture by Jean-Claude Trichet, President of the ECB, at the Universidade Nova de Lisboa, Lisbon, 6 May 2010
29/4/2010
Jean-Claude Trichet:  Keynote speech at the 9th Munich Economic Summit
Speech by Jean-Claude Trichet, President of the ECB, Munich, 29 April 2010
27/4/2010
Jean-Claude Trichet:  What can central banks do in a financial crisis?
Speech by Jean-Claude Trichet, President of the ECB, Susan Bies Lecture, Kellogg Distinguished Lecture Series, Evanston, Illinois, 27 April 2010
26/4/2010
Jean-Claude Trichet:  Global governance today
Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the Council on Foreign Relations, New York, 26 April 2010
19/4/2010
Jean-Claude Trichet:  Eulogy to Sławomir Skrzypek, President of Narodowy Bank Polski
Speech by Jean-Claude Trichet, President of the ECB 19 April 2010, Warsaw, Poland
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12/4/2010
Jean-Claude Trichet:  Introductory remarks at the conference on "Financial integration and stability: the legacy of the crisis"
Speech by Jean-Claude Trichet, President of the ECB
10/4/2010
Jean-Claude Trichet:  The Crisis and Beyond
Ceremonial address by Jean-Claude Trichet, President of the ECB at “100 Years of Confindustria” Parma, 10 April 2010
9/4/2010
Jean-Claude Trichet:  Shaping a new world: The crisis and global economic governance
Speech by Jean-Claude Trichet, President of the ECB Lecture at Bocconi University, Aula Magna Milano, 9 April 2010
26/3/2010
Jean-Claude Trichet:  Laudatio for Hans Tietmeyer
Speech by Jean-Claude Trichet, President of the ECB Münster City Hall, Westphalia, 26 March 2010
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26/3/2010
Jean-Claude Trichet:  An anchor of stability and confidence
Contribution by Jean-Claude Trichet, President of the European Central Bank to Frankfurter Allgemeine Zeitung, 26 March 2010
25/3/2010
Jean-Claude Trichet:  Introductory statement before the Plenary of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB, Brussels, 25 March 2010
22/3/2010
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 22 March 2010
19/3/2010
Jean-Claude Trichet:  Opening statement at the Commission Conference “Building a Crisis Management Framework for the Internal Market”
Speech by Jean-Claude Trichet, President of the ECB, Brussels, 19 March 2010
12/3/2010
Jean-Claude Trichet:  Risk and monetary policy
Lunch remarks by Jean-Claude Trichet, President of the ECB at the SIEPR Economic Summit, Stanford University Stanford, 12 March 2010
10/3/2010
Jean-Claude Trichet:  Address on the occasion of the inauguration of the “Language of Money” exhibition and the Euro Exhibition at the Museum für Kommunikation in Frankfurt am Main
Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 10 March 2010
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11/2/2010
Jean-Claude Trichet:  Statement following the meeting of the Heads of State and Government on 11 February 2010
Jean-Claude Trichet, President of the ECB 11 February 2010
9/2/2010
Jean-Claude Trichet:  Commentary on “Fifty Years of Monetary Policy: What Have We Learned?” by Adam Cagliarini, Christopher Kent and Glenn Stevens
By Jean-Claude Trichet, President of the ECB, at the Symposium for the 50th anniversary of the Reserve Bank of Australia, Sydney, 9 February 2010
21/1/2010
Jean-Claude Trichet:  Welcome message at the Annual General Assembly of the Manufacturers’ Association of Israel (MAI)
Speech by Jean-Claude Trichet, President of the ECB Tel Aviv, 21 January 2010
27/12/2009
Jean-Claude Trichet:  Guest commentary on BILD AM SONNTAG
Commentary by Jean-Claude Trichet, President of the ECB 27 December 2009
11/12/2009
Jean-Claude Trichet:  Macro-prudential supervision in Europe
Speech by Jean-Claude Trichet, President of the ECB The Economist’s 2nd City Lecture London, 11 December 2009
10/12/2009
Jean-Claude Trichet:  Systemic Risk
Clare Distinguished Lecture in Economics and Public Policy by Jean-Claude Trichet, President of the ECB organised by the Clare College, University of Cambridge Cambridge, 10 December 2009
7/12/2009
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 7 December 2009
7/12/2009
Jean-Claude Trichet:  La justice face à la crise
Discours d’ouverture de Jean-Claude Trichet, Président de la BCE au colloque « La justice face à la crise » organisé par la Cour d’appel de Paris Paris, le 7 décembre 2009
23/11/2009
Jean-Claude Trichet:  Key Lessons from the crisis
Speech by Jean-Claude Trichet, President of the ECB at the “Annual conference 2009” organised by the Asociación de Mercados Financieros Madrid, 23 November 2009
20/11/2009
Jean-Claude Trichet:  Today’s financial institutions and tomorrow’s monetary order
Jean-Claude Trichet, President of the ECB, Keynote speech at the 19th Frankfurt European Banking Congress: “After the Crisis”, Frankfurt am Main, Alte Oper, 20 November 2009
18/11/2009
Jean-Claude Trichet:  Insurance companies, pension funds and the new EU supervisory architecture
Speech by Jean-Claude Trichet, President of the ECB at the CEIOPS conference 2009 Frankfurt am Main, 18 November 2009
17/11/2009
Jean-Claude Trichet:  Remarks on the occasion of the European Banker of the Year Award
Speech by Jean-Claude Trichet, President of the ECB, Award ceremony organised by the Group of 20 +1, Frankfurt am Main, 17 November 2009
15/10/2009
Jean-Claude Trichet:  Lessons from the financial crisis
Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the “Wirtschaftstag 2009” organised by the Volksbanken and Raiffeisenbanken, Frankfurt am Main, 15 October 2009
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9/10/2009
Jean-Claude Trichet:  The crisis and its lessons
Lecture by Jean-Claude Trichet, President of the ECB at the University of Venice Venice, 9 October 2009
30/9/2009
Jean-Claude Trichet:  The regulatory and supervisory reform in Europe
Speech by Jean-Claude Trichet, President of the ECB The Eurofi Financial Forum 2009 Göteborg, 30 September 2009
28/9/2009
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 28 September 2009
4/9/2009
Jean-Claude Trichet:  The ECB’s exit strategy
Speech by Jean-Claude Trichet, President of the ECB at the ECB Watchers Conference Frankfurt, 4 September 2009
22/8/2009
Jean-Claude Trichet:  Credible alertness revisited
Intervention by Jean-Claude Trichet, President of the ECB, at the symposium on “Financial stability and macroeconomic policy” sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 22 August 2009
16/7/2009
Jean-Claude Trichet:  Introductory remarks at the signing ceremony for the T2S memorandum of understanding
Speech by Jean-Claude Trichet, President of the ECB Frankfurt, 16 July 2009
13/7/2009
Jean-Claude Trichet:  The ECB’s enhanced credit support
Keynote address by Jean-Claude Trichet, President of the ECB at the University of Munich Munich, 13 July 2009
22/6/2009
Jean-Claude Trichet:  Supporting the financial system and the economy: key ECB policy actions in the crisis
Speech by Jean-Claude Trichet, President of the ECB at a Conference organised by the Nueva Economía Fórum and The Wall Street Journal Europe Madrid, 22 June 2009
12/6/2009
Jean-Claude Trichet:  Celebration of 130th Anniversary of the Bulgarian National Bank
Speech by Jean-Claude Trichet, President of the ECB At the Gala Event of the Celebration of 130th Anniversary of the Bulgarian National Bank in Sofia, 12 June 2009
12/6/2009
Jean-Claude Trichet:  The financial crisis and the response of the ECB
Speech by Jean-Claude Trichet, President of the ECB at the Ceremony conferring the honorary title of Doctor Honoris Causa at the University of National and World Economy, Bulgaria in Sofia on 12 June 2009
5/6/2009
Jean-Claude Trichet:  The times of unprecedented challenges
Address by Jean-Claude Trichet, President of the ECB at the conference “20 years after the collapse of the socialist economy: transformation, economic growth and convergence in Poland and other central and eastern European countries” organised by the National Bank of Poland, Warsaw, 5 June 2009
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29/5/2009
Jean-Claude Trichet:  The financial crisis and the role of central banks: The experience of the ECB
Keynote address by Jean-Claude Trichet, President of the ECB at the international symposium marking the 50th anniversary of Bank Al-Maghrib. Marrakech, 29 May 2009
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25/5/2009
Jean-Claude Trichet:  Integration and innovation - The Alpha and Omega of a successful retail payments market in Europe
Opening remarks by Jean-Claude Trichet, President of the European Central Bank Joint ECB/De Nederlandsche Bank conference on "Retail payments: integration and innovation" Frankfurt, 25 May 2009
27/4/2009
Jean-Claude Trichet:  The financial crisis and our response so far
Keynote address by Jean-Claude Trichet, President of the ECB, at the Chatham House Global Financial Forum New York, 27 April 2009
18/4/2009
Jean-Claude Trichet:  The global dimension of the crisis
Speech by Jean-Claude Trichet, President of the ECB, at the Foreign Correspondents’ Club of Japan, Tokyo, 18 April 2009
17/4/2009
Jean-Claude Trichet:  Restoring confidence in the global financial system
Speech by Jean-Claude Trichet, President of the ECB, at the annual meeting of the Research Institute of Japan, Tokyo, 17 April 2009
30/3/2009
Jean-Claude Trichet:  Hearing before the Economic and Monetary Affairs Committee of the European Parliament
Introductory remarks by Jean-Claude Trichet, President of the ECB Brussels, 30 March 2009
17/3/2009
Jean-Claude Trichet:  What lessons can be learned from the economic and financial crisis?
Speech by Jean-Claude Trichet, President of the ECB at the “5e Rencontres de l’Entreprise Européenne” organised by La Tribune, Roland Berger and HEC Paris, 17 March 2009
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16/3/2009
Jean-Claude Trichet:  Europe – Cultural Identity – Cultural Diversity
Speech by Jean-Claude Trichet, President of the ECB CFS Presidential Lecture Center for Financial Studies Frankfurt, 16 March 2009
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26/2/2009
Jean-Claude Trichet:  The external and internal dimensions of Europe’s competitiveness
Speech by Jean-Claude Trichet, President of the ECB at the Institute of International and European Affairs Dublin, 26 February 2009
23/2/2009
Jean-Claude Trichet:  Remarks on the future of European financial regulation and supervision
Keynote address by Jean-Claude Trichet, President of the ECB at the Committee of European Securities Regulators (CESR) Paris, 23 February 2009
20/2/2009
Jean-Claude Trichet:  The ECB's response to the crisis
Statement by Jean-Claude Trichet, President of the ECB at the European American Press Club Paris, 20 February 2009
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16/2/2009
Jean-Claude Trichet:  Macroeconomic policies, imbalances and the need to avoid going back to the status quo ante
Address by Jean-Claude Trichet, President of the ECB Annual Joint Parliamentary Meeting European Parliament, Brussels, 16 February 2009
12/2/2009
Jean-Claude Trichet:  Ten years of the euro: successes and challenges
Speech by Jean-Claude Trichet, President of the ECB Osnabrück, 12 February 2009
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21/1/2009
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB Brussels, 21 January 2009
19/1/2009
Jean-Claude Trichet:  (Under-)pricing of risks in the financial sector
Speech by Jean-Claude Trichet, President of the ECB delivered at the Coface Country Risk Conference 2009 Carrousel du Louvre, Paris, 19 January 2009
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13/1/2009
Jean-Claude Trichet:  The euro@10: achievements and responsibilities
Remarks by Jean-Claude Trichet President of the ECB at the ceremony of the European Parliament to mark the 10th anniversary of the euro Strasbourg, 13 January 2009
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9/1/2009
Jean-Claude Trichet:  A paradigm change for the global financial system
Remarks by Jean-Claude Trichet President of the European Central Bank, roundtable at the International Colloquium «Nouveau Monde, Nouveau Capitalisme», Paris, 9 January 2009
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8/1/2009
Jean-Claude Trichet:  State celebrations for the introduction of the euro in Slovakia
Statement by Jean-Claude Trichet President of the European Central Bank Bratislava, 8 January 2009
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23/12/2008
Jean-Claude Trichet:  Réflexions sur les turbulences financières
Intervention de Jean-Claude Trichet, Président de la BCE Institut Montaigne, Paris, 23 décembre 2008
15/12/2008
Jean-Claude Trichet:  The changing role of communication
Introductory Remarks by Jean-Claude Trichet, President of the ECB at a dinner with members of the Internationaler Club Frankfurter Wirtschaftsjournalisten Frankfurt am Main, 15 December 2008
11/12/2008
Jean-Claude Trichet:  European Financial Integration
Speech by Jean-Claude Trichet, President of the ECB at 23. Internationales ZinsFORUM ”Zinsen 2009” Frankfurt am Main, 11 December 2008
8/12/2008
Jean-Claude Trichet:  Remarks on the financial turmoil
Speech by Jean-Claude Trichet, President of the ECB delivered at the British Bankers Association’s Annual Reception European Parliament Brussels, 8 December 2008
8/12/2008
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB Brussels, 8 December 2008
26/11/2008
Jean-Claude Trichet:  Introductory statement at the press conference on the occasion of the signing a Memorandum of Understanding with the Central Bank of Egypt on a new banking supervision programme
Jean-Claude Trichet, President of the ECB Cairo, 26 November 2008
21/11/2008
Jean-Claude Trichet:  18th Frankfurt European Banking Congress
Statement by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 21 November 2008
18/11/2008
Jean-Claude Trichet:  Central banks and the public: the importance of communication
Speech by Jean-Claude Trichet, President of the ECB The Lord Roll Memorial Lecture Organised by the Daiwa Anglo-Japanese Foundation Chatham House, London, 18 November 2008
14/11/2008
Jean-Claude Trichet:  International interdependencies and monetary policy – a policy maker’s view
Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 14 November 2008
13/11/2008
Jean-Claude Trichet:  Undervalued risk and uncertainty: Some thoughts on the market turmoil
Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 13 November 2008
12/11/2008
Jean-Claude Trichet:  The Eurosystem team at ten years
Jean-Claude Trichet, President of the ECB Dinner address on the Occasion of the 10th Anniversary of the Banque Centrale du Luxembourg Luxembourg, 12 November 2008
27/10/2008
Jean-Claude Trichet:  Current challenges for the euro area
Speech by Jean-Claude Trichet, President of the ECB “Lunchtime discussions” with the Spanish business community Madrid, 27 October 2008
14/10/2008
Jean-Claude Trichet:  The financial turbulence: Where do we stand?
Speech by Jean-Claude Trichet, President of the ECB Delivered at the Economic Club of New York New York, 14 October 2008
30/9/2008
Jean-Claude Trichet:  Some lessons from the financial market correction
Speech by Jean-Claude Trichet, President of the ECB delivered at the “European Banker of the Year 2007” award ceremony Frankfurt am Main, 30 September 2008
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22/9/2008
Jean-Claude Trichet:  The entry of Slovakia into the euro area
Speech by Jean-Claude Trichet, President of the ECB delivered at the “Slovakia Euro Changeover Conference” Bratislava, 22 September 2008
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21/9/2008
Jean-Claude Trichet:  Inauguration of the “Euro exhibition” hosted by Národná banka Slovenska
Speech by Jean-Claude Trichet, President of the ECB Bratislava, 21 September 2008
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15/9/2008
Jean-Claude Trichet:  Ehrenplaquette of the city of Frankfurt am Main – awarding ceremony
Speech by Jean-Claude Trichet, President of the ECB Römer, Frankfurt am Main, 15 September 2008
11/9/2008
Jean-Claude Trichet:  The European Regulatory and Supervisory Framework: The Views of the ECB
Speech by Jean-Claude Trichet, President of the ECB Delivered at the 2008 Eurofi Conference Nice, 11 September 2008
10/9/2008
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 10 September 2008
5/9/2008
Jean-Claude Trichet:  Risk and the Macro-economy
Keynote address by Jean-Claude Trichet, President of the ECB at the conference ‘The ECB and its Watchers X’ Frankfurt am Main, 5 September 2008
10/7/2008
Jean-Claude Trichet:  The current state of the euro area and its future
Speech by Jean-Claude Trichet, President of the ECB delivered at the conference The euro’s 10th anniversary: history and presence of the euro Munich, 10 July 2008
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9/7/2008
Jean-Claude Trichet:  Introductory to the European Parliament
Speech by Jean-Claude Trichet, President of the ECB Strasbourg, 9 July 2008
2/7/2008
Jean-Claude Trichet:  Fostering sound financial globalisation: the role of Europe
Speech by Jean-Claude Trichet, President of the ECB Paris Europlace Financial Forum ”The Paris Marketplace Contribution to the Global Economy” 2-3 July, 2008
30/6/2008
Jean-Claude Trichet:  Discours délivré à l'occasion de la réception du prix ‘Vision for Europe’
Intervention de Jean-Claude Trichet, Président de la BCE Luxembourg, 30 juin 2008
25/6/2008
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 25 June 2008
20/6/2008
Jean-Claude Trichet:  L’intégration économique et financière européenne dans un monde globalisé
Intervention de M. Jean-Claude Trichet, Président de la BCE, À l’invitation du Gouvernement wallon, Forum CréaWAL, Namur, le 20 juin 2008
4/6/2008
Jean-Claude Trichet:  Reflections on the current financial markets correction
Keynote address by Jean-Claude Trichet, President of the ECB, at the OECD Forum 2008 “Climate change, growth, stability” Paris, 4 June 2008
3/6/2008
Jean-Claude Trichet:  Monetary policy in challenging times
Speech by Jean-Claude Trichet, President of the ECB International Monetary Conference Barcelona, 3 June 2008
2/6/2008
Jean-Claude Trichet:  Address at the ceremony to mark the 10th anniversary of the European Central Bank and the European System of Central Banks
Jean-Claude Trichet, President of the ECB 2 June 2008 in Frankfurt am Main
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16/5/2008
Jean-Claude Trichet:  How to preserve and consolidate the remarkable success of the Euro and the performance of the European economy?
Speech by Jean-Claude Trichet, President of the ECB delivered at the Brussels Economic Forum Brussels 16 May 2008
15/5/2008
Jean-Claude Trichet:  Reflections on the current financial market correction
Keynote address by Jean-Claude Trichet, President of the ECB at the International Capital Market Association’s Annual Conference Vienna, 15 May 2008
12/5/2008
Jean-Claude Trichet:  The governance of globalisation
Speech by Jean-Claude Trichet, President of the ECB Bocconi University and Corriere della Sera International Forum 2008 Milan, 12 May 2008
6/5/2008
Jean-Claude Trichet:  The handing over of the building permit for the new European Central Bank premises by the City of Frankfurt
Introductory statement by Jean-Claude Trichet, President of the ECB at the press conference Frankfurt, 6 May 2008
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30/4/2008
Jean-Claude Trichet:  How to increase the competitiveness of the European economy
Speech by Jean-Claude Trichet, President of the ECB Karlspreis Europa Forum - Contribution to the panel discussion - Aachen, 30 April 2008
28/4/2008
Jean-Claude Trichet:  Toward the First Decade of Economic and Monetary Union – Experiences and Perspectives
Speech by Jean-Claude Trichet, President of the ECB at the 36th Economics Conference of the Oesterreichische Nationalbank on “Toward the First Decade of Economic and Monetary Union – Experiences and Perspectives” Vienna, 28 April 2008
24/4/2008
Jean-Claude Trichet:  A strategic vision on euro area statistics: the ECB’s view
Speech by Jean-Claude Trichet, President of the ECB Fourth ECB Conference on Statistics Frankfurt am Main, 24-25 April 2008
21/4/2008
Jean-Claude Trichet:  Opening speech at the conference on ‘The safety and efficiency of post trading arrangements in Europe’
Speech by Jean-Claude Trichet, President of the ECB Joint ECB/European Commission conference Frankfurt am Main, 21-22 April 2008
15/4/2008
Jean-Claude Trichet:  A unique perspective
Speech by Jean-Claude Trichet, President of the ECB at the celebration of the publication of Otmar Issing’s book “Der Euro” Frankfurt am Main, 15 April 2008
14/4/2008
Jean-Claude Trichet:  Remarks on the recent turbulences in global financial markets
Keynote address by Jean-Claude Trichet, President of the ECB, at the Policy Discussion "Global Economic Policy Forum 2008" New York University, New York, 14 April 2008
3/4/2008
Jean-Claude Trichet:  Award of the Grand Cross 1st class of the Order of Merit by the President of the Federal Republic of Germany
Speech by Jean-Claude Trichet, President of the ECB Berlin, 3 April 2008
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26/3/2008
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB Brussels, 26 March 2008
7/3/2008
Jean-Claude Trichet:  Introduction and chair of the panel on “Stylised facts of globalisation and world inflation”
Speech by Jean-Claude Trichet, President of the ECB at International Symposium on “Globalisation, Inflation and Monetary Policy” organised by the Banque de France Paris, 7 March 2008
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28/2/2008
Jean-Claude Trichet:  Introductory remarks at the inauguration of the Willem F. Duisenberg Fellowship of the Netherlands Institute for Advanced Study
Jean-Claude Trichet, President of the ECB Amsterdam, 28 February 2008
25/2/2008
Jean-Claude Trichet:  The growing importance of the Asia-Pacific region
Speech by Jean-Claude Trichet, President of the ECB New Year’s Reception Asia-Pacific 2008 of the German-Asian Business Circle Frankfurt am Main, 25 February 2008
15/2/2008
Jean-Claude Trichet:  Structural reforms for the European economy
Speech by Jean-Claude Trichet, President of the ECB Forum ABC Madrid, 15 February 2008
14/2/2008
Jean-Claude Trichet:  Globalisation, inflation and the ECB monetary policy
By Jean-Claude Trichet, President of the ECB Lecture to be held at the Barcelona Graduate School of Economics Barcelona, 14 February 2008
13/2/2008
Jean-Claude Trichet:  Keynote speech at the Second Symposium of the ECB-CFS research network on “Capital Markets and Financial Integration in Europe”
Speech by Jean-Claude Trichet, President of the ECB at the Second Symposium of the ECB-CFS research network on “Capital Markets and Financial Integration in Europe”, Frankfurt am Main, 13 February 2008
23/1/2008
Jean-Claude Trichet:  Enhancing the EU arrangements for financial stability
Keynote address by Jean-Claude Trichet, President of the ECB at the session "European Financial Supervision, Crisis Management on Financial Markets" European Parliament, Brussels, 23 January 2008
18/1/2008
Jean-Claude Trichet:  The successful entry of Cyprus into the euro area
Speech by Jean-Claude Trichet, President of the ECB Speech at the Conference “Welcoming Cyprus to the euro area” Nicosia, 18 January 2008
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17/1/2008
Jean-Claude Trichet:  The creation of economic and corporate wealth in a dynamic economy - Contribution to the panel discussion
Speech by Jean-Claude Trichet, President of the ECB at the conference organised by the ECB, the Banque de France and The Conference Board on 17 January 2008 in Frankfurt
16/1/2008
Jean-Claude Trichet:  A few remarks on communication by central banks
Keynote address by Jean-Claude Trichet, President of the ECB at the 25th HORIZONT Award Ceremony Frankfurt am Main, 16 January 2008
12/1/2008
Jean-Claude Trichet:  The successful entry of Malta into the euro area
Speech by Jean-Claude Trichet, President of the ECB Keynote address at the Euro Celebrations Valetta, 12 January 2008
5/1/2008
Jean-Claude Trichet:  Remarks at the meeting of the Management Board of the CDU
Speech by Jean-Claude Trichet, President of the ECB Wiesbaden, 5 January 2008
19/12/2007
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB Brussels, 19 December 2007
7/12/2007
Jean-Claude Trichet:  The US economy, the euro area economy, and their central banks
Speech delivered by Jean-Claude Trichet, President of the ECB at the award ceremony on the occasion of the “6. Karl Klasen Journalistenpreis” Hamburg, 7 December 2007
5/12/2007
Jean-Claude Trichet:  The process of European economic and financial integration
Keynote speech by Jean-Claude Trichet President of the European Central Bank Journalist Symposium “Konvent für Deutschland” Berlin, 5 December 2007
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3/12/2007
Jean-Claude Trichet:  Enhancing the EU regulatory and supervisory framework: The Eurosystem’s perspective
Speech by Jean-Claude Trichet, President of the ECB 2007 Eurofi Conference “Achieving the Integration of European Financial Markets in a Global context” European Parliament, Brussels, 3 December 2007
26/11/2007
Jean-Claude Trichet:  The growing importance of emerging economies in the globalised world and its implications for the international financial architecture
Speech by Jean-Claude Trichet, President of the ECB Tenth L. K. Jha Memorial Lecture, Reserve Bank of India Mumbai, 26 November 2007
23/11/2007
Jean-Claude Trichet:  Global Capital – Surrender of National Policies? Lessons from the recent events in credit markets
Speech by Jean-Claude Trichet, President of the ECB 17th Frankfurt European Banking Congress “Global Capital – Threat or Salvation?” Frankfurt, 23 November 2007
8/11/2007
Jean-Claude Trichet:  The emergence of China in the global economy: A European perspective
Speech by Jean-Claude Trichet, President of the ECB at the China-Europe Business Meeting in Frankfurt am Main on 8 November 2007
23/10/2007
Jean-Claude Trichet:  Building Europe in a globalised world
Speech by Jean-Claude Trichet, President of the ECB Challenges of the Twenty-first Century: European and American Perspectives Series at Harvard University Boston, 23 October 2007
20/10/2007
Jean-Claude Trichet:  Reflections on the global financial system
Keynote speech by Jean-Claude Trichet, President of the ECB delivered at the 2007 25th Anniversary IIF Annual Membership Meeting, Washington D.C., 20 October 2007
9/10/2007
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Jean-Claude Trichet, President of the ECB Brussels, 9 October 2007
8/10/2007
Jean-Claude Trichet:  Economic Management in a Large Currency Zone like the Euro Area
Speech by Jean-Claude Trichet, President of the ECB at the Breakfast Policy Briefing at the European Policy Centre, Brussels, 8 October 2007
1/10/2007
Jean-Claude Trichet:  The process of European economic and financial integration
Speech by Jean-Claude Trichet, President of the ECB Opening session at the conference “EMU Governance and Euro Changeover: Malta on the path to the euro” held in Malta on 1 October 2007.
30/9/2007
Jean-Claude Trichet:  Welcome Malta!
Speech by Jean-Claude Trichet, President of the ECB at the event for launching the joint communication campaign for the euro changeover at the Central Bank of Malta on 30 September 2007
29/9/2007
Jean-Claude Trichet:  Reflections on the international financial architecture
Keynote address by Jean-Claude Trichet, President of the ECB at the 2007 Salzburg Seminar “Challenges to the International Monetary System: Rebalancing currencies, institutions, and rules” Salzburg, 29 September 2007
26/9/2007
Jean-Claude Trichet:  The monetary policy implications of ageing
Speech by Jean-Claude Trichet, President of the ECB ABP Conference on Pension Diversity and Solidarity in Europe, Maastricht / Heerlen, 26 September 2007
21/9/2007
Jean-Claude Trichet:  The process of European economic integration
Speech by Jean-Claude Trichet, President of the ECB Dialogue européen at the Fondation Jean Monnet pour l’Europe 2007 Lausanne, 21 September 2007
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20/9/2007
Jean-Claude Trichet:  Short Address at the Gala Dinner for the 50th anniversary of the Bundesbank
Speech by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 20 September 2007
11/9/2007
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Jean-Claude Trichet, President of the ECB, Brussels, 11 September 2007
7/9/2007
Jean-Claude Trichet:  The euro area and its Monetary Policy
President’s Address by Jean-Claude Trichet, President of the ECB at the conference “The ECB and its Watchers IX” Frankfurt am Main, 7 September 2007
27/8/2007
Jean-Claude Trichet:  Productivity in the euro area and monetary policy
Speech by Jean-Claude Trichet, President of the ECB Special lecture 22nd Annual Congress of the European Economic Association Budapest, 27 August 2007
20/7/2007
Jean-Claude Trichet:  How can we increase growth potential in Europe?
Speech by Jean-Claude Trichet, President of the ECB Suomi Areena 2007 Pori, 20 July 2007
11/7/2007
Jean-Claude Trichet:  Presentation of the ECB’s Annual Report 2006 to the European Parliament
Introductory Statement by Jean-Claude Trichet President of the European Central Bank to the European Parliament Strasbourg, 11 July 2007
22/6/2007
Jean-Claude Trichet:  Swiss monetary policy as viewed by the European Central Bank
Speech by Jean-Claude Trichet, President of the ECB on the occasion of the 100th anniversary of the Swiss National Bank on 22 June 2007 in Zurich
18/6/2007
Jean-Claude Trichet:  The role of central banks in a globalised economy
Speech by Jean-Claude Trichet, President of the ECB on the occasion of the 13th Conférence de Montréal Montreal, 18 June 2007
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13/6/2007
Jean-Claude Trichet:  Economic integration and adjustment processes in the euro area
Speech by Jean-Claude Trichet, President of the ECB at the Wirtschaftstag 2007 as recipient of the “Ludwig Erhard Memorial Coin in Gold” Berlin, 13 June 2007
11/6/2007
Jean-Claude Trichet:  Hearing at the Economic and Monetary Affairs Committee of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB Brussels, 11 June 2007
5/6/2007
Jean-Claude Trichet:  International Monetary Conference Central Bankers panel
Intervention by Jean-Claude Trichet, President of the ECB 5 June 2007
4/6/2007
Jean-Claude Trichet:  The need for structural reforms in Europe
Speech by Jean-Claude Trichet, President of the ECB The 2007 Jean Monnet Lecture to the Lisbon Council Brussel, 4 June 2007
1/6/2007
Jean-Claude Trichet:  Charting a new global landscape: the growing impact of emerging markets on the world economy
Speech by Jean-Claude Trichet, President of the ECB 75th anniversary of the central bank of the Republic of Turkey Ankara, 1 June 2007
22/5/2007
Jean-Claude Trichet:  Introductory remarks at ETUC Congress
Speech by Jean-Claude Trichet, President of the ECB Seville, 22 May 2007
22/5/2007
Jean-Claude Trichet:  The role of research in central banks and at the ECB
Speech by Jean-Claude Trichet, President of the ECB Award of the Germán Bernácer Prize Madrid, 21 May 2007
11/5/2007
Jean-Claude Trichet:  The current state of European financial integration
Speech by Jean-Claude Trichet, President of the ECB at the invitation of the University of Stirling Stirling, Scotland, United Kingdom 11 May 2007
9/5/2007
Jean-Claude Trichet:  Towards the review of the Lamfalussy approach: Market developments, supervisory challenges and institutional arrangements
Keynote speech by Jean-Claude Trichet, President of the ECB at the First CEBS Conference London, 9 May 2007
18/4/2007
Jean-Claude Trichet:  Some reflections on the development of credit derivatives
Keynote address by Jean-Claude Trichet, President of the ECB at the 22nd Annual General Meeting of the International Swaps and Derivatives Association (ISDA) Boston, 18 April 2007
17/4/2007
Jean-Claude Trichet:  Closing remarks at the conference organised by the European Commission and the Federal Reserve Bank of New York 'The euro and the dollar: pillars in global finance'
Speech by Jean-Claude Trichet, President of the ECB New York, 17 April 2007
16/4/2007
Jean-Claude Trichet:  The International Financial Architecture – Where do we stand?
Speech by Jean-Claude Trichet, President of the ECB at a meeting organised by the Council on Foreign Relations New York, 16 April 2007
13/4/2007
Jean-Claude Trichet:  Keynote luncheon remarks at the conference 'Transatlantic Roundtable on Finance and Monetary Affairs'
Speech by Jean-Claude Trichet, President of the ECB, at the invitation of the European Institute, Washington DC, 13 April 2007
21/3/2007
Jean-Claude Trichet:  Hearing of Jean-Claude Trichet, President of the European Central Bank
Economic and Monetary Affairs Committee of the European Parliament Brussels, 21 March 2007
28/2/2007
Jean-Claude Trichet:  Governance and convergence: the state of play in the euro area
Speech by Jean-Claude Trichet, President of the ECB Conference entitled “Euro zone – converging or drifting apart?“ organised by the European Parliament (Committee of Economic and Monetary Affairs) Open Debate with National Parliaments Brussels, 28 February 2007
15/2/2007
Jean-Claude Trichet:  How can the European economy succeed in an increasingly globalised world ?
Speech by Jean-Claude Trichet, President of the ECB President of the European Central Bank Amsterdam, 15 February 2007
15/1/2007
Jean-Claude Trichet:  Speech at the Celebration “Welcome to the Euro”
Speech by Jean-Claude Trichet, President of the ECB Ljubljana, 15 January 2007
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15/1/2007
Jean-Claude Trichet:  Keynote address at the "€ conference Slovenia"
Speech by Jean-Claude Trichet, President of the ECB organised by the Banka Slovenije and the European Central Bank in Ljubljana, 15 January 2007
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20/12/2006
Jean-Claude Trichet:  Testimony at the Economic and Monetary Affairs Committee of the European Parliament
Speech by Jean-Claude Trichet, President of the ECB Brussels, 20 December 2006
29/11/2006
Jean-Claude Trichet:  The Process of Economic, Monetary and Financial Integration in Europe
Speech by Jean-Claude Trichet, President of the ECB Jean Monnet Memorial Lecture European Business School London, 29 November 2006
13/11/2006
Jean-Claude Trichet:  Creating an integrated market for the euro area
Speech by Jean-Claude Trichet President of the European Central Bank Conference “SEPA Summit” at the Euro Finance Week Frankfurt am Main, 13 November 2006
10/11/2006
Jean-Claude Trichet:  Closing address at the Fourth ECB Central Banking Conference on "The role of Money and Monetary Policy in the Twenty-first Century"
Speech by Jean-Claude Trichet, President of the ECB Frankfurt, 10 November 2006
10/11/2006
Jean-Claude Trichet:  Panel Intervention at the 4th ECB Central Banking Conference on “The role of money: Money and monetary policy in the 21st century”
Speech by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 10 November 2006
26/10/2006
Jean-Claude Trichet:  Presentation of the ECB’s Annual Report 2005 to the European Parliament
Introductory Statement by Jean-Claude Trichet President of the European Central Bank to the European Parliament Strasbourg, 26 October 2006
16/10/2006
Jean-Claude Trichet:  How to elevate the potential growth rate of Europe
Speech by Jean-Claude Trichet, President of the ECB Ludwig Erhard Lecture Berlin, 16 October 2006
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10/10/2006
Jean-Claude Trichet:  Testimony at the Economic and Monetary Affairs Committee of the European Parliament
Jean-Claude Trichet, President of the ECB Brussels, 10 October 2006
4/10/2006
Jean-Claude Trichet:  Statement by the President of the ECB at the public hearing at the European Parliament on the interception of bank transfer data from the SWIFT system by the US secret services
Speech by Jean-Claude Trichet, President of the ECB Public hearing at the European Parliament 4 October 2006
4/9/2006
Jean-Claude Trichet:  Remise du prix franco-allemand de la Culture
Mot de remerciement par le Président de la Banque Centrale Européenne Jean-Claude Trichet Berlin, 4 septembre 2006
29/6/2006
Jean-Claude Trichet:  Further integrating euro area economies: some reflections
Speech by Jean-Claude Trichet, President of the ECB 57. Jahresversammlung des Ifo Instituts für Wirtschaftsforschung an der Universität München Munich, 29 June 2006
21/6/2006
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Jean-Claude Trichet, President of the ECB, European Parliament, Brussels, 21 June 2006
14/6/2006
Jean-Claude Trichet:  Celebrating the 50th Anniversary of the Paris Club
Speech by Jean-Claude Trichet, President of the ECB Paris Club Paris, 14 June 2006
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8/6/2006
Jean-Claude Trichet:  Lecture on “Activism and alertness in monetary policy”
by Jean-Claude Trichet President of the European Central Bank at the conference on Central Banks in the 21st Century organised by the Banco de Espana, Madrid, 8 June 2006
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22/5/2006
Jean-Claude Trichet:  Structural reforms in Europe
Speech by Jean-Claude Trichet, President of the ECB OECD Forum, Paris, 22 May 2006
11/5/2006
Jean-Claude Trichet:  The process of European financial integration
Speech by Jean-Claude Trichet, President of the ECB, Mais Lecture, Cass Business School London, 11 May 2006
11/5/2006
Jean-Claude Trichet:  Two successes of the euro: the single monetary policy and European financial integration
Speech by Jean-Claude Trichet, President of the ECB Conference on experience with and preparations for the euro organised by the Oesterreichische Nationalbank and the Austrian Federal Economic Chamber together with the Austrian Federal Ministry of Finance and the European Commission Linz, 11 May 2006
5/5/2006
Jean-Claude Trichet:  The development of euro area statistics from an ECB perspective
Speech by Jean-Claude Trichet, President of the ECB delivered at the third ECB Conference on Statistics, Frankfurt am Main, 4-5 May 2006
5/5/2006
Jean-Claude Trichet:  EMU after seven years: Successes and challenges
Speech by Jean-Claude Trichet, President of the ECB at the Frankfurt Chamber of Industry and Commerce in Frankfurt Frankfurt am Main, 5 May 2006
24/4/2006
Jean-Claude Trichet:  Why Europe needs structural reforms
Speech by Jean-Claude Trichet, President of the ECB Council on Foreign Relations New York, 24 April 2006
4/4/2006
Jean-Claude Trichet:  Issues related to central counterparty clearing
Speech by Jean-Claude Trichet, President of the ECB at the joint European Central Bank - Federal Reserve Bank of Chicago conference 4 April 2006
31/3/2006
Jean-Claude Trichet:  Economic Integration in the Euro Area
Speech by Jean-Claude Trichet, President of the ECB 15th European Regional Conference of the Board of Governors – Tel Aviv University Paris, 31 March 2006
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30/3/2006
Jean-Claude Trichet:  EMU and the euro: successes and challenges
Speech by Jean-Claude Trichet, President of the ECB Institute of International Finance Zurich, 30 March 2006
23/3/2006
Jean-Claude Trichet:  La politique monétaire européenne : principes, résultats et questions actuelles
Intervention de Jean-Claude Trichet, Président de la BCE Grandes Conférences Catholiques Bruxelles, le 23 mars 2006
27/2/2006
Jean-Claude Trichet:  Looking at EU and euro area enlargement from a central banker’s angle: the views of the ECB
Speech by Jean-Claude Trichet, President of the European Central Bank, Diplomatic Institute Sofia, 27 February 2006.
20/2/2006
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Jean-Claude Trichet, President of the ECB, European Parliament, Brussels, 20 February 2006
6/2/2006
Jean-Claude Trichet:  Monetary Policy and Economic Prospects in the Euro Area
Speech by Jean-Claude Trichet, President of the ECB Institute of Economic Affairs conference on “The State of the Economy: Overcoming Key Challenges to Sustainable Economic Growth”, London, 6 February 2006
20/1/2006
Jean-Claude Trichet:  Growth performance, labour productivity and structural reforms in the euro area
Speech by Jean-Claude Trichet, President of the ECB, Student forum at the University of Hohenheim Stuttgart, 20 January 2006
13/1/2006
Jean-Claude Trichet:  The process of European financial integration: where do we stand?
Speech by Jean-Claude Trichet, President of the ECB Campus for Finance 2006, WHU Otto Beisheim School of Management Vallendar, 13 January 2006
16/12/2005
Jean-Claude Trichet:  European financial integration
Speech by Jean-Claude Trichet, President of the ECB 10th Symposium on Finance, Banking, and Insurance, University of Karlsruhe, Karlsruhe, 16 December 2005
28/11/2005
Jean-Claude Trichet:  The state of European financial integration
Speech by Jean-Claude Trichet, President of the ECB, Third euro fixed income forum, Euromoney Conferences, Paris, 28 November 2005
21/11/2005
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 21 November 2005
18/11/2005
Jean-Claude Trichet:  Eurasia: Bull Meets Tiger – Panel III – Financial Markets: Shared Responsibility
Speech by Jean-Claude Trichet, President of the ECB Frankfurt European Banking Congress Frankfurt, 18 November 2005
16/11/2005
Jean-Claude Trichet:  Developing the Work and Tools of CEIOPS: the views of the ECB
Keynote speech by Jean-Claude Trichet, President of the ECB CEIOPS Conference “Developing a New EU Regulatory and Supervisory Framework for Insurance and Pension Funds: The Role of CEIOPS” Frankfurt am Main, 16 November 2005
10/11/2005
Jean-Claude Trichet:  Growth potential, labour productivity and structural reforms in Europe
Speech by Jean-Claude Trichet, President of the ECB Annual Dinner Lloyd’s, London, 10 November 2005
28/10/2005
Jean-Claude Trichet:  "The Eurosystem and the integration of European financial markets", 50th Anniversary of ACI – The Financial Markets Association
Speech by Jean-Claude Trichet, President of the ECB, Paris, 28 October 2005
10/10/2005
Jean-Claude Trichet:  The euro area economy: determinants of growth, competitiveness and the need for structural reforms
Speech by Jean-Claude Trichet, President of the ECB Premier Cercle/Wall Street Journal - Executive Briefing 10 October 2005
3/10/2005
Jean-Claude Trichet:  European financial integration
Speech by Jean-Claude Trichet, President of the ECB Danmarks Nationalbank Copenhagen, 3 October 2005
14/9/2005
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, Brussels, 14 September 2005
27/8/2005
Jean-Claude Trichet:  Monetary Policy and 'Credible Alertness'
Intervention by Jean-Claude Trichet, President of the ECB at the Panel Discussion “Monetary Policy Strategies: A Central Bank Panel”, at the Symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 27 August 2005
6/8/2005
Jean-Claude Trichet:  Speech during the memorial service for Wim Duisenberg on 6 August 2005 in the Concertgebouw, Amsterdam
Speech by Jean-Claude Trichet, President of the ECB, 6 August 2005
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18/7/2005
Jean-Claude Trichet:  Financial services policy 2005-2010: the ECB’s view
Speech by Jean-Claude Trichet, President of the ECB, Exchange of Views on Financial Services Policy 2005 – 2010, European Commission Brussels, 18 July 2005
6/7/2005
Jean-Claude Trichet:  European financial integration: the views of the ECB
Speech by Jean-Claude Trichet, President of the ECB EUROPLACE International Financial Forum 6 July 2005, Paris
4/7/2005
Jean-Claude Trichet:  Presentation of the ECB’s Annual Report 2004 to the European Parliament
Introductory Statement by Mr Jean-Claude Trichet President of the European Central Bank Strasbourg, 4 July 2005
24/6/2005
Jean-Claude Trichet:  Monetary policy in EMU – views and challenges
Speech by Jean-Claude Trichet, President of the ECB ZEW, Mannheim, 24 June 2005
21/6/2005
Jean-Claude Trichet:  Reflections on the international financial system
Speech by Jean-Claude Trichet, President of the ECB Bundesbank Lecture, Berlin, 21 June 2005
17/6/2005
Jean-Claude Trichet:  Closing remarks at the ECB Workshop “What effects is EMU having on the euro area and its member countries”
Jean-Claude Trichet, President of the ECB 17 June 2005
15/6/2005
Jean-Claude Trichet:  English translation of a contribution by Jean-Claude Trichet, President of the European Central Bank, published in Le Monde, in the edition dated 16 June 2005.
The publication of the translation was authorised by Le Monde.
8/6/2005
Jean-Claude Trichet:  Asset price bubbles and monetary policy
Speech by Jean-Claude Trichet, President of the ECB Mas lecture 8 June 2005, Singapore.
31/5/2005
Jean-Claude Trichet:  Press briefing on the ECB Financial Stability Review – June 2005
Opening remarks by Mr Jean-Claude Trichet President of the European Central Bank Frankfurt am Main, 31 May 2005
30/5/2005
Jean-Claude Trichet:  The European economy: current situation, prospects, challenges
Speech by Jean-Claude Trichet, President of the ECB, delivered at the “Forum économique international des Amériques” Conférence de Montréal, 30 May 2005, Montreal
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26/5/2005
Jean-Claude Trichet:  Financial markets integration in Europe: the ECB’s view
Speech by Jean-Claude Trichet, President of the ECB 9th European Financial Markets Convention Federation of European Securities Exchanges Brussels, 26 May 2005
23/5/2005
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, Brussels, 23 May 2005
19/4/2005
Jean-Claude Trichet:  Remarks on the European financial integration and on the management of inflation expectations by the European Central Bank
by Jean-Claude Trichet President of the European Central Bank at the conference “The euro: one currency, one financial market” organised by the European Commission on 19 April 2005 in New York
9/4/2005
Jean-Claude Trichet:  The challenges of economic and financial integration in the enlarged Europe
Speech by Jean-Claude Trichet, President of the ECB, at the conference “Europe after the enlargement”, Center for Social and Economic Research (CASE), Warsaw on 9 April 2005.
24/3/2005
Jean-Claude Trichet:  La gestion de la transition vers la monnaie unique et l’établissement de la crédibilité de l’euro
Discours de Jean-Claude Trichet, Président de la Banque centrale européenne, le 24 mars 2005, à l’occasion de la réception du titre de docteur honoris causa de l’Université de Liège (Belgique).
18/3/2005
Jean-Claude Trichet:  The success of the euro and its impact on European companies
Speech by Jean-Claude Trichet, President of the ECB, at the Congress on Small-sized Enterprises, organized by Confindustria, Bari, Italy, 18 March 2005.
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14/3/2005
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, Brussels, 14 March 2005
10/3/2005
Jean-Claude Trichet:  European Financial Integration: the view of the ECB
Speech by Jean-Claude Trichet, President of the ECB, Eurofi conference entitled “Europe’s single capital market: time to tackle the toughest challenges”, Luxembourg, 10 March 2005
9/3/2005
Jean-Claude Trichet:  Economic and financial integration in EMU and implications for monetary and economic policies
SUERF/UNICREDIT conference ”Governance and structure of European finance after EU enlargement” Speech by Jean-Claude Trichet, President of the ECB, Frankfurt, 9 March 2005
25/2/2005
Jean-Claude Trichet:  Monetary Policy and Private Expectations. Zolotas Lecture at the Bank of Greece
Speech by Jean-Claude Trichet, President of the ECB Athens, 25 February 2005.
24/2/2005
Jean-Claude Trichet:  Article by Jean-Claude Trichet, President of the European Central Bank in the The Wall Street Journal, 24 Februar 2005
Euro Vision
25/1/2005
Jean-Claude Trichet:  Communication, transparency and the ECB’s monetary policy
Keynote speech by Jean-Claude Trichet, President of the European Central Bank, at the New Year’s reception of the International Club of Frankfurt Economic Journalists on 24 January 2005, Frankfurt am Main
14/1/2005
Jean-Claude Trichet:  The euro ; successes and challenges
Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club in Paris on 14 January 2005
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15/12/2004
Jean-Claude Trichet:  Press briefing on the “ECB Financial Stability Review“
Opening remarks by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 15 December 2004
9/12/2004
Jean-Claude Trichet:  A stability-oriented monetary policy as a necessary condition for long term growth
Speech by Jean-Claude Trichet, President of the European Central Bank, at the UNICE Competitiveness Day Bruxelles, 9 December 2004.
6/12/2004
Jean-Claude Trichet:  The integration of the single market for financial services: the Eurosystem perspective
Keynote speech by Jean-Claude Trichet, President of the European Central Bank, at the CESR Conference “Europe’s Single Market in Financial Services: under construction or fully integrated”, Paris, 6 December 2004
30/11/2004
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 30 November 2004.
29/11/2004
Jean-Claude Trichet:  South Eastern European Challenges and Prospects
Keynote speech by Jean-Claude Trichet, President of the European Central Bank, Vienna, 29 November 2004
19/11/2004
Jean-Claude Trichet:  Euro in wider circles
Speech by Jean-Claude Trichet, President of the ECB at the Conference “Goodbye Lisbon” organised by the European Banking Congress Frankfurt am Main 19 November 2004
11/11/2004
Jean-Claude Trichet:  The ECB’s use of statistics and other information for monetary policy
Keynote address delivered by Jean-Claude Trichet, President of the ECB, on the occasion of the OECD’s World Forum on Key Indicators “Statistics, Knowledge and Policy” Palermo 11 November 2004
27/10/2004
Jean-Claude Trichet:  EU Enlargement: challenges and opportunities
Keynote speech by Jean-Claude Trichet, President of the ECB held at the conference ‘Europe’s frontiers: EU enlargement - its implications and consequences’, organised by the Calouste Gulbenkian Foundation Lisbon, 27 October 2004
25/10/2004
Jean-Claude Trichet:  Presentation of the ECB's Annual Report 2003 to the European Parliament
Introductory Statement delivered by Jean-Claude Trichet, President of the ECB Strasbourg, 25 October 2004.
22/10/2004
Jean-Claude Trichet:  Third ECB Central Bank conference on ‘The new EU Member States: convergence and stability’ in Frankfurt, 21 and 22 October Concluding remarks
Speech by Jean-Claude Trichet, President of the ECB 22 October 2004
20/10/2004
Jean-Claude Trichet:  Press briefing on the ECB Convergence Report
Opening remarks by Mr Jean-Claude Trichet President of the European Central Bank Frankfurt/Main, 20 October 2004.
12/10/2004
Jean-Claude Trichet:  EMU and the euro: successes and challenges
Speech by Jean-Claude Trichet, President of the ECB delivered at the conference The Euro Five Years After Amsterdam, 12 October 2004
5/10/2004
Jean-Claude Trichet:  Key issues for monetary policy: an ECB view
Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the National Association of Business Economics Philadelphia, 5 October 2004
27/9/2004
Jean-Claude Trichet:  Current issues on the European Central Bank and the euro
Speech by Jean-Claude Trichet, President of the ECB delivered at the Club International La Redoute Bonn, 27 September 2004
23/9/2004
Jean-Claude Trichet:  European economy: current state and prospects
Keynote address by Jean-Claude Trichet, President of the European Central Bank, delivered at the Annual Dinner 2004 of Financial Services Ireland (FSI) Dublin, 23 September 2004
22/9/2004
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, Brussels, 22 September 2004
20/9/2004
Jean-Claude Trichet:  Arthur Burns Memorial Lecture on “The transformation of the International Financial Architecture to meet the challenges of globalisation”
Jean-Claude Trichet, President of the European Central Bank, on 20 September 2004 in Frankfurt
10/9/2004
Jean-Claude Trichet:  European identity
The first Vincent lecture by Jean-Claude Trichet, President of the European Central Bank, delivered at the Vincent van Gogh bi-annual Award for contemporary Art in Europe Maastricht, 10 September 2004
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9/7/2004
Jean-Claude Trichet:  The current state of the European economy and the ECB’s monetary policy concept
Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the International Financial Forum, Paris Europlace, Paris, 9 July 2004
29/6/2004
Jean-Claude Trichet:  Integration of the European Financial Sector
Speech by Jean-Claude Trichet, President of the ECB International Banking Event, 29 June 2004, Frankfurt am Main.
22/6/2004
Jean-Claude Trichet:  Supply side economics and monetary policy
Speech by Jean-Claude Trichet, President of the European Central Bank, at the Institut der Deutschen Wirtschaft, Kőln, 22 June 2004.
14/6/2004
Jean-Claude Trichet:  The International Financial Architecture - Where do we stand?
Dinner speech by Jean-Claude Trichet, President of the ECB at the Conference "Dollars, Debt and Deficits - 60 Years after Bretton Woods”" Madrid, 14 June 2004.
3/6/2004
Jean-Claude Trichet:  Dinner Speech
by Jean-Claude Trichet, President of the ECB delivered at the Second Conference of the Monetary Stability Foundation, Frankfurt, 3 June 2004.
31/5/2004
Jean-Claude Trichet:  Structural reforms and growth, as highlighted by the Irish case
Keynote address by Jean-Claude Trichet, President of the European Central Bank, delivered at the Whitaker lecture organised by the Central Bank and Financial Services Authority of Ireland, Dublin, 31 May 2004.
25/5/2004
Jean-Claude Trichet:  Joint Eurosystem - Bank of Russia Seminar, Helsinki
Dinner address by Jean-Claude Trichet, President of the European Central Bank, Helsinki, 25 May 2004.
24/5/2004
Jean-Claude Trichet:  Keynote speech at the Académie des Sciences Morales et Politiques
Speech by Mr. Jean-Claude Trichet, President of the European Central Bank, at the Académie des Sciences Morales et Politiques in Paris, France on Monday, 24 May 2004.
14/5/2004
Jean-Claude Trichet:  The international role of the euro
Speech by Jean-Claude Trichet, President of the ECB delivered at the “Schierensee Gespräche”, 14 May 2004.
13/5/2004
Jean-Claude Trichet:  Current challenges for the ECB: sustainable non-inflationary growth and financial stability
Speech by Jean-Claude Trichet, President of the ECB at a conference sponsored by Christa Randzio-Plath, the Bundesbank Hamburg office and the Chamber of Commerce in Hamburg, 13 May 2004.
5/5/2004
Jean-Claude Trichet:  The current state of the EU banking sector
Speech by Jean-Claude Trichet, President of the European Central Bank, Annual Congress of German Savings Banks, Frankfurt, 5 May 2004
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27/4/2004
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament. Presentation of the ECB's Annual Report 2003
Introductory statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 27 April 2004
26/4/2004
Jean-Claude Trichet:  Issues in monetary policy: views from the ECB
Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the luncheon organised by the Economic Club of New York, New York, 26 April 2004.
23/4/2004
Jean-Claude Trichet:  European Priorities: an ECB perspective
Speech by Jean-Claude Trichet, President of the ECB delivered at the European Institute, Washington, 23 April 2004.
22/4/2004
Jean-Claude Trichet:  Euro area statistics and their use for ECB policy-making
Speech by Jean-Claude Trichet, President of the ECB delivered at the Second ECB Conference on Statistics, Frankfurt am Main, 22-23 April 2004.
20/4/2004
Jean-Claude Trichet:  Lecture on the occasion of the receipt of the EFR-Business Week Award 2004
delivered by Mr. Jean-Claude Trichet, President of the European Central Bank, on the occasion of the receipt of the EFR-Business Week Award 2004 organised by Economische Faculteitsvereniging Rotterdam Rotterdam, 20 April 2004.
5/3/2004
Jean-Claude Trichet:  Paris Seminar on the EU accession process: Concluding remarks
by Jean-Claude Trichet, President of the European Central Bank, Paris, 5 March 2004
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4/3/2004
Jean-Claude Trichet:  Paris seminar on the EU accession process: Dinner address
by Jean-Claude Trichet, President of the European Central Bank, Paris, 4 March 2004.
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16/2/2004
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 16 February 2004.
2/2/2004
Jean-Claude Trichet:  The euro - five years on
Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the Annual Dinner of the Guild of International Bankers, London, February 2, 2004
29/1/2004
Jean-Claude Trichet:  The challenges for the European economy in 2004
Speech by Jean-Claude Trichet, President of the European Central Bank, Conference organised by Foro de la Nueva Economia and The Wall Street Journal, Madrid, 29 January 2004.
26/1/2004
Jean-Claude Trichet:  Economic reform in Europe
Contribution to the panel by Jean-Claude Trichet, President of the European Central Bank, Enterprise Conference London, London, 26 January 2004.
26/1/2004
Jean-Claude Trichet:  The integration of European financial markets
Keynote speech by Jean-Claude Trichet, President of the European Central Bank, Deutsche Börse's New Year's Reception 2004, Frankfurt am Main, 26 January 2004.
16/1/2004
Jean-Claude Trichet:  Euro-Mediterranean Seminar "Eurosystem and Mediterranean country national central banks": Concluding remarks
by Jean-Claude Trichet, President of the European Central Bank, Naples, 14-15 January 2004.
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15/1/2004
Jean-Claude Trichet:  Euro-Mediterranean Seminar "Eurosystem and Mediterranean country national banks": Welcome remarks
by Jean-Claude Trichet, President of the ECB, Naples, 15 January 2004.
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3/12/2003
Jean-Claude Trichet:  Financial integration: Where do we stand?
Speech by Jean-Claude Trichet, President of the European Central Bank, Paris, 3 December 2003
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1/12/2003
Jean-Claude Trichet:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament, with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 1 December 2003.
27/11/2003
Jean-Claude Trichet:  The ECB's monetary policy strategy after the evaluation and clarification of May 2003
Speech by Jean-Claude Trichet, President of the European Central Bank, at the "Frankfurter Finanzgespräch" organized by the Konrad Adenauer Stiftung, Frankfurt am Main, 27 November 2003
26/11/2003
Jean-Claude Trichet:  Financial stability
Speech by Jean-Claude Trichet, President of the European Central Bank, Forum Financier Belge, Brussels, 26 November 2003
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20/11/2003
Jean-Claude Trichet:  Europe at the crossroads
Speech by Jean-Claude Trichet, President of the European Central Bank, Speech at a dinner on the occasion of the Frankfurt European Banking Congress, Frankfurt am Main, 20 November 2003
20/11/2003
Jean-Claude Trichet:  The ECB's monetary policy strategy after the evaluation and clarification of May 2003
Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the Center for Financial Studies' key event, Frankfurt am Main, 20 November 2003
29/10/2003
Willem F. Duisenberg:  Address delivered on the occasion of a special ECOFIN dinner to pay tribute to his leadership of the European Central Bank
Dr. Willem F Duisenberg, President of the European Central Bank, Venice, 29 October 2003.
22/10/2003
Willem F. Duisenberg:  Maastricht and the future of Europe
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the presentation of a stamp commemorating the ten-year anniversary of the Maastricht Treaty Bundesfinanzministerium, 22 October 2003
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10/9/2003
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 10 September 2003.
5/9/2003
Willem F. Duisenberg:  Changing fortunes: financing world growth
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the 2003 Spruce Meadows Round Table, Calgary, Friday 5 September 2003.
3/7/2003
Willem F. Duisenberg:  Presentation of the ECB's Annual Report 2002 to the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 3 July 2003.
16/6/2003
Willem F. Duisenberg:  The first lustrum of the ECB
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Frankfurt Banking Evening Frankfurt, 16 June 2003
12/6/2003
Willem F. Duisenberg:  Key issues for the ECB in the field of payment systems
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the G10 Committee on Payment and Settlement Systems conference on "Private and public sector challenges in the payment system", Frankfurt, 12 June 2003
12/6/2003
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement, by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 June 2003 .
10/6/2003
Willem F. Duisenberg:  Structural reform and its implications for monetary policy
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the meeting of the Executive Board of the Deutsche Bundesbank in Berlin on 10 June 2003
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3/6/2003
Willem F. Duisenberg:  Monetary and fiscal policy in the euro area
Introduction by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Monetary Conference, Berlin, 3 June 2003.
19/5/2003
Willem F. Duisenberg:  New economy, financial markets and monetary policy
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the meeting of the Zürcher Volkswirtschaftliche Gesellschaft, Zurich, 19 May 2003.
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9/5/2003
Willem F. Duisenberg:  Address on the occasion of being decorated with the Grand Decoration of Honour in Gold with Sash for Services to the Republic of Austria by Dr. Thomas Klestil, President of the Republic of Austria
Address by Dr. W. F. Duisenberg, President of the ECB, Vienna, 9 May 2003
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2/4/2003
Willem F. Duisenberg:  Address on the occasion of an audience by Dr. Carlo Azeglio Ciampi, President of the Italian Republic preceding the meeting of the Governing Council of the European Central Bank in Rome
Dr. Willem F. Duisenberg, President of the European Central Bank, Rome, 2 April 2003
27/2/2003
Willem F. Duisenberg:  Laudatio anlässlich der Verleihung des Hermann-Ehlers-Preises 2003 an Hans Tietmeyer und Theodor Waigel
W. F. Duisenberg, Kiel, 27. Februar 2003
17/2/2003
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 17 February 2003.
4/2/2003
Willem F. Duisenberg:  Speech on the occasion of the 175 anniversary of theBank van de Nederlandse Antillen
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 175 anniversary of theBank van de Nederlandse Antillen in Willemstad, Curaçao, Netherlands Antilles, on 4 February 2003
3/12/2002
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 3 December 2002.
12/11/2002
Willem F. Duisenberg:  Opening remarks
Dr. Willem F. Duisenberg, President of the European Central Bank, panel on "Recent developments in the world economy" at the 2nd international conference organised by the Banco de Mexico, Mexico City
24/10/2002
Willem F. Duisenberg:  Second ECB Central Banking Conference 24-25 October 2002, Frankfurt am Main
The transformation of the European financial system, Welcome speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt am Main, 24 October 2002.
14/10/2002
Willem F. Duisenberg:  Perspectives on EU enlargement
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of receiving an honorary doctorate from IMADEC University, Vienna, 14 October 2002.
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8/10/2002
Willem F. Duisenberg:  The integration of Europe's financial markets
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at a gala dinner on the occasion of the 42nd Annual Meeting of the World Federation of Exchanges in Amsterdam, 8 October 2002.
8/10/2002
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 8 October 2002.
24/9/2002
Willem F. Duisenberg:  The first nine months of the euro cash era
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the, International Imaging Industry Summit, Schloss Bensberg, 24 September 2002
24/7/2002
Willem F. Duisenberg:  Reply
Reply by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of receiving the Grand Cross 1st class of the Order of Merit of the Federal Republic of Germany, Frankfurt am Main, 24 July 2002
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5/7/2002
Willem F. Duisenberg:  International Research Forum on Monetary Policy
Opening address delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt, 5 July 2002.
2/7/2002
Willem F. Duisenberg:  Presentation of the ECB's Annual Report 2001 to the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 2 July 2002.
13/6/2002
Willem F. Duisenberg:  The euro as a catalyst for integration and competition in EMU
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 30th Economics Conference "Competition of Regions and Integration in EMU", Vienna, 13 June 2002.
21/5/2002
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 21 May 2002
16/5/2002
Willem F. Duisenberg:  Challenges to the ECB's monetary policy
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, upon receiving the European Banker of the Year Award on behalf of the Governing Council of the ECB Frankfurt, 16 May 2002 Introductory remarks
9/5/2002
Willem F. Duisenberg:  International Charlemagne Prize of Aachen for 2002
Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002.
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8/5/2002
Willem F. Duisenberg:  What are the political consequences of the euro?
Introductory remarks by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Karlspreis-Europa-Forum, Aachen, 8 May 2002.
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24/4/2002
Willem F. Duisenberg:  The role of the Eurosystem in prudential supervision
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the conference organised by De Nederlandsche Bank on the 50th anniversary of Dutch banking supervisory legislation, Amsterdam, 24 April 2002
19/4/2002
Willem F. Duisenberg:  Some remarks on the euro in a US context
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a breakfast meeting of the Council on Foreign Relations, New York, 19 April 2002.
15/3/2002
Willem F. Duisenberg:  The introduction of the euro: a (critical) retrospect and a preview
Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the meeting of the Dutch Society of Editors-in-Chief, The Hague, 15 March 2002.
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25/2/2002
Willem F. Duisenberg:  China and the euro area in a global perspective
Dr. Willem F. Duisenberg, President of the European Central Bank, at the symposium at the People's Bank of China, 25 February 2002
6/2/2002
Willem F. Duisenberg:  The euro as a catalyst for European integration
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the conference "One money, one Euregional market", Maastricht, 6 February 2002.
23/1/2002
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 23 January 2002
14/1/2002
Willem F. Duisenberg:  Keynote address at the New Year's reception of the International Club of Economic Journalists
by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt am Main, 14 January 2002
31/12/2001
Willem F. Duisenberg:  A new future for Europe - Welcoming the euro banknotes and coins
Keynote address by Dr. Willem F. Duisenberg, President of the European Central Bank, at an awards ceremony and press conference held on the eve of the introduction of the euro banknotes and coins, Frankfurt am Main, 31 December 2001.
18/12/2001
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 18 December 2001
17/12/2001
Willem F. Duisenberg:  The ECB's monetary policy strategy and the quantitative definition of price stability
Letter of Dr. W. F. Duisenberg, President of the ECB to the Chairperson of the Committee on Economic and Monetary Affairs
7/12/2001
Willem F. Duisenberg:  Current fiscal and monetary policy issues in the euro area
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Taxpayers Association of Europe's, Taxpayers' Award 2001, Brussels, 12 December 2001.
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23/11/2001
Willem F. Duisenberg:  The ECB and the accession process
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Frankfurt European Banking Congress, at the Alte Oper in Frankfurt am Main, 23 November 2001.
14/11/2001
Willem F. Duisenberg:  The introduction of the euro, the regions and the accession process
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the plenary session of European Union Committee of the Regions, Brussels, 14 November 2001
17/10/2001
Willem F. Duisenberg:  Euro 2002 Information Campaign
the EURO. OUR money. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the conference hosted by the Bank of Greece on 17 October 2001 in Athens
16/10/2001
Willem F. Duisenberg:  The ECB's quantitative definition of price stability and its comparison with such definitions or inflation targets applied in other large economic areas
Letter of Dr. W. F. Duisenberg, President of the ECB to the Chairperson of the Committee on Economic and Monetary Affairs, Mrs. Christa Randzio-Plath
26/9/2001
Willem F. Duisenberg:  Developments in international financial markets
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the inauguration ceremony of the Second Swedish National Pension Fund, Gothenburg, 26 September 2001
17/9/2001
Willem F. Duisenberg:  Euro 2002 Information Campaign
the EURO. OUR money. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the conference hosted by Suomen Pankki (Bank of Finland) on 17 September 2001 in Helsinki at the Marina Congress Centre
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12/9/2001
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 September 2001
30/8/2001
Willem F. Duisenberg:  ECB Press conference on the occasion of the unveiling of the euro banknotes and their security features, Frankfurt am Main, 30 August 2001
Transcript of the questions asked and the answers given by Dr. Willem F. Duisenberg, President of the ECB, and Prof. Dr. Eugenio Domingo Solans, Member of the Executive Board of the ECB
30/8/2001
Willem F. Duisenberg:  Press conference on the occasion of the unveiling of the euro banknotes and their security features. Introductory statement
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt, 30 August 2001
10/7/2001
Willem F. Duisenberg:  La campagne d'information Euro 2002
l'EURO. NOTRE monnaie Intervention de Willem F. Duisenberg Président de la Banque centrale européenne, lors de la conférence organisée par la Banque de France le 10 juillet 2001, à l'hotel George V, Paris
3/7/2001
Willem F. Duisenberg:  Presentation of the ECB's Annual Report 2000 to the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 3 July 2001
26/6/2001
Willem F. Duisenberg:  European Economic and Monetary Union: a success story
Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg, on the occasion of the annual conference of the Ifo Institute in Munich on 26 June 2001
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20/6/2001
Willem F. Duisenberg:  Euro 2002 Information Campaign
the EURO. OUR money. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference hosted by the Central Bank of Ireland on 20 June 2001 in Dublin at the Bank of Ireland's Arts Centre
4/6/2001
Willem F. Duisenberg:  What exactly is the responsibility of central banks of large economic areas in the current slowdown of the world economy?
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at Central Bankers' Panel at the International Monetary Conference, Singapore, 4 June 2001
31/5/2001
Willem F. Duisenberg:  The role of financial markets for economic growth
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Economics Conference "The Single Financial Market: Two Years into EMU" organised by the Oesterreichische Nationalbank in Vienna on 31 May 2001
28/5/2001
Willem F. Duisenberg:  Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 28 May 2001
18/5/2001
Willem F. Duisenberg:  The European Central Bank, the Eurosystem and the European System of Central Banks
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the ceremony to inaugurate the new building of the Banque centrale du Luxembourg, Luxembourg, 18 May 2001
16/5/2001
Willem F. Duisenberg:  Rede anlässlich der Konferenz der Euro-2002-Informationskampagne bei der Deutschen Bundesbank
Dr. Willem F. Duisenberg, Präsident der Europäischen Zentralbank Frankfurt am Main, 16. Mai 2001
4/4/2001
Willem F. Duisenberg:  "E-economy: will we still need banks in the future?"
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the XVIIth German Banking Congress, Berlin on 4 April 2001
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6/3/2001
Willem F. Duisenberg:  the EURO. OUR money
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a conference hosted in Brussels by theNational Bank of Belgium and the General Commission for the Euro, the first of a series of conferences organised by the national central banks of the 12 euro area countries
5/3/2001
Willem F. Duisenberg:  Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Willem F. Duisenberg, President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 5 March 2001
24/1/2001
Willem F. Duisenberg:  Speech at the Parliamentary Assembly of the Council of Europe
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, during the debate on the theme "The euro and the greater Europe", Strasbourg, 24 January 2001
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19/12/2000
Willem F. Duisenberg:  The euro: a new currency for Europe
Dinner speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Bank of Thailand on 19 December 2000
23/11/2000
Willem F. Duisenberg:  Hearing before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 23 November 2000
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank
17/11/2000
Willem F. Duisenberg:  The international role of the euro
Keynote address by Dr. Willem F. Duisenberg, President of the European Central Bank, at the European Banking Congress, Frankfurt, 17 November 2000
14/11/2000
Willem F. Duisenberg:  Recent developments and trends in world financial markets
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 75th anniversary of the Banco de Mexico, Mexico, 14 November 2000
10/11/2000
Willem F. Duisenberg:  The euro and the single monetary policy
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 10th anniversary of the Amsterdam Institute of Finance, Amsterdam, 10 November 2000
2/11/2000
Willem F. Duisenberg:  First ECB Central Banking Conference, 2-3 November 2000, Frankfurt am Main
"Why price stability?", Welcome speech by Dr. Willem F. Duisenberg, President of the European Central Bank
28/10/2000
Willem F. Duisenberg:  Europe's contribution to the stability of financial markets
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a Conference on "Challenges for the European future" on the occasion of the 60th birthday of Mrs. Randzio-Plath, Hamburg, 28 October 2000
26/10/2000
Willem F. Duisenberg:  Business conditions and the economic outlook in the euro area
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 75th anniversary of the International Chamber of Commerce Deutschland, Berlin, 26 October 2000
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12/10/2000
Willem F. Duisenberg:  Making monetary policy in a broad monetary union
"Jean Monnet" Lecture delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the European Business School London, London, 12 October 2000
23/9/2000
Willem F. Duisenberg:  The role of the ECB at the international level
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Annual Meeting of the Institute of International Finance, Inc. (IIF), Prague, 23 September 2000
17/9/2000
Willem F. Duisenberg:  The euro as a catalyst for legal convergence in Europe
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the Annual Conference of the International Bar Association, Amsterdam, 17 September 2000
12/9/2000
Willem F. Duisenberg:  Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Monetary Dialogue of the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 12 September 2000. Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank.
8/9/2000
Willem F. Duisenberg:  The international role of the euro
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 2000 Spruce Meadows Round Table, Calgary, 8 September 2000
6/9/2000
Willem F. Duisenberg:  Are different price developments in the euro area a cause for concern?
Speech by Dr. Willem F. Duisenberg President of the European Central Bank, at the Financial Services Industry Association, Dublin, 6 September 2000
5/7/2000
Willem F. Duisenberg:  Presentation of the ECB's Annual Report 1999 to the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Strasbourg, 5 July 2000
20/6/2000
Willem F. Duisenberg:  Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 20 June 2000
15/6/2000
Willem F. Duisenberg:  Introductory statement with Q&A
at High Level Forumdelivered by Dr.Willem F. Duisenberg, President of the European Central Bank, Brussels, 15 June 2000
30/5/2000
Willem F. Duisenberg:  From the EMI to the ECB
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Banque de France's Bicentennial Symposium, Paris, 30 May 2000
22/5/2000
Willem F. Duisenberg:  The future of banking supervision and the integration of financial markets
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference organised by Euro Group entitled "Improving integration of financial markets in Europe" Turin, 22 May 2000
12/5/2000
Willem F. Duisenberg:  Official celebration of the 150th anniversary of the Nationale Bank van België/Banque Nationale de Belgique (National Bank of Belgium)
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 May 2000
20/3/2000
Willem F. Duisenberg:  Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 20 March 2000
3/12/1999
Willem F. Duisenberg:  Monetary policy-making under uncertainty
Conference organised jointly by the European Central Bank (ECB) and the Center for Financial Studies of the University of Frankfurt Introductory Statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on 3 December 1999 in Frankfurt am Main
29/11/1999
Willem F. Duisenberg:  Hearing before the European Parliament's Committee on Economic and Monetary Affairs
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 29 November 1999
23/11/1999
Willem F. Duisenberg:  The euro and a social Europe
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the congress of the Bundesvereinigung der deutschen Arbeitgeberverbände (BDA) [Confederation of German Employer Associations] in Berlin on 23 November 1999
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19/11/1999
Willem F. Duisenberg:  Introductory Statement at the Frankfurt European Banking Congress, Session I: "Do markets need guidance?"
delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on 19 November 1999 in Frankfurt
11/11/1999
Willem F. Duisenberg:  The European project and the challenges of the future
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Edmond Israel Foundation 11 November 1999, Luxembourg
5/11/1999
Willem F. Duisenberg:  Economic divergences in the euro area: the consequences for economic policies
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at 'Nieuwspoort' in The Hague, Netherlands, on 5 November 1999
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5/11/1999
Willem F. Duisenberg:  The euro and a dynamic Europe
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of a conference organised by VNO-NCW in Scheveningen, the Netherlands, on 5 November 1999
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26/10/1999
Willem F. Duisenberg:  Presentation of the ECB's Annual Report 1998 to the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 26 October 1999
15/10/1999
Willem F. Duisenberg:  EU enlargement, some views from the ECB
Bank of Greece. The Zolotas Lecture by Dr. Willem F. Duisenberg, President of the European Central Bank, Athens, 15 October 1999
13/10/1999
Willem F. Duisenberg:  Een grote bank met een nieuw gebouw in een steeds kleinere wereld
Toespraak door Dr. Willem F. Duisenberg, President van de Europese Centrale Bank, Ter gelegenheid van het 175-jarig bestaan en de ingebruikneming van een nieuw hoofdkantoor door ABN AMRO op 13 oktober 1999 te Amsterdam
11/10/1999
Willem F. Duisenberg:  The Eurosystem's monetary policy strategy: The first year's experience
Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg at the joint congress of the Federations, EUROFINAS and LEASEUROPE, on 11 October 1999 in Paris
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1/10/1999
Willem F. Duisenberg:  The euro area: prospects, challenges and opportunities
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference "Resilience and Resurgence in Latin America" in New York on 1 October 1999
26/9/1999
Willem F. Duisenberg:  The past and future of European integration: a central banker's perspective
The 1999 Per Jacobsson Lecture by Dr. Willem F. Duisenberg, President of the European Central Bank, on 26 September in Washington D.C.
10/9/1999
Willem F. Duisenberg:  Speech at the Swiss Banking Congress in Zurich
by the President of the European Central Bank, Dr. Willem F. Duisenberg on 10 September 1999
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4/9/1999
Willem F. Duisenberg:  Speech at the Villa d'Este Workshop - Cernobbio
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on 4 September 1999.
27/8/1999
Willem F. Duisenberg:  Economic and Monetary Union in Europe - the challenges ahead
Speech by Professor Dr. L.H. Hoogduin, on behalf of Dr. Willem F. Duisenberg, President of the European Central Bank, at the symposium sponsored by the Federal Reserve Bank of Kansas City on "New challenges for monetary policy" on 27 August 1999 in Jackson Hole, Wyoming
14/6/1999
Willem F. Duisenberg:  Financing in the European capital markets
Speech delivered in Dutch by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Waarborgfonds Sociale Woningbouw, Utrecht 14 June 1999
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3/6/1999
Willem F. Duisenberg:  Developments in the Financial Sector in Europe following the Introduction of the Euro
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, to be delivered at the Third European Financial Markets Convention Milan, 3 June 1999
25/5/1999
Willem F. Duisenberg:  Stable and efficient financial systems for the XXIst century - The euro area -
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the XXIVth IOSCO Annual Conference Lisbon, 25 May 1999
20/5/1999
Willem F. Duisenberg:  Speech at the 11th Frankfurt International Banking Evening
by Dr. Willem F. Duisenberg, President of the European Central Bank on 20 May 1999
4/5/1999
Willem F. Duisenberg:  The role of the Central Bank in the United Europe
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, National Bank of Poland, Warsaw, Poland on 4 May 1999
27/4/1999
Willem F. Duisenberg:  EMU: growth through stability
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Global Economy Conference organised by the Economic Strategy Institute on 27 April 1999 in Washington D.C.
19/4/1999
Willem F. Duisenberg:  Hearing at the European Parliament's Sub-Committee on Monetary Affairs on 19 April 1999
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 19 April 1999
25/3/1999
Willem F. Duisenberg:  The euro, the dollar and national economic policies: what room for manoeuvre?
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Euro, J+80 conference on 25 March 1999 in Paris
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12/3/1999
Willem F. Duisenberg:  The Eurosystem's strategy for the euro
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a conference organised by "The Economist" on 12 March 1999 in Rome
9/2/1999
Willem F. Duisenberg:  Die einheitliche europäische Geldpolitik
Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg an der Universität Hohenheim am 9. Februar 1999
9/2/1999
Willem F. Duisenberg:  The single European monetary policy
Speech by Willem F. Duisenberg, President of the European Central Bank, at the University of Hohenheim on 9 February 1999, in Hohenheim, Germany
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1/2/1999
Willem F. Duisenberg:  The euro: the new European currency
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Council of Foreign Relations on 1 February 1999 in Chicago
25/1/1999
Willem F. Duisenberg:  Monetary policy in the euro area
Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg, at the New Year's reception organised by Deutsche Börse on 25 January 1999, at the Chamber of Commerce and Industry, Frankfurt am Main
18/1/1999
Willem F. Duisenberg:  Hearing at the European Parliament's Sub-Committee on Monetary Affairs on 18 January 1999
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 18 January 1999
15/1/1999
Willem F. Duisenberg:  European economic and monetary union - latest developments
Speech by Willem F. Duisenberg President of the European Central Bank at the Second Asia-Europe Finance Ministers' Meeting on 15 January 1999, Frankfurt am Main, Germany.
14/1/1999
Willem F. Duisenberg:  The euro has arrived
Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg to the American European Community Association on 14 January 1999 at De Nederlandsche Bank in Amsterdam
31/12/1998
Willem F. Duisenberg:  Statement at the joint press conference following the ECOFIN meeting
Dr. Willem F. Duisenberg, President of the ECB in Brussels on 31 December 1998
22/12/1998
Willem F. Duisenberg:  Introductory statement with Q&A
Willem F. Duisenberg, President of the European Central Bank
8/12/1998
Willem F. Duisenberg:  Hearing at the European Parliament's Committee on Economic and Monetary Affairs and Industrial Policy on 8 December 1998 in Brussels
Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank
7/12/1998
Willem F. Duisenberg:  The ESCB's stability-oriented monetary policy strategy
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the IFRI on 7 December 1998 in Paris
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3/12/1998
Willem F. Duisenberg:  The role of monetary policy in economic policy
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, to the Economic and Social Committee of the European Communities Brussels, 3 December 1998
1/12/1998
Willem F. Duisenberg:  Introductory statement with Q&A
Willem F. Duisenberg, President of the European Central Bank
27/11/1998
Willem F. Duisenberg:  Keynote address on The European System of Central Banks, Current position and future prospects
to be delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at a Conference organised by the Royal Institute of International Affairs on European economic and Monetary Union "Markets and Politics under the Euro", London 27 november 1998
20/11/1998
Willem F. Duisenberg:  The International Role of the Euro and the ESCB’s Monetary Policy
Statement by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Frankfurt European Banking Congress on 20 November 1998 in Frankfurt am Main
12/11/1998
Willem F. Duisenberg:  The stability-oriented monetary policy strategy of the European System of Central Banks and the international role of the euro
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Economic Club of New York on 12 November 1998 in New York
10/11/1998
Willem F. Duisenberg:  The ESCB's stability-oriented monetary policy strategy
Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg, at the Institute of European Affairs on 10 November 1998 in Dublin
3/11/1998
Willem F. Duisenberg:  Introductory statement with Q&A
Willem F. Duisenberg, President of the European Central Bank
23/10/1998
Willem F. Duisenberg:  Die Bedeutung des Euro für die Wirtschafts- und Finanzpolitik in Europa
Vortrag von Dr. Willem F. Duisenberg, Präsident der Europäischen Zentralbank, beim Prognos-Zukunftsforum 1998, am 23. Oktober 1998 in Basel
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22/10/1998
Willem F. Duisenberg:  The international role of the euro
Speech presented by Dr. Willem F. Duisenberg, President of the ECB, at the Konrad-Adenauer-Stiftung, Berlin
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14/10/1998
Willem F. Duisenberg:  Die Europäische Währungsunion vor dem Start
Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg am Luxembourg Finance Market Forum am 14. Oktober 1998 in Luxemburg
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23/9/1998
Willem F. Duisenberg:  Close of the morning session of a Conference on "Monnaie unique et fiscalité de l’épargne: quelle Europe financière?" organised by the European Parliament
Remarks delivered by Dr. Willem F. Duisenberg, President of the European Central BankBrussels, 23 September 1998
22/9/1998
Willem F. Duisenberg:  Statement to the European Parliament subcommittee on Monetary affairs
Delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, 22 September 1998
18/9/1998
Willem F. Duisenberg:  Signing of the Headquarters agreement
Welcome speech by Willem F. Duisenberg
18/9/1998
Willem F. Duisenberg:  Signing ceremony for the Headquarters Agreement
Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the signing ceremony for the Headquarters Agreement on 18 September 1998
17/9/1998
Willem F. Duisenberg:  Auf dem Weg zum Euro
Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg, anläßlich des Verbandstages des Bundesverbandes der Deutschen Volksbanken und Raiffeisenbanken am 17. September 1998 in Dresden
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15/7/1998
Willem F. Duisenberg:  Presentation of the EMI annual report to the European Parliament
Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank/former President of the EMI, 15 July 1998
8/7/1998
Willem F. Duisenberg:  ECB Press conference: Introductory statement
Willem F. Duisenberg, President of the European Central Bank
30/6/1998
Willem F. Duisenberg:  Ceremony on the occasion of the establishment of the European System of Central Banks
Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt, 30 June 1998
19/6/1998
Willem F. Duisenberg:  Zur Bedeutung der 50-jährigen Stabilitätsgeschichte der D-Mark für Europa und die künftige Europäische Währung
Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg, aus Anlaß des 50-jährigen Jubiläums der D-Mark am 19. Juni 1998 im Haus der Geschichte in Bonn