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04/08/2020
Philip R. Lane: The macroeconomic impact of the pandemic and the policy response
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

While there has been some rebound in economic activity, the level of economic slack remains extraordinarily high and the outlook highly uncertain, writes Chief Economist Philip R. Lane. Progress in containing the virus will be central in determining the size and speed of the recovery.

31/07/2020
Christine Lagarde: Interview with Le Courrier Cauchois
Interview with Christine Lagarde, conducted by Dominique Lecoq and Marc Aubault on 29 July and published on 31 July
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27/07/2020
The great trade collapse of 2020 and the amplification role of global value chainsEconomic Bulletin Issue 5, 2020
27/07/2020
Fabio Panetta: Interview with La Repubblica
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 27 July 2020
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26/07/2020
Luis de Guindos: Interview with El Independiente
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Casimiro García Abadillo on 21 July 2020 and published on 26 July 2020
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23/07/2020
Christine Lagarde: Europe’s response to the crisis
Blog post by Christine Lagarde, President of the ECB

Summary

Learning the lessons of the past, Europe has moved towards a new model for dealing with crises, writes President Christine Lagarde in The ECB Blog. We have shown that we can act quickly, adapt our institutions and lay the groundwork for forging a new Europe.

23/07/2020
ECB and Magyar Nemzeti Bank set up repo line to provide euro liquidity
23/07/2020
Christine Lagarde: Interview with The Washington Post
Video interview with Christine Lagarde, President of the ECB, conducted live by David Ignatius on 22 July 2020
22/07/2020
Luis de Guindos: Building the Financial System of the 21st Century
Speech by Luis de Guindos, Vice-President of the ECB, at the 18th annual symposium on “Building the Financial System of the 21st Century: an Agenda for Europe and the United States” organised by the Program on International Financial Systems and Harvard Law School (by videoconference)
21/07/2020
Isabel Schnabel: Interview with Expansión
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Andrés Stumpf on 16 July and published on 21 July 2020
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17/07/2020
ECB and National Bank of Serbia set up repo line to provide euro liquidity
17/07/2020
ECB and Bank of Albania set up repo line to provide euro liquidity
17/07/2020
Isabel Schnabel: Never waste a crisis: COVID-19, climate change and monetary policy
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a virtual roundtable on “Sustainable Crisis Responses in Europe” organised by the INSPIRE research network, 17 July 2020
17/07/2020
Results of the Q3 2020 ECB Survey of Professional Forecasters
16/07/2020
Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 July 2020
16/07/2020
Monetary policy decisions
13/07/2020
Isabel Schnabel: Interview with ARD “plusminus”
Transcript of an interview with Isabel Schnabel, Member of the Executive Board of the ECB, with ARD “plusminus”, conducted by Markus Gürne on 8 July 2020
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13/07/2020
Fabio Panetta: Pursuing a successful path towards euro area accession
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at a meeting of the Euro Accession Countries Working Group of the Committee on Economic and Monetary Affairs of the European Parliament
08/07/2020
Christine Lagarde: Interview with Financial Times
Video interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf on 7 July 2020 and posted on 8 July 2020
07/07/2020
Fabio Panetta: Unleashing the euro’s untapped potential at global level
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, Meeting with Members of the European Parliament
02/07/2020
Isabel Schnabel: The ECB’s monetary policy during the coronavirus crisis – necessary, suitable and proportionate
Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at the Berlin Economic Roundtable, 2 July 2020
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01/07/2020
Philip R. Lane: Interview with Reuters news agency
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi, Francesco Canepa and Frank Siebelt
01/07/2020
Fabio Panetta: The price of uncertainty and uncertainty about prices: monetary policy in the post-COVID-19 economy
Keynote speech by Fabio Panetta at a Capital Markets webinar organised by the European Investment Bank and the European Stability Mechanism
01/07/2020
Luis de Guindos: Interview with La Stampa
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Marco Zatterin on 26 June 2020 and published on 1 July 2020
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29/06/2020
Working paper no. 2431: ECB-BASIR: a primer on the macroeconomic implications of the Covid-19 pandemic
28/06/2020
Isabel Schnabel: Necessary, suitable and proportionate
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB, in Welt am Sonntag

Summary

Our crisis measures respond to the worst economic crisis in the post-war period, says Executive Board member Isabel Schnabel. They are necessary, suitable and proportionate and benefit all European citizens.

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27/06/2020
Isabel Schnabel: The ECB’s monetary policy during the coronavirus crisis – necessary, suitable and proportionate
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Petersberger Sommerdialog, 27 June 2020
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Slides
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25/06/2020
Yves Mersch: The World Economy Transformed
Remarks by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Reinventing Bretton Woods Committee Webinar Series
25/06/2020
Isabel Schnabel: The ECB's policy response to the COVID-19 crisis
Informal welcome remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at the Bond Market Contact Group
25/06/2020
New Eurosystem repo facility to provide euro liquidity to non-euro area central banks
24/06/2020
Philip R. Lane: The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Financial Center Breakfast Webinar organised by Frankfurt Main Finance
22/06/2020
Philip R. Lane: Understanding the pandemic emergency purchase programme
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the Princeton BCF Covid-19 Webinar Series
22/06/2020
Philip R. Lane: The market stabilisation role of the pandemic emergency purchase programme
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

Evidence shows that the policies adopted by the ECB in mid-March, including the pandemic emergency purchase programme (PEPP) and other liquidity-easing measures, have contributed to stabilising markets, writes Chief Economist Philip R. Lane.

22/06/2020
Luis de Guindos: Financial stability and the pandemic crisis
Speech by Luis de Guindos, Vice-President of the ECB, at the Frankfurt Finance Summit
22/06/2020
Luis de Guindos: Interview with Der Spiegel
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Tim Bartz and Stefan Kaiser on 15 June and published on 22 June 2020
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19/06/2020
US dollar liquidity-providing operations from 1 July 2020
19/06/2020
Research bulletin no. 72: Global Weakness Index – reading the economy’s vital signs during the COVID-19 crisis
17/06/2020
Impact of the COVID-19 lockdown on trade in travel servicesEconomic Bulletin Issue 4, 2020
17/06/2020
Short-time work schemes and their effects on wages and disposable incomeEconomic Bulletin Issue 4, 2020
17/06/2020
The COVID-19 pandemic and access to finance for small and medium-sized enterprises: evidence from survey dataEconomic Bulletin Issue 4, 2020
16/06/2020
Fabio Panetta: Interview with Le Monde
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Eric Albert, and published on 16 June 2020
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14/06/2020
Luis de Guindos: Interview with ABC
Interview with Luis de Guindos, Vice-President of the ECB, conducted by María Jesús Pérez on 9 June 2020 and published on 14 June 2020
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13/06/2020
Christine Lagarde: The path out of uncertainty
Remarks by Christine Lagarde, President of the ECB, via videoconference at the inaugural session of the Italian National Consultation
12/06/2020
Fabio Panetta: Sharing and strengthening the euro’s privilege
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary

The goals of boosting the euro’s global standing and sharing its advantages more evenly are one and the same, writes Executive Board member Fabio Panetta. Through the right mix of European fiscal and monetary policy, we can build a better functioning Monetary Union that achieves both of these goals.

11/06/2020
Philip R. Lane: Interview with Il Sole 24 Ore
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Isabella Bufacchi on 8 June
10/06/2020
Luis de Guindos: Euro area: economic outlook and financial stability during the pandemic crisis
Remarks by Luis de Guindos, Vice-President of the ECB at the Institute of International and European Affairs, Dublin, (by video conference)
10/06/2020
Isabel Schnabel: The ECB’s policy in the COVID-19 crisis – a medium-term perspective
Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at an online seminar hosted by the Florence School of Banking & Finance
09/06/2020
Isabel Schnabel: Q&A on Twitter
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 9 June 2020
08/06/2020
Christine Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament (by videoconference)
05/06/2020
Fabio Panetta: Interview with Radio anch’io, Rai Radio 1
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Giorgio Zanchini on 5 June 2020
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05/06/2020
ECB and National Bank of Romania set up repo line to provide euro liquidity
05/06/2020
Philip R. Lane: Expanding the pandemic emergency purchase programme
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

Two main factors called for further policy action, writes Chief Economist Philip R. Lane. First, the pandemic-related negative shock to inflation poses a threat to medium-term price stability. Second, while conditions in financial markets have stabilised substantially, the situation remains fragile.

04/06/2020
Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 4 June 2020
04/06/2020
Monetary policy decisions
27/05/2020
Research bulletin no. 71: COVID-19 and non-performing loans: lessons from past crises
27/05/2020
Isabel Schnabel: Interview with Financial Times
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Martin Arnold on 25 May and published on 27 May 2020
26/05/2020
Pandemic increases risks to financial stability
19/05/2020
Philip R. Lane: Pandemic central banking: the monetary stance, market stabilisation and liquidity
Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Institute for Monetary and Financial Stability Policy Webinar, 19 May 2020
18/05/2020
Christine Lagarde: Interview with Les Echos, Corriere della Sera, Handelsblatt and El Mundo
Interview with Christine Lagarde, President of the ECB, conducted by Dominique Seux, Federico Fubini, Thomas Hanke and Carlos Segovia, published on 18 May 2020
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18/05/2020
Philip R. Lane: Interview with El País
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Luis Doncel on 11 May 2020 and published on 18 May 2020
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14/05/2020
Inflation measurement in times of economic distressEconomic Bulletin Issue 3, 2020
14/05/2020
Fabio Panetta: Interview with Der Standard
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Andras Szigetvari on 6 May and published on 14 May 2020
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12/05/2020
Philip R. Lane: Interview with the Telegraaf
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Dorinde Meuzelaar and Martin Visser on 8 May 2020 and published on 12 May 2020
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12/05/2020
Disentangling aggregate and sectoral shocksEconomic Bulletin Issue 3, 2020
12/05/2020
The fall in manufacturing and services activity in the euro area: foreign versus domestic shocksEconomic Bulletin Issue 3, 2020
11/05/2020
Isabel Schnabel: Interview with La Repubblica
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 11 May 2020
08/05/2020
Christine Lagarde: Opening remarks at the EUI’s State of the Union event
Opening remarks by Christine Lagarde, President of the ECB, at the Online Edition of The State of the Union conference organised by the European University Institute
08/05/2020
Survey on the Access to Finance of Enterprises: Small businesses report challenging outlook for their access to external financing due to COVID-19
07/05/2020
Luis de Guindos: Presentation of the ECB Annual Report 2019 to the Committee on Economic and Monetary Affairs of the European Parliament (by videoconference)
Introductory remarks by Luis de Guindos, Vice-President of the ECB
04/05/2020
Results of the Q2 2020 ECB Survey of Professional Forecasters
01/05/2020
Philip R. Lane: The monetary policy response to the pandemic emergency
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

In an ECB Blog post, Chief Economist Philip R. Lane discusses the macroeconomic scenarios developed by ECB staff to illustrate the possible impact of the pandemic. He also explains current monetary policy and outlines the approach to setting the future course of monetary policy.

01/05/2020
Alternative scenarios for the impact of the COVID-19 pandemic on economic activity in the euro areaEconomic Bulletin Issue 3, 2020
30/04/2020
ECB announces new pandemic emergency longer-term refinancing operations
30/04/2020
ECB recalibrates targeted lending operations to further support real economy
30/04/2020
Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 30 April 2020
30/04/2020
Monetary policy decisions
28/04/2020
Fabio Panetta: Beyond monetary policy – protecting the continuity and safety of payments during the coronavirus crisis
Blog post by Fabio Panetta, Member of the Executive Board of the ECB

Summary

The ECB is working to protect the continuity and safety of payments during the coronavirus pandemic, writes Executive Board member Fabio Panetta in The ECB Blog. Europeans can trust in our commitment to support them throughout this crisis.

22/04/2020
ECB takes steps to mitigate impact of possible rating downgrades on collateral availability
22/04/2020
ECB and Bulgarian National Bank set up swap line to provide euro liquidity
22/04/2020
Luis de Guindos, Isabel Schnabel: Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures
Blog post by Luis de Guindos, Vice-President of the ECB, and Isabel Schnabel, Member of the Executive Board of the ECB

Summary

The ECB’s collateral easing package ensures that banks retain access to central bank liquidity at favourable terms, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel. Improved collateral availability helps banks to continue lending to the real economy.

21/04/2020
Fabio Panetta: Why we all need a joint European fiscal response
Contribution by Fabio Panetta, Member of the Executive Board, European Central Bank, published by Politico on 21 April 2020
18/04/2020
Luis de Guindos: Interview with Expresso
Interview with Luis de Guindos, Vice-President of the ECB, conducted by João Silvestre on 15 April 2020
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16/04/2020
Christine Lagarde: IMFC Statement
Statement by Christine Lagarde, President of the ECB, at the forty-first meeting of the International Monetary and Financial Committee
16/04/2020
Isabel Schnabel: The ECB’s response to the COVID-19 pandemic
Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a 24-Hour Global Webinar co-organised by the SAFE Policy Center on “The COVID-19 Crisis and Its Aftermath: Corporate Governance Implications and Policy Challenges”
15/04/2020
ECB and Hrvatska narodna banka set up swap line to provide euro liquidity
15/04/2020
ECB supports macroprudential policy actions taken in response to coronavirus outbreak
15/04/2020
ECB communication to reporting agents on the collection of statistical information in the context of COVID-19
12/04/2020
Luis de Guindos: Interview with La Vanguardia
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Manel Pérez and published on 12 April 2020
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09/04/2020
Christine Lagarde: Interview with France Inter
Interview with Christine Lagarde, President of the ECB, conducted by Ali Baddou and Carine Bécard on 9 April 2020
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09/04/2020
Christine Lagarde: How the ECB is helping firms and households
Blog post by Christine Lagarde, President of the ECB

Summary

Our response to coronavirus is designed to reach the firms and families facing a steep loss of income and rising anxiety about the future, writes President Christine Lagarde. She adds that full alignment of fiscal and monetary policies is the best way to protect productive capacity and employment.

07/04/2020
ECB announces package of temporary collateral easing measures
04/04/2020
Isabel Schnabel: Interview with To Vima
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Angelos Athanasopoulos and published on 4 April 2020
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03/04/2020
Luis de Guindos, Isabel Schnabel: The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19
Blog post by Luis de Guindos, Vice-President of the ECB, and Isabel Schnabel, Member of the Executive Board of the ECB

Summary

Commercial paper purchases are key for monetary policy transmission to the real economy, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel in The ECB Blog. They ease financing conditions for firms and help them manage short-term funding needs.

30/03/2020
Luis de Guindos: Interview with Cadena COPE
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Carlos Herrera on 30 March 2020
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24/03/2020
Working paper no. 2381: Real-time weakness of the global economy: a first assessment of the coronavirus crisis
21/03/2020
Isabel Schnabel: Interview with Frankfurter Allgemeine Sonntagszeitung
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer
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20/03/2020
Luis de Guindos: Interview with Telediario 2, Televisión Española
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Carlos Franganillo on 19 March 2020
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20/03/2020
Coordinated central bank action to further enhance the provision of US dollar liquidity
20/03/2020
ECB and Danmarks Nationalbank reactivate swap line to provide euro liquidity
19/03/2020
Christine Lagarde: Our response to the coronavirus emergency

Summary

We are committed to playing our role in supporting every citizen of the euro area through this extremely challenging time, President Christine Lagarde writes in The ECB Blog. Our temporary pandemic emergency purchase programme is designed to address the unprecedented situation our monetary union faces.

19/03/2020
Fabio Panetta: Interview with TG1
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Gennaro Pellino on 19 March 2020
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18/03/2020
ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)
18/03/2020
Luis de Guindos: Interview with Radio Nacional
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Iñigo Alfonso on 18 March 2020
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18/03/2020
ECB statement
15/03/2020
Coordinated central bank action to enhance the provision of global US dollar liquidity
13/03/2020
Philip R. Lane: The Monetary Policy Package: An Analytical Framework
by Philip R. Lane, Member of the Executive Board of the ECB

Summary

We will not tolerate any risks to the smooth transmission of our monetary policy in all jurisdictions of the euro area, Executive Board member Philip R. Lane writes in the inaugural post of The ECB Blog. The post explains the analytical framework underlying the March monetary policy measures.

12/03/2020
ECB announces easing of conditions for targeted longer-term refinancing operations (TLTRO III)
12/03/2020
ECB announces measures to support bank liquidity conditions and money market activity
12/03/2020
Christine Lagarde, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 March 2020
12/03/2020
ECB Banking Supervision provides temporary capital and operational relief in reaction to coronavirus
09/03/2020
Statement from the ECB
04/03/2020
ECB announces operational precautions linked to coronavirus
02/03/2020
Statement by the President of the ECB
24/01/2020
Results of the Q1 2020 ECB Survey of Professional Forecasters