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Publications on Fiscal policy

7 March 2024
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 7 March 2024
Related
7 March 2024
COMBINED MONETARY POLICY DECISIONS AND STATEMENT
8 February 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 1, 2024
Details
Abstract
This box provides updated estimates of the euro area discretionary fiscal measures related to the support provided by euro area governments in response to the energy crisis and high inflation. It also discusses how these measures relate to climate change in the context of the December 2023 Eurosystem staff macroeconomic projections.
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E63 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Comparative or Joint Analysis of Fiscal and Monetary Policy, Stabilization, Treasury Policy
25 January 2024
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 January 2024
14 December 2023
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 14 December 2023
23 November 2023
THE ECB BLOG
With rising inflation, people need more money to buy the same amount of goods. Governments can take measures to counteract this negative effect. The ECB Blog finds that recent euro area policies to support households were successful at first ­– but also very costly.
Details
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H31 : Public Economics→Fiscal Policies and Behavior of Economic Agents→Household
H53 : Public Economics→National Government Expenditures and Related Policies→Government Expenditures and Welfare Programs
9 November 2023
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Albina Kenda
English
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20 September 2023
SPEECH
Opening remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the joint workshop of European independent fiscal institutions and the European System of Central Banks on “European fiscal policy and governance reform in uncertain times”
English
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Annexes
20 September 2023
ANNEX
10 August 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 5, 2023
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Abstract
This box reviews Eurosystem staff projections of public wages, focusing on their response to inflation. It concludes that, after experiencing a large cut in real terms in 2022, public wages are projected to grow cumulatively over the period 2023-25 at rates higher than inflation. It also shows that projections of public wages reflect substantial heterogeneity at country level. Projected nominal public wage growth is stronger in countries that have experienced high levels of inflation in the recent past, even in the absence of institutional arrangements for automatic price indexation of public wages, but is more restrained in countries with high levels of public debt.
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
J3 : Labor and Demographic Economics→Wages, Compensation, and Labor Costs
H55 : Public Economics→National Government Expenditures and Related Policies→Social Security and Public Pensions
9 August 2023
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2023
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Abstract
This article presents a model-based assessment of the short to medium-term economic impact of carbon pricing aimed at mitigating climate change. It addresses the high level of uncertainty in gauging the effects of carbon price increases by employing a suite of macroeconomic models. Under the main scenario, the loss in euro area annual GDP growth is contained and the inflation impact is modest, implying a limited output/inflation trade-off for monetary policy. The scenario supports the transition to a low-carbon economy, but the implied reduction in carbon emissions makes only a limited contribution to achieving the EU’s intermediate emission reduction target for 2030. Accordingly, reaching the EU’s climate goals will require a mixture of ambitious carbon pricing, additional regulatory action and technological innovation.
JEL Code
C54 : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
Q43 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy
30 July 2023
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Anne Cheyvialle and Florentin Collomp on 28 July 2023
English
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2 June 2023
INTERVIEW
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Eric Albert
English
OTHER LANGUAGES (2) +
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1 June 2023
SPEECH
Speech by Christine Lagarde, President of the ECB, at “Deutscher Sparkassentag 2023”, Hanover
English
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25 May 2023
SPEECH
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament
24 April 2023
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Johanna Treeck on 20 April 2023
30 March 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 2, 2023
Details
Abstract
This box provides updated estimates on the fiscal support provided by euro area governments in response to the energy crisis and high inflation, reflecting the March 2023 ECB staff macroeconomic projections. It also gives granular information on the design and timing of these fiscal policy support measures.
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E63 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Comparative or Joint Analysis of Fiscal and Monetary Policy, Stabilization, Treasury Policy
29 March 2023
THE ECB BLOG
What is the best way to absorb economic shocks? Some approaches favour private risk sharing, others, public risk sharing. In this ECB Blog post we argue that a combination of both offers the best protection for European citizens against poor economic performance.
Details
JEL Code
H12 : Public Economics→Structure and Scope of Government→Crisis Management
20 March 2023
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
5 March 2023
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Adolfo Lorente, from El Correo
English
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1 March 2023
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Nicholas Owen
27 February 2023
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted M.C. Govardhana Rangan on 24 February 2023
25 February 2023
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Petri Sajari
English
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16 February 2023
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at an event organised by the Centre for European Reform, the Delegation of the European Union to the United Kingdom and the ECB Representative Office in London
English
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13 February 2023
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 2, 2023
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Abstract
This article assesses the relation between fiscal policy and inflation, with a focus on the euro area and the period 2022-25 (corresponding to the horizon of the December 2022 Eurosystem staff macroeconomic projections for the euro area). Overall, the article concludes that, even without the discretionary policy response to the high energy prices and inflation (assessed at close to 2% of GDP over the 2022-23 period), the euro area budget balance could be negatively affected by the current high inflation beyond the short term. This is primarily explained by the nature of the inflation shock, which has a substantial external, energy-driven component, and its large size. Such factors lead to more limited gains on the revenue side of the budget, which in turn can easily be outweighed in the following years by extra spending pressures. In terms of the euro area debt-to-GDP ratio, the analysis shows that a negative impact on economic activity from an adverse supply shock, given the monetary policy reaction, may outweigh the positive initial impact of higher inflation through the denominator effect. The discretionary fiscal policy measures that have so far been adopted to shield the economy from the impact of high inflation in turn lower the inflationary pressures over the 2022-23 period, with a broad estimated reversal of the effect afterwards. The degree to which these fiscal measures will influence price dynamics is highly uncertain.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E63 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Comparative or Joint Analysis of Fiscal and Monetary Policy, Stabilization, Treasury Policy
17 January 2023
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Wolf on 12 January 2023
10 January 2023
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the International Symposium on Central Bank Independence, Sveriges Riksbank, Stockholm
Annexes
10 January 2023
SPEECH
10 January 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 8, 2022
Details
Abstract
This box discusses fiscal policy orientation in 2023 in the context of the ongoing European Semester.
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H6 : Public Economics→National Budget, Deficit, and Debt
4 January 2023
THE ECB BLOG
Borrowing has become more expensive for governments. But despite rising interest rates, government debt can remain on a sound path. The ECB Blog discusses what constitutes a favourable balance between debt costs and economic growth.
Details
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H30 : Public Economics→Fiscal Policies and Behavior of Economic Agents→General
E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
28 November 2022
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
24 November 2022
SPEECH
Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Bank of England Watchers’ Conference
Annexes
24 November 2022
SPEECH
11 November 2022
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Istituto per gli Studi di Politica Internazionale (ISPI)[1]
8 November 2022
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Johanna Treeck on 3 November 2022
14 October 2022
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-sixth meeting of the International Monetary and Financial Committee
14 October 2022
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Dalius Simenas on 10 October 2022
English
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29 September 2022
SPEECH
Remarks by Luis de Guindos, Vice-President of the ECB, at a panel at the conference “Future of Central Banking” organised by Lietuvos bankas and the Bank for International Settlements
26 September 2022
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
22 September 2022
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Florian Schmidt on 15 September 2022
English
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21 September 2022
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 6, 2022
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Abstract
Mitigating climate change requires sustained and multipronged policy efforts, as a matter of urgency. Many initiatives to mitigate climate change are directly linked to fiscal policy, mainly through public spending or taxation. This article provides an overview of existing, required and expected fiscal climate policy efforts to advance the green transition in the euro area, focusing on carbon pricing and green public investment. It also looks at the distributional consequences of carbon pricing.
JEL Code
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
H30 : Public Economics→Fiscal Policies and Behavior of Economic Agents→General
Q52 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Pollution Control Adoption Costs, Distributional Effects, Employment Effects
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
16 September 2022
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by João Silvestre on 9 September
English
OTHER LANGUAGES (1) +
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27 August 2022
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Jackson Hole Economic Policy Symposium organised by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming
29 July 2022
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Tõnis Oja on 25 July
English
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1 July 2022
SPEECH
Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the European Parliament’s Innovation Day “The EU in the world created by the Ukraine war”
20 June 2022
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
14 June 2022
SPEECH
Commencement speech by Isabel Schnabel, Member of the Executive Board of the ECB, to the graduates of the Master Program in Money, Banking, Finance and Insurance of the Panthéon-Sorbonne University
Annexes
14 June 2022
SPEECH
28 April 2022
SPEECH
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament
21 April 2022
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-fifth meeting of the International Monetary and Financial Committee
14 April 2022
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
6 April 2022
SPEECH
Lectio Magistralis by Fabio Panetta, Member of the Executive Board of the ECB, on the occasion of the conferral of an honorary degree in Law by the University of Cassino and Southern Lazio
English
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2 April 2022
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a workshop organised by the European House – Ambrosetti on “The Agenda for Europe: Macroeconomic and Structural Policy Challenges”
Annexes
2 April 2022
SPEECH
20 March 2022
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Frank Wiebe and Jan Mallien on 14 March
English
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17 March 2022
SPEECH
Speech by Christine Lagarde, President of the ECB, at “The ECB and Its Watchers XXII” conference
10 March 2022
MACROECONOMIC PROJECTIONS FOR THE EURO AREA
Annexes
10 March 2022
MACROECONOMIC PROJECTIONS FOR THE EURO AREA
10 March 2022
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
7 February 2022
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament (by videoconference)
3 February 2022
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
13 January 2022
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 8, 2021
Details
Abstract
This box discusses the fiscal policy recommendations addressed to the euro area countries against the background of the coronavirus (COVID-19) crisis.
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H6 : Public Economics→National Budget, Deficit, and Debt
11 January 2022
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Isabella Bufacchi
8 January 2022
SPEECH
Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on “Climate and the Financial System” at the American Finance Association 2022 Virtual Annual Meeting
Annexes
8 January 2022
SPEECH
16 December 2021
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
26 November 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Gerald Braunberger, Dennis Kremer and Christian Siedenbiedel on 23 November and published on 26 November 2021
English
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15 November 2021
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB at the 24th Euro Finance Week
12 November 2021
SPEECH
Panel intervention by Philip R. Lane, Member of the Executive Board of the ECB, at the European Commission webinar on “The future of the EU fiscal governance framework”
28 October 2021
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
14 October 2021
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-fourth meeting of the International Monetary and Financial Committee
1 October 2021
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Federal Reserve Bank of New York conference on “Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic”
Annexes
1 October 2021
SPEECH
28 September 2021
SPEECH
Speech by Christine Lagarde, President of the ECB, at ECB Forum on Central Banking "Beyond the pandemic: the future of monetary policy"
27 September 2021
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament (by videoconference)
Annexes
27 September 2021
ANNEX
16 September 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by David Rubenstein, Bloomberg, on 13 September
1 September 2021
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Miquel Roig and Jorge Zuloaga on 26 August and published on 1 September 2021
English
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29 July 2021
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Frank Wiebe and Jan Mallien
English
OTHER LANGUAGES (1) +
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29 July 2021
INTERVIEW
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Federico Fubini
English
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22 July 2021
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
14 July 2021
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the virtual Financial Statements series hosted by the Peterson Institute for International Economics
Annexes
14 July 2021
SPEECH
28 June 2021
SPEECH
Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Conference of the Governors of Mediterranean Central Banks on “Central banks at the frontline of the COVID-19 crisis: weathering the storm, spurring the recovery”
English
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24 June 2021
RESEARCH BULLETIN - No. 85
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Abstract
A low-inflation trap is a situation where both actual and expected inflation are firmly below the central bank’s target and nominal interest rates are close to or at their lower bound. The concept is often used to characterise Japan’s quarter-century of very low, and often negative, inflation. More recently, persistent inflation shortfalls across the industrialised world have raised concerns that other jurisdictions, too, may be on the verge of getting caught in a Japanese-style low-inflation trap. Our new research shows how fiscal policy can help guard economies against this fate.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
21 June 2021
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament (by videoconference)
Annexes
14 June 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Johanna Treeck and Florian Eder on 11 June 2021 in Frankfurt
10 June 2021
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
10 May 2021
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Eric Albert and Marie Charrel
English
OTHER LANGUAGES (1) +
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29 April 2021
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Gabriel Mellqvist on 29 April 2021
26 April 2021
SPEECH
Welcome address by Fabio Panetta, Member of the Executive Board of the ECB, at the joint BIS, BoE, ECB and IMF conference on “Spillovers in a “post-pandemic, low-for-long” world”
22 April 2021
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
27 March 2021
SPEECH
Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at “The Outlook for the Economy and Finance” workshop (fully digital) organised by The European House − Ambrosetti
English
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17 March 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Guillaume Benoit, Elsa Conesa, Lucie Robequain and Sophie Rolland
English
OTHER LANGUAGES (1) +
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16 March 2021
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Arnold
11 March 2021
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB
2 March 2021
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at an online event organised by Bocconi University
English
OTHER LANGUAGES (1) +
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2 March 2021
INTERVIEW
Interview with Luis de Guindos, Vice-President of the European Central Bank (ECB), conducted by Sérgio Aníbal
English
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26 February 2021
SPEECH
Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Third Annual Conference organised by the European Fiscal Board on “High Debt, Low Rates and Tail Events: Rules-Based Fiscal Frameworks under Stress”
Annexes
26 February 2021
SPEECH
25 February 2021
SPEECH
Presentation by Luis de Guindos, Vice-President of the ECB, at the IESE Business School Alumni Learning Programme Webinar “Risk, reform and recovery in the eurozone”
25 February 2021
SPEECH
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at Comissão do Mercado de Valores Mobiliários
25 February 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Ingūna Ukenābele on 22 February 2021
English
OTHER LANGUAGES (3) +
22 February 2021
SPEECH
Speech by Christine Lagarde, President of the ECB, at the opening plenary session of the European Parliamentary Week 2021 in virtual format
18 February 2021
SPEECH
Guest lecture by Isabel Schnabel, Member of the Executive Board of the ECB, at the University of Chicago Booth School of Business
8 February 2021
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament
28 January 2021
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the LSE conference on “Financial Cycles, Risk, Macroeconomic Causes and Consequences”
Annexes
28 January 2021
SPEECH
25 January 2021
SPEECH
Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the 50th anniversary of the Associazione Italiana per l’Analisi Finanziaria (by videoconference)
English
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12 January 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Andras Szigètvari on 7 January 2021 und published on 12 January 2021
English
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18 December 2020
INTERVIEW
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 17 December 2020
14 December 2020
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Rome Investment Forum 2020
English
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10 December 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB
2 December 2020
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi on 1 December 2020
1 December 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jana Randow, Carolynn Look and Alexander Weber on 30 November 2020
28 November 2020
INTERVIEW
Interview with Yves Mersch, Member of the Executive Board of the ECB, conducted by Marie Charrel and Eric Albert
English
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28 November 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari on 24 November 2020
English
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27 November 2020
INTERVIEW
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by João Silvestre on 19 November 2020
English
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25 November 2020
INTERVIEW
Interview with Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Martin Arnold on 23 November 2020
22 November 2020
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Guillaume Benoit, Elsa Conesa and Sophie Rolland
English
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19 November 2020
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the ECON Committee of the European Parliament (by videoconference)
Annexes
19 November 2020
SPEECH
11 November 2020
SPEECH
Keynote speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking
4 November 2020
SPEECH
Transcript of Q&A session following a fireside chat with Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at an online UBS event on the European economic and policy outlook, conducted on 30 October 2020
3 November 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe
English
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29 October 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB
18 October 2020
SPEECH
Contribution by Christine Lagarde, President of the ECB, during the session “Rebuilding and Sustaining Growth”
15 October 2020
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-second meeting of the International Monetary and Financial Committee
12 October 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Interparliamentary Conference on Stability, Economic Coordination and Governance in the European Union
11 October 2020
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tom Fairless on 8 October
8 October 2020
SPEECH
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Conference “The Werner Report, 50 Years on”, organised by the Luxembourg Centre for Contemporary and Digital History in cooperation with EUI Florence
7 October 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB
30 September 2020
SPEECH
Speech by Christine Lagarde, President of the ECB, at the “ECB and Its Watchers XXI” conference
13 September 2020
SPEECH
Contribution by Christine Lagarde, President of the ECB, during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”
11 September 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Centre for European Reform and the Eurofi Financial Forum on “Is the current ECB monetary policy doing more harm than good and what are the alternatives?”
Annexes
11 September 2020
SPEECH
10 September 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 September 2020
4 August 2020
THE ECB BLOG
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.
23 July 2020
THE ECB BLOG
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 July 2020
INTERVIEW
Video interview with Christine Lagarde, President of the ECB, conducted live by David Ignatius on 22 July 2020
22 July 2020
SPEECH
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)
16 July 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 July 2020
1 July 2020
INTERVIEW
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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16 June 2020
INTERVIEW
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Eric Albert, and published on 16 June 2020
English
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14 June 2020
INTERVIEW
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 June 2020
SPEECH
Remarks by Christine Lagarde, President of the ECB, via videoconference at the inaugural session of the Italian National Consultation
12 June 2020
THE ECB BLOG
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.
10 June 2020
SPEECH
Remarks by Luis de Guindos, Vice-President of the ECB at the Institute of International and European Affairs, Dublin, (by video conference)
10 June 2020
PRESS RELEASE
4 June 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 4 June 2020
18 May 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Dominique Seux, Federico Fubini, Thomas Hanke and Carlos Segovia, published on 18 May 2020
English
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18 May 2020
INTERVIEW
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
English
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12 May 2020
INTERVIEW
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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11 May 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 11 May 2020
30 April 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 30 April 2020
21 April 2020
INTERVIEW
Contribution by Fabio Panetta, Member of the Executive Board, European Central Bank, published by Politico on 21 April 2020
12 April 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Manel Pérez and published on 12 April 2020
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20 March 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Carlos Franganillo on 19 March 2020
English
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18 March 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Iñigo Alfonso on 18 March 2020
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13 March 2020
THE ECB BLOG
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 March 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 March 2020
14 February 2020
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Robert Shortt on 13 February 2020 and broadcast (in part) on 13 February 2020
11 February 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Anja Ettel and Holger Zschäpitz on 10 February 2020, published on 11 February 2020
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10 February 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Andrés Stumpf on 6 February 2020 and published on 10 February 2020
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3 February 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Rallou Alexopoulou on 3 February 2020 and broadcast (in part) on 3 February 2020
24 January 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Francine Lacqua and broadcast on 24 January
23 January 2020
MONETARY POLICY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020
3 December 2019
SPEECH
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB Representative Office in Brussels, 3 December 2019
22 November 2019
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Frankfurt European Banking Congress
11 November 2019
SPEECH
Opening remarks by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the “Getting to know the EU Institutions and Organisations in Luxembourg” event
28 October 2019
SPEECH
Remarks by Mario Draghi, President of the ECB, at the farewell event in his honour
24 October 2019
MONETARY POLICY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 October 2019
3 October 2019
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the Global Interdependence Center Central Banking Series conference
1 October 2019
SPEECH
Speech by Mario Draghi, President of the ECB, at the Academy of Athens
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25 July 2019
MONETARY POLICY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 July 2019
6 June 2019
MONETARY POLICY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Vilnius, 6 June 2019
22 November 2018
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Banking and Corporate evening organised by the Hauptverwaltung in Bayern der Deutschen Bundesbank, Munich, 22 November 2018
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26 October 2018
SPEECH
First Lamfalussy Lecture by Mario Draghi, President of the ECB, at the Banque Nationale de Belgique, Brussels, 26 October 2018
25 October 2018
MONETARY POLICY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 October 2018
17 October 2018
SPEECH
Speech by Peter Praet, Member of the Executive Board of the ECB, at the “la Caixa” Chair for Economics and Society conference, Madrid, 17 October 2018
5 July 2018
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the conference on “Economic and Monetary Union — Deepening and Convergence”, Linz, 5 July 2018
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14 March 2018
SPEECH
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Finanzmarktklausur of the CDU Wirtschaftsrat, Berlin, 14 March 2018
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15 February 2018
SPEECH
Presentation by Peter Praet, Member of the Executive Board of the ECB, at the joint French Treasury / IMF conference entitled “Transforming France’s economy and completing the integration of the Eurozone”, Paris, 15 February 2018
2 February 2018
SPEECH
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference “Deepening of EMU”, Ljubljana, 2 February 2018