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Inflation

20/10/2020
Isabel Schnabel: Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

Summary

High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. Today’s World Statistics Day reminds us of the importance of data we can trust.

19/10/2020
Yves Mersch: The ECB’s monetary policy amid the pandemic
Introductory remarks by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the MNI Connect Roundtable
11/10/2020
Philip R. Lane: Interview with Wall Street Journal
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tom Fairless on 8 October
07/10/2020
Christine Lagarde: Written interview with Harvard International Review
Interview with Christine Lagarde, President of the ECB
06/10/2020
Philip R. Lane: The ECB’s monetary policy in the pandemic: meeting the challenge
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the 62nd NABE Annual Meeting “Global Reset? Economics, Business, and Policy in the Pandemic”
01/10/2020
Luis de Guindos: Interview with Market News International
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luke Heighton on 29 September 2020
30/09/2020
Christine Lagarde: The monetary policy strategy review: some preliminary considerations
Speech by Christine Lagarde, President of the ECB, at the “ECB and Its Watchers XXI” conference
28/09/2020
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)
24/09/2020
Philip R. Lane: Q&A on Twitter
Interview on Twitter with Philip R. Lane, Member of the Executive Board of the ECB, conducted on 24 September 2020
22/09/2020
Fabio Panetta: Asymmetric risks, asymmetric reaction: monetary policy in the pandemic
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the meeting of the ECB Money Market Contact Group
20/09/2020
Luis de Guindos: Interview with La Razón
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jesús Rivasés on 14 September 2020
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16/09/2020
Isabel Schnabel: Interview with Agence France-Presse (AFP)
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jean-Philippe Lacour
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13/09/2020
Christine Lagarde: Remarks at the Annual Meeting of the Council of Governors of the Arab Central Banks and Monetary Authorities
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”
11/09/2020
Isabel Schnabel: The shadow of fiscal dominance: Misconceptions, perceptions and perspectives
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?”
11/09/2020
Philip R. Lane: The outlook for the euro area
Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Summary

Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.

10/09/2020
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, 10 September 2020
31/08/2020
Isabel Schnabel: Interview with Reuters
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balazs Koranyi and Frank Siebelt on 28 August 2020 and published on 31 August 2020
27/08/2020
Philip R. Lane: The pandemic emergency: the three challenges for the ECB
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City “Navigating the Decade Ahead: Implications for Monetary Policy”
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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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
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
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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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
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
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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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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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
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
10/06/2020
ECB reports on progress towards euro adoption for EU countries
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
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
22/05/2020
Philip R. Lane: International inflation co-movements
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Inflation: Drivers and Dynamics 2020 Online Conference, Federal Reserve Bank of Cleveland/European Central Bank, 22 May 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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04/05/2020
Results of the Q2 2020 ECB Survey of Professional Forecasters
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
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
27/02/2020
Philip R. Lane: Monetary policy, low interest rates and low inflation
Dinner remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Centre for European Reform
27/02/2020
Isabel Schnabel: How long is the medium term? Monetary policy in a low inflation environment
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Barclays International Monetary Policy Forum
21/02/2020
Philip R. Lane: The monetary policy toolbox: evidence from the euro area
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the 2020 US Monetary Policy Forum
14/02/2020
Philip R. Lane: Interview with RTÉ (Ireland’s National Television and Radio Broadcaster)
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
11/02/2020
Philip R. Lane: Low inflation: macroeconomic risks and the monetary policy stance
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the financial markets workshop of the Economic Council (Finanzmarktklausur des Wirtschaftsrats der CDU)
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11/02/2020
Isabel Schnabel: Narratives about the ECB’s monetary policy – reality or fiction?
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Juristische Studiengesellschaft
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06/02/2020
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
02/02/2020
Philip R. Lane: Interview with Financial Times
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Arnold on 27 January, and published on 2 February 2020
27/01/2020
Yves Mersch: Asset price inflation and monetary policy
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 celebration of INVESTAS’ 60th anniversary
24/01/2020
Christine Lagarde: Interview with Bloomberg TV
Interview with Christine Lagarde, President of the ECB, conducted by Francine Lacqua and broadcast on 24 January
24/01/2020
Results of the Q1 2020 ECB Survey of Professional Forecasters
23/01/2020
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, 23 January 2020
09/01/2020
Philip R. Lane: Policy Frameworks and Strategies for an Open Economy
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of England Workshop on "The Future of Inflation Targeting" in London, 9 January 2020
18/12/2019
Benoît Cœuré: Monetary policy: lifting the veil of effectiveness
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB colloquium on “Monetary policy: the challenges ahead” held in his honour
12/12/2019
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 December 2019
28/11/2019
Philip R. Lane: Determinants of the real interest rate
Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the National Treasury Management Agency
28/11/2019
Benoît Cœuré: Economics as a profession: from science to practice
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the PSE job forum, Paris School of Economics
24/10/2019
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 October 2019
16/10/2019
Philip R. Lane: The economic outlook for the euro area
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at Brookings Institution in Washington DC
24/09/2019
Luis de Guindos: Concluding remarks
Speech by Luis de Guindos, Vice-President of the ECB, at the ECB conference “Inflation in a changing economic environment”
16/09/2019
Philip R. Lane: Reflections on monetary policy
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at Bloomberg, London, 16 September 2019
12/09/2019
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 September 2019
04/09/2019
Philip R. Lane: The Phillips Curve at the ECB
Keynote lecture by Philip R. Lane, Member of the Executive Board of the ECB, at the 50th anniversary conference of The Money, Macro and Finance Research Group, London, 4 September 2019
27/08/2019
Luis de Guindos: Communication, expectations and monetary policy
Intervention by Luis de Guindos, Vice-President of the ECB, at the ECB policy panel of the Annual Congress of the European Economic Association, Manchester, 27 August 2019
25/07/2019
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 July 2019
11/07/2019
Benoît Cœuré: Inflation expectations and the conduct of monetary policy
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by the SAFE Policy Center, Frankfurt am Main, 11 July 2019
01/07/2019
Philip R. Lane: Monetary Policy and Below-Target Inflation
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of Finland conference on Monetary Policy and Future of EMU
29/06/2019
Yves Mersch: Economic and monetary policy at a turning point – where is the economy heading in Europe, the United States and China?
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Petersberger Sommerdialog, Königswinter, 29 June 2019
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18/06/2019
Mario Draghi: Twenty Years of the ECB’s monetary policy
Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 18 June 2019
10/06/2019
Luis de Guindos: The euro area economy and our monetary policy stance
Remarks by Luis de Guindos, Vice-President of the ECB, during the Instituto de Empresa (IE) Business Leadership Forum at the IE Business School, Madrid, 10 June 2019
06/06/2019
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Vilnius, 6 June 2019
16/05/2019
Benoît Cœuré: The rise of services and the transmission of monetary policy
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 21st Geneva Conference on the World Economy, 16 May 2019
12/04/2019
Mario Draghi: IMFC Statement
Statement by Mario Draghi, President of the ECB, at the thirty-ninth meeting of the International Monetary and Financial Committee, Washington, D.C., 12 April 2019
10/04/2019
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 April 2019
29/03/2019
Benoît Cœuré: Heterogeneity and the ECB’s monetary policy
Speech by Benoît Cœuré at the Banque de France Symposium & 34th SUERF Colloquium on the occasion of the 20th anniversary of the euro on “The Euro Area: Staying the Course through Uncertainties”, Paris, 29 March 2019
27/03/2019
Peter Praet: Providing monetary policy stimulus after the normalisation of instruments
Remarks by Peter Praet, Member of the Executive Board of the ECB, at The ECB and Its Watchers XX Conference, Frankfurt am Main, 27 March 2019
27/03/2019
Mario Draghi: Monetary policy in the euro area
Speech by Mario Draghi, President of the ECB, at the conference 'The ECB and Its Watchers XX', Frankfurt am Main, 27 March 2019
18/03/2019
Luis de Guindos: The euro area economy and our monetary policy stance
Remarks by Luis de Guindos, Vice-President of the ECB, at Asociación para el Progreso de la Dirección (APD), Madrid, 18 March 2019
07/03/2019
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 7 March 2019
20/02/2019
Peter Praet: Economic situation and outlook
Presentation by Peter Praet, Member of the Executive Board of the ECB, at the Frankfurt Main Finance Breakfast, Frankfurt am Main, 20 February 2019
24/01/2019
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 January 2019
13/12/2018
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 13 December 2018
26/11/2018
Peter Praet: Preserving monetary accommodation in times of normalisation
Speech by Peter Praet, Member of the Executive Board of the ECB, on “Herausforderungen für die Europäische Geldpolitik 2019” at 33. Internationales ZinsForum 2018, Frankfurt am Main, 26 November 2018
16/11/2018
Mario Draghi: The outlook for the euro area economy
Speech by Mario Draghi, President of the ECB, Frankfurt European Banking Congress, Frankfurt am Main, 16 November 2018
13/11/2018
Peter Praet: Preserving monetary accommodation in times of normalisation
Speech by Peter Praet, Member of the Executive Board of the ECB, at the UBS Conference, London, 13 November 2018
08/11/2018
Benoît Cœuré: Monetary policy and climate change
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference on “Scaling up Green Finance: The Role of Central Banks”, organised by the Network for Greening the Financial System, the Deutsche Bundesbank and the Council on Economic Policies, Berlin, 8 November 2018
25/10/2018
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 October 2018
20/09/2018
Peter Praet: Challenges to monetary policy normalisation
Speech by Peter Praet, Member of the Executive Board of the ECB, at the SUERF conference “Sustainable Policy Responses: EU and US Perspectives”, New York, 20 September 2018
17/09/2018
Peter Praet: Economic developments in the euro area
Presentation by Peter Praet, Member of the Executive Board of the ECB, to the Société Royale d’Economie Politique, Brussels, 17 September 2018
13/09/2018
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
26/07/2018
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 26 July 2018
09/07/2018
Mario Draghi: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 9 July 2018
03/07/2018
Peter Praet: Ensuring a sustained adjustment in inflation
Keynote speech by Peter Praet, Member of the Executive Board of the ECB, at Banca Naţională a României, Bucharest, 3 July 2018
19/06/2018
Mario Draghi: Monetary policy in the euro area
Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 19 June 2018
14/06/2018
Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
29/05/2018
Sabine Lautenschläger: Monetary policy - end of history?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Center for Financial Studies Colloquium, Frankfurt, 29 May 2018
26/04/2018
Mario Draghi, Vítor Constâncio: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 26 April 2018
11/04/2018
Mario Draghi: Generation €uro Students’ Award 2018 event
Introductory remarks and Q&A with Mario Draghi, President of the ECB, Frankfurt, 11 April 2018
14/03/2018
Peter Praet: Assessment of quantitative easing and challenges of policy normalisation
Speech by Peter Praet, Member of the Executive Board of the ECB, at The ECB and Its Watchers XIX Conference, Frankfurt am Main, 14 March 2018
14/03/2018
Mario Draghi: Monetary Policy in the Euro Area
Speech by Mario Draghi, President of the ECB, The ECB and Its Watchers XIX Conference organised by the Institute for Monetary and Financial Stability, Frankfurt, 14 March 2018
08/03/2018
Mario Draghi, Vítor Constâncio: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 8 March 2018
26/02/2018
Mario Draghi: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 26 February 2018
15/02/2018
Peter Praet: Strengthening France’s economy and the Eurozone
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
31/01/2018
Benoît Cœuré: What yield curves are telling us
Speech by Benoît Cœuré, Member of the Executive Board of the ECB at the Financial Times European Financial Forum, “Building a New Future for International Financial Services”, Dublin, 31 January 2018
25/01/2018
Mario Draghi, Vítor Constâncio: Introductory statement to the press conference (with Q&A)
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 25 January 2018