Publications on Inflation

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Markus Zydra, Bastian Brinkmann and Meike Schreiber on 10 January 2022

Introductory statement by Christine Lagarde, President of the ECB, at the meeting of the Conference of Parliamentary Committees for Union Affairs of the Parliaments of the European Union (COSAC)

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Isabella Bufacchi

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

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Robert Shortt on 7 January and published on 7 January 2022

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Eric Albert on 16 December and published on 22 December

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 December 2021

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Guillaume Benoit, Édouard Lederer and Thibaut Madelin on 24 November and published on 30 November

Lectio Magistralis by Christine Lagarde, President of the ECB, at the Accademia Nazionale dei Lincei

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mitri Sirin on 29 November 2021

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

Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at a Youth Dialogue hosted by the University of Sofia

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Sciences Po

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Carolynn Look and Alexander Weber on 22 and published on 23 November 2021

Keynote speech by Christine Lagarde, President of the ECB, at the 31st Frankfurt European Banking Congress 2021 “From Recovery to Strength”

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a virtual event organised by Goldman Sachs

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)

Introductory remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Second joint European Central Bank – Federal Reserve Bank of New York conference

Welcome address by Philip R. Lane, Member of the Executive Board of the ECB, at the ECB Conference on Money Markets

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Lluís Pellícer on 3 November 2021

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 28 October 2021

2021 Per Jacobsson Lecture by Christine Lagarde, President of the ECB, at the IMF Annual Meetings

Statement by Christine Lagarde, President of the ECB, at the forty-fourth meeting of the International Monetary and Financial Committee

Welcome address by Philip R. Lane, Member of the Executive Board of the ECB, at the ECB Conference on Monetary Policy: bridging science and practice

Welcome address by Isabel Schnabel, Member of the Executive Board of the ECB, at the ECB and Federal Reserve Bank of Cleveland’s “Inflation: Drivers and Dynamics Conference 2021”

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”

Speech by Christine Lagarde, President of the ECB, at ECB Forum on Central Banking "Beyond the pandemic: the future of monetary policy"

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)

Interview with Christine Lagarde, President of the ECB, conducted by Annette Weisbach, CNBC, on 23 September

Interview with Christine Lagarde, President of the ECB, conducted by David Rubenstein, Bloomberg, on 13 September

Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, 148th Baden-Baden Entrepreneurs’ Talk

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

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balazs Koranyi and Frank Siebelt

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Carla Neuhaus on 17 August and published on 20 August 2021

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Frank Wiebe and Jan Mallien

Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Federico Fubini

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 22 July 2021

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

Interview with Christine Lagarde, President of the ECB, conducted by Martin Arnold on 11 July 2021

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer on 8 July and published on 10 July 2021

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Petersberger Sommerdialog

Interview with Christine Lagarde, President of the ECB, conducted by Marie Cécile Berenger

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”

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)

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Paul Gordon on 17 June 2021

Interview with Christine Lagarde, President of the ECB, conducted by Johanna Treeck and Florian Eder on 11 June 2021 in Frankfurt

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 June 2021

Speech by Christine Lagarde, President of the ECB, on the occasion of the awarding of the Prix Turgot 2021, Paris

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balazs Koranyi, Frank Siebelt and Francesco Canepa

Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the “VIII. New Paradigm Workshop”, organised by the Forum New Economy

Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Jun Ishikawa

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Eric Albert and Marie Charrel

Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the OMFIF virtual panel

Interview with Luis de Guindos, conducted by Tonia Mastrobuoni on 27 April 2021

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Gabriel Mellqvist on 29 April 2021

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”

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 22 April 2021

Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament (by videoconference)

Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Luis Doncel and published on 11 April 2021

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tim Bartz and Stefan Kaiser on 1 April and published on 9 April 2021, in print on 10 April 2021

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Blog post by Christine Lagarde, President of the ECB

Interview on Twitter with Frank Elderson, Member of the Executive Board of the ECB, conducted and published on 16 March 2021

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Arnold

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 11 March 2021

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at an online event organised by Bocconi University

Interview with Luis de Guindos, Vice-President of the European Central Bank (ECB), conducted by Sérgio Aníbal

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”

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Andrés Stumpf on 22 February

Speech by Philip R. Lane, Member of the Executive Board of the ECB, at Comissão do Mercado de Valores Mobiliários

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Markus Zydra on 26 January and published on 1 February 2021 as a shortened version in Süddeutsche Zeitung

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Klemens Kindermann on 29 January 2021 and published on 31 January 2021

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

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, as part of the seminar series “Havarie Europa. Zur Pathogenese europäischer Gegenwarten” at the Hamburg Institute for Social Research (Hamburger Institut für Sozialforschung)

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Rome Investment Forum 2020

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 December 2020

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi on 1 December 2020

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

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at The Bank of Finland Monetary Policy webinar: New Challenges to Monetary Policy Strategies

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Annette Weisbach, CNBC, on 12 November and aired on 13 November

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Maria Nobre, broadcast on Tuesday, 17 November at 12:00 a.m. CET

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

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 29 Oktober 2020

Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

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

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tom Fairless on 8 October

Interview with Christine Lagarde, President of the ECB

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”

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luke Heighton on 29 September 2020

Speech by Christine Lagarde, President of the ECB, at the “ECB and Its Watchers XXI” conference

Introductory statement by Christine Lagarde, President of the ECB, at the ECON Committee of the European Parliament (by videoconference)

Interview on Twitter with Philip R. Lane, Member of the Executive Board of the ECB, conducted on 24 September 2020

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the meeting of the ECB Money Market Contact Group

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jesús Rivasés on 14 September 2020

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jean-Philippe Lacour

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”

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?”

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 September 2020

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

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”

Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 27 July 2020

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

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 July 2020

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

Video interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf on 7 July 2020 and posted on 8 July 2020

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi, Francesco Canepa and Frank Siebelt

Keynote speech by Fabio Panetta at a Capital Markets webinar organised by the European Investment Bank and the European Stability Mechanism

Blog post by Isabel Schnabel, Member of the Executive Board of the ECB, in Welt am Sonntag

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

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Isabella Bufacchi on 8 June

Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at an online seminar hosted by the Florence School of Banking & Finance

Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 9 June 2020

Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament (by videoconference)

Blog post by Philip R. Lane, Member of the Executive Board of the ECB

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 4 June 2020

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

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

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 30 April 2020

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 March 2020

Dinner remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Centre for European Reform

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Barclays International Monetary Policy Forum

Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the 2020 US Monetary Policy Forum

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

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)

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Juristische Studiengesellschaft

Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament

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

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

Interview with Christine Lagarde, President of the ECB, conducted by Francine Lacqua and broadcast on 24 January

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020

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

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

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 December 2019

Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the National Treasury Management Agency

Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the PSE job forum, Paris School of Economics

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 October 2019

Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at Brookings Institution in Washington DC

Speech by Luis de Guindos, Vice-President of the ECB, at the ECB conference “Inflation in a changing economic environment”

Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at Bloomberg, London, 16 September 2019

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 September 2019

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

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

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 July 2019

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

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

Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Petersberger Sommerdialog, Königswinter, 29 June 2019

Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 18 June 2019

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

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Vilnius, 6 June 2019

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 21st Geneva Conference on the World Economy, 16 May 2019

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

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 10 April 2019

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

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

Speech by Mario Draghi, President of the ECB, at the conference 'The ECB and Its Watchers XX', Frankfurt am Main, 27 March 2019

Remarks by Luis de Guindos, Vice-President of the ECB, at Asociación para el Progreso de la Dirección (APD), Madrid, 18 March 2019

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 7 March 2019

Presentation by Peter Praet, Member of the Executive Board of the ECB, at the Frankfurt Main Finance Breakfast, Frankfurt am Main, 20 February 2019

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 January 2019

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 13 December 2018

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

Speech by Mario Draghi, President of the ECB, Frankfurt European Banking Congress, Frankfurt am Main, 16 November 2018

Speech by Peter Praet, Member of the Executive Board of the ECB, at the UBS Conference, London, 13 November 2018

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

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 October 2018

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

Presentation by Peter Praet, Member of the Executive Board of the ECB, to the Société Royale d’Economie Politique, Brussels, 17 September 2018

Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 26 July 2018

Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 9 July 2018

Keynote speech by Peter Praet, Member of the Executive Board of the ECB, at Banca Naţională a României, Bucharest, 3 July 2018

Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 19 June 2018

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

Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 26 April 2018

Introductory remarks and Q&A with Mario Draghi, President of the ECB, Frankfurt, 11 April 2018

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

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

Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 8 March 2018

Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 26 February 2018

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

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

Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 25 January 2018