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Pandemic emergency purchase programme (PEPP)

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
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.

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
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
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
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
Isabel Schnabel: Interview with NRC Handelsblad
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Beunderman on 1 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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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
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: 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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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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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
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
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
Isabel Schnabel: Interview with Perspektiven der Wirtschaftspolitik
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Karen Horn
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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
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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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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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
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.

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
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”
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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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.

18/03/2020
ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)