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Publications on Risks

15 November 2022
SPEECH
Dinner speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, on the occasion of the 25th Euro Finance Week, Deutsche Bundesbank, Frankfurt am Main
8 November 2022
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 7, 2022
Details
Abstract
This article surveys the literature on consumption risk sharing, focusing on the euro area but also presenting evidence for individual countries, including the United States. The literature finds that risk sharing is weaker in the euro area than between regions or federal states in the individual countries examined. However, our analysis of the response to the coronavirus (COVID-19) crisis indicates that risk sharing in the euro area has been more resilient in this period than it was during the global financial crisis of 2008-10. It suggests that the provision of timely large-scale policy support reduced the risk of cross-border financial flows coming to a sudden halt, thus preventing a severe disruption of private risk sharing. This experience speaks in favour of establishing a common public risk-sharing mechanism in the euro area and completing the banking union and capital markets union. At the same time, the right balance must be found between additional, centralised euro area stabilisation and risk-sharing instruments and credible enforcement of fiscal rules to anchor market expectations of sound public finances.
JEL Code
C23 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Panel Data Models, Spatio-temporal Models
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G15 : Financial Economics→General Financial Markets→International Financial Markets
3 November 2022
PRESS RELEASE
27 October 2022
INTRODUCTORY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 27 October 2022
4 August 2022
PRESS RELEASE
8 July 2022
THE ECB BLOG
The ECB is reducing the carbon footprint in its portfolio and pushing banks to better manage climate risks. Within our mandate, we incorporate climate change considerations into our monetary policy and banking supervision, say Frank Elderson and Isabel Schnabel.
23 June 2022
PRESS RELEASE
19 May 2022
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the 20th 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)
1 May 2022
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Adolfo Lorente and Manu Álvarez on 26 April
English
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28 April 2022
SPEECH
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament
25 April 2022
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Columbia University
English
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23 February 2022
SPEECH
Contribution by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, on the panel “Sustainable finance: what is expected from transition scenarios?” at the Eurofi High Level Seminar 2022
10 February 2022
PRESS RELEASE
17 November 2021
PRESS RELEASE
Related
17 November 2021
FINANCIAL STABILITY REVIEW
9 November 2021
SPEECH
Remarks by Christine Lagarde, President of the ECB, at the ECB Forum on Banking Supervision, 9 November 2021
4 November 2021
PRESS RELEASE
20 October 2021
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Financial Market Authority’s Supervisory Conference
19 October 2021
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the 31st Lisbon meeting between the central banks of Portuguese-speaking countries
English
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12 October 2021
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Finance at Countdown event
8 October 2021
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the panel on “Cross-border dimensions of non-bank financial intermediation: what are the priorities for building resilience globally?”, as part of the UK G7 Presidency Conference on “Safe Openness in Global Trade and Finance” hosted by the Bank of England
21 August 2021
INTERVIEW
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
English
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5 August 2021
PRESS RELEASE
28 June 2021
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the Frankfurt Euro Finance Summit
24 June 2021
PRESS RELEASE
3 May 2021
INTERVIEW
Interview with Luis de Guindos, conducted by Tonia Mastrobuoni on 27 April 2021
English
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29 April 2021
SPEECH
Keynote speech by Frank Elderson, Vice-Chair of the Supervisory Board and Member of the Executive Board of the ECB, at the conference on “The Role of Banks in Greening Our Economies” organised by the European Bank for Reconstruction and Development and Hrvatska narodna banka
14 April 2021
SPEECH
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament (by videoconference)
18 March 2021
THE ECB BLOG
The damage caused by more frequent and severe natural disasters far exceeds the costs of transitioning to a greener economy, writes Vice-President Luis de Guindos in his ECB Blog post on our first climate stress test for banks and companies.
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”
17 February 2021
PRESS RELEASE
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
27 January 2021
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Elena Laskari on 26 January 2021
English
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25 January 2021
SPEECH
Introductory statement by Frank Elderson, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament
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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21 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 Kai Johannsen and published on 21 November 2020
English
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19 November 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, Financial Stability Conference on “Stress, Contagion, and Transmission” organised by the Federal Reserve Bank of Cleveland and the Office of Financial Research
Annexes
19 November 2020
SPEECH
17 November 2020
INTERVIEW
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
16 November 2020
SPEECH
Keynote speech by Luis de Guindos, Vice-President of the ECB, at the 23rd EURO FINANCE WEEK
5 November 2020
PRESS RELEASE
4 November 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the second EBI Policy Conference on “Europe and the Covid-19 Crisis – Looking back and looking forward”
Annexes
4 November 2020
SPEECH
17 October 2020
INTERVIEW
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Eirini Chrysolora
English
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11 September 2020
SPEECH
Introductory statement by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Eurofi Financial Forum in Berlin
27 August 2020
PRESS RELEASE
26 August 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the EEA Roundtable on Monetary Policy, Low Interest Rates and Risk Taking at the 35th Congress of the European Economic Association
Annexes
26 August 2020
SPEECH
25 June 2020
PRESS RELEASE
11 May 2020
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Consensus 2020 virtual conference, 11 May 2020
5 May 2020
MACROPRUDENTIAL BULLETIN - ARTICLE - No. 10
Details
Abstract
Stablecoins provide an alternative to volatile crypto-assets. Depending on their asset management function, they may fall under different regulatory regimes or – with certain design features – under none at all. Given their potential size, global stablecoins could pose risks to financial stability. Such arrangements need a robust regulatory framework.
JEL Code
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G15 : Financial Economics→General Financial Markets→International Financial Markets
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
27 February 2020
SPEECH
Speech by Christine Lagarde, President of the ECB, at the launch of the COP 26 Private Finance Agenda
26 February 2020
SPEECH
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the Second Joint Bundesbank/ECB/Federal Reserve Bank of Chicago Conference on CCP Risk Management
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
English
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6 February 2020
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the XXVI Santander Iberian Conference
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
27 January 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 celebration of INVESTAS’ 60th anniversary
23 January 2020
INTRODUCTORY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020
16 December 2019
SPEECH
Remarks by Luis de Guindos, Vice-President of the ECB, at the fourth annual ECB macroprudential policy and research conference
13 December 2019
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the conference Financial Integration and Inclusive Development – A View from the Mediterranean Countries, jointly organised by Banco de España, OECD and European Institute of the Mediterranean (IEMed)
29 November 2019
SPEECH
Closing remarks by Luis de Guindos, Vice-President of the ECB, at the VIII High-level Policy Dialogue between Eurosystem and Latin American central banks
25 November 2019
SPEECH
Speech by Philip R. Lane, Member of the Executive Board of the ECB, Public Lecture for the Centre for Finance and the Department of Economics at University College London
21 November 2019
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the S&P Global’s European Financial Institutions Conference, Paris
18 November 2019
SPEECH
Opening speech by Luis de Guindos, Vice-President of the ECB, at the 22nd Euro Finance Week
15 November 2019
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Colloque de l’AEDBF-Europe, Paris, 15 November 2019
English
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24 October 2019
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 October 2019
2 October 2019
SPEECH
Remarks by Luis de Guindos, Vice-President of the ECB, at the meeting of the Financial Stability Contact Group
1 October 2019
SPEECH
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the University of California
4 September 2019
SPEECH
Appointment hearing of Yves Mersch, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 4 September 2019
11 July 2019
SPEECH
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
Annexes
11 July 2019
SPEECH
21 May 2019
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, London City Week, London, 21 May 2019
1 May 2019
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, OMFIF City Lecture, London, 1 May 2019
17 April 2019
SPEECH
Panel remarks by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Network for Greening the Financial System Conference, in Paris, France, 17 April 2019
27 March 2019
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at The ECB and Its Watchers XX conference, Frankfurt am Main, 27 March 2019
12 March 2019
SPEECH
Panel remarks by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Financial Stability Institute 20th anniversary conference, Basel, 12 March 2019
13 February 2019
SPEECH
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the 14th Asia-Pacific High-level meeting on Banking Supervision, in Sydney, 13 February 2019
24 January 2019
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 January 2019
13 December 2018
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 13 December 2018
27 November 2018
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, Workshop discussion: Sustainability is becoming mainstream, Frankfurt, 27 November 2018
English
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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
English
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13 November 2018
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the Deutsche Bundesbank reception on the occasion of Euro Finance Week, Frankfurt, 13 November 2018
13 November 2018
SPEECH
Opening Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Banking Supervision, Resolution and Risk Management conference during the 21st Euro Finance Week, Frankfurt am Main, 13 November 2018
12 November 2018
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the Opening Conference, 21st Euro Finance Week, Frankfurt am Main, 12 November 2018
6 November 2018
SPEECH
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Luncheon of Chairs of Supervisory Boards of banks in Germany, Frankfurt, 6 November 2018
English
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30 October 2018
SPEECH
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the 13th ASBA-BCBS-FSI High-Level Meeting on Global and Regional Supervisory Priorities in Nassau, Bahamas, 30 October 2018
27 September 2018
SPEECH
Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, third annual conference of the ESRB, Frankfurt am Main, 27 September 2018.
13 September 2018
INTRODUCTORY STATEMENT
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
English
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8 June 2018
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the International Risk Management Conference, Paris, 8 June 2018
23 April 2018
SPEECH
Panel intervention by Benoît Cœuré, Member of the Executive Board of the ECB, at the ILF Conference on “Resolution in Europe: the unresolved questions”, Frankfurt am Main, 23 April 2018
20 April 2018
SPEECH
Statement by Mario Draghi, President of the ECB, at the thirty-seventh meeting of the International Monetary and Financial Committee, Washington D.C., 20 April 2018
15 March 2018
SPEECH
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Lecture at the Florence School of Banking and Finance, Florence, 15 March 2018
31 January 2018
SPEECH
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