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Speeches published in 2016

06/12/2016
Yves Mersch:  Distributed Ledger Technology: role and relevance of the ECB
Speech by Yves Mersch, Member of the Executive Board of the ECB, 22nd Handelsblatt Annual Conference Banken-Technologie, 6 December 2016
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30/11/2016
Mario Draghi:  The productivity challenge for Europe
Lectio magistralis by Mario Draghi, President of the ECB, marking the 100th anniversary of the Deusto Business School, Madrid, 30 November 2016
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28/11/2016
Mario Draghi:  Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement of Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 28 November 2016
28/11/2016
Benoît Cœuré:  Greece: progress achieved and challenges ahead
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the American-Hellenic Chamber of Commerce conference on “Greece and the global disruptive environment: A look into the future”, Athens, 28 November 2016
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24/11/2016
Peter Praet:  The importance of a genuine banking union for monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, at the EMU Forum 2016, Oesterreichische Nationalbank, Vienna, 24 November 2016
21/11/2016
Mario Draghi:  Introductory statement to the plenary debate of the European Parliament on the ECB’s Annual Report 2015
Mario Draghi, President of the ECB, Strasbourg, 21 November 2016
21/11/2016
Benoît Cœuré:  Addressing Europe's economic and political challenges
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at TUM Speakers Series/HEC Débats organised by the Technical University of Munich, Munich, 21 November 2016
18/11/2016
Peter Praet:  The euro area economy, monetary policy and structural reforms
Remarks by Peter Praet, Member of the Executive Board of the ECB, at the Observatory Group roundtable in New York, 18 November 2016
18/11/2016
Mario Draghi:  The state and prospects of the euro area recovery
Speech by Mario Draghi, President of the ECB, at the European Banking Congress, Frankfurt, 18 November 2016
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17/11/2016
Peter Praet:  The future of global financial integration
Remarks by Peter Praet, Member of the Executive Board of the ECB, Global Research Forum on International Macroeconomics and Finance, Federal Reserve Bank of New York, 17 November 2016
17/11/2016
Yves Mersch:  The causes of monetary policy measures and their impact – a review
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Euro Finance Week, FAROS Institutional Investors Forum, Frankfurt, 17 November 2016
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15/11/2016
Sabine Lautenschläger:  The European banking sector – a quick pulse check
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at a Euro Finance Week Conference, Frankfurt am Main, 15 November 2016
14/11/2016
Peter Praet:  Long-run saving and monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, Parliamentary evening on “Challenges for long term savings products in the context of the zero-interest rate policy”, Brussels, 14 November 2016
14/11/2016
Mario Draghi:  Ciampi a via XX Settembre
Discorso di Mario Draghi, Presidente della BCE, in occasione della giornata in memoria di Carlo Azeglio Ciampi, Roma, 14 novembre 2016
14/11/2016
Vítor Constâncio:  Euro Area: Economic Outlook and Financial Sector Challenges
Speech by Vítor Constâncio, Vice-President of the ECB, at the 19th Euro Finance Week: Opening conference, Frankfurt am Main, 14 November 2016
10/11/2016
Yves Mersch:  Comments by Yves Mersch at Financial Services summit
Comments by Yves Mersch, Member of the Executive Board of the ECB, Cumberland Lodge Financial Services Summit, 10 November 2016
09/11/2016
Peter Praet:  Monetary policy and the euro area banking system
Speech by Peter Praet, Member of the Executive Board of the ECB, at ECMI Annual Conference, Brussels, 9 November 2016
07/11/2016
Sabine Lautenschläger:  Two years and three days of European banking supervision – what has changed?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Banking and Corporate Evening of the Deutsche Bundesbank’s Regional Office in Bavaria, Munich, 7 November 2016
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04/11/2016
Vítor Constâncio:  Challenges for future monetary policy frameworks: A European perspective
Speech by Vítor Constâncio, Vice-President of the ECB, at the 19th Annual International Banking Conference, “Achieving Financial Stability: Challenges to Prudential Regulation”, Chicago, 4 November 2016
03/11/2016
Benoît Cœuré:  Sovereign debt in the euro area: too safe or too risky?
Keynote address by Benoît Cœuré, Member of the Executive Board of the ECB, at Harvard University's Minda de Gunzburg Center for European Studies in Cambridge, MA, 3 November 2016
28/10/2016
Benoît Cœuré:  Monetary policy in a low-growth environment
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 4th Frankfurt Conference on Financial Market Policy organised by the Sustainable Architecture for Finance in Europe Policy Centre, Goethe University, Frankfurt, 28 October 2016
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27/10/2016
Yves Mersch:  Low interest rate environment – an economic, legal and social analysis
Speech by Yves Mersch, Member of the Executive Board of the ECB, University of the Deutsche Bundesbank, Hachenburg, 27 October 2016
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26/10/2016
Peter Praet:  The euro area economy, monetary policy and structural reforms
Remarks by Peter Praet, Member of the Executive Board of the ECB, at the European Treasurers Club in Brussels, 26 October 2016
25/10/2016
Mario Draghi:  Stability, equity and monetary policy
Speech by Mario Draghi, President of the ECB, 2nd DIW Europe Lecture, German Institute for Economic Research (DIW), Berlin, 25 October 2016
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12/10/2016
Yves Mersch:  The ECB and the Federal Reserve – an ocean apart?
Speech by Yves Mersch, Member of the Executive Board of the ECB, Harvard University, 12 October 2016
12/10/2016
Benoît Cœuré:  Strengthening the Greek financial system
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a public hearing at the European Parliament, Brussels, 12 October 2016
11/10/2016
Yves Mersch:  Speaking points for an event organised by MNI Connect
Speech by Yves Mersch, Member of the Executive Board of the ECB, New York, 11 October 2016
09/10/2016
Vítor Constâncio:  Securing sustained economic growth in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, at the G30 Meeting in Washington, 9 October 2016
07/10/2016
Peter Praet:  Beyond monetary policy: on the importance of a proper alignment of economic policies in EMU
Speech by Peter Praet, Member of the Executive Board of the ECB, at the conference “Beyond Monetary Policy”, organised by the US-Korea Institute at SAIS and Reinventing Bretton Woods Committee, Contribution to the Panel on Realignment of Economic Policy: Beyond Monetary Policy, Washington D.C., 7 October 2016
07/10/2016
Mario Draghi:  IMFC Statement
Statement by Mario Draghi, President of the ECB, at the thirty-fourth meeting of the International Monetary and Financial Committee, Washington DC, 7 October 2016
06/10/2016
Peter Praet:  Turn cyclical recovery into a structural recovery
Remarks by Peter Praet, Member of the Executive Board of the ECB, at the Morgan Stanley Roundtable “What next for Europe” in Washington, D.C., 6 October 2016
06/10/2016
Peter Praet:  Monetary policy transmission in the euro area
Policy address by Peter Praet, Member of the Executive Board of the ECB, at the SUERF Conference “Global Implications of Europe’s Redesign”, New York, 6 October 2016
04/10/2016
Peter Praet:  Monetary policy and the euro area banking system
Speech by Peter Praet, Member of the Executive Board of the ECB, at VII Financial Forum organised by Expansión and KPMG, Madrid, 4 October 2016
03/10/2016
Yves Mersch:  The challenge of low interest rates for banks within the banking union
Speech by Yves Mersch, Member of the Executive Board of the ECB, Public Roundtable at the University of Luxembourg on “Banking Union – Quo Vadis?”, Luxembourg, 3 October 2016
28/09/2016
Mario Draghi:  Working together for growth in Europe
Introductory remarks by Mario Draghi, President of the ECB, at Deutscher Bundestag, Berlin, 28 September 2016
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28/09/2016
Mario Draghi:  Researching the Macroeconomic Policies of the Future
Welcome address by Mario Draghi, President of the ECB, at the first ECB Annual Research Conference, Frankfurt am Main, 28 September 2016
27/09/2016
Benoît Cœuré:  Reforming financial sector benchmarks
Welcome remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the annual meeting of the Money Market Contact Group, Frankfurt am Main, Tuesday 27 September 2016
26/09/2016
Mario Draghi:  Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 26 September 2016
26/09/2016
Benoît Cœuré:  Having confidence in Europe
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference organised by the Istituto Affari Internazionali, Rome, 26 September 2016
26/09/2016
Yves Mersch:  The next steps in the evolution of the Eurosystem’s market infrastructure
Opening remarks by Yves Mersch, Member of the Executive Board of the ECB, at the Eurosystem community session at Sibos, Geneva, 26 September 2016
22/09/2016
Mario Draghi:  Welcome address
Speech by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the first annual conference of the ESRB, Frankfurt am Main, 22 September 2016
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19/09/2016
Yves Mersch:  Banks adapting to the new normal: Striking a balance between prudence and pragmatism
Speech by Yves Mersch, Member of the Executive Board of the ECB, Dinner Speech at the Mandarine Gestion Investment Conference, Munich, 19 September 2016
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15/09/2016
Benoît Cœuré:  The Case for Rethinking International Capital Flows
Dinner speech by Benoît Cœuré, Member of the Executive Board of the ECB, SUERF/PSE/CEPII Conference on "Rethinking Capital Controls and Capital Flows", Paris, 15 September 2016
15/09/2016
Peter Praet:  Remarks at the BNYM 20th anniversary dinner on the dynamics of TARGET2 balances and monetary policy implementation
Dinner address by Peter Praet, Member of the Executive Board of the ECB, at the BNYM 20th anniversary, Brussels, 15 September 2016
13/09/2016
Sabine Lautenschläger:  Monetary policy in uncertain times – the ECB and the crisis
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Parliamentary evening in Strasbourg, 13 September 2016
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13/09/2016
Mario Draghi:  Reviving the spirit of De Gasperi: working together for an effective and inclusive Union
Speech by Mario Draghi, President of the ECB, at the presentation ceremony of the De Gasperi award, Trento, 13 September 2016
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03/09/2016
Yves Mersch:  Introductory remarks for the discussion panel ‘The Future of the Euro’
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Ambrosetti Forum ‘Intelligence on the World, Europe, and Italy’ Villa d’Este, Cernobbio, 3 September 2016
31/08/2016
Peter Praet:  Financial cycles and monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, in the context of a panel on “International Monetary Policy”, Beijing, 31 August 2016
27/08/2016
Benoît Cœuré:  The ECB's operational framework in post-crisis times
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Federal Reserve Bank of Kansas City’s 40th Economic Policy Symposium, Jackson Hole, 27 August 2016
28/07/2016
Benoît Cœuré:  Assessing the implications of negative interest rates
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Yale Financial Crisis Forum, Yale School of Management, New Haven, 28 July 2016
07/07/2016
Vítor Constâncio:  Challenges for the European banking industry
Lecture by Vítor Constâncio, Vice-President of the ECB, at the Conference on “European Banking Industry: what’s next?”, organised by the University of Navarra, Madrid, 7 July 2016
07/07/2016
Sabine Lautenschläger:  European Banking Supervision – Business model analysis
Presentation by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the CEO/CFO/CRO-Roundtable, Madrid, 7 July 2016
06/07/2016
Mario Draghi:  Eighth ECB Statistics Conference
Welcome address by Mario Draghi, President of the ECB, at the Eighth ECB Statistics Conference, Central Bank Statistics: moving beyond the aggregates, Frankfurt am Main, 6 July 2016
05/07/2016
Sabine Lautenschläger:  Central bank statistics: moving beyond the aggregates
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, at the Eighth ECB Statistics Conference, Frankfurt am Main, 5 July 2016
01/07/2016
Peter Praet:  Transmission channels of monetary policy in the current environment
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Financial Times Festival of Finance, London, 1 July 2016
29/06/2016
Yves Mersch:  Opening remarks at the Academy of European Law
Speech by Yves Mersch, Member of the Executive Board of the ECB, Luxembourg, 29 June 2016
28/06/2016
Mario Draghi:  The International Dimension of Monetary Policy
Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 28 June 2016
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23/06/2016
Yves Mersch:  Monetary policy in the euro area: scope, principles and limits
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at the Natixis Meeting of Chief Economists, Paris, 23 June 2016
21/06/2016
Mario Draghi:  Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 21 June 2016
21/06/2016
Vítor Constâncio:  Introductory remarks at the fifth ECB conference on accounting, financial reporting and corporate governance for central banks
Speech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 21 June 2016
20/06/2016
Sabine Lautenschläger:  Sponsors dinner of the European Cultural Days
Dinner speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, on the occasion of a get-together of friends and supporters of the European Cultural Days organised in cooperation with Deutsche Bundesbank, Frankfurt am Main, 20 June 2016
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17/06/2016
Mario Draghi:  Laudatio for Theo Waigel
Speech by Mario Draghi, President of the ECB, in honour of Dr. Theodor Waigel at SignsAwards in Munich, 17 June 2016
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17/06/2016
Benoît Cœuré:  Structural reforms on the way to a complete Economic and Monetary Union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the International Conference on Structural Reforms in Advanced Economies, Hertie School of Governance, Berlin, 17 June 2016
16/06/2016
Yves Mersch:  Unkonventionelle Geldpolitik – eine ordnungspolitische Würdigung
Rede von Yves Mersch, Mitglied des Direktoriums der EZB, Albert-Ludwigs-Universität Freiburg, den 16. Juni 2016
15/06/2016
Vítor Constâncio:  The challenge of low real interest rates for monetary policy
Lecture by Vítor Constâncio, Vice-President of the ECB, Macroeconomics Symposium at Utrecht School of Economics, 15 June 2016
14/06/2016
Yves Mersch:  Grasping the new normal of the banking industry – a view from a European Central Banker
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the European Financial Congress, Sopot, Poland, 14 June 2016
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09/06/2016
Mario Draghi:  On the importance of policy alignment to fulfil our economic potential
5th Annual Tommaso Padoa-Schioppa Lecture by Mario Draghi, President of the ECB, at the Brussels Economic Forum 2016, Brussels, 9 June 2016
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07/06/2016
Yves Mersch:  Making Europe’s financial market infrastructure a bulwark of financial stability (speaking points)
Yves Mersch, Member of the Executive Board of the ECB, Banque de France/Sciences Po research seminar: Financial stability in a digital world, Paris, 7 June 2016
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06/06/2016
Benoît Cœuré:  Towards a macroprudential framework for central counterparties
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a policy panel discussion on the progress with new macroprudential instruments at the ESRB international conference on macroprudential margins and haircuts, Frankfurt am Main, 6 June 2016
06/06/2016
Vítor Constâncio:  Margins and haircuts as a macroprudential tool
Remarks by Vítor Constâncio, Vice-President of the ECB, at the ESRB international conference on the macroprudential use of margins and haircuts, Frankfurt am Main, 6 June 2016
02/06/2016
Mario Draghi:  Delivering a symmetric mandate with asymmetric tools: monetary policy in a context of low interest rates
Speech by Mario Draghi, President of the ECB, at the ceremony to mark the 200th anniversary of the Oesterreichische Nationalbank, Vienna, 2 June 2016
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01/06/2016
Sabine Lautenschläger:  European banking supervision – much achieved, but still much to do
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, Bundesbanksymposium "Dialogue on banking supervision", Frankfurt am Main, 1 June 2016
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11/05/2016
Benoît Cœuré:  Les décisions de la BCE depuis la crise : un tour d’horizon
Presentation by Benoît Cœuré, Member of the Executive Board of the ECB, at La Cour des comptes, Paris, 11 mai 2016
09/05/2016
Vítor Constâncio:  The outlook for the Global Economy
Remarks by Vítor Constâncio, Vice-President of the ECB, at City Week, London, 9 May 2016
03/05/2016
Benoît Cœuré:  Government bond markets in a changing environment
Keynote address by Benoît Cœuré, Member of the Executive Board of the ECB, at the Government Borrowers Forum, Paris, 3 May 2016

Summary

Government bond markets in a changing environment

Keynote address by Benoit Coeuré, Member of the Executive Board of the ECB, at the Government Borrowers Forum, Paris, 3 May 2016

In a keynote address at the Government Borrowers Forum, in Paris, ECB Board member Benoît Coeuré analyses the impact of recent policy interventions on market functioning. His remarks focus on unconventional monetary policy measures, regulatory developments and private-public partnership in financial market reforms. «Policy interventions are having an impact on market functioning today» he says, but in the case of the ECB’s monetary policy, «ongoing monitoring so far does not suggest impairments to the price discovery process» and «our monetary policy has not suppressed market discipline». The new market environment is more constrained, but also more resilient. «At the same time, more safety is not a substitute but a complement to well capitalised banks and sound public finances» he concludes.

02/05/2016
Sabine Lautenschläger:  The euro – idea and reality
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, at the Europa Forum Luzern, Luzern, 2 May 2016
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02/05/2016
Mario Draghi:  Addressing the causes of low interest rates
Introductory speech by Mario Draghi, President of the ECB, held at a panel on “The future of financial markets: A changing view of Asia” at the Annual Meeting of the Asian Development Bank, Frankfurt am Main, 2 May 2016
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26/04/2016
Vítor Constâncio:  Principles of Macroprudential Policy
Speech by Vítor Constâncio, Vice-President of the ECB, at the ECB-IMF Conference on Macroprudential Policy, Frankfurt am Main, 26 April 2016
25/04/2016
Yves Mersch:  Distributed ledger technology – panacea or flash in the pan?
Speech by Yves Mersch, Member of the Executive Board of the ECB, at Deutsche Bank Transaction Bankers' Forum 2016, Frankfurt am Main, 25 April 2016
25/04/2016
Vítor Constâncio:  Risk Sharing and Macroprudential Policy in an Ambitious Capital Markets Union
Speech by Vítor Constâncio, Vice-President of the ECB, at the Joint conference of the European Commission and European Central Bank on European Financial Integration and Stability, Frankfurt am Main, 25 April 2016
25/04/2016
Peter Praet:  Presentation at Banco de España conference
Remarks by Peter Praet, Member of the Executive Board of the ECB, at a conference in tribute to José Luis Malo de Molina, Madrid, 25 April 2016
15/04/2016
Mario Draghi:  IMFC Statement
Statement by Mario Draghi, President of the ECB, at the thirty-third meeting of the International Monetary and Financial Committee, Washington DC, 15 April 2016
13/04/2016
Vítor Constâncio:  International headwinds and the effectiveness of Monetary Policy
Speech by Vítor Constâncio, Vice-President of the ECB, at the 25th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies at the Levy Economics Institute of Bard College, Blithewood, Annandale-on-Hudson, New York, 13 April 2016
09/04/2016
Yves Mersch:  Scope and Limits of Monetary Policy
Introductory remarks by Yves Mersch, Member of the Executive Board of the ECB, at panel “Europe’s Economic and Monetary Policy” during the Ambrosetti Conference on the Outlook for the Economy and Finance, Villa d’Este, Cernobbio, 9 April 2016
07/04/2016
Vítor Constâncio:  Presentation of the ECB Annual Report 2015 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 7 April 2016
07/04/2016
Mario Draghi:  Participation of the President in the Portuguese Council of State
Introductory remarks by Mario Draghi, President of the ECB, at the Portuguese Council of State, Lisbon, 7 April 2016
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07/04/2016
Peter Praet:  The ECB’s monetary policy response to disinflationary pressures
Speech by Peter Praet, Member of the Executive Board of the ECB, at ECB and Its Watchers XVII conference organised by Center for Financial Studies, Frankfurt, 7 April 2016
04/04/2016
Peter Praet:  The ECB's fight against low inflation: reasons and consequences
Speech by Peter Praet, Member of the Executive Board of the ECB, at Luiss School of European Political Economy, Rome, 4 April 2016
22/03/2016
Yves Mersch:  Shaping the future of Europe’s financial 
market infrastructure
Opening remarks by Yves Mersch, Member of the Executive Board of the ECB, at the Information session on the consultative report on RTGS services, Frankfurt am Main, 22 March 2016
21/03/2016
Vítor Constâncio:  Capital Markets Union and the European monetary and financial framework
Keynote speech by Vítor Constâncio, Vice-President of the ECB, at Chatham House, London, 21 March 2016
21/03/2016
Benoît Cœuré:  The future of the euro area
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at Le Cercle Europartenaires, Paris, 21 March 2016
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02/03/2016
Benoît Cœuré:  A budgetary capacity for the euro area
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a public hearing at the European Parliament, Brussels, 2 March 2016
02/03/2016
Benoît Cœuré:  From challenges to opportunities: rebooting the European financial sector
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, at SZ (Süddeutsche Zeitung) Finance Day 2016, Frankfurt am Main, 2 March 2016
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01/03/2016
Sabine Lautenschläger:  Navigating uncertainty – governance, risk management and leveraged finance
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the ECB’s Supervisory Board, at the 17th Annual Risk Management Convention by the Global Association of Risk Professionals, 1 March 2016, New York
22/02/2016
Sabine Lautenschläger:  Caught in the middle? Small and medium-sized banks and European banking supervision
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the ECB’s Supervisory Board, at the Banking Evening of the Deutsche Bundesbank Regional Office in Baden-Württemberg, Stuttgart, 22 February 2016
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16/02/2016
Yves Mersch:  Oral hearing of the Federal Constitutional Court 16 February 2016 in the OMT proceedings
Speech by Yves Mersch, Member of the Executive Board of the ECB, Introductory statement of the European Central Bank, Karlsruhe, 16 February 2016
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15/02/2016
Mario Draghi:  Hearing at the European Parliament’s Economic and Monetary Affairs Committee
Introductory statement by Mario Draghi, President of the ECB, Brussels, 15 February 2016
10/02/2016
Peter Praet:  The ECB and its role as lender of last resort during the crisis
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Committee on Capital Markets Regulation conference on The lender of last resort – an international perspective, Washington DC, 10 February 2016
04/02/2016
Yves Mersch:  Policy needs, knowns and unknowns in the aftermath of the crisis
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at UBS, Zurich, 4 February 2016
04/02/2016
Mario Draghi:  How central banks meet the challenge of low inflation
Marjolin lecture delivered by Mario Draghi, President of the ECB, at the SUERF conference organised by the Deutsche Bundesbank, Frankfurt, 4 February 2016
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01/02/2016
Mario Draghi:  European Parliament plenary debate on the ECB Annual Report for 2014
Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 1 February 2016
01/02/2016
Benoît Cœuré:  Time for a new Lamfalussy moment
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Professor Lamfalussy Commemorative Conference, Budapest, 1 February 2016
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Summary

Time for a new Lamfalussy moment

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Professor Lamfalussy Commemorative Conference, Budapest, 1 February 2016

Recalling the crucial contribution of Alexandre Lamfalussy to European integration, Benoît Cœuré calls for a new method to accelerate this process at a commemorative conference in Budapest today. The fact that Europe is facing so many challenges should not discourage Member States from integrating further. On the contrary, says Benoît Cœuré, countries sharing the euro should show they are able to go forward in a unified manner. A successful euro area is crucial for a successful European Union. A strong political commitment to complete the Economic and Monetary Union (EMU) is also needed to strengthen the recovery and spur investment. It will show the public, business and markets that we are serious about make the euro a success. In the end, there will be no sustainable economic convergence without a political convergence, which implies a common understanding of what economic and fiscal policies look like in a monetary union. This is a root cause of why the spirit of the common rules is not sufficiently implemented. The moment has come to structure the process of integration in a new manner. This means putting the debate on European integration back where it belongs – in the political arena.

27/01/2016
Yves Mersch:  Current developments in the German banking market
Speech by Yves Mersch, Member of the Executive Board of the ECB, at an event organised by the Bayerischer Sparkassenverband, Munich, 27 January 2016
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27/01/2016
Sabine Lautenschläger:  Single Supervisory Mechanism – Single Supervisory Law?
Keynote speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Workshop of the European Banking Institute (EBI) hosted by the ECB, Frankfurt, 27 January 2016
27/01/2016
Benoît Cœuré:  The importance of independent fiscal councils
Opening remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the workshop on “Fiscal councils, central banks and sound public finances”, Frankfurt am Main, 27 January 2016

Summary

The importance of independent fiscal councils

Opening remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the workshop on “Fiscal councils, central banks and sound public finances”, Frankfurt am Main, 27 January 2016

Setting the stage for a workshop at the ECB on fiscal councils, central banks and sound public finances, Benoît Cœuré underlines in his opening remarks that sound public finances in all euro area member countries is a precondition for completing Economic and Monetary Union. Even if these days “there is no appetite for moving towards a ‘United States of Europe’”, he says, “there is a common understanding” that euro area member countries need to further integrate their fiscal and economic policies. Benoît Cœuré focuses on the requirements that need to be met for national fiscal councils and the European Fiscal Board (EFB) to be fully effective. “Independence” is the key word at both national and European levels. The EFB is also charged with the important task of coordinating fiscal policy in the euro area to avoid pro-cyclical fiscal policies. “At this juncture using fiscal space would speed up the euro area’s return to growth and support the ECB’s objective of medium-term price stability”, says Benoît Cœuré. “But, in many countries, such fiscal space simply does not exist, because rules have not been enforced in the past. Setting up independent institutions such as the fiscal councils at the national level and the EFB at the European level could prove to be a decisive step in this direction.”

25/01/2016
Mario Draghi:  How domestic economic strength can prevail over global weakness
Keynote speech by Mario Draghi, President of the ECB, at the Deutsche Börse Group New Year’s reception 2016, Eschborn, 25 January 2016
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25/01/2016
Sabine Lautenschläger:  Remarks on the collection of credit data (AnaCredit)
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs (ECON) at the European Parliament, Brussels, 25 January 2016
18/01/2016
Yves Mersch:  Growth potential and competition – what lies ahead for card payments?
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Banque de France Conference on card payments in Europe – latest trends and challenges, Paris, 18 January 2016
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15/01/2016
Benoît Cœuré:  Rebalancing in the euro area: are we nearly there yet?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Danish Economic Society, Kolding, 15 January 2016

Summary

Rebalancing in the euro area: are we nearly there yet?

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Danish Economic Society, Kolding, 15 January 2016

Imbalances have fuelled the euro area crisis. Sustainable rebalancing is key to ensuring growth and stability in the euro area. It is also key to completing our monetary union, because the political will needed to achieve this project will not exist unless economic divergences are first ironed out.

Sustainable rebalancing requires that adjustment is stable, symmetrical and structural.

Since the crisis we have seen considerable improvements, especially in the countries that entered the crisis with large current account deficits. Deficits in the (former) programme countries have adjusted dramatically. Costs adjustments have also taken place in surplus countries.

But the rebalancing process has not yet reached its steady state.

In several stressed countries adjustment was achieved through lower potential growth. Employment is still more than 10% below 2008 levels. Achieving both external rebalancing and high employment requires a better reallocation of available resources and higher productivity. The Capital Markets Union and completing the single market for services are two ways forward. Seeing rebalancing as all about cutting costs – which is what policymakers often think of as “competitiveness” – is misguided.

Surplus countries also have a contribution to make to rebalancing the euro area. Demand-side policies in these countries would support euro area price stability, but would have a very limited long-term impact. A combination of higher public investment and structural reforms to create incentives for increased private investment would address both external imbalances and the domestic challenges of weak investment and low potential growth.

The full potential of using the Macroeconomic Imbalance Procedure has so far not been realised and its corrective arm should be used forcefully. Euro area countries still have a way to go to make rebalancing sustainable. Doing so is not only essential for their own stability and growth. Ultimately, it is economic divergence that fuels political divergence, which is what makes the euro area so fragile.

13/01/2016
Sabine Lautenschläger:  After one year of European banking supervision, have expectations been met?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, at the Austrian Bankers’ Business Lunch, Frankfurt, 13 January 2016
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13/01/2016
Benoît Cœuré:  Cyber resilience for financial market infrastructures
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the workshop on the CPMI-IOSCO Guidance on Cyber Resilience for Financial Market Infrastructures, Frankfurt, 13 January 2016
12/01/2016
Sabine Lautenschläger:  Einheitlicher Aufsichtsmechanismus. Das erste Jahr – die ersten Erfolge (Präsentationsfolien)
Vortrag von Sabine Lautenschläger, Mitglied des Direktoriums der EZB und stellvertretende Vorsitzende des Aufsichtsgremiums des einheitlichen Aufsichtsmechanismus, Zonta Club Frankfurt am Main, 12. Januar 2016