All speeches

10/04/2017
Vítor Constâncio:  Presentation of the ECB Annual Report 2016 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 10 April 2017
08/04/2017
Yves Mersch:  Remarks on the future of economic governance in Europe and the euro
Introductory remarks by Yves Mersch, Member of the Executive Board of the ECB, at panel “The Agenda for Europe”, at Ambrosetti's Finance Forum on 'The Outlook for the Economy and Finance', Villa d’Este, Cernobbio, 8 April 2017
06/04/2017
Peter Praet:  We need to complete the Banking Union
Speaking points by Peter Praet, Member of the Executive Board of the ECB, for Eurofi panel on “priorities for relaunching the Eurozone” in Malta, 6 April 2017
06/04/2017
Peter Praet:  Calibrating unconventional monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, at The ECB and Its Watchers XVIII Conference organised by the Center for Financial Studies and the Institute for Monetary and Financial Stability at Goethe University Frankfurt, panel on the “Assessment of the expanded asset purchase programme” (with John Taylor and Jan Hatzius), Frankfurt am Main, 6 April 2017
06/04/2017
Vítor Constâncio:  Effectiveness of Monetary Union and the Capital Markets Union
Speech by Vítor Constâncio, Vice-President of the ECB, at the EUROFI Conference, Malta, 6 April 2017
06/04/2017
Mario Draghi:  Monetary policy and the economic recovery in the euro area
Speech by Mario Draghi, President of the ECB, at The ECB and Its Watchers XVIII Conference, Frankfurt am Main, 6 April 2017
04/04/2017
Vítor Constâncio:  Effectiveness of Monetary Union and the Capital Markets Union
Contribution of Vítor Constâncio, Vice-President of the ECB, for the magazine of the Eurofi conference in Malta (5-7 April 2017), 4 April 2017
04/04/2017
Mario Draghi:  Address to mark the launch of the new €50 banknote
Welcome address by Mario Draghi, President of the ECB, at an event marking the issuance of the new €50 banknote, Frankfurt am Main, 4 April 2017
04/04/2017
Peter Praet:  It is urgent to agree on an ambitious timetable for completing the Banking Union
Contribution of Peter Praet, Member of the Executive Board of the ECB, for the magazine of the Eurofi conference in Malta (5-7 April 2017), 4 April 2017
03/04/2017
Benoît Cœuré:  Bond scarcity and the ECB’s asset purchase programme
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Club de Gestion Financière d’Associés en Finance, Paris, 3 April 2017
31/03/2017
Benoît Cœuré:  Central bank communication in a low interest rate environment
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by Bruegel, Brussels, 31 March 2017
30/03/2017
Yves Mersch:  Central bank independence revisited
Keynote address by Yves Mersch, Member of the Executive Board of the ECB, at the “Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States”, Frankfurt am Main, 30 March 2017
30/03/2017
Peter Praet:  How does monetary policy secure price stability over the medium term?
Intervention by Peter Praet, Member of the Executive Board of the ECB, at the 4th European Technical Consumer Goods Retail Summit in Berlin, 30 March 2017
29/03/2017
Peter Praet:  Have unconventional policies overstretched central bank independence? Challenges for accountability and transparency in the wake of the crisis
Keynote address by Peter Praet, Member of the Executive Board of the ECB, at the “Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States”, Frankfurt am Main, 29 March 2017
28/03/2017
Benoît Cœuré:  Independence and accountability in a changing world
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the Transparency International EU Event “Two sides of the same coin? Independence and accountability of the European Central Bank”, Brussels, 28 March 2017
28/03/2017
Benoît Cœuré:  Setting standards for granular data
Opening remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the Third OFR-ECB-Bank of England workshop on “Setting Global Standards for Granular Data: Sharing the Challenge”, Frankfurt am Main, 28 March 2017
27/03/2017
Peter Praet:  The economic situation in the euro area and the implications for monetary policy
Keynote speech by Peter Praet, Member of the Executive Board of the ECB, at the IE Business School Leadership Forum, Madrid, 27 March 2017
27/03/2017
Sabine Lautenschläger:  Digital na(t)ive? Fintechs and the future of banking
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at an ECB Fintech Workshop, Frankfurt, 27 March 2017
23/03/2017
Sabine Lautenschläger:  Taming the fire
Statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Credit Risk 2017 forum, Vienna, 23 March 2017
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22/03/2017
Sabine Lautenschläger:  Caution should be the life of banking
Introductory statement by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the AFME Board Meeting in Frankfurt, 22 March 2017
16/03/2017
Peter Praet:  The ECB’s monetary policy: past and present
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Febelfin Connect event, Brussels/Londerzeel, 16 March 2017
15/03/2017
Peter Praet:  The euro area economic outlook and monetary policy
Intervention by Peter Praet, Member of the Executive Board of the ECB, at a panel discussion at the G-20 conference "The G20 Agenda under the German Presidency" organised by the Institute of International Finance, Frankfurt am Main, 15 March 2017
13/03/2017
Mario Draghi:  Moving to the Frontier: Promoting the Diffusion of Innovation
Welcome address by Mario Draghi, President of the ECB, at the joint conference by the ECB and the MIT Lab for Innovation Science and Policy “Fostering Innovation and Entrepreneurship in the Euro area”, Frankfurt am Main, 13 March 2017
13/03/2017
Sabine Lautenschläger:  Walled off? Banking regulation after the crisis
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Institute of International and European Affairs, Dublin, 13 March 2017
02/03/2017
Sabine Lautenschläger:  The European banking sector – growing together and growing apart
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the LSE German Symposium, London, 2 March 2017
23/02/2017
Peter Praet:  The macroeconomic situation and monetary policy in the euro area
Introductory remarks by Peter Praet, Member of the Executive Board of the ECB, at the MNI Connect Roundtable and OMFIF lunch discussion, London, 23 February 2017
23/02/2017
Peter Praet:  Creating stability in an uncertain world
Speech by Peter Praet, Member of the Executive Board of the ECB, at the conference "Brexit and the implications for financial services" jointly organised by SUERF and hosted by Ernst & Young, London, 23 February 2017
16/02/2017
Benoît Cœuré:  Sustainable Globalisation: Lessons from Europe
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Workshop: “Financial globalization and its spillovers – monetary and exchange rate policy in times of crises”, Special public event “25 Years after Maastricht: The Future of Money and Finance in Europe”, Maastricht, 16 February 2017
10/02/2017
Yves Mersch:  Behaving responsibly in a low interest rate environment: A central banker’s perspective
Speech by Yves Mersch, Member of the Executive Board of the ECB, Stiftung Marktwirtschaft: Expertentagung “5th Kadener Gespräch”, Alveslohe, 10 February 2017
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06/02/2017
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, 6 February 2017
03/02/2017
Vítor Constâncio:  Resolving Europe’s NPL burden: challenges and benefits
Keynote speech by Vítor Constâncio, Vice-President of the ECB, at an event entitled "Tackling Europe's non-performing loans crisis: restructuring debt, reviving growth" organised by Bruegel, Brussels, 3 February 2017
02/02/2017
Benoît Cœuré:  Outlook for monetary policy in the euro area
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Association d’Économie Financière, Paris, 2 February 2017
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02/02/2017
Peter Praet:  Maintaining price stability in the euro area
Remarks by Peter Praet, Member of the Executive Board of the ECB, at the 15. Handelsblatt Jahrestagung “Zukunftstrategien für Sparkassen und Landesbanken”, Berlin, 2 February 2017
02/02/2017
Mario Draghi:  Security through unity: making integration work for Europe
Speech by Mario Draghi, President of the ECB, at the joint ECB and Banka Slovenije conference on the occasion of the 10th anniversary of the adoption of the euro, Ljubljana, 2 February 2017
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31/01/2017
Yves Mersch:  Digital transformation: Europe’s integrated market of tomorrow
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Joint ECB and European Commission Conference “Into the future: Europe’s digital integrated market”, Frankfurt am Main, 31 January 2017
31/01/2017
Mario Draghi:  Welcome address
Opening remarks by Mario Draghi, President of the ECB, at the Joint ECB and European Commission Conference “Into the future: Europe’s digital integrated market”, Frankfurt am Main, 31 January 2017
26/01/2017
Yves Mersch:  Ructions in the repo market – monetary easing or regulatory squeezing?
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the GFF summit, Luxembourg, 26 January 2017
24/01/2017
Sabine Lautenschläger:  The test of progress – Europe, the euro and the future
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Übersee-Club Hamburg, Hamburg, 24 January 2017
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24/01/2017
Peter Praet:  Towards Banking Union
Remarks by Peter Praet, Member of the Executive Board of the ECB, in the session “(Do Not) Break It: Today’s Europe at Full Speed” of the LUISS International Conference on “Europe 2017: Make it or Break it”, Rome, 24 January 2017
23/01/2017
Mario Draghi:  Cavour Prize 2016: commemoration
Speech by Mario Draghi, President of the ECB, on the occasion of the awarding of the Premio Camillo Cavour 2016, Santena, 23 January 2017
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20/01/2017
Benoît Cœuré:  Productivity and Growth: Innovation and Diffusion
Introductory statement by Benoît Cœuré, Member of the Executive Board of the ECB, at the session “Revitalizing the Global Economy”, Davos, 20 January 2017
20/01/2017
Peter Praet:  Is secular stagnation the new economic reality?
Remarks by Peter Praet, Member of the Executive Board of the ECB, for the policy panel entitled “How to deal with potential secular stagnation?” at the Secular Stagnation and Growth Measurement Conference, Banque de France, Paris, 16 January 2017
16/01/2017
Yves Mersch:  Digital Base Money: an assessment from the ECB’s perspective
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Farewell ceremony for Pentti Hakkarainen, Deputy Governor of Suomen Pankki – Finlands Bank, Helsinki, 16 January 2017
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06/01/2017
Yves Mersch:  2017 – a decisive year for innovative retail payment services
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at the French Payments Committee conference on “Technological innovations in payments and beyond”, Banque de France, Paris, 6 January 2017
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16/12/2016
Vítor Constâncio:  Stijn van Nieuwerburgh’s contribution to macroeconomics and finance
Speech by Vítor Constâncio, Vice-President of the ECB, at the ceremony marking the award of the Germán Bernácer Prize for Promoting Economic Research in Europe to Stijn van Nieuwerburgh, Madrid, 16 December 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
14/12/2015
Mario Draghi:  Monetary policy and structural reforms in the euro area
Speech by Mario Draghi, President of the ECB,   Prometeia40,   Bologna, 14 December 2015
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Summary

Monetary Policy and Structural Reforms in the euro area

Intervention by Mario Draghi, President of the European Central Bank, at Prometeia40, Bologna, 14 December 2015

The tools we have deployed since June 2014 are producing the intended effects, said Mario Draghi in a speech in Bologna today. Following the recalibration of our instruments decided by the Governing Council earlier this month, the ECB expects inflation to return to its objective without undue delay. The President also said that if the ECB had to intensify the use of its instruments to ensure that it achieves its price stability mandate, it would.

However, while monetary policy can deliver price stability, that alone does not guarantee lasting prosperity. To have a structural recovery we need to raise not just current growth but potential growth as well. The key to this is higher investment. Investment has been held back in the euro area by three things: weak demand dynamics, the still-high private debt overhang and fragile private sector confidence.

The euro area today needs to take additional steps, alongside supporting demand, to address the debt overhang and fragile confidence. Structural reforms are key to this end. It is clear that, in some countries, the large stock of non-performing loans (NPLs) is still preventing a stronger recovery in credit. All this explains why facilitating a work-out of NPLs has to be part of the package of policy actions to restore productive investment. The ongoing work towards a Capital Market Union (CMU) is an opportunity to accelerate progress also on this front. If we are to truly underpin confidence, it is important that, even while dealing with more pressing priorities, we do not lose sight of the need to complete our monetary union.

11/12/2015
Peter Praet:  The transmission of recent non-standard measures
Speech by Peter Praet, Member of the Executive Board of the ECB, Joint BoE, ECB, CEPR and CFM Conference on Credit Dynamics and the Macroeconomy; London, 11 December 2015
09/12/2015
Sabine Lautenschläger:  Single Supervisory Mechanism - Achievements after one year
Presentation 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 Eleventh High-level Meeting for the Middle East & North Africa Region: Global Banking Standards and Regulatory and Supervisory Priorities, Abu Dhabi, 9 December 2015
04/12/2015
Mario Draghi:  Global and domestic inflation
Speech by Mario Draghi, President of the ECB, Economic Club of New York, 4 December 2015
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03/12/2015
Yves Mersch:  Auf neuen Wegen zum alten Ziel
Rede von Yves Mersch, Mitglied des Direktoriums der EZB, Ludwig-Maximilians-Universität, München, den 03. Dezember 2015
23/11/2015
Sabine Lautenschläger:  Stormy times – how is the ECB handling them?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory at the 2015 - General Assembly of the Bavarian Economic Advisory Committee, Munich, 23 November 2015
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21/11/2015
Benoît Cœuré:  Paradigm lost: Rethinking international adjustments
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Egon and Joan von Kashnitz Lecture, Clausen Center for International Business and Policy, Berkeley, 21 November 2015

Summary

Paradigm lost: Rethinking international adjustments

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Clausen Center for International Business and Policy, Berkeley, 21 November 2015

Central banks today operate in a highly interconnected world. They need a profound understanding of the international macroeconomics adjustment process. The research community can help policy makers answering their fundamental questions about globalization and shaping their response in terms of governance and regulation.

During the past two decades, policy discussion in fora such as the IMF, G7 or G20 have been predicated on three key assumptions about that process: reallocation of aggregate demand across economies would sustain an appropriate pace of global growth; freely floating exchange rates would support such demand and act as shock absorbers; and cross border capital flows make international adjustment smoother and improve the global allocation of capital.

But recent theoretical and empirical research has started deconstructing these three assumptions. First, the capacity of the global economy to generate growth is under question. In a global zero lower bound environment, surplus countries hold world output down. Second, global interconnectedness seems to have altered the shock absorbing role of floating exchange rates. And finally, academics have questioned the resource allocation and risk-sharing benefits of cross-border capital flows, while capital controls, or as recently dubbed capital flow management measures, are once again part of the policy discussion.

In light of these discussions, is there a case for rethinking international macro adjustments and the functioning of the International Monetary System? And can we shape financial regulation in a way to reap the benefits of a global financial integration? The way academics and policy makers address those open issues in international economics will condition the resilience of the global economic system, i.e. its capacity to return to equilibrium without policy intervention. This is of key importance to central bankers. If we ignore those issues, there is a risk that monetary policies may become ineffective, overburdened, and/or collectively trapped in a suboptimal equilibrium.

20/11/2015
Mario Draghi:  Monetary Policy: Past, Present and Future
Speech by Mario Draghi, President of the ECB, at the Frankfurt European Banking Congress, 20 November 2015
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Summary

Monetary Policy: Past, Present and Future

Speech by Mario Draghi, President of the European Central Bank, at the 25th Frankfurt European Banking Congress on 20 November 2015

The ECB’s monetary policy measures have clearly worked, in fact they are probably the dominant force spurring the recovery. They have been instrumental in arresting and reversing the deflationary pressures that hit the euro a year ago. Yet growth momentum remains weak and inflation remains well below our objective of below but close to 2%.

Composite lending rates for non-financial companies declined more than 70 basis points for the euro area as a whole between June 2014 and today, and by between 110 and 120 basis points in stressed economies. That is a formidable pass-through. Small businesses also report improvements in access to external sources of finance.

To highlight three risks: global growth this year will be the weakest since 2009; this is the weakest euro area rebound since 1998; and the recovery remains very protracted in historical perspective.

We cannot say with confidence that the process of economic repair in the euro area is complete. At the December Governing Council meeting we will thoroughly assess the strength and persistence of the factors that are slowing the return of inflation towards 2%. If we conclude that the balance of risks to our medium-term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate. We consider the asset purchase programme to be a powerful and flexible instrument, as it can be adjusted in terms of size, composition or duration to achieve a more expansionary stance. The level of the deposit facility rate can also empower the transmission of APP, not least by increasing the velocity of circulation of bank reserves. If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible. That is what our price stability mandate requires of us.

19/11/2015
Peter Praet:  Monetary policy under uncertainty
Speech by Peter Praet, Member of the Executive Board of the ECB, at the FAROS Institutional Investors Forum during the 18th Euro Finance Week 2015, Frankfurt, 19 November 2015
18/11/2015
Sabine Lautenschläger:  The SSM after one year
Keynote 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 IIF Colloquium on European Banking Union, Frankfurt, 18 November 2015
18/11/2015
Yves Mersch:  Keynote speech Euro Finance Week
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, Frankfurt, 18 November 2015
17/11/2015
Sabine Lautenschläger:  Qualitative and quantitative banking supervision
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 conference “Banking Supervision, Resolution and Risk Management” during the 18th Euro Finance Week 2015, Frankfurt, 17 November 2015
16/11/2015
Yves Mersch:  “A currency beyond the nation state: 
The euro and its institutional challenges ahead”
Dinner speech by Yves Mersch, Member of the Executive Board of the ECB, at Société d’Economie Politique, Paris, 16 November 2015
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16/11/2015
Vítor Constâncio:  “Monetary policy and the euro area problem”
Speech by Vítor Constâncio, Vice-President of the ECB, at the 18th Euro Finance Week, Frankfurt, 16 November 2015

Summary

“Monetary policy and the euro area problem”

Speech by Vítor Constâncio, Vice President of the European Central Bank, at the 18th Euro Finance Week in Frankfurt on 16 November 2015

The speech points that the euro area problem is part of a predicament shared by other advanced economies: decades of declining economic and productivity growth rates, prolonged periods of low inflation and an untamed financial sector fuelling asset price booms. Policies adopted by the ECB are thus responding to the present situation of low inflation and tepid recovery.

Namely, the low level of policy rates is associated with the declining real rate of equilibrium. The worsening of the international economic situation and the low inflation will lead the ECB to reassess its policy stance in December. To face the challenges confronting the euro area, it is recognised that monetary policy cannot address all the problems and that structural reforms and fiscal policy should help to overcome them.

12/11/2015
Mario Draghi:  Hearing at the European Parliament’s Economic and Monetary Affairs Committee
Introductory statement by Mario Draghi, President of the ECB, Brussels, 12 November 2015
12/11/2015
Yves Mersch:  Three challenges for the banking sector
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the European Financial Forum dinner, 2015 Cumberland Lodge Financial Services Summit, Cumberland Lodge, 12 November 2015
11/11/2015
Mario Draghi:  Cross-border markets and common governance
Luncheon speech by Mario Draghi, President of the ECB, Bank of England Open Forum, London, 11 November 2015

Summary

Cross-border markets and common governance

Luncheon speech by Mario Draghi, President of the ECB, Bank of England Open Forum, London, 11 November 2015

Cross-border markets and common governance

Markets have never been more integrated than they are today. In the case of Europe, we benefit from open markets because we need to be able to invest abroad part of the savings that will finance our pensions. The European Union embodies the principle of an open market economy in its Treaties.

But to reap the benefits of openness markets need appropriate governance. For example, people need confidence that contracts entered into will be enforced. Fair rules on competition, property rights and the rule of law are essential. For financial markets this is especially important given their inherent fragility.

Regulations need to be sufficiently sound to preserve the integrity of the market but not so taxing as to suffocate it. To be true sources of opportunity, markets need policing. This makes the market a political construct. In a true market, one that is both open and free, there exists at the level of the whole market the three branches of government: legislative, judiciary and executive.

It is well understood by all that a genuine single market in Europe has to be buttressed by appropriate and credible institutions. But political sovereignty and the market do not perfectly overlap so the question in Europe is which institutions are most appropriate to uphold as much freedom of the market as possible for different members.

The single currency increases the benefits of a single market but also heightens the degree of mutual vulnerability to which member countries are exposed. National policymakers cannot fully protect their citizens from financial instability without pooling more sovereignty over decision-making. Countries that share a single market and a single currency need deeper institutional integration.

The single supervisory mechanism is an example of this. A single supervisor, applying homogenous methodologies, internalises mutual trust. The case is clear that completing banking union is a priority, with a fully equipped single resolution mechanism and uniform deposit insurance scheme.

Cross border markets create a community of interest from which each member stands to benefit. But they also heighten shared exposure to the potential detriment of all, so they need governance. This is true at the global level and the European level. It is even more true for countries sharing the single currency. For them, it is even more important to complete economic and monetary union in all its aspects.

11/11/2015
Yves Mersch:  Elemente des Entwurfs des Aktionsplans zur Schaffung einer Kapitalmarktunion
Stichpunkte des Redebeitrags von Yves Mersch, Mitglied des Direktoriums der EZB, anlässlich einer Mittagsveranstaltung bei der Commerzbank, Berlin am 11. November 2015
06/11/2015
Peter Praet:  Monetary policy as information processing (slides from the presentation)
Speech by Peter Praet, Member of the Executive Board of the ECB, 3rd Frankfurt Conference on financial market policy – Digitizing finance, organised by SAFE Policy Center, Frankfurt am Main, 6 November 2015
06/11/2015
Yves Mersch:  View of a Central Banker on the Future of Banking
Speech by Yves Mersch, Member of the Executive Board of the ECB, at Slovenian Banking Day, Brdo, 6 November 2015
05/11/2015
Mario Draghi:  Speech to mark the opening of the academic year at the Università Cattolica del Sacro Cuore
Speech by Mario Draghi, President of the ECB, Università Cattolica del Sacro Cuore, Milan, 5 November 2015
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05/11/2015
Vítor Constâncio:  Understanding Inflation Dynamics and Monetary Policy in a Low Inflation Environment
Remarks by Vítor Constâncio, Vice-President of the European Central Bank at the ECB Conference on “Challenges for Macroeconomic Policy in a Low Inflation Environment”, Frankfurt, 5 November 2015
04/11/2015
Sabine Lautenschläger:  Looking ahead - Closing Remarks at the ECB Forum on Banking Supervision
Closing remarks 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 SSM Banking Supervision Forum, 4 November 2015
04/11/2015
Mario Draghi:  One year of ECB Banking Supervision
Speech by Mario Draghi, President of the ECB, at the ECB Forum on Banking Supervision, 4 November 2015, Frankfurt
03/11/2015
Mario Draghi:  Reception for the Opening of the European Cultural Days
Welcome address by Mario Draghi, President of the ECB, Frankfurt, 3 November 2015
02/11/2015
Sabine Lautenschläger:  One year of SSM
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 an international conference on "One year of SSM effective and efficient supervision in a volatile world?" organised by the Institute of Law and Finance, Frankfurt, Germany, 2 November 2015
02/11/2015
Benoît Cœuré:  The international regulatory agenda on CCP links
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ESRB workshop on CCP interoperability arrangements, 2 November 2015
29/10/2015
Vítor Constâncio:  The role of stress testing in supervision and macroprudential policy
Keynote address by Vítor Constâncio, Vice-President of the ECB, at the London School of Economics Conference on “Stress Testing and Macroprudential Regulation: a Trans-Atlantic Assessment”, London 29 October 2015

Summary

The generalised use of system-wide stress testing was boosted by the financial crisis. However, thus far, system-wide stress tests have been focusing on banks and their solvency and have been used for microprudential purposes.

The macroprudential policy function has added a new dimension to stress testing going well beyond the examination of individual bank results. Enhancements in the macro stress testing framework are underway to integrate more realistic dynamic features in the model-framework, allow for banks’ reactions, add a proper liquidity stress test component, integrate contagion effects as well as a two-way interaction with the real economy. Furthermore, efforts are being made in the direction of going beyond banks and integrating, to the extent possible, the shadow banking sector in the broader framework. These steps are necessary to provide the macro dimension to stress testing exercises and make them fit for macroprudential policy use. This entails accounting for macroeconomic impacts along the horizons of stress testing exercises, as well as alerting for the need for pre-emptive action and assessing the impact of macroprudential policy tools.

The objective is very challenging but is being actively pursued: a new framework  for stress testing must serve both the micro- and the macroprudential policy functions in a complementary way.

28/10/2015
Vítor Constâncio:  Macroprudential policy in Europe: ensuring financial stability in a banking union
Keynote speech by Vítor Constâncio, Vice-President of the ECB, at the Financial Stability Conference, Berlin, 28 October 2015

Summary

When the business cycle and the financial cycles are disconnected, monetary policy must remain anchored to its goal of ensuring price stability in the markets of goods and services. It cannot address instability in asset markets or broader financial stability risks. This is the task of macroprudential policy. Its objective is to contain systemic risk in the financial system. The role of macroprudential policy is all the more relevant in a monetary union, where economic and financial conditions may significantly differ across member states. With its granular and targeted instruments, macroprudential policy provides the most appropriate tool for staving off financial stability risks in the specific areas where they arise, being it at the level of a country, a sector or a financial institution. An effective conduct of macroprudential policy can therefore help monetary policy to remain focussed on fulfilling its price stability mandate.

The last two years have shown that macroprudential policy in Europe is already active. The implemented national macroprudential policies since the start of the CRR/CRD IV are especially focussed on structurally strengthening the banking system. In addition, the adoption of borrower-based instruments, such as loan-to-value (LTV), loan-to-income (LTI) or debt service-to-income (DSTI) by national authorities indicates that they are useful instruments in the European environment to curtail excessive credit and house price growth by acting directly on borrower’s conditions.

Going forward, we need to complete the macroprudential toolkit in the hands of European authorities to enhance consistency and policy co-ordination and to enable them to address financial stability risks emerging outside the banking system. This will be a key step to accompany further European market integration and the creation of a true Capital Markets Union.

27/10/2015
Benoît Cœuré:  The monetary policy of the ECB (slides from the presentation)
Presentation by Benoît Cœuré, Member of the Executive Board of the ECB, at Instituto Tecnológico Autónomo de México (ITAM) in Mexico City, 27 October 2015
26/10/2015
Yves Mersch:  Challenges of retail payments innovation
Speech by Yves Mersch, Member of the Executive Board of the ECB, at Belgian Financial Forum organised by the National Bank of Belgium, Brussels, 26 October 2015
20/10/2015
Sabine Lautenschläger:  Highlights of European Statistics by the ESCB – present and future
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 World Statistics Day 2015, 20 October 2015
16/10/2015
Benoît Cœuré:  Towards a political convergence process in the euro area
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Interparliamentary Conference “Towards a Progressive Europe”, Berlin, 16 October 2015
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Summary

The effectiveness of the ECB’s action rests on the "M" in the EMU being kept free from political interference. But for this to be secured in a lasting way, we need to further develop the "E", i.e. the economic union.

In the past decade, intermediate solutions to save the euro area were found, but left the EMU still vulnerable to future crises. Therefore, we need to define a new convergence process, involving converging economic structures and more integrated markets. This should be complemented by fully legitimate institutions with the right instruments to intervene if the consensus is not respected.

This new convergence process will lead to higher resilience against economic shocks on a national level and European level, via internal and euro-wide adjustment mechanisms. And it is a prerequisite before discussing a layer of fiscal stabilisation at the European level, which would protect monetary policy from bearing too much of the stabilisation burden.

But such a new convergence process cannot be a technical exercise. For convergence to be lasting and to secure the buy-in of citizens and Member States, such a process needs to be political in nature. This requires a revived political narrative for euro area integration, and a coherent European social contract that brings out the best in each national social contract.

15/10/2015
Vítor Constâncio:  Divergent monetary policies and the world economy
Keynote address by Vítor Constâncio, Vice-President of the ECB, at the conference organised by FED/ECB/FED Dallas/HKMA in Hong Kong, 15 October 2015

Summary

Divergent monetary policies and the world economy

Keynote address by Vítor Constâncio, Vice-President of the ECB,
at the conference organised by FED/ECB/FED Dallas/HKMA in Hong Kong, 15 October 2015

We live in an increasingly globalised world. The responsiveness of financial markets to monetary policy announcements is prima facie evidence that the exit from the zero lower bound may have potent spillovers on other countries in the short run. The medium-term impact of monetary policy spillovers is however much less clear-cut than frequently assumed in policy debates. Looking forward, central banks play an important role in preserving price and financial stability in their own constituencies, but also in stabilising the global financial system. However, it would be a misconception to believe that central bank actions alone are enough. Central banks have to respond to their own economies’ fundamentals but “putting their house in order” is not enough to ensure a suitable global economic environment. Global challenges require domestic and global responses to make the financial system more resilient.

14/10/2015
Yves Mersch:  The future of Europe’s financial market infrastructure: the Eurosystem’s Vision 2020
Speech by Yves Mersch, Member of the Executive Board of the ECB, Singapore, 14 October 2015
13/10/2015
Yves Mersch:  Speech at MNI Connect event
Speech by Yves Mersch, Member of the Executive Board of the ECB, Singapore, 13 October 2015
11/10/2015
Sabine Lautenschläger:  Fostering global growth
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the panel during the G30 International Banking Seminar, Lima, Peru, 11 October 2015
09/10/2015
Mario Draghi:  Euro area economic outlook, the ECB’s monetary policy and current policy challenges
Statement by Mario Draghi, President of the ECB, at the thirty-second meeting of the International Monetary and Financial Committee, Lima, 9 October 2015
08/10/2015
Peter Praet:  EMU – disappointed expectations and how to move forward
Remarks by Peter Praet, Member of the Executive Board of the ECB, at the 5th SEEK Conference on “Overcoming the Crisis: How to Foster Innovation and Entrepreneurship in a Diverging European Economy?”, Mannheim, 8 October 2015
06/10/2015
Mario Draghi:  Welcome address at the art inauguration at the ECB
Welcome address by Mario Draghi, President of the ECB, “Art on site” inauguration, Frankfurt am Main, 6 October 2015
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02/10/2015
Benoît Cœuré:  The international role of the euro: concepts, empirics and prospects
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at Saint Joseph University, Beirut, 2 October 2015
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01/10/2015
Mario Draghi:  Atlantic Council Remarks
Speech by Mario Draghi, President of the ECB, at the 2015 Atlantic Council Global Citizen Award, New York, 1 October 2015
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01/10/2015
Peter Praet:  Presentation at the Asset Management Conference organised by the Bundesverband Investment and Asset Management
Peter Praet, Member of the Executive Board of the ECB, Frankfurt am Main, 1 October 2015
29/09/2015
Yves Mersch:  Means of payments and SMEs: where are we heading?
Speech by Yves Mersch at the dinner debate organised by the Think tank Etienne Marcel, at the restaurant du Sénat, Palais du Luxembourg, Paris, 29 September 2015
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28/09/2015
Sabine Lautenschläger:  Reintegrating the banking sector into society: earning and re-establishing trust
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 7th International Banking Conference “Tomorrow’s bank business model – How far are we from the new equilibrium” organised by Bocconi University in Milan, 28 September 2015
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24/09/2015
Peter Praet:  Monetary policy lessons from the financial crisis: some remarks
Dinner speech by Peter Praet, Member of the Executive Board of the ECB, at the SNB Research Conference organised by the Swiss National Bank, Zurich, 24 September 2015
23/09/2015
Mario Draghi:  President’s introductory remarks at the regular ECON hearing
Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2015
23/09/2015
Peter Praet:  Remarks at the FIBI Annual Lunch
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Federation of International Banks in Ireland (FIBI), Dublin, 23 September 2015
21/09/2015
Peter Praet:  Current issues on economic policy: The low interest rate environment in the euro area (slides from the presentation)
Public lecture by Peter Praet, Member of the Executive Board of the ECB on “Current issues on economic policy” organised by International Center for Monetary and Banking Studies in Geneva, 21 September 2015
10/09/2015
Yves Mersch:  Medium to long-term priorities of Capital Markets Union (CMU) for the ECB/Eurosystem
Panel remarks by Yves Mersch, Member of the Executive Board of the ECB, at the Eurofi conference in Luxembourg, 10 September 2015
10/09/2015
Peter Praet:  The low interest rate environment in the euro area
Keynote speech by Peter Praet, Member of the Executive Board of the ECB, at a Pension Funds Conference organised by De Nederlandsche Bank in Bussum, The Netherlands, 10 September 2015
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10/09/2015
Benoît Cœuré:  Addressing global data availability challenges
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the Eurofi Financial Forum 2015, Luxembourg, 10 September 2015
09/09/2015
Peter Praet:  The ECB’s asset purchase programme: the impact so far
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Eurofi conference in Luxembourg, 9 September 2015
29/08/2015
Vítor Constâncio:  Understanding Inflation Dynamics and Monetary Policy
Panel remarks by Vítor Constâncio, Vice-President of the ECB at the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City, 29 August 2015

Summary

Understanding Inflation Dynamics and Monetary Policy

Panel remarks by Vítor Constâncio, Vice-President of the ECB at the Jackson Hole Economic Policy Symposium,
Federal Reserve Bank of Kansas City, 29 August 2015

At the 2015 Jackson Hole Economic Policy Symposium, ECB Vice-President Vítor Constâncio discusses main challenges in understanding inflation dynamics. He reviews recent developments in euro area inflation and related implications for monetary policy.

Understanding inflation dynamics has become particularly important in present times, in view of the prolonged low inflation phase. The traditional relationship between slack in the economy and inflation seems to have weakened significantly in some countries. This requires a careful examination since that relationship – the Phillips curve – is the traditional cornerstone of the transmission mechanism giving central banks control of inflation. Inflation dynamics since the Great Recession have shown signs of instability that have led to a sequence of systematic forecast errors. The two puzzles of “missing disinflation” in 2009-11 followed by “excessive disinflation” after 2012 triggered a surge of new research around the Phillips curve and its possible demise.

After reviewing a number of unsettled issues pertaining to the Phillips curve in the economic literature, such as those related to the measurement of economic slack and inflation expectations, the discussion note argues that the two puzzles can be explained, and that the Philips curve for the euro area is alive and well. This is comforting since the opposite result would raise serious questions about the central bank’s capacity to control inflation.

The current phase of low inflation is significantly driven by negative demand shocks at the global and domestic level, besides commodity price developments. This is certainly the case for the euro area where the low inflation can largely be explained by domestic demand weakness, possibly leading to a larger degree of economic slack than indicated by the usual methods. The link between inflation and real economic activity appears however to have strengthened in the euro area as of late (steepening of the Phillips curve). We should thus be able to bring the inflation rate closer to target in the medium term, provided that our policies are successful in significantly reducing the economic slack.

27/08/2015
Benoît Cœuré:  Drawing lessons from the crisis for the future of the euro area
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at “Ambassadors Week”, Paris, 27 August 2015
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25/08/2015
Vítor Constâncio:  Assessing the new phase of unconventional monetary policy at the ECB
Panel remarks prepared by Vítor Constâncio, Vice-President of the ECB, at the Annual Congress of the European Economic Association, University of Mannheim, 25 August 2015
14/07/2015
Yves Mersch:  Ways towards more dynamic growth
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the DZ BANK Kapitalmarktkonferenz 2015, Frankfurt, 14 July 2015
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03/07/2015
Vítor Constâncio:  Strengthening macroprudential policy in Europe
Speech by Vítor Constâncio, Vice-President of the ECB, at the Conference on “The macroprudential toolkit in Europe and credit flow restrictions”, organised by Lietuvos Bankas, Vilnius, 3 July 2015

Summary

Strengthening macroprudential policy in Europe

Speech by Vítor Constâncio, Vice-President of the ECB,
at the Conference on “The macroprudential toolkit in Europe and credit flow restrictions”, organised by Lietuvos Bankas,
Vilnius, 3 July 2015

The current euro area environment, with policy rates required to stay low for a prolonged period of time and an apparent disconnect between the business and financial cycle, clearly points to a situation where monetary policy cannot deviate from price stability objectives to influence the financial cycle. This is the task of macroprudential policy. While acknowledged in principle, this fact has not yet been fully reflected in our policy frameworks.

Two major moves are required. First, macroprudential policy must place greater emphasis on preventing large fluctuations in the financial cycle, rather than simply increasing resilience to shocks when they occur. In addition to the bank-side capital based measures enhancing banks’ resilience, borrower-based instruments (such as LTVs or DSTIs), which have proved to be more effective in curtailing excessive credit growth, and are also applicable in a time-varying fashion, should gain more prominence. In particular, borrower-based measures should be properly embedded in European legislation, which is not the case at present. Second, a broader macroprudential toolkit is needed to address risks stemming from the shadow banking sector due to its increasing role in credit intermediation. This could involve measures such as redemption gates and loading fees to provide additional safeguards. Guided stress tests can provide comparable assessments of the health of individual institutions and of the resilience of the financial system as a whole. Appropriate policy responses to mitigate growing risks need however to be calibrated, in order to ensure a contained impact on credit supply to the real economy.

02/07/2015
Mario Draghi:  Opening remarks at the T2S launch celebration
Mario Draghi, President of the ECB, Milan, 2 July 2015
02/07/2015
Yves Mersch:  Translating a shared vision into a winning story
Closing Remarks at the T2S launch celebration by Yves Mersch, Member of the Executive Board of the ECB, Milan, 2 July 2015
30/06/2015
Peter Praet:  The APP impact on the economy and bond markets
Intervention by Peter Praet, Member of the Executive Board of the ECB, at the annual dinner of the ECB’s Bond Market Contact Group, Frankfurt am Main, 30 June 2015
25/06/2015
Yves Mersch:  On European Unity: Economic and Institutional Challenges Facing Europe
Speech by Yves Mersch, Member of the Executive Board of the ECB, Discussant Prof. Hannah Scobie, Chairman, European Economics & Financial Centre, European Economics & Financial Centre, London, 25 June 2015
24/06/2015
Vítor Constâncio:  Remarks at the Symposium on Debt - Economic, Political and Moral Consequences
Remarks prepared by Vítor Constâncio, Vice-President of the ECB, at the 37th Symposium on Debt - Economic, Political and Moral Consequences in honour of Benjamin M. Friedman, organised by the Institut für bankhistorische Forschung e.V. jointly with the Deutsche Bundesbank and Goethe University/ Research Center SAFE, Frankfurt am Main, 24 June 2015
16/06/2015
Yves Mersch:  Introductory statement on TARGET2-Securities (T2S) before the Committee on Economic and Monetary Affairs (ECON)
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Public Hearing on TARGET2-Securities (T2S) before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament Brussels, 16 June 2015
15/06/2015
Mario Draghi:  Hearing at the European Parliament’s Economic and Monetary Affairs Committee
Introductory statement by Mario Draghi, President of the ECB, Brussels, 15 June 2015
15/06/2015
Peter Praet:  Structural reforms and long-run growth in the euro area
Intervention by Peter Praet, Member of the Executive Board of the ECB, on panel “Long-run growth, monetary policy and financing of the economy” at 43rd Economics Conference of Oesterreichische Nationalbank Vienna, 15 June 2015

Summary

Structural reforms and long-run growth in the euro area

Intervention by Peter Praet, Member of the Executive Board of the ECB,
on panel “Long-run growth, monetary policy and financing of the economy” at 43rd Economics Conference of Oesterreichische Nationalbank
Vienna, 15 June 2015

As the ECB’s accommodative monetary policy is playing its part in the euro area recovery, structural reforms are the domain where there is more still to do to create the conditions for sustainable long-run growth, which is critical to the integrity of our monetary union. There is however no “one size fits all” model for how countries should go about tackling structural challenges. While there are principles that apply across countries, each economy is different and reforms have to be tailored to national conditions. As a central bank, our interest is not in how countries implement reforms, but whether they succeed in doing so.

There are two main channels through which structural reforms can support long-run growth in the euro area, namely through increasing the adjustment capacity of the economy and through raising its potential growth rate. Put differently, reforms can raise both the trend of long-run growth and reduce the fluctuations around that trend. Both aspects are particularly important in a monetary union, which makes structural reforms commensurately more pressing. The environment for introducing structural reforms is better today than for several years: all the conditions are in place for governments in the euro area, individually and collectively, to begin addressing their long-term challenges.

11/06/2015
Yves Mersch:  Capital Markets Union: Optimising investment and financing conditions, increasing resilience
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Morgan Stanley Global Investment Seminar, Terre Blanche, Provence 11 June 2015
04/06/2015
Yves Mersch:  Getting the balance right: innovation, trust and regulation in retail payments
Introductory speech by Yves Mersch, Member of the Executive Board, European Central Bank at the joint European Central Bank/Suomen Pankki Conference, Helsinki, 4 June 2015
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30/05/2015
Vítor Constâncio:  Monetary Policy and the European recovery
Speech by Vítor Constâncio, Vice-President of the ECB, at the XXXI Reunión Círculo de Economía, Barcelona 30 May 2015
22/05/2015
Mario Draghi:  Structural reforms, inflation and monetary policy
Introductory speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking Sintra, 22 May 2015
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Summary

Structural Reforms, Inflation and Monetary Policy

Introductory Speech by Mario Draghi, President of the ECB,
at the ECB Forum on Central Banking,
Sintra, 22 May 2015

Structural and cyclical policies – including monetary policy – are heavily interdependent. Structural reforms increase both potential output and the resilience of the economy to shocks. This makes structural reforms relevant for any central bank, but especially in a monetary union.
For members of monetary union resilience is crucial to avoid that shocks lead to consistently higher unemployment, and over time, permanent economic divergence. It therefore has direct implications for price stability, and is no less relevant for the integrity of the euro area. This is why the ECB has frequently called for stronger common governance of structural reforms that would make resilience part of our common DNA.

Structural reforms are equally important for their effect on growth. Potential growth is today estimated to be below 1% in the euro area and is projected to remain well below pre-crisis growth rates. This would mean that a significant share of the economic losses in the crisis would become permanent, with structural unemployment staying above 10% and youth unemployment elevated. It would also make it harder to work through the debt overhang still present in some countries. Finally, low potential growth can have a direct impact on the tools available to monetary policy, as it increases the likelihood that the central bank runs into the lower bound and has to resort recurrently to unconventional policies to meet its mandate.

The euro area’s weak long-term performance also provides an opportunity. Since many economies are distant from the frontier of best practice, the gains from structural reforms are easier to achieve and the potential magnitude of those gains is greater. There is a large untapped potential in the euro area for substantially higher output, employment and welfare. And the fact that monetary policy is today at the lower bound, and the recovery still fragile, is not, as some argue, a reason for reforms to be delayed.

This is because the short-term costs and benefits of reforms depend critically on how they are implemented. If structural reforms are credible, their positive effects can be felt quickly even in a weak demand environment. The same is true if the type of reforms is carefully chosen. And our accommodative monetary policy means that the benefits of reforms will materialise faster, creating the ideal conditions for them to succeed. It is the combination of these demand and supply policies that will deliver lasting stability and prosperity.

Strukturreformen, Inflation und Geldpolitik

Eröffnungsrede von Mario Draghi, Präsident der EZB,
anlässlich des ECB Forum on Central Banking,
Sintra, 22. Mai 2015

Struktur- und konjunkturpolitische Maßnahmen – darunter auch die Geldpolitik – stehen in einer engen Wechselbeziehung zueinander. Strukturreformen erhöhen sowohl das Produktionspotenzial als auch die Widerstandsfähigkeit der Wirtschaft gegenüber Schocks. Deshalb sind Strukturreformen stets relevant für Zentralbanken, besonders aber in einer Währungsunion.

Widerstandsfähigkeit ist für Mitglieder einer Währungsunion von entscheidender Bedeutung, damit Schocks nicht zu einer beständig höheren Arbeitslosigkeit und im Zeitverlauf zu dauerhaften wirtschaftlichen Divergenzen führen. Sie hat also unmittelbare Folgen für die Preisstabilität und ist nicht minder relevant für die Integrität des Euro-Währungsgebiets. Die EZB hat daher wiederholt zu einer stärkeren gemeinsamen Steuerung von Strukturreformen aufgerufen, um die Widerstandsfähigkeit zu einem Bestandteil unserer gemeinsamen DNA zu machen.

Strukturreformen sind auch wegen ihrer Auswirkungen auf das Wachstum wichtig. Das Potenzialwachstum im Euroraum beläuft sich laut Schätzungen derzeit auf weniger als 1 % und wird den Projektionen zufolge deutlich hinter den Wachstumsraten zurückbleiben, die vor der Krise verzeichnet wurden. Ein beträchtlicher Teil der in der Krise verbuchten wirtschaftlichen Verluste würde also dauerhaft bestehen bleiben – mit der Folge einer strukturellen Arbeitslosigkeit von mehr als 10 % und einer erhöhten Jugendarbeitslosigkeit. Dies würde auch den Abbau des in einigen Ländern nach wie vor bestehenden Schuldenüberhangs erschweren. Und schließlich kann sich ein niedriges Potenzialwachstum unmittelbar auf die verfügbaren geldpolitischen Instrumente auswirken, da die Zentralbank mit einer größeren Wahrscheinlichkeit an die Nullzinsgrenze stößt und zur Erfüllung ihres Mandats wiederholt auf unkonventionelle Maßnahmen zurückgreifen muss.

Die langfristig schwache Entwicklung im Eurogebiet eröffnet jedoch auch Möglichkeiten. Da viele Volkswirtschaften weit von der Best Practice entfernt sind, lassen sich mit Strukturreformen schneller Erfolge erzielen, und der positive Effekt kann größer ausfallen. Der Euroraum verfügt über ein erhebliches unausgeschöpftes Potenzial für einen deutlichen Produktions-, Beschäftigungs- und Wohlstandszuwachs. Die derzeitige Geldpolitik an der Nullzinsgrenze und die immer noch schwache Konjunkturerholung sind trotz gegenteiliger Behauptungen kein Grund für Verzögerungen bei den Reformanstrengungen.

Denn die kurzfristigen Kosten und der Nutzen von Reformen hängen entscheidend davon ab, wie diese umgesetzt werden. Wenn Strukturreformen glaubwürdig sind, haben sie rasch positive Auswirkungen, selbst bei einer schwachen Nachfrage. Das Gleiche gilt für die sorgfältige Auswahl der Art von Reform. Und dank unserer akkommodierenden Geldpolitik wird der Nutzen der Reformen schneller zum Tragen kommen, denn sie schafft ideale Bedingungen hierfür. Gemeinsam werden diese angebots- und nachfrageseitigen Maßnahmen dauerhaft zu Stabilität und Wohlstand führen.

Reformas estructurales, inflación y política monetaria

Discurso inaugural de Mario Draghi, presidente del BCE,
en el Foro del BCE sobre Banca Central
Sintra, 22 de mayo de 2015

Las políticas estructurales y cíclicas, incluida la política monetaria, muestran un elevado grado de interdependencia. Las reformas estructurales aumentan tanto el producto potencial como la fortaleza de la economía frente a las perturbaciones. Por ello son relevantes para cualquier banco central, especialmente en una unión monetaria.

Para los miembros de una unión monetaria, la capacidad de resistencia de la economía es fundamental para que las perturbaciones no se traduzcan en niveles de desempleo sistemáticamente más elevados y den lugar, con el tiempo, a divergencias económicas permanentes. Por tanto, tiene implicaciones directas para la estabilidad de precios y no es menos importante para la integridad de la zona del euro. Ese es el motivo por el que el BCE ha reclamado frecuentemente un refuerzo de la gobernanza común de las reformas estructurales, que integre esa capacidad de resistencia en nuestro ADN común.

Las reformas estructurales son igualmente importantes por sus efectos sobre el crecimiento. Actualmente, se estima que el crecimiento potencial es inferior al 1 % en la zona del euro y se prevé que se mantenga muy por debajo de las tasas de crecimiento registradas antes de la crisis. Esto significaría que una parte considerable de las pérdidas económicas que se produjeron durante la crisis se convertirían en permanentes, y que el desempleo estructural se situaría por encima del 10 % y el paro juvenil en niveles elevados. También haría más difícil superar el sobreendeudamiento que sigue existiendo en algunos países. Por último, un bajo crecimiento potencial puede afectar directamente a los instrumentos de política monetaria disponibles, ya que la probabilidad de que el banco central alcance el límite inferior, y tenga que recurrir repetidamente a políticas no convencionales para cumplir su mandato, es mayor.

Pero el débil comportamiento de la zona del euro a largo plazo también representa una oportunidad. Dado que muchas economías están muy lejos de aplicar las mejores prácticas, los beneficios de las reformas estructurales son más fáciles de alcanzar y su magnitud potencial es mayor. En la zona del euro hay sin utilizar un gran potencial para un crecimiento, un empleo y un bienestar considerablemente mayores. Y el hecho de que la política monetaria se encuentre en el límite inferior y de que la recuperación sea aún frágil, no es, como algunos sostienen, motivo para retrasar las reformas.

En realidad, los costes y los beneficios a corto plazo de las reformas dependen de forma crucial de cómo se apliquen. Si las reformas estructurales son creíbles, sus efectos positivos pueden apreciarse rápidamente, incluso en un entorno de contención de la demanda. Lo mismo ocurre si las reformas se eligen cuidadosamente. Y nuestra política monetaria acomodaticia significa que los beneficios de las reformas se materializarán con mayor rapidez, creando las condiciones ideales para su éxito. Es la combinación de estas políticas de oferta y demanda lo que dará como resultado una estabilidad y una prosperidad duraderas.

Réformes structurelles, inflation et politique monétaire

Discours d'ouverture de M. Mario Draghi, président de la BCE,
à l'occasion du Forum de la BCE consacré à l'activité de banque centrale
Sintra, le 22 mai 2015

Les politiques structurelles et conjoncturelles, y compris la politique monétaire, sont largement interdépendantes. Les réformes structurelles renforcent tant la croissance potentielle que la capacité de résistance de l'économie aux chocs. Elles sont donc importantes pour toute banque centrale, mais davantage encore dans une union monétaire.

Pour les différents participants à l'union monétaire, la capacité de résistance est cruciale pour éviter que les chocs n'entraînent un chômage durablement plus élevé et, avec le temps, des divergences économiques permanentes. Elle pèse donc directement sur la stabilité des prix et est tout aussi importante pour l'intégrité de la zone euro. C'est pourquoi la BCE appelle régulièrement à une gouvernance commune resserrée des réformes structurelles qui placerait la capacité de résistance au cœur de nos préoccupations communes.

Les réformes structurelles sont tout aussi cruciales s'agissant de leurs retombées en termes de croissance. La croissance potentielle au sein de la zone euro est estimée actuellement à moins de 1 % et devrait rester nettement en deçà des taux de croissance d'avant la crise. Il en résulterait qu'une part importante des pertes économiques subies pendant la crise deviendraient permanentes, le chômage structurel demeurant supérieur à 10 % et le chômage des jeunes élevé. La réduction du surendettement encore observé dans certains pays s'en trouverait elle aussi entravée. Enfin, une faible croissance potentielle peut avoir une influence directe sur les instruments de politique monétaire disponibles, car la probabilité est plus grande que la banque centrale atteigne le niveau plancher des taux d'intérêt et doive recourir de façon répétée à des politiques non conventionnelles pour remplir son mandat.

Mais les faibles performances économiques de long terme de la zone euro peuvent aussi offrir une chance à cet égard. De nombreuses économies étant assez éloignées des meilleures pratiques, il est plus facile d'obtenir des bienfaits - qui plus est plus importants - des réformes structurelles. La zone euro se caractérise par un grand potentiel inexploité en vue d'une croissance, d'un niveau d'emploi et d'un bien-être significativement supérieurs. Et ce n'est pas parce que la politique monétaire a atteint un niveau plancher de taux d'intérêt et parce que la reprise reste fragile que l'on peut, comme le souhaitent certains, reporter les réformes.

En effet, les coûts et les bienfaits à court terme des réformes dépendent fondamentalement de la manière dont elles sont mises en œuvre. Les retombées positives de réformes structurelles crédibles peuvent se faire sentir rapidement, même dans un contexte de demande atone. Il en va de même des réformes soigneusement sélectionnées. En outre, grâce au caractère accommodant de notre politique monétaire, les bienfaits des réformes se concrétiseront plus vite, créant les conditions idéales de leur succès. C'est la combinaison de ces politiques d'offre et de demande qui permettra d'obtenir une stabilité et une prospérité durables.

Riforme strutturali, inflazione e politica monetaria

Intervento introduttivo di Mario Draghi, Presidente della BCE,
in occasione dell'ECB Forum on Central Banking,
Sintra, 22 maggio 2015

Le politiche strutturali e cicliche, compresa la politica monetaria, sono fortemente interdipendenti. Le riforme strutturali accrescono sia il prodotto potenziale sia la tenuta dell'economia agli shock e pertanto assumono rilevanza per ogni banca centrale, soprattutto in un'unione monetaria.

Per i paesi dell'unione monetaria la capacità di tenuta è cruciale per evitare che gli shock generino una disoccupazione durevolmente maggiore e, nel tempo, una divergenza economica permanente. La capacità di tenuta ha quindi ricadute dirette per la stabilità dei prezzi e non è meno importante per l'integrità dell'area dell'euro. Per questa ragione la BCE ha spesso invocato un rafforzamento della governance comune delle riforme strutturali che renderebbe la capacità di tenuta parte del nostro DNA.

Le riforme strutturali sono altrettanto rilevanti per il loro effetto sulla crescita. Secondo le stime, la crescita potenziale dell'area dell'euro si colloca oggi al di sotto dell'1% e dovrebbe mantenersi su livelli ben inferiori a quelli pre-crisi. Ne consegue che una parte significativa delle perdite economiche riconducibili alla crisi diverrebbe permanente, con una disoccupazione strutturale al di sopra del 10% e un'elevata disoccupazione giovanile. Sarebbe inoltre più difficile abbattere il debito eccessivo tuttora presente in alcuni paesi. Infine, una crescita potenziale contenuta può avere un impatto diretto sugli strumenti disponibili per la politica monetaria, poiché aumenta la probabilità che la banca centrale porti i tassi di interesse al limite inferiore e debba spesso ricorrere a misure non convenzionali per assolvere il proprio mandato.

La debolezza degli andamenti di lungo periodo dell'area dell'euro offre anche un'opportunità. Essendo molte economie lontane dalla frontiera delle migliori prassi, i benefici delle riforme strutturali sono più facilmente raggiungibili e l'entità potenziale dei benefici stessi è maggiore. Vi è un grande potenziale inutilizzato nell'area dell'euro per conseguire livelli considerevolmente più elevati di prodotto, occupazione e benessere. Il fatto che la politica monetaria si trovi oggi sul limite inferiore e che la ripresa sia ancora fragile non giustifica, come vorrebbero alcuni, un ritardo nel processo di riforma.

E questo perché i costi e i benefici a breve termine delle riforme dipendono in modo cruciale dalle modalità di attuazione. Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. Lo stesso accade se la tipologia delle riforme è scelta con attenzione. La nostra politica monetaria accomodante implica che i benefici delle riforme si manifesteranno più celermente, creando le condizioni ideali per la loro riuscita. È la combinazione di queste politiche di domanda e offerta che assicurerà stabilità e prosperità durature.

Structurele hervormingen, inflatie en monetair beleid

Inleidende toespraak door Mario Draghi President van de ECB,
op het ECB Forum on Central Banking, Sintra,
22 mei 2015

Structureel beleid en conjunctuurbeleid - met inbegrip van het monetair beleid - zijn zeer nauw met elkaar verbonden Structurele hervormingen verhogen zowel de potentiële productie als de schokbestendigheid van de economie. Hierdoor zijn structurele hervormingen van belang voor elke centrale bank, maar met name voor een centrale bank binnen een monetaire unie.

Voor de leden van een monetaire unie is schokbestendigheid van cruciaal belang om te voorkomen dat schokken leiden tot langdurig hogere werkloosheid en na verloop van tijd tot permanente economische divergentie. Schokbestendigheid heeft daarom directe implicaties voor de prijsstabiliteit, en is niet minder belangrijk voor de integriteit van het eurogebied. Daarom heeft de ECB regelmatig opgeroepen tot een steviger gemeenschappelijk beheer van structurele hervormingen die schokbestendigheid zouden opnemen in ons gemeenschappelijke DNA.

Structurele hervormingen zijn van even groot belang door hun effect op de groei. De potentiële groei in het eurogebied ligt momenteel naar schatting onder 1% en zal, zo wordt voorzien, ruim onder het groeicijfer van vóór de crisis blijven. Dit zou betekenen dat een aanzienlijk deel van de economische verliezen die zich tijdens de crisis hebben voorgedaan, permanent zouden worden, waarbij de structurele werkloosheid boven de 10% en de jeugdwerkloosheid hoog zou blijven . Dit zou het tevens lastiger maken een uitweg te vinden uit de in enkele landen nog steeds aanwezige grote schulden. Lage potentiële groei, ten slotte, kan van directe invloed zijn op de instrumenten die het monetair beleid ter beschikking staan, aangezien het de waarschijnlijkheid vergroot dat de centrale bank tegen de ondergrens aanstoot en daardoor herhaaldelijk zal moeten terugvallen op onconventioneel beleid om aan haar mandaat te voldoen.
De zwakke langetermijnprestaties van het eurogebied bieden overigens ook kansen. Aangezien veel economieën nog lang de grens van "best practice" niet zijn genaderd, zijn de winsten van structurele hervormingen gemakkelijker te verwezenlijken en is de potentiële omvang van deze winsten groter. Er is een groot nog ongebruikt potentieel in het eurogebied voor aanzienlijk hogere productie, werkgelegenheid en voorspoed. En het feit dat het monetair beleid zich thans aan de ondergrens bevindt en het herstel nog steeds broos is, is geen reden, zoals enkelen bepleiten, om hervormingen uit te stellen.
Dit is omdat de kortetermijnkosten en voordelen van hervormingen in cruciale mate afhangen van hoe zij ten uitvoer worden gelegd. Als structurele hervormingen geloofwaardig zijn, zijn hun positieve effecten snel merkbaar, zelfs in een klimaat van zwakke vraag. Hetzelfde geldt als het soort hervormingen nauwkeurig wordt gekozen. En ons accommoderende monetair beleid betekent dat de voordelen van hervormingen zich sneller zullen concretiseren, en aldus de ideale voorwaarden zullen creëren voor het welslagen van deze hervormingen. Het is de combinatie van deze vraag- en aanbodbeleidslijnen die zal leiden tot blijvende stabiliteit en voorspoed.

19/05/2015
Benoît Cœuré:  How binding is the zero lower bound?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference “Removing the zero lower bound on interest rates”, organised by Imperial College Business School / Brevan Howard Centre for Financial Analysis, CEPR and the Swiss National Bank, London, 18 May 2015

Summary

How binding is the zero lower bound?

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at the conference “Removing the zero lower bound on interest rates”, organised by Imperial College Business School / Brevan Howard Centre for Financial Analysis, CEPR and the Swiss National Bank,
London, 18 May 2015

The notion of an effective lower bound on policy interest rates that is lower than zero has become a concrete concern for monetary policy. While the effective lower bound for short-term rates exists, it does not impose a binding constraint on the effectiveness of monetary policy. There are tools for dealing with the lower bound constraint, which at the ECB go under the name of “non-standard monetary policy measures”. We saw that the short-term interest rate going below zero does not pose difficulties for monetary policy.
While removing the effective lower bound by abolishing cash can be envisaged, such a step should be the outcome of changing technologies and social perceptions, not of policy prescriptions. Also political capital could be better spent on structural reforms of euro area economies, which would raise the natural real rate of interest and thereby make the lower bound less of a constraint.

18/05/2015
Yves Mersch:  Swedbank Economic Outlook Seminar
Speech by Yves Mersch, Member of the Executive Board of the ECB, Stockholm, 18 May 2015
14/05/2015
Mario Draghi:  The ECB’s recent monetary policy measures: Effectiveness and challenges
Camdessus lecture by Mario Draghi, President of the ECB, IMF, Washington, DC, 14 May 2015
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13/05/2015
Benoît Cœuré:  Consolidating the euro area’s economic recovery
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, prior to an informal exchange of views with the European Affairs Committee and the Finance Committee of the National Assembly, Paris, 13 May 2015
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13/05/2015
Benoît Cœuré:  Domestic and cross-border spillovers 
of unconventional monetary policies
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the at the SNB-IMF Conference "Monetary Policy Challenges in a Changing World", Zurich, 12 May 2015

Summary

Domestic and cross-border spillovers of unconventional monetary policies

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at the at the SNB-IMF Conference "Monetary Policy Challenges in a Changing World",
Zurich, 12 May 201

Discussion has recently emerged on the global financial market implications of diverging monetary policy cycles. Central banks in large advanced economies can free themselves from the global financial cycle and regain monetary independence, provided that they show clarity in purpose and resolve in implementation. The global exchange rate adjustments should be therefore seen as a natural by-product of such move towards monetary policy independence and divergence. Monetary policy always has unintended consequences, no matter where it is pursued. At the ECB we take our decisions with a view to attaining our primary objective of price stability. But without prejudice to this objective, we take financial stability risk seriously and monitor closely whether severe imbalances are emerging in the financial sector.

08/05/2015
Vítor Constâncio:  Reinforcing financial stability in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, at the OMFIF City Lecture, London, 8 May 2015
27/04/2015
Vítor Constâncio:  Financial integration and macro-prudential policy
Speech by Vítor Constâncio, Vice-President of the ECB, at the joint conference organised by the European Commission and the European Central Bank “European Financial Integration and Stability”, 27 April 2015
24/04/2015
Yves Mersch:  Dinner speech at EUI-NOMICS
Speech by Yves Mersch, Member of the Executive Board of the ECB, at EUI-NOMICS, Florence, 24 April 2015
23/04/2015
Peter Praet:  Lifting potential growth in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Welt-Währungskonferenz, Berlin, 23 April 2015
21/04/2015
Sabine Lautenschläger:  Monitoring, regulation and self-regulation in the European banking sector
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 evening reception at the Deutsche Aktieninstitut in Frankfurt am Main, 21 April 2015.
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20/04/2015
Vítor Constâncio:  Presentation of the ECB Annual Report 2014 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 20 April 2015
17/04/2015
Mario Draghi:  Euro area economic outlook, the ECB’s monetary policy and current policy challenges
Statement by Mario Draghi, President of the ECB, prepared for the thirty-first meeting of the International Monetary and Financial Committee, Washington DC, 17 April 2015
16/04/2015
Peter Praet:  Price stability: a sinking will-o'-the-wisp?
Intervention by Peter Praet, Member of the Executive Board of the ECB, during a panel on “The elusive pursuit of inflation” at the IMF Spring Meetings Seminar, Washington, 16 April 2015
16/04/2015
Vítor Constâncio:  Financial regulation and the global recovery
Speech by Vítor Constâncio, Vice-President of the ECB, at the 24th Annual Hyman P. Minsky Conference “Is financial reregulation holding back finance for the global recovery?”, Washington, 16 April 2015
11/04/2015
Benoît Cœuré:  Ensuring an adequate loss-absorbing capacity of central counterparties
Special invited lecture by Benoît Cœuré, Member of the Executive Board of the ECB, at the Federal Reserve Bank of Chicago 2015 Symposium on Central Clearing, Chicago, 10 April 2015
31/03/2015
Mario Draghi:  Accounts and accountability
Speech by Mario Draghi, President of the ECB, at the Euro50 Group Roundtable on “Monetary Policy in Times of Turbulence”, Frankfurt am Main, 31 March 2015
30/03/2015
Benoît Cœuré:  Rencontres économiques lycéennes (Transparents de la présentation)
Benoît Cœuré, membre du directoire de la BCE, 20ème édition des Rencontres économiques de Pontault-Combault 30 mars 2015
26/03/2015
Mario Draghi:  Introductory statement at the Italian Parliament
Speech by Mario Draghi, President of the ECB, at the Italian Parliament, Rome, 26 March 2015
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23/03/2015
Mario Draghi:  Hearing at the European Parliament’s Economic and Monetary Affairs Committee (introductory remarks and Q&A)
Speech by Mario Draghi, President of the ECB, Brussels, 23 March 2015
23/03/2015
Benoît Cœuré:  Introductory remarks
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the press conference on the closing of the EU-funded technical cooperation programme with the Central Bank of Montenegro, in Podgorica, Montenegro on 23 March 2015
18/03/2015
Mario Draghi:  Speech at the inauguration of the New ECB Premises
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 18 March 2015

Summary

Speech by the President at the inauguration of the New ECB Premises

Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 18 March 2015

The new ECB headquarters are a symbol of the best of what Europe can achieve together. But it also reminds us of why we can never again risk to split apart.

The crisis is testing European unity. Some, like many of the protesters today, believe the problem is that Europe is doing too little while others, like the populist parties emerging across Europe, believe Europe is doing too much.

The answer is not to unwind integration, nor to hold out an unattainable vision of where integration should lead. We need ambition in our ends and pragmatism in our means. We need to reconcile the economics of integration, which is about efficiency, with the politics of integration, which is about equity. Education and training need to be as much a part of the reform agenda as creating more flexible markets and reducing red tape.

And the more decision-making over economic issues moves to the European level, the more democracy needs to move with it. We therefore need to strengthen the channels for genuine European democratic legitimacy, like the European Parliament. By giving up some formal sovereignty, people will gain in effective sovereignty. They will empower institutions with euro area-wide responsibility able to tackle the pressing problems of jobs and growth. And so their votes may make more of a difference to their lives than they do today.

18/03/2015
Benoît Cœuré:  What is the goal of the Capital Markets Union?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference "The European Capital Markets Union, a viable concept and a real goal?" organised by the Institute for Law and Finance in Frankfurt on 18 March 2015
16/03/2015
Sabine Lautenschläger:  How can prudential regulation foster growth?
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 Frankfurt Finance Summit, Frankfurt am Main, 16 March 2015

Summary

How can prudential regulation foster growth?

Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, Frankfurt am Main, 16 March 2015

Supervisors can contribute to sustainable economic growth by ensuring that supervised entities are resilient to plausible shocks, properly managed, adequately capitalised and subject to an efficient risk management and the right incentives. The European Single Supervisory Mechanism takes a medium to long-term perspective on this, resisting those who argue for short-term relief. The SSM ensures that banks can deliver in their tasks in all phases of the economic cycle and thus are able to provide the economy with the financial services that corporations, smaller firms and citizens need.

16/03/2015
Mario Draghi:  Speech by the President at SZ Finance Day 2015
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 16 March 2015

Summary

Speech by the President at SZ Finance Day 2015

Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 16 March 2015

Europe needs to accelerate on its way to economic and institutional convergence. Due to falling oil prices, accommodative monetary policy and successful structural reforms, we can be optimistic about the economic outlook. The nascent recovery should be used as a window of opportunity to go ahead with reforms that make the euro area less fragile and vulnerable to shocks. Economic convergence should be reached through structural reforms that lead to an alignment of productivity levels. On the institutional side, we need to move from a system of rules and guidelines for national economic policy making to a system of further sovereignty sharing within common institutions. As part of this process, we need to strengthen the democratic accountability of Europe towards its citizens.

12/03/2015
Benoît Cœuré:  La politique monétaire dans la zone euro
Intervention de Benoît Cœuré, membre du directoire de la BCE, à la conférence organisée par l’Association des Journalistes Économiques e Financiers (AJEF), Paris, le 12 mars 2015
11/03/2015
Mario Draghi:  The ECB and its Watchers XVI Conference
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 11 March 2015

Summary

The ECB and its Watchers XVI Conference

Speech by Mario Draghi, President of the ECB,
Frankfurt am Main, 11 March 2015

In January, the ECB decided to expand its asset purchase programme to include government bonds after it became clear that there was a need for more monetary stimulus. Asset purchases are unconventional, but not unorthodox, and they have been part of the ECB’s toolkit from the start. By deploying this tool, the ECB underlined its ability and determination to stabilise euro area inflation in line with its objective.

The impact of the programme and the ECB’s previous monetary policy measures is visible: Bank lending rates to companies started to decline in the third quarter of last year, market-based measures of inflation expectations have reacted positively to the ECB’s balance sheet expansion over recent months, and euro area long-term sovereign yields have fallen – in spite of the renewed crisis in Greece. This suggests that the asset purchase programme may be shielding other euro area countries from contagion, which also helps the ECB achieve its monetary policy goals across the euro area.

The euro area economy grew more than expected in the fourth quarter and unemployment fell to its lowest level since August 2012 in January. While this cannot exclusively be attributed to the ECB’s monetary policy, it certainly supports the recovery. Even though inflation is expected to remain very low or negative in the months ahead mainly due to the sharp drop in oil prices, it is expected to move closer the ECB’s policy target over the coming years to reach 1.8 per cent in 2017 - conditional on the full implementation of all policy measures.

The beneficial impact of the ECB’s asset purchases on financing conditions will increase the benefits of governments’ structural reforms, rather than reducing incentives for reforms. Firms will be encouraged to increase investment, bringing forward the economic recovery.

11/03/2015
Peter Praet:  Public sector security purchases and monetary dominance in a monetary union without a fiscal union
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Conference The ECB and Its Watchers XVI, Contribution to the Panel on Low-interest-rate Policy and Non-standard Monetary Policy Measures: Effectiveness and Challenges, Frankfurt am Main, 11 March 2015

Summary

Public sector security purchases and monetary dominance in a monetary union without a fiscal union

Speech by Peter Praet, Member of the Executive Board of the ECB,
Frankfurt am Main, 11 March 2015

The Governing Council decision to start purchases of public sector securities has demonstrated its ability to meet the mandate of price stability and bring inflation rates back to levels below but close to 2 percent. With this policy, it makes full use of all legal and effective monetary policy instruments. The design of such purchases has taken into account the specificities of the institutional set-up, notably the fact that the euro area is a monetary union that is not a fiscal union. This is an assertion of monetary dominance, in compliance with the principles enshrined in the Maastricht Treaty.

Nevertheless the overall success of the euro area depends on all stakeholders doing their job.

10/03/2015
Benoît Cœuré:  Embarking on public sector asset purchases
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Second International Conference on Sovereign Bond Markets, Frankfurt, 10 March 2015

Summary

Embarking on public sector asset purchases

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at the Second International Conference on Sovereign Bond Markets,
Frankfurt, 10 March 2015

On 9 March the Eurosystem launched its public sector purchase programme (PSPP). On that day the ECB and the national central banks of the euro area purchased €3.2 billon of public sector bonds, putting the programme on track to reach a total of €60 billion in March. Monetary policy is implemented in normal times in money markets. Stepping into bond markets creates challenges and might have unintended consequences. One key principle underlying the implementation of the PSPP is the minimisation of unintended consequences, which can be ensured by obeying the concept of market neutrality. We do want to affect market prices but we will not suppress the price discovery mechanism. The Eurosystem will ensure a high degree of transparency around its interventions and will closely monitor their impact on market liquidity and collateral availability. Some market reports have suggested that we may not be able to buy the intended amounts of government bonds. While the effective supply of eligible securities is undoubtedly lower than the total amount outstanding, it will still be substantially higher than the amounts we intend to purchase. If this is the case, there will be a price at which we can buy the quantities needed to meet our monthly targets. In other words, we may face a scarcity of bonds, but we won't face a shortage. And there are good reasons to expect that scarcity will materialise first and foremost in those market segments with a higher duration, potentially helping to maximise the economic impact of our operations.

10/03/2015
Yves Mersch:  The Future of Banking – a Central Banker’s view
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Economist Future of Banking Summit in Paris, 10 March 2015
27/02/2015
Vítor Constâncio:  Central banks with large balance sheets (slides from the presentation)
Presentation by Vítor Constâncio, Vice-President of the ECB, for the panel discussion “Central banks with large balance sheets” at the U.S. Monetary Forum in New York City, 27 February 2015
25/02/2015
Mario Draghi:  Introductory statement to the plenary debate of the European Parliament on the ECB’s Annual Report 2013
Mario Draghi, President of the ECB, Brussels, 25 February 2015
24/02/2015
Mario Draghi:  Unveiling of the new €20 banknote
Speech by Mario Draghi, President of the European Central Bank, European Central Bank Frankfurt, 24 February 2015
13/02/2015
Vítor Constâncio:  Financial stability risks, monetary policy and the need for macro-prudential policy
Speech by Vítor Constâncio, Vice-President of the ECB, Warwick Economics Summit, 13 February 2015

Summary

Financial stability risks, monetary policy and the need for macro-prudential policy

Speech by Vítor Constâncio, Vice-President of the ECB,
Warwick Economics Summit,
13 February 2015

The financial crisis has shown that price stability is not sufficient to guarantee financial stability. The financial cycle and the business cycle are not synchronised, implying that risks can emerge especially in the periods of “disconnect” between the two cycles. In the run-up to the financial crisis, imbalances were building-up while inflation was low and stable. At present, the search for yield phenomenon continues against the very low inflation, subdued growth and low interest rate environment.

Monetary policy aims at ensuring price stability in the market for goods and services. It should not be used to address pockets of instability in asset markets. This falls under the remit of macro-prudential policy, aimed at safeguarding stability of the financial system and containing systemic risk. At present, in advance economies, monetary policy needs to stabilise prices and to continue supporting real activity, while macro-prudential policy needs to tame the financial sector in asset market segments showing signs of exuberance or where imbalances could be forming.

Financial stability objectives can only be achieved with an effective macro-prudential policy. This requires policy interventions in a timely and bold manner, significantly affecting the normal behaviour of financial markets or financial institutions. This poses great challenges. First, measures would need to be admittedly intrusive, going well beyond the new capital and liquidity regulatory framework. Secondly, the macro-prudential tool-kit that has been legislated – including the one entrusted to the ECB/SSM – is not complete, it is centred on banks. Instruments would need to address other financial activities and institutions, notably pertaining to the steadily growing “shadow banking” sector. Advanced economies will only be able to ensure financial stability with effective macro-prudential policy interventions.

12/02/2015
Peter Praet:  Economic Developments in the Euro Area
Speech by Peter Praet, Member of the Executive Board of the ECB, at the FT Debt Capital Markets Outlook Conference in London, 12 February 2015

Summary

Economic Developments in the Euro Area

Speech by Peter Praet, Member of the Executive Board of the ECB,
at the FT Debt Capital Markets Outlook Conference in London,
12 February 2015

Given the “gap” between inflation projections and our policy objective, we decided to launch an expanded asset purchase programme. We had to act because the inflation outlook had deteriorated, while our previous measures had not worked as effectively as we expected. In this environment our decision was fully consistent with our reaction function, which we had communicated last year, and it was only natural for markets to anticipate our move. Indeed faced with an increasing risk of a too prolonged period of low inflation, we intensified our stimulus to a degree necessary to bring inflation closer to 2%. We did it in line with our mandate and price stability objective. And I have no doubt that the measures we took will bring the intended effects.

02/02/2015
Benoît Cœuré:  Lamfalussy was right: independence and interdependence in a monetary union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at Lamfalussy Lecture Conference organised by Magyar Nemzeti Bank in Budapest, 2 February 2015

Summary

Lamfalussy was right: independence and interdependence in a monetary union

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at Lamfalussy Lecture Conference organised by Magyar Nemzeti Bank in Budapest,
2 February 2015

Decision-makers in different policy areas act independently and are at the same time interdependent. Managing interdependence requires strong framework: “monetary dominance” is the framework in the euro area in which the central bank acts in independence and fiscal policies are constrained in the SGP.

The crisis in Europe has shown that policy interactions can be more subtle and involve also financial and structural policies. Monetary policy becomes more effective in impacting the real economy if other policies act in support. If not, it has less impact and expansionary policy has to last longer.

An example for interdependence between monetary and financial policies (micro level) is if supervisors show too much forbearance to undercapitalized banks, central bank funding may end up being used to fill the gap. Fiscal policies can also become overburdened if they need to smoothen the economic cycle and at the same time stabilize the banking sector. Banking union has been there one answer to the crisis. European supervision helps align the governance of the financial sector with the aims of monetary policy. And the resolution leg creates rules that limit the link between fiscal policies and the banking sector; bail-in replaces bail-out by governments and taxpayers.

The interaction between structural reforms and fiscal policies is clear: if product and labour markets are resilient and flexible, there is less need for fiscal intervention. Constantly refining fiscal rules while leaving structural policies at the national level makes little sense. If fiscal policies are to be freed from structural dominance, strong framework for both is needed. Today structural reforms are their own reward. Tomorrow sovereignty over structural reforms should be shared between countries, allowing for symmetric risk sharing.

31/01/2015
Vítor Constâncio:  Monetary policy challenges in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, at the Annual Conference of the Marshall Society, on “The power of policy: solving problems and shaping the future”, Cambridge, 31 January 2015

Summary

Monetary policy challenges in the euro area

Speech by Vítor Constâncio, Vice-President of the ECB,
at the Annual Conference of the Marshall Society,
on “The power of policy: solving problems and shaping the future”,
Cambridge, 31 January 2015

The monetary policy experience of the past seven years is reviewed. In pursuit of its objectives, the ECB has been very flexible in adjusting and expanding its toolkit.

In a first phase, from 2008 to 2013, monetary policy measures aimed at easing financial constraints arising from malfunctioning money and funding markets. Non-standard monetary policy was conducted in a context of well-anchored inflation expectations. It was not aimed at, but unavoidably resulted in, the expansion of the ECB's balance sheet.

The second phase, since 2013, is characterised by a more active use of the ECB’s balance sheet, as inflation started to fall significantly below 2%, accompanied by declines in various measures of long-term inflation expectations. Non-standard measures, introduced as from July 2013, included a policy of forward guidance, asset purchase programmes of private debt, a programme to provide targeted long-term funding to banks and an enlargement of the asset purchase programme to include sovereign bonds.

A number of concerns have been voiced regarding the adoption of a large scale asset purchase programme (APP) in the euro area. It is argued that these concerns are unfounded since: the transmission channels of the APP go well beyond the direct effect on the price and yield of the purchased assets; government fiscal discipline should not be achieved at the expense of central bank independence; central banks have instruments to absorb the effects of an expanded monetary base should inflation become a risk in the future; and finally, exuberance in specific asset markets should be addressed with macro-prudential policy tools, at national level, since price stability relevant for monetary policy refers to the market of goods and services, not to asset markets at large.

At the moment, the euro area is suffering mostly from weak aggregate demand. Supply-side policies are necessary to increase the medium-term growth potential. Monetary policy, aiming at price stability by stimulating demand and supporting investment, should reduce employment and output gaps, thereby positively affecting medium-term growth.

25/01/2015
Yves Mersch:  Advancing Monetary Union
Speech by Yves Mersch, Member of the Executive Board of the ECB, Euro Exhibition Osnabrück, 25 January 2015
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19/12/2014
Vítor Constâncio:  Where to from here?
Remarks by Vítor Constâncio, Vice-President of the ECB, at the Federal Reserve Bank of Chicago 17th Annual International Banking Conference, Policy panel: Where to from here? Chicago, 7 November 2014
15/12/2014
Vítor Constâncio:  Nonlinearities in Macroeconomics and Finance
Speech by Vítor Constâncio, Vice-President of the ECB, 15 December 2014
09/12/2014
Peter Praet:  Current issues in monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Peterson Institute for International Economics in Washington, DC, 9 December 2014

Summary

Current issues in monetary policy

Speech by Peter Praet, Member of the Executive Board of the ECB,
at the Peterson Institute for International Economics in Washington, DC,
9 December 2014

The ECB has responded forcefully to counter growing risks of a too prolonged period of low inflation. The current set of measures will enhance our monetary policy stance, incentivise bank lending, overcome remaining impairments in our transmission mechanism and underpin the firm anchoring of medium- to longer-term inflation expectations. Tentative evidence suggests that our credit easing package is delivering some tangible first benefits. But we need to remain vigilant as to whether the force of monetary stimulus already in the pipeline remains sufficient to reach our objective. If needed, one option for the ECB to ease the monetary policy stance further would be to extend its asset purchases towards other asset classes. Purchases of different asset classes will affect private sector financing conditions to varying degrees as they will activate different transmission channels and affect different spread components.

29/11/2014
Sabine Lautenschläger:  How innovative should central banks be?
Keynote speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at Wirtschaftsgipfel 2014 “Wirtschaft neu denken – die Kraft der Innovation” organised by Süddeutsche Zeitung in Berlin, 29 November 2014
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27/11/2014
Mario Draghi:  Stability and Prosperity in Monetary Union
Speech by Mario Draghi, President of the European Central Bank, at the University of Helsinki, Helsinki, 27 November 2014

Summary

Stability and Prosperity in Monetary Union

Speech by Mario Draghi, President of the ECB,
at the University of Helsinki,
Helsinki, 27 November 2014

ECB President Mario Draghi outlined the minimum requirements needed to complete monetary union in a way that offers stability and prosperity for all its members in a speech to students of the University of Helsinki.

Acknowledging that, “for all its resilience, our union is still incomplete”, Mr Draghi argued that, ultimately, Member States “have to be better off inside than they would be outside.”

“If there are parts of the euro area that are worse off inside the Union, doubts may grow about whether they might ultimately have to leave”.

“The euro is – and has to be – irrevocable in all its member states, not just because the Treaties say so, but because without this there cannot be a truly single money”, he said.

In the absence of permanent fiscal transfers among Member States, there are two minimum requirements to achieve these objectives: the first is that all euro area countries need to be able to thrive independently, the second is that euro area countries need to invest more in other mechanisms to share the cost of shocks.

In a monetary union, the economic performance of any single country cannot be seen as a purely national concern. “There is a strong case for sovereignty over relevant economic policies to be exercised jointly. That means above all structural reforms”, the President remarked.

But even so, economic adjustments can have short term costs.

To ensure that countries are better off being in the Union when a shock hits than they would be outside, “we need other ways to help spread those costs…there is a particular onus on private risk-sharing to play this role”. In this context Mr Draghi said barriers to capital markets integration needed to be addressed with urgency.

Sovereign debt needs also to act as a safe haven in times of economic stress. It can do so first of all through a strong fiscal governance framework. Secondly, by having some form of backstop for sovereign debt in place. “Over the longer-term”, the President concluded, “it would be natural to reflect further on whether we have done enough in the euro area to preserve at all times the ability to use fiscal policy counter-cyclically. But it is also clear that… this could only take place in the context of a decisive step towards closer Fiscal Union”.

Stabilität und Wohlstand in der Währungsunion

Rede von Mario Draghi, Präsident der Europäischen Zentralbank,
an der Universität Helsinki
Helsinki, 27. November 2014

In einer Rede vor Studierenden der Universität Helsinki skizzierte EZB-Präsident Mario Draghi die Mindestanforderungen für die Vollendung der Währungsunion, sodass sie allen Mitgliedern Stabilität und Wohlstand bringt.

Draghi räumte ein, dass „unsere Union trotz ihrer Widerstandsfähigkeit noch nicht vollendet ist“, und stellte klar, dass die Mitgliedstaaten letztendlich „innerhalb der Union besser dastehen müssen als außerhalb“.

„Stehen einzelne Länder innerhalb der Union schlechter da, könnten sich Zweifel über den Sinn ihres Verbleibs in der Union mehren.“

„Der Euro ist in allen Mitgliedstaaten des Euroraums unwiderruflich – und daran ist nicht zu rütteln –, nicht nur, weil es so in den Verträgen steht, sondern weil es ansonsten keine wirklich einheitliche Währung geben kann“, sagte Draghi.

Gebe es keine dauerhaften Finanztransfers zwischen den Mitgliedstaaten, seien zwei Mindestanforderungen zu erfüllen, um diese Ziele zu erreichen: Erstens müssten alle Euro-Länder imstande sein, eigenständig wirtschaftlich zu florieren, und zweitens müssten die Euro-Länder stärker in andere Mechanismen investieren, die eine Lastenverteilung nach Schocks ermöglichen.

In einer Währungsunion könne der wirtschaftliche Erfolg eines einzelnen Landes nicht als rein nationale Angelegenheit betrachtet werden. „Es sprechen starke Argumente dafür, die Souveränität über relevante Bereiche der Wirtschaftspolitik gemeinsam auszuüben. Das betrifft vor allem Strukturreformen“, so der Präsident.

Gleichwohl könnten wirtschaftliche Anpassungen auf kurze Sicht immer mit Kosten verbunden sein.

Um zu gewährleisten, dass Länder im Falle eines Schocks innerhalb der Union besser dastehen als außerhalb, „brauchen wir andere Möglichkeiten zur Verteilung dieser Kosten. In einer Währungsunion wie der unseren fällt diese Rolle insbesondere der Risikobeteiligung des Privatsektors zu.“ In diesem Zusammenhang sagte Draghi, der Euroraum müsse dringend die Barrieren beseitigen, die der Integration der Kapitalmärkte im Wege stünden.

Auch müssten Staatsanleihen in wirtschaftlich angespannten Zeiten eine sichere Anlageform sein. Eine Möglichkeit, dies zu gewährleisten, bestehe in einem starken finanzpolitischen Steuerungsrahmen. Die zweite Möglichkeit liege in der Einführung eines Sicherungsmechanismus für Staatsanleihen. „Auf längere Sicht“, schloss der Präsident, „läge es also nahe, wenn wir uns weiter darüber Gedanken machen, ob im Euroraum genug getan wurde, um jederzeit die Fähigkeit zum Einsatz einer antizyklischen Finanzpolitik aufrechtzuerhalten. […] Möglich wäre dies nur im Rahmen eines entschiedenen Schritts hin zu einer engeren Fiskalunion.“

Estabilidad y prosperidad en la Unión Monetaria

Discurso pronunciado por Mario Draghi, presidente del Banco Central Europeo, en la Universidad de Helsinki,
Helsinki, 27 de noviembre de 2014

En su discurso ante los estudiantes de la Universidad de Helsinki, el presidente del BCE, Mario Draghi, explicó las condiciones mínimas necesarias para completar la unión monetaria de forma que traiga estabilidad y prosperidad a todos sus miembros.

Reconociendo que «pese a toda su capacidad de resistencia, nuestra unión aún no está terminada», Draghi argumentó que, en última instancia, sus Estados miembros «deben estar mejor dentro que fuera».

«Si algunas partes de la zona del euro están peor dentro de la Unión, surgirá la duda de si en última instancia tendrán que abandonarla».

«El euro es, y tiene que ser, irrevocable en todos sus Estados miembros, no solo porque lo digan los Tratados, sino también porque es imprescindible para que exista una auténtica moneda única», declaró el Presidente.

En ausencia de transferencias fiscales permanentes entre los Estados miembros, deben cumplirse dos condiciones mínimas para alcanzar estos objetivos: la primera es que todos los países de la zona del euro deben poder prosperar por sí mismos, la segunda es que los países de la zona del euro necesitan invertir más en otros mecanismos para compartir el coste de las perturbaciones.

En una unión monetaria la evolución económica de un país no puede considerarse una cuestión puramente nacional. «Existe un argumento de peso a favor del ejercicio conjunto de la soberanía sobre determinadas políticas económicas, referido, sobre todo, a las reformas estructurales», subrayó el Presidente.

Sin embargo, los ajustes económicos pueden tener costes a corto plazo.

Para asegurar que, en presencia de perturbaciones, los países estén en mejor situación dentro de la Unión que fuera de ella, «necesitamos otras vías que ayuden a distribuir dichos costes… existen razones de peso para que la distribución del riesgo privado desempeñe este papel». En este contexto Draghi declaró que necesitamos eliminar urgentemente las barreras a la integración de los mercados de capitales.

Es necesario que la deuda soberana actúe como refugio en tiempos de dificultades. Esto puede lograse, en primer lugar, mediante la aplicación de un marco sólido de gobernanza fiscal y, en segundo lugar, mediante alguna forma de respaldo de la deuda soberana. El Presidente concluyó que «a más largo plazo, sería lógico seguir reflexionando sobre si en la zona del euro hemos hecho bastante para mantener en todo momento la capacidad para aplicar una política fiscal contracíclica. Pero también es evidente que... esto solo podría tener lugar en el contexto de un paso decisivo hacia una unión fiscal más estrecha».

Vakaus ja vauraus rahaliitossa

EKP:n pääjohtajan Mario Draghin puhe Helsingin yliopistossa,
Helsinki 27.11.2014

Helsingin yliopiston opiskelijoille pitämässään puheessa EKP:n pääjohtaja Mario Draghi kävi läpi edellytyksiä, joiden on täytyttävä, jotta rahaliitto saadaan valmiiksi ja se voi tuoda vakautta ja vaurautta kaikille jäsenilleen.

Pääjohtaja Draghi totesi, että vaikka rahaliitto on selvinnyt monesta koitoksesta, se ei ole vielä valmis. Rahaliitosta on oltava jäsenilleen hyötyä.

Jos jollekin maalle on haittaa euroalueen jäsenyydestä, voidaan ruveta epäilemään sen mahdollisuuksia pysyä rahaliitossa.

Euro on tullut jäädäkseen kaikkiin euroalueen maihin, ja näin täytyykin olla – ei vain siksi, että perussopimuksissa määrätään niin, vaan siksi, että muuten yhteinen raha ei olisi aidosti yhteinen.

Koska euroalueella jäsenvaltioiden välillä ei tehdä jatkuvia tulonsiirtoja, tavoitteiden saavuttaminen edellyttää kahta asiaa: kaikkien euroalueen maiden täytyy pystyä menestymään myös omin avuin, ja niiden on pystyttävä hyödyntämään enemmän muita mekanismeja häiriöiden kustannusten jakamiseksi.

Rahaliitossa yksittäisen maan talouskehitys ei ole vain sen oma asia. Pääjohtaja Draghin mukaan olisi vahvat perusteet sille, että olennaisista talouspolitiikan osa-alueista – ennen kaikkea rakenneuudistuksista – päätettäisiin yhteisesti.

Silloinkin talouden sopeutuksesta voi aiheutua lyhyellä aikavälillä kustannuksia.

Jotta voidaan varmistaa, että mailla on rahaliitossa paremmat mahdollisuudet selviytyä häiriöistä kuin rahaliiton ulkopuolella, on löydettävä parempi tapa jakaa nämä kustannukset – etenkin yksityisen sektorin saaminen mukaan on tärkeää. Pääjohtaja Draghin mukaan tämän saavuttamiseksi on tärkeää poistaa esteitä pääomamarkkinoiden yhdentymisen tieltä.

Valtion velan on oltava turvallinen sijoituskohde silloinkin, kun talouskehitys on heikkoa. Se voidaan varmistaa ennen kaikkea vahvalla finanssipolitiikan ohjaus- ja valvontajärjestelmällä. Toinen tapa olisi taata julkinen velka varautumisjärjestelyin. Pääjohtaja Draghi totesi lopuksi, että pitemmällä aikavälillä on luontevaa pohtia, tulisiko euroalueella vielä pyrkiä vahvistamaan maiden valmiuksia käyttää finanssipolitiikkaa suhdannekehityksen tasoittajana. ”On kuitenkin selvää, että ennen kuin voimme tehdä voitavamme, meidän on otettava ratkaiseva askel kohti finanssiunionia.”.

Stabilité et prospérité dans une union monétaire

Intervention de M. Mario Draghi, président de la Banque centrale européenne
à l’Université d’Helsinki
le 27 novembre 2014

Dans un discours devant des étudiants de l'Université d'Helsinki, le président de la BCE a indiqué quelles étaient les exigences minimales en vue de parachever l'union monétaire de manière à apporter stabilité et prospérité à l'ensemble de ses membres.

Reconnaissant que « si elle est résiliente, notre union n'en demeure pas moins incomplète », M. Draghi a souligné que « l'appartenance à une telle union doit être bénéfique » pour les pays participants.

« Si certains membres de la zone euro sont pénalisés par leur appartenance à l'union monétaire, des doutes peuvent naître sur leur éventuelle sortie ».

« L'euro est - et doit être - irrévocable dans tous les pays participants, pas uniquement parce que les traités le veulent ainsi, mais parce que c'est la condition sine qua non de l'existence d'une monnaie véritablement unique », a-t-il déclaré.

En l'absence de transferts budgétaires permanents entre les pays participants, il existe deux exigences minimales devant permettre d'atteindre ces objectifs : la première est que tous les pays de la zone euro doivent pouvoir prospérer de façon autonome et la deuxième est que les pays appartenant à l'UEM doivent investir davantage dans d'autres mécanismes de partage du coût des chocs.

Dans une union monétaire, les performances économiques d'un pays ne peuvent être considérées comme une préoccupation strictement nationale. « Des arguments solides plaident pour l'exercice en commun de la souveraineté sur certaines politiques économiques. En particulier dans le domaine des réformes structurelles », a noté le président de la BCE.

Les ajustements économiques peuvent malgré tout entraîner des coûts à court terme.

Afin que l'appartenance des pays à l'union monétaire leur permette de mieux supporter un choc que s'ils n'en faisaient pas partie, « nous devons disposer d'autres moyens permettant de répartir ces coûts... Il incombe au partage du risque privé un rôle particulier à cet égard ». Dans ce contexte, « nous devons de toute urgence démanteler les barrières entravant l'intégration des marchés financiers », selon M. Draghi.

La dette souveraine doit également jouer le rôle de refuge en période de tensions économiques. Elle peut le faire, tout d'abord, grâce à un cadre de gouvernance budgétaire solide. Il faut disposer ensuite d'un mécanisme de soutien de la dette souveraine. « Sur le long terme », a conclu le président de la BCE, « il serait logique d'approfondir la réflexion sur la question de savoir si notre action a été suffisante dans la zone euro pour préserver à tout moment la capacité d'utiliser la politique budgétaire de manière contracyclique. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ».

La stabilità e la prosperità nell’Unione monetaria

Intervento di Mario Draghi, Presidente della Banca centrale europea,
presso l’Università di Helsinki, Helsinki,
27 novembre 2014

Il Presidente della BCE Mario Draghi ha illustrato, in un incontro con gli studenti dell’Università di Helsinki, i requisiti minimi necessari a completare l’unione monetaria attraverso modalità atte ad apportare stabilità e prosperità per tutti i suoi membri.

Poiché, “malgrado la sua tenuta, la nostra unione è ancora incompleta”, Draghi ha argomentato che, in definitiva, gli Stati membri “devono trovarsi in condizioni migliori aderendovi anziché restandone fuori”.

“Se vi sono parti dell’area dell’euro che si trovano in condizioni peggiori partecipando all’unione, potrebbe sorgere il dubbio che alla fine si ritrovino a doverla lasciare”.

“L’euro è – e deve essere – irrevocabile in tutti gli Stati membri che l’hanno adottato, non solo perché è scritto nei trattati, ma perché senza irrevocabilità non può esistere una moneta realmente unica” ha affermato.

In assenza di trasferimenti di bilancio permanenti tra Stati membri, vi sono due requisiti minimi per conseguire questi obiettivi: il primo è che tutti i paesi dell’area dell’euro devono essere in grado di prosperare in maniera indipendente, il secondo che gli stessi paesi devono investire maggiormente in altri meccanismi per ripartire il costo degli shock.

In un’unione monetaria i risultati economici di un singolo paese non possono essere considerati una questione puramente nazionale. “Vi sono [...] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in maniera congiunta. Si tratta innanzitutto delle riforme strutturali”, ha osservato il Presidente.

Anche così, però, gli aggiustamenti economici possono avere un costo nel breve periodo.

Per assicurare che, a fronte di uno shock, i paesi stiano meglio all’interno dell’unione che al suo esterno, “occorrono altre modalità per agevolare la ripartizione di tali costi [...] l’onere di espletare questo ruolo incombe in modo particolare sulla ripartizione del rischio nel settore privato”. A questo proposito Draghi ha dichiarato che il problema delle barriere all’integrazione dei mercati dei capitali va affrontato con urgenza.

Il debito sovrano, peraltro, deve agire quale attività rifugio nei periodi di tensioni economiche. Questa condizione può realizzarsi grazie innanzitutto a un solido quadro di riferimento per la governance dei conti pubblici e, in secondo luogo, ai meccanismi di sostegno per il debito sovrano. “Nel più lungo termine” ha concluso “bisognerebbe approfondire se sia stato sufficiente ciò che abbiamo fatto nell’area dell’euro per salvaguardare in ogni circostanza la possibilità di utilizzare la politica di bilancio in modo anticiclico. È anche evidente tuttavia che [...] ciò potrà avvenire solo nell’ambito di un cammino risoluto verso una più stretta unione di bilancio”.

Stabiliteit en welvaart in de Monetaire Unie

Toespraak door Mario Draghi, President van de Europese Centrale Bank,
aan de Universiteit van Helsinki, Helsinki, 27 november 2014

In een toespraak voor studenten aan de Universiteit van Helsinki schetste de President van de ECB, Mario Draghi, de minimumvereisten die nodig zijn voor de voltooiing van de monetaire unie op een wijze die stabiliteit en welvaart biedt voor al haar leden.

Mario Draghi, die erkende dat "ondanks al haar schokbestendigheid onze unie nog lang niet is voltooid", zei dat de leden uiteindelijk "binnen de unie beter af [moeten] zijn dan erbuiten".

"Als er delen van het eurogebied slechter af zijn binnen de Unie, dan zouden er twijfels kunnen ontstaan over of die delen uiteindelijk het eurogebied zouden moeten verlaten."

"De euro is - en moet dat ook zijn - onherroepelijk in al zijn lidstaten, niet alleen omdat de Verdragen dat zeggen maar omdat zonder die onherroepelijkheid er geen werkelijk gemeenschappelijk geld zou kunnen zijn", zei hij.

In de afwezigheid van permanente budgettaire overdrachten tussen de lidstaten, zijn er twee minimumvereisten om deze doelstellingen te verwezenlijken: het eerste is dat alle landen van het eurogebied onafhankelijk van elkaar moeten kunnen gedijen, en het tweede is dat landen van het eurogebied meer dienen te investeren in andere mechanismen om de kosten van schokken te delen.

In een monetaire unie kunnen de economische prestaties van één enkel land niet worden beschouwd als een zaak van puur nationaal belang. "En om deze reden kan goed worden verdedigd dat de soevereiniteit over relevant economisch beleid gezamenlijk dient te worden uitgeoefend. Dit betekent bovenal structurele hervormingen", aldus de President.

Maar economische aanpassingen kunnen kortetermijnkosten met zich mee brengen.

Om ervoor te zorgen dat landen ingeval van economische schokken beter af zijn binnen de Unie dan erbuiten, “moeten we andere manieren vinden om deze kosten te helpen spreiden…daarbij is met name een rol weggelegd voor private risicodeling”. In deze context zei Draghi dat er dringend iets moet worden gedaan aan de belemmeringen voor kapitaalmarktintegratie.

Staatsobligaties moeten tevens fungeren als veilige haven in tijden van economische stress. Dit kan in de eerste plaats via een krachtig kader voor begrotingsgovernance. De tweede manier is te zorgen voor een soort vangnet voor staatsschulden. “Op de langere termijn”, zei de President ter afsluiting, “zou het logisch zijn om verder na denken over de vraag of we in het eurogebied genoeg hebben gedaan om te allen tijde in staat te zijn begrotingsbeleid anticyclisch in te zetten. Maar het is ook duidelijk dat … dat alleen kan plaatsvinden in de context van een vastberaden stap naar een hechtere begrotingsunie”.

Stabilitet och välstånd i den monetära unionen

Tal av Mario Draghi, Europeiska centralbankens ordförande,
vid Helsingfors universitet
Helsingfors den 27 november 2014

ECB:s ordförande Mario Draghi presenterade i ett tal till studenter vid Helsingfors universitet vilka minimikrav som behövs för att fullborda den monetära unionen på ett sätt som erbjuder stabilitet och välstånd till alla dess medlemmar.

Draghi konstaterade att "trots motståndskraften står det emellertid klart att vår union fortfarande är ofullständig" men han sa samtidigt att medlemsstaterna "ska ha det bättre i unionen än utanför den."

"Om det finns delar av euroområdet som har det sämre inom unionen så kan det ge upphov till tvivel om att de till slut kan bli tvungna att lämna unionen".

Euron är, och ska vara, oåterkallelig i alla dess medlemsstater, inte bara för att det står så i fördraget utan för att en genuint gemensam valuta inte kan existera annars, sa han.

I avsaknad av permanenta finanspolitiska överföringar mellan medlemsstater finns det två minimikrav för att uppnå dessa mål. Det första är att alla länder i euroområdet var för sig ska kunna ha framgångar, det är att länderna i euroområdet behöver investera mer i andra mekanismer för att dela kostnader för chocker.

I en monetär union kan den ekonomiska utvecklingen i ett enskilt land inte ses enbart som en nationell angelägenhet. Det finns viktiga orsaker till att relevant ekonomisk politik ska utövas gemensamt. Detta innebär framför allt strukturreformer, sa ordföranden.

Inte desto mindre kan ekonomiska anpassningar innebära kostnader på kort sikt.

För att säkerställa att länder har det bättre ställt i unionen när en chock inträffar än utanför den behövs andra sätt som hjälper till att sprida dessa kostnader ... det är särskilt privat riskdelning som förväntas anta den rollen. Draghi sa också att de hinder som står i vägen för integrationen av kapitalmarknaderna snabbt måste åtgärdas.

Statsskuldspapper behöver också kunna fungera som en säker tillflyktsort i tider av ekonomisk stress. Detta kan ske genom ett starkt finanspolitiskt styrsystem. Den andra vägen är en form av säkerhetsmekanism för statspapper. På lång sikt vore det, enligt ordförande Draghi, naturligt att reflektera över om det har gjorts tillräckligt i euroområdet för att alltid bevara förmågan att använda finanspolitik kontracykliskt. Det står också klart att detta skulle kunna ske inom ramen för ett avgörande steg mot en allt fastare finanspolitisk union.

27/11/2014
Mario Draghi:  Introductory remarks at the Finnish parliament
Speech by Mario Draghi, President of the ECB, Helsinki, 27 November 2014
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Summary

Introductory remarks at the Finnish parliament

Speech by Mario Draghi, President of the ECB,
Helsinki, 27 November 2014

In his speech at the Finnish Parliament the President highlighted that, over the past crisis years, the ECB has acted forcefully to safeguard price stability and to contribute to financial stability in the euro area as a whole.

In particular, the ECB has taken several non-standard measures to ensure the transmission of its monetary policy to the economy. The latest unconventional measures announced by the ECB (the targeted long term refinancing operations (TLTROs), and the covered bond and ABS purchase programmes) will have a sizeable impact on our balance sheet, which we expect to move towards its early 2012 dimension. This will ensure the necessary degree of monetary accommodation and contribute to a gradual recovery and a return of inflation to levels closer to below, but close to, 2%. If, however, it becomes necessary to further address risks of too prolonged a period of low inflation, the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate.

Accountability and transparency are the essential elements balancing the independence of a central bank, especially in times where unconventional measures are being taken. The ECB regularly publishes a variety of data on the execution of monetary policy operations and the liquidity conditions of the Eurosystem. (i.e. the SMP, the Covered Bonds Programmes and the ABS Purchase Programme portfolios). Additionally, the Governing Council committed to the publication of an account of monetary policy discussions.

As regards fiscal policy and structural reforms, while the Stability and Growth Pact should remain the anchor for confidence in sustainable public finances, a comprehensive strategy is needed to put the euro area economy back on track. This involves further sharing of sovereignty, i.e a leap forward from common rules to common institutions. The upcoming report commissioned by the Euro Summit on the future of economic governance will present a good starting point for further reflection.

Puheenvuoro Suomen eduskunnassa

EKP:n pääjohtajan Mario Draghin puhe
Helsinki 27.11.2014

Puheessaan Suomen eduskunnalle EKP:n pääjohtaja korosti, että EKP on meneillään olevan kriisin aikana toiminut päättäväisesti varmistaakseen hintavakauden ja edistääkseen rahoitusjärjestelmän vakautta euroalueella.

EKP on toteuttanut useita epätavanomaisia toimia varmistaakseen rahapolitiikan välittymisen talouteen. Uusimmilla EKP:n ilmoittamilla epätavanomaisilla toimilla (kohdennetut pitempiaikaiset rahoitusoperaatiot sekä katettujen joukkolainojen ja omaisuusvakuudellisten arvopaperien osto-ohjelmat) tulee olemaan huomattava vaikutus eurojärjestelmän taseeseen, jonka suuruusluokan odotetaan kehittyvän samankaltaiseksi kuin alkuvuodesta 2012. Niiden avulla varmistetaan, että rahapolitiikan mitoitus tukee kasvua ja edistää talouden vähittäistä elpymistä sekä paluuta lähemmäksi tavoitteen mukaista inflaatiovauhtia (hieman alle kahden prosentin). Jos uudet toimet ovat tarpeen sen varmistamiseksi, että hitaan inflaation kausi ei pitkity liikaa, EKP:n neuvosto on yksimielisesti valmis käyttämään mandaattinsa rajoissa muitakin epätavanomaisia välineitä.

Tilivelvollisuus ja avoimuus ovat olennaisen tärkeitä seikkoja keskuspankin riippumattomuuden vastapainona erityisesti epätavanomaisia toimia toteutettaessa. EKP julkaisee säännöllisesti erilaisia tietoja rahapoliittisten toimien toteuttamisesta ja eurojärjestelmän likviditeettitilanteesta. (Tietoja julkaistaan muun muassa velkapaperiohjelmasta, katettujen joukkolainojen osto-ohjelmista ja omaisuusvakuudellisten arvopaperien osto-ohjelmasta). Lisäksi EKP:n neuvosto on sitoutunut julkaisemaan selonteon käymistään rahapoliittisista keskusteluista.

Finanssipolitiikan ja rakenteellisten uudistusten saralla vakaus- ja kasvusopimus ylläpitää luottamusta kestävään julkiseen talouteen. Lisäksi tarvitaan kuitenkin kattava strategia, jolla euroalueen talous saadaan jälleen kasvuun. Määräysvaltaa on jaettava entisestään, eli yhteisistä säännöistä tulisi edetä yhteisiin instituutioihin. Euroalueen huippukokouksen tilaama raportti tulevasta talouden ohjaus- ja hallintajärjestelmästä tulee olemaan hyvä lähtökohta syvemmälle tarkastelulle.

Inledningsanförande inför den finska riksdagen

Tal av Mario Draghi, ECB:s ordförande,
Helsingfors, 27 november 2014

I sitt tal inför den finska riksdagen poängterade ordföranden att ECB under de senaste krisåren med kraft agerat för att säkra prisstabilitet och bidra till finansiell stabilitet i hela euroområdet.

Framför allt har ECB vidtagit flera extraordinära åtgärder för att säkerställa att den penningpolitiska transmissionsmekanismen till ekonomin fungerar. De senaste okonventionella åtgärderna som ECB tillkännagivit (de riktade långfristiga refinansieringstransaktionerna (TLTRO), programmet för köp av säkerställda obligationer och ABS-programmet) kommer att få en betydande inverkan på vår balansräkning, som vi räknar med kommer att närma sig samma omfattning som i början av 2012. Detta kommer att säkerställa att penningpolitiken blir tillräckligt ackommoderande och bidra till en gradvis återhämtning och återgång till inflationsnivåer under men nära 2 procent. Om det skulle bli nödvändigt att vidta ytterligare åtgärder för att hantera de risker som en alltför utdragen period av låg inflation medför, är ECB-rådet enigt i sitt åtagande att inom ramen för sitt mandat använda andra okonventionella instrument.

Ansvarighet och öppenhet är nödvändiga förutsättningar för att en centralbank ska bevara sitt oberoende, särskilt i tider då okonventionella åtgärder vidtas. ECB publicerar regelbundet en mängd uppgifter om genomförandet av penningpolitiska transaktioner och Eurosystemets likviditetssituation. (t.ex. värdepappersmarknadsprogrammet, programmen för köp av säkerställda obligationer och ABS-programmet). ECB-rådet har vidare förbundit sig att publicera en redogörelse av de penningpolitiska diskussionerna.

Vad gäller finanspolitik och strukturreformer ska stabilitets- och tillväxtpakten även fortsättningsvis fungera som ett ankare för förtroendet för hållbara offentliga finanser men en omfattande strategi behövs för att få fart på ekonomin i euroområdet. Detta innebär att man ytterligare delar på befogenheter, dvs. ett steg framåt från gemensamma regler till gemensamma institutioner. Den kommande rapport som eurotoppmötet har beställt om den framtida ekonomiska styrningen kommer att vara en bra utgångspunkt för vidare funderingar.

26/11/2014
Vítor Constâncio:  The role of the banking union in achieving financial stability
Speech by Vítor Constâncio, Vice-President of the ECB, at the FT Banking Summit “Ensuring Future Growth”, London, 26 November 2014
24/11/2014
Benoît Cœuré:  Central counterparty recovery and resolution
Keynote Speech by Benoît Cœuré, Member of the Executive Board of the ECB, At Exchange of Ideas #2 “Central clearing – guarantee of stability or new moral hazard?” organised by Eurex Clearing London, 24 November 2014

Summary

Central counterparty recovery and resolution

Keynote Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
At Exchange of Ideas #2 “Central clearing – guarantee of stability or new moral hazard?” organised by Eurex Clearing
London, 24 November 2014

The mandatory use of central clearing is a relatively new regulatory tool for mitigating systemic risk in the OTC derivatives space. It has brought the central counterparties (CCPs) to the forefront of financial market regulation. It is therefore crucial for CCPs to have comprehensive and effective recovery plans, relying on a wide range of recovery tools, to continue providing their critical services also in a very severe crisis without requiring the use of resolution powers by authorities. Obviously the stability of CCPs primarily depends on the establishment and implementation of robust risk management framework. But CCPs are also in a unique position to set up efficient and comprehensive recovery plans as they can base them on contractual arrangements with members. But CCPs need to have appropriate procedures for managing conflicts of interest between stakeholders - it is vital to involve all those who would bear losses in the design of the recovery plan. And on the regulatory side, we need to make sure our approach is cautious and non-prescriptive at this stage. I am confident that CCPs, authorities and stakeholders will work together constructively to meet the ambitious objectives set out in the recent CPMI-IOSCO report.

21/11/2014
Mario Draghi:  Monetary policy in the euro area
Opening keynote speech by Mario Draghi, President of the ECB at the Frankfurt European Banking Congress Frankfurt am Main, 21 November 2014
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Monetary policy in the euro area

Opening keynote speech by Mario Draghi, President of the ECB
at the Frankfurt European Banking Congress
Frankfurt am Main, 21 November 2014

Mario Draghi, President of the European Central Bank, today opened the Frankfurt European Banking Congress, with an analysis of the economic situation facing the euro area and of the ECB’s monetary policy response.

The economic situation in the euro area remains difficult and confidence in the overall economic prospects is fragile and easily disrupted, feeding into low investment, Mr Draghi said. In this context, the inflation situation in the euro area has also become increasingly challenging.

The ECB President emphasised the risk that a too prolonged period of low inflation becomes embedded in inflation expectations, and that the firm anchoring of inflation expectations is critical under any circumstances. This is why the Governing Council has communicated its expectation that the combination of all the monetary policy measures it has decided on will expand the Eurosystem’s balance sheet towards the levels prevailing in early 2012, Mr Draghi said. The addition of purchases of covered bonds to ABS purchases will allow us to conduct interventions on a scale that will achieve the intended effects in terms of portfolio rebalancing and signalling.

He added the ECB would continue to meet its responsibility: “We will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us. If on its current trajectory our policy is not effective enough to achieve this, or further risks to the inflation outlook materialise, we would step up the pressure and broaden even more the channels through which we intervene, by altering accordingly the size, pace and composition of our purchases,” Mr Draghi said.

Geldpolitik im Euroraum

Grundsatzrede von Mario Draghi, Präsident der Europäischen Zentralbank,
zur Eröffnung des Europäischen Bankenkongresses,
Frankfurt am Main, 21. November 2014

Mario Draghi, Präsident der Europäischen Zentralbank, hat heute den Europäischen Bankenkongress in Frankfurt mit einer Analyse der wirtschaftlichen Lage im Euroraum und der geldpolitischen Reaktion der EZB eröffnet.

Die wirtschaftliche Situation im Euroraum bleibeschwierig, und dass Vertrauen in die Konjunkturaussichten insgesamt sei zerbrechlich und leicht zu erschüttern, was zu einer geringen Investitionstätigkeit führe, so Draghi. In diesem Kontext sei auch die Inflationslage im Euroraum eine immer größere Herausforderung geworden.

Der Präsident hob das Risiko hervor, dass eine über einen zu langen Zeitraum niedrige Inflation sich in den Inflationserwartungen festsetzen könnte. Eine feste Verankerung der Inflationserwartungen sei aber entscheidend. Aus diesem Grund hat der EZB-Rat die Erwartung geäußert, dass durch das Zusammenwirken aller beschlossenen geldpolitischen Maßnahmen die Bilanzsumme des Eurosystems eine Größenordnung wie Anfang 2012 erreichen werde, erklärte Draghi. Der Ankauf von Kreditverbriefungen (ABS) und Covered Bonds werde der EZB Interventionen in solch einem Umfang ermöglichen, dass sie die beabsichtigten Effekte im Hinblick auf Portfolioumschichtungen und Signalwirkungen erreichen werde.

Draghi fügte hinzu, dass die EZB auch weiterhin ihre Pflicht erfüllen wird: „Wir werden tun, was wir tun müssen, damit die Inflation und die Inflationserwartungen so bald wie möglich steigen, wie es unser Preisstabilitätsmandat erfordert. Wenn unser derzeitiger geldpolitischer Kurs nicht wirkungsvoll genug ist, um dies zu erreichen, oder weitere Risiken für die Inflationsaussichten auftreten, würden wir den Druck erhöhen und die Kanäle, über die wir intervenieren, noch stärker ausweiten – indem wir den Umfang, den Rhythmus und die Zusammensetzung unserer Ankäufe entsprechend ändern“, so Draghi.

La política monetaria en la zona del euro

Discurso pronunciado por Mario Draghi, presidente del Banco Central Europeo,
en el Congreso Europeo de Banca,
Fráncfort, 21 de noviembre de 2014

Mario Draghi, presidente del BCE, ha inaugurado hoy el Congreso Europeo de Banca en Fráncfort con un análisis de la situación económica a la que se enfrenta la zona del euro y de la respuesta de política monetaria del BCE.

“La situación económica en la zona del euro sigue siendo difícil y la confianza en las perspectivas económicas generales es frágil, debido al bajo nivel de inversión”, declaró Mario Draghi. En este contexto, la situación de la inflación en la zona del euro es cada vez más problemática.

El presidente del BCE destacó el riesgo de que un período demasiado prolongado de baja inflación pueda reflejarse en las expectativas de inflación, y subrayó que el firme anclaje de dichas expectativas es fundamental en cualquier circunstancia. «Por este motivo el Consejo de Gobierno ha manifestado su expectativa de que el conjunto de medidas de política monetaria adoptadas amplíe el balance del Eurosistema hasta los niveles de principios del 2012», señaló Mario Draghi. «Las compras de bonos garantizados sumadas a las compras de bonos de titulización de activos nos permitirán actuaciones de la envergadura necesaria para lograr los efectos deseados en términos de reajuste de carteras y señalamiento».

Mario Draghi añadió que el BCE continuará asumiendo su responsabilidad: «haremos lo que sea necesario para elevar la inflación y las expectativas de inflación lo antes posible, como requiere nuestro mandato de mantener la estabilidad de precios. Si la trayectoria actual de nuestra política no resulta suficientemente eficaz, o se materializan nuevos riesgos para las perspectivas de inflación, elevaríamos la presión y ampliaríamos aún más los canales a través de los que actuamos, modificando convenientemente el tamaño, el ritmo y la composición de nuestras compras».

La politique monétaire dans la zone euro

Discours d’ouverture de M. Mario Draghi, président de la Banque centrale européenne,
au Congrès bancaire européen,
Francfort-sur-le-Main, le 21 novembre 2014

M. Mario Draghi, président de la Banque centrale européenne, a ouvert ce jour le Congrès bancaire européen à Francfort (Frankfurt European Banking Congress), proposant une analyse de la situation économique dans la zone euro et des réponses de politique monétaire apportées par la Banque centrale européenne (BCE).

La situation économique dans la zone euro reste difficile et la confiance dans les perspectives économiques globales est fragile et facilement ébranlée, ce qui se traduit par une faiblesse de l’investissement, a déclaré M. Draghi. Dans ce contexte, la situation sur le front de l’inflation dans la zone euro pose également un défi de plus en plus grand.

Le président de la BCE a souligné le risque qu’une période trop longue de faible inflation se fixe dans les anticipations d’inflation et indiqué que l’ancrage solide de celles-ci est crucial en toutes circonstances. C’est la raison pour laquelle le Conseil des gouverneurs a annoncé qu’il s’attendait à ce que l’ensemble des mesures de politique monétaire qu’il a prises se traduise par une hausse du bilan de l’Eurosystème l’amenant à un niveau proche de celui observé début 2012, a déclaré M. Draghi. En cumulant les achats d’obligations sécurisées et les achats d’ABS, nous pourrons mener des interventions d’une ampleur permettant d’atteindre les résultats escomptés en termes de recomposition des portefeuilles et de signal.

M. Draghi a ajouté que la BCE continuera d’assumer ses responsabilités : « Nous mettrons tout en œuvre pour faire remonter aussi rapidement que possible l’inflation et les anticipations d’inflation, comme le commande notre mandat de sauvegarde de la stabilité des prix. Si la trajectoire actuelle de notre politique ne s’avérait pas assez effective pour ce faire, ou si de nouveaux risques se concrétisaient pour les perspectives d’inflation, nous renforcerions la pression et élargirions davantage encore les canaux par lesquels nous intervenons, en modifiant l’ampleur, le rythme et la composition de nos achats », a indiqué M. Draghi.

La politica monetaria nell’area dell’euro

Intervento di apertura di Mario Draghi, Presidente della BCE,
in occasione del Congresso bancario europeo
Francoforte sul Meno, 21 novembre 2014

Mario Draghi, Presidente della Banca centrale europea, ha aperto oggi il Congresso bancario europeo con un’analisi della situazione economica nell’area dell’euro e della risposta di politica monetaria fornita dalla BCE.

Draghi ha affermato che le condizioni nell’area restano difficili e la fiducia nelle prospettive economiche in generale è fragile e facilmente soggetta a perturbazioni, il che si traduce in bassi investimenti. In questo contesto è diventata sempre più problematica nell’area anche la situazione dell’inflazione.

Il Presidente ha posto l’accento sul rischio che un periodo troppo prolungato di bassa inflazione si radichi nelle aspettative di inflazione e ha rilevato che il loro solido ancoraggio è critico a prescindere dalle circostanze. Draghi ha dichiarato che per questa ragione il Consiglio direttivo ha comunicato l’attesa secondo la quale l’insieme di tutte le misure di politica monetaria decise farà aumentare il bilancio dell’Eurosistema, che si porterà in prossimità dei livelli osservati agli inizi del 2012. Grazie agli acquisti di obbligazioni garantite che si aggiungono a quelli di ABS, sarà possibile condurre interventi di una portata tale da conseguire gli effetti voluti in termini di riequilibrio dei portafogli e di segnalazione.

Ha aggiunto che la BCE continuerà ad assolvere i propri compiti, concludendo: “Faremo ciò che dobbiamo per conseguire il prima possibile un aumento dell’inflazione e delle aspettative di inflazione, nel rispetto del nostro mandato di preservare la stabilità dei prezzi. Se la direzione attuale della nostra politica non risulterà sufficientemente efficace a tale scopo, o se si concretizzeranno ulteriori rischi per le prospettive di inflazione, saremo pronti a esercitare maggiori pressioni e ad ampliare ancora i nostri canali di intervento, ricalibrando di conseguenza l’entità, il ritmo e la composizione degli acquisti”.

Monetair beleid in het eurogebied

Door de heer Draghi, President van de Europese Centrale Bank,
op 21 november 2014 te Frankfurt uitgesproken openingsrede van het Euro Banking Congress

De President van de Europese Centrale Bank, Mario Draghi, heeft vandaag het European Banking Congress in Frankfurt geopend met een analyse van de economische situatie in het eurogebied en de wijze waarop de ECB daarop met haar monetair beleid gereageerd heeft.

De economische situatie in het eurogebied blijft precair en het vertrouwen in de algehele vooruitzichten voor de economie is broos en snel verstoord, waardoor er weinig wordt geïnvesteerd, aldus Draghi. In deze omstandigheden is ook de inflatie in het eurogebied een steeds grotere uitdaging gaan vormen.

De ECB-President wees nadrukkelijk op het risico dat een te lang aanhoudende lage inflatie in de inflatieverwachtingen verankerd raakt en op het grote belang van een in alle omstandigheden stevige verankering van de inflatieverwachtingen. Daarom heeft de Raad van Bestuur zijn verwachting uitgesproken dat de combinatie van alle besloten monetaire beleidsmaatregelen ertoe zal leiden dat de balans van het Eurosysteem naar het niveau van begin 2012 groeit, aldus Draghi. Dat de ECB naast ABS ook gedekte obligaties gaat aankopenstelt ons in staat op zo'n schaal te interveniëren dat de beoogde doelen in termen van portefeuilleverschuivingen en signaalfunctie bereikt worden.

Hij voegde daaraan toe dat de ECB haar verantwoordelijkheid zal blijven nemen: "Wij zullen doen wat we moeten doen om de inflatie en de inflatieverwachtingen zo snel mogelijk te verhogen, zoals ons mandaat – prijsstabiliteit – van ons verlangt. Als ons beleid in zijn huidige richting niet afdoende is om dat te bereiken, of als zich andere risico's voor de inflatievooruitzichten voordoen, dan verhogen wij de druk en zullen wij onze interventiekanalen verder verbreden door de omvang, het tempo en de samenstelling van onze aankopen dienovereenkomstig te wijzigen,", aldus Draghi.

20/11/2014
Mario Draghi:  Stronger together in Europe: the contribution of banking supervision
Speech by Mario Draghi, President of the ECB, marking the inauguration of the ECB’s new supervisory responsibilities, Frankfurt, 20 November 2014

Summary

Stronger together in Europe: the contribution of banking supervision

Speech by Mario Draghi, President of the ECB,
marking the inauguration of the ECB's new supervisory responsibilities,
Frankfurt, 20 November 2014

Speaking at the Inauguration of the European Central Bank's new supervisory responsibilities, Mario Draghi, the President of the European Central Bank, reflected on the creation of the Single Supervisory Mechanism, reminding the context that lead the Council and the Parliament to entrust the ECB with supervisory tasks.

According to Mr Draghi, the setting-up of European banking supervision has been the largest step towards deeper integration since the creation of our Economic and Monetary Union.

The President restated that the ECB was and remains determined to protect the euro, while reminding that more works needs to be done to improve "our" union, not only in the banking sector but also in relation to capital markets and in the economic and fiscal realms. "Our responsibility towards the people of this continent is indeed to put in place a sustainable economic model that helps to increase employment and boost growth", he said.

17/11/2014
Benoît Cœuré:  Taking stock of the global role of the Renminbi
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the European-Chinese Banking Day, Frankfurt, 17 November 2014
17/11/2014
Mario Draghi:  Introductory remarks at the EP’s Economic and Monetary Affairs Committee
Speech by Mario Draghi, President of the ECB, 17 November 2014
17/11/2014
Peter Praet:  Repairing the bank lending channel: the next steps
Speech by Peter Praet, Member of the Executive Board of the ECB, at European Macro Conference organised by Credit Suisse, London, 17 November 2014

Summary

Repairing the bank lending channel: the next steps

Speech by Peter Praet, Member of the Executive Board of the ECB,
at European Macro Conference organised by Credit Suisse,
London, 17 November 2014

The effectiveness of monetary policy in the euro area depends on a well-functioning banking sector as it operates through the bank lending channel. In recent years, efforts have been made to repair this channel. Policymakers agreed to establish Banking Union and the ECB assumed supervisory responsibilities within it. Against that background, we expect the monetary policy initiatives we adopted in June and September to gain pace in the coming months, thus incentivising lending to the real economy and ultimately bringing inflation closer to 2%. Indeed we have already observed a considerable easing of the effective monetary policy stance. We sustain that these measures will have a sizeable impact on the Eurosystem's balance sheet, which is expected to move towards the dimensions it had at the beginning of 2012. But as banks adjust to a new business environment, it is essential to ensure that they continue to have microeconomic incentives that coincide with our desired macroeconomic objectives, while we keep developing a banking landscape that is sufficiently efficient and diversified to sustain credit supply.

17/11/2014
Yves Mersch:  Aktuelle geldpolitische Herausforderungen
Rede von Yves Mersch, Mitglied des Direktoriums der EZB, Auf der 17. Euro Finance Week, Frankfurt, 17. November 2014
14/11/2014
Benoît Cœuré:  The global and European aspects of policy coordination
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Global Research Forum on International Macroeconomics and Finance Washington D.C., 14 November 2014
13/11/2014
Sabine Lautenschläger:  The interplay between macro-prudential, micro-prudential and monetary policies at the ECB (slides from the presentation)
Presentation by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the conference “Macroprudential policy: Implementation and Interaction with other Policies” jointly organised by Sveriges Riksbank and the IMF in Stockholm, 13 November 2014
12/11/2014
Mario Draghi:  The economic policy of Federico Caffè in our times
Speech by Mario Draghi, President of the ECB, to mark the centenary of the birth of Federico Caffè at the Lecture room of the School of Economics and Business Studies “Federico Caffè”, Rome, 12 November 2014
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04/11/2014
Benoît Cœuré:  Laying the foundations of the Cypriot recovery
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 10th Cyprus Summit "Current developments in the euro area", Nicosia, 4 November 2014
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03/11/2014
Vítor Constâncio:  Thomas Philippon’s contribution to macro-finance
Speech by Vítor Constâncio, Vice-President of the ECB, at the ceremony awarding the Germán Bernácer Prize for Promoting Economic Research in Europe to Thomas Philippon Madrid, 3 November 2014
24/10/2014
Mario Draghi:  Economic situation in the euro area (slides from the presentation)
Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 24 October 2014
22/10/2014
Yves Mersch:  Capital markets union – the “Why” and the “How”
Dinner speech by Yves Mersch, Member of the Executive Board of the ECB, Joint EIB-IMF High Level Workshop, Brussels, 22 October 2014
22/10/2014
Benoît Cœuré:  Towards retail payments 2.0: The new security challenges
Opening remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a Joint European Central Bank/Banque de France conference, Paris, 22 October 2014
17/10/2014
Vítor Constâncio:  Beyond traditional banking: a new credit system coming out of the shadows
Speech by Vítor Constâncio, Vice-President of the ECB, at the 2nd Frankfurt Conference on Financial Market Policy: Banking Beyond Banks, organised by the SAFE Policy Center of Goethe University, Frankfurt am Main, 17 October 2014
17/10/2014
Benoît Cœuré:  Structural reforms: learning the right lessons from the crisis
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, Economic conference, Latvijas Banka, Riga, 17 October 2014

Summary

Structural reforms: learning the right lessons from the crisis

Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB,
Economic conference, Latvijas Banka,
Riga, 17 October 2014

One lesson that we learned after the financial crisis is that achieving sustainable economic growth is always about both demand and supply. Moreover, policies that support demand empower policies that support supply, and vice versa.

In the post crisis environment of a large debt overhang, partly structural unemployment and weak productivity levels, supply-side policies can increase the effectiveness of demand-side policies and help empower demand. By raising potential growth they create more space for spending (governments, firms and households). Additionally, by reactivating/reskilling the workforce, they allow employment to respond faster to higher demand. Finally, they ensure that higher demand is channelled towards the right sectors.

While their long-term positive effects are undisputed, structural reforms, especially in times when monetary policy is at the lower bound, are seen to have negative short-term effects through increasing real interest rates. However, structural reforms can be effective in the short run as they raise expectations of higher incomes and cause firms to increase investment today and bring forward the economic recovery.

Achieving a positive short-term impact from structural reforms depends on both the pace and composition of reforms. First, instead of the traditionally gradual approach, reforms need to be frontloaded (as e.g. in Latvia). Second, they must focus not only on competitiveness, but also on increasing the rate of productivity growth in the economy.

When thinking about the composition of reforms, one should have in mind innovation (see firms’ market entry and turnover), adoption (e.g. information and communication technology) and reallocation (labour market reforms).

But while the full benefits of these efforts are still emerging, aggregate demand should be supported to counteract the potentially destabilising effect of lower prices and higher real interest rates. This can be done by fiscal policy, when it is available without questioning long-term debt sustainability. And it can be done by monetary policy, even when interest rates have reached the lower bound, by expanding the central bank’s balance sheet and channelling liquidity to the real economy.

17/10/2014
Yves Mersch:  Monetary policy and economic inequality
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, Corporate Credit Conference, Zurich, 17 October 2014
16/10/2014
Vítor Constâncio:  Maintaining price stability in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, at the 18th Annual Central Bank and Investment Authority Seminar organised by Commerzbank, Berlin, 16 October 2014
15/10/2014
Mario Draghi:  Towards the banking union – Opportunities and challenges for statistics
Introductory speech by Mario Draghi, President of the ECB, Seventh ECB Statistics Conference “Towards the banking Union. Opportunities and challenges for statistics”, Frankfurt am Main, 15 October 2014
10/10/2014
Peter Praet:  Recent monetary policy measures supporting the euro area recovery
Speech by Peter Praet, Member of the Executive Board of the ECB, at the IIF Annual Membership Meeting, Washington D.C., 10 October 2014
10/10/2014
Mario Draghi:  Statement by Mario Draghi, President of the ECB, at the Thirtieth meeting of the IMFC
Mario Draghi, President of the ECB, Washington, D.C., 10 October 2014
09/10/2014
Mario Draghi:  Recovery and Reform in the euro area
Opening remarks by Mario Draghi, President of the ECB, Brookings Institution, Washington, 9 October 2014

Summary

Recovery and Reform in the euro area

Opening remarks by Mario Draghi, President of the ECB,
Brookings Institution,
Washington, 9 October 2014

In remarks delivered at the Brookings Institution in Washington, Mario Draghi underlined the urgent need to raise potential output in the euro area through reforms. “Put simply, I cannot see any way out of the crisis unless we create more confidence in the future potential of our economies”, he said, adding that “given demographic trends, raising structural growth will have to take place primarily through productivity”.

Referring to an open letter written by the economist John Maynard Keynes in 1933 to President Franklin D. Roosevelt on reform and recovery in the US, Mr Draghi argued that in the euro area today “without reform, there can be no recovery”.

The crisis has been tackled on several fronts: actions have been undertaken to “repair money”, that is to keep money fungible across space eliminating redenomination risks; to repair the financial sector and credit allocation; to repair monetary policy and fiscal policies.

On monetary policy, the ECB President noted that the ECB is now transitioning from a monetary policy framework predominantly founded on passive provision of central bank credit to a more active and controlled management of the balance sheet, in an attempt to lift inflation from its low levels. “We are accountable to the European people for delivering price stability, which today means lifting inflation from its excessively low level. And we will do exactly that,” Mr Draghi said. This could include changing the size and/or composition of unconventional policies.

On fiscal policies Mr Draghi emphasised the importance of the governance framework established in order to restore confidence in public finances.

“So to now call into question not just the letter, but also the spirit of the fiscal governance framework would be self-defeating. If this were to again cast doubt over fiscal sustainability, it would create a risk that borrowing costs, and hence fiscal policies, turn procyclical once more”.

At the same time, Mr Draghi reiterated the idea that for governments and European institutions that have fiscal space, it makes sense to use it, so that fiscal policy can work with rather than against monetary policy in supporting aggregate demand.

And for those without fiscal space, fiscal policy can still support demand by altering the composition of the budget – in particular by simultaneously cutting distortionary taxes and unproductive expenditure.

06/10/2014
Vítor Constâncio:  A new phase of the ECB’s monetary policy
Speech by Vítor Constâncio, Vice-President of the ECB, at the “ECB’s workshop on non-standard monetary policy measures”, Frankfurt am Main, 6 October 2014
30/09/2014
Sabine Lautenschläger:  National supervision in a European system: What is the new balance?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, Fifth FMA supervisory conference, Vienna, 30 September 2014
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26/09/2014
Yves Mersch:  Tackling unemployment in Europe – increasing mobility, enhancing flexibility, optimising education
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, at the University of Luxembourg, Luxembourg, 26 September 2014
26/09/2014
Benoît Cœuré:  Credit and Investment in the European Recovery
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at IMF/Banka Slovenije high-level seminar on “Reinvigorating Credit Growth in Central, Eastern and Southern European Economies”, Portoroz, 26 September 2014
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Summary

Credit and Investment in the European Recovery

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at IMF/Banka Slovenije high-level seminar on “Reinvigorating Credit Growth in Central, Eastern and Southern European Economies”,
Portoroz, 26 September 2014

To revive the euro area economy recapitalisation not only in the banking sector but also a repairing of private sector balance sheets is needed. The banking sector is undergoing a necessary process of structural reforms. With concluding the Comprehensive assessment there is potential to ensure that credit supply constraints diminish and the cycle turns.

For a stronger rebound in investment the private non-financial sector needs to raise equity. One instrument especially for smaller and medium size enterprises is to allow EU investment funds to be distributed in the form of equity and not only in the form of debt, as the European Bank for Reconstruction and development (EBRD) and the International Finance Corporation (IFC) already do in many countries. Also the fragmentation in venture capital markets should be reduced.

For smaller firms with the need of deleveraging debt-for-equity-swaps, possibly fostered by tax incentives, could facilitate private debt workouts.

What is also needed is to raise productivity. An “upward shock” to total factor productivity is needed but only possible in highly competitive markets.

Posojila in naložbe v evropskem okrevanju

Govor Benoîta Cœuréja, člana Izvršilnega odbora ECB,
na seminarju MDS/Banke Slovenije na visoki ravni z naslovom “Oživljanja rasti posojil v srednji, vzhodni in jugovzhodni Evropi”,
Portorož, 26. september 2014

Za oživitev gospodarstva euroobmočja sta potrebna tako dokapitalizacija v bančnem sektorju kot tudi popravilo bilanc stanja v zasebnem sektorju. V bančnem sektorju poteka nujni proces strukturnih reform. Z zaključkom celovite ocene obstaja možnost, da se omejitve pri ponudbi kreditov postopno zmanjšajo in da se gospodarski cikel obrne.

Za močnejši odboj naložb mora nefinančni zasebni sektor zbrati lastniški kapital. En instrument, ki bi ga lahko uporabila posebej mala in srednje velika podjetja, je možnost, da se naložbena sredstva EU razdeljujejo v obliki lastniškega kapitala in ne le v obliki dolga, kar Evropska banka za obnovo in razvoj (EBRD) in Mednarodna finančna korporacija (IFC) v mnogih državah že počneta. Poleg tega bi bilo treba zmanjšati razdrobljenost trgov tveganega kapitala.

Za manjša podjetja, ki morajo zmanjšati svojo zadolženost, bi bilo zasebni dolg mogoče prestrukturirati z zamenjavo terjatev v lastniške deleže, po možnosti ob podpori davčnih spodbud.

Kar potrebujemo, je dvig produktivnosti. Potreben je “pozitiven šok” na področju skupne faktorske produktivnosti, vendar pa je ta mogoč samo na zelo konkurenčnih trgih.

25/09/2014
Mario Draghi:  Keynote speech at the Euro Conference – Lithuania
Keynote speech by Mario Draghi, President of the ECB, Euro Conference – Lithuania, Vilnius, 25 September 2014
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Summary

Keynote speech at the Euro Conference – Lithuania

Keynote speech by Mario Draghi, President of the ECB,
Euro Conference – Lithuania,
Vilnius, 25 September 2014

The euro area benefits from Lithuania’s accession in at least two ways: first, Lithuania has shown that adjustment is not only necessary, but also possible – even without currency devaluation; second, Lithuania’s decision to join the euro area demonstrates that our common currency is attractive.

Lithuania itself will – amongst others – benefit from having a say in the monetary policy-making of the world’s second largest economy. Initial scepticism among some Lithuanians regarding the introduction of the euro is already transforming into increasing support now that people become more informed about their new currency and the changeover modalities. Joining the euro area does not only follow from economic considerations: it is a binding commitment to European values.

Kalba konferencijoje „Euras Lietuvoje“

ECB pirmininko Mario Draghi kalba,
konferencijoje „Euras Lietuvoje“,
2014 m. rugsėjo 25 d., Vilnius

Euro zonai Lietuvos prisijungimas naudingas mažiausiai dviem aspektais: pirma, Lietuva parodė, kad koregavimas ne tik būtinas, bet ir įmanomas – net ir nedevalvuojant valiutos; antra, Lietuvos sprendimas prisijungti prie euro zonos rodo, kad mūsų bendroji valiuta yra patraukli.

Lietuvai ir pačiai bus naudinga tai, kad ji kartu su kitomis šalimis dalyvaus formuojant antros pagal dydį pasaulio ekonomikos pinigų politiką. Pirminis kai kurių lietuvių skeptiškumas dėl euro įvedimo jau keičiasi į didėjantį palaikymą, kai tik žmonės daugiau sužino apie naująją valiutą ir perėjimo prie jos sąlygas. Tačiau į euro zoną stojama ne tik ekonominiais sumetimais. Tai saistantis įsipareigojimas puoselėti europines vertybes.

22/09/2014
Mario Draghi:  Introductory remarks at the EP’s Economic and Monetary Affairs Committee
Speech by Mario Draghi, President of the ECB, Brussels, 22 September 2014
17/09/2014
Yves Mersch:  Towards a new collateral landscape
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the 2nd Joint Central Bank Seminar on Collateral and Liquidity hosted by the ECB and the Deutsche Bundesbank, Hamburg, 17 September 2014
11/09/2014
Mario Draghi:  Keynote speech at the Eurofi Financial Forum
Keynote speech by Mario Draghi, President of the ECB, Eurofi Financial Forum, Milan, 11 September 2014
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Summary

Summary of the speech at the Eurofi Financial Forum

Speech by Mario Draghi, President of the ECB,
Milan, 11 September 2014

We are facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy. This requires that all actors – both at national and European levels – play their parts in line with their respective mandate as laid down in the EU Treaties.

No monetary or fiscal stimulus can be successful if not accompanied by the right structural policies -- policies that foster potential growth and instil confidence.

Investment has been one of the great casualties of the crisis. From peak to trough business investment in the euro area decreased by around 20% since 2008, against 15% in the 1992 recession. We will not see a sustainable recovery unless this changes.

A decisive rise in investment is essential to bring inflation where we would want to see it, to kick-start the economy and to bring down unemployment.

There are two key areas where national and European level government action can help revive investment. First, the regulatory environment should be made more favourable to economic growth. Second, companies need to have access to more diversified sources of financing: the launch of a capital markets union could contribute to achieving this. It is an idea that the ECB fully supports.

The development of the market for simple and transparent Asset Backed Securities deserves particular support. Member States should consider the provision of public guarantees to support lending to small and medium sized enterprises.

There also needs to be a consistent and credible application of the Stability and Growth Pact across time and across countries. Within the existing framework, countries should explore how to support productive investment.

In monetary policy, we have deployed a number of non-standard tools to ensure our very accommodative monetary policy stance is transmitted to the real economy. Last week, the Governing Council decided to start the purchase of certain high-quality asset-backed securities and covered bonds in October. Senior tranches of such ABS have proven to be high quality assets.

Alongside our Targeted Longer Term Refinancing Operations, we expect these measures will enhance the functioning of monetary policy transmission, provide further accommodation now that we are at the lower bound, and have a sizeable impact on our balance sheet.

10/09/2014
Yves Mersch:  For a European capital markets union – Securing stability, overcoming fragmentation
Closing keynote speech by Yves Mersch, Member of the Executive Board of the ECB, Zeit Konferenz “Banken & Wirtschaft”, Chamber of Commerce and Industry Frankfurt am Main, 10 September 2014
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09/09/2014
Benoît Cœuré:  Life below zero: Learning about negative interest rates
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Presentation at the annual dinner of the ECB's Money Market Contact Group, Frankfurt am Main, 9 September 2014
08/09/2014
Sabine Lautenschläger:  Banking supervision – a challenge
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, Deutsches Institut für Wirtschaftsforschung, Hamburg, 8 September 2014
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Summary

Die Bankenaufsicht - Eine Herausforderung

Sabine Lautenschläger, Member of the Executive Board of the ECB,
Deutsches Institut für Wirtschaftsforschung,
Hamburg, 8 September 2014

The effectiveness of monetary policy will be bolstered when the European Central Bank (ECB) assumes its banking supervision responsibilities under the Single Supervisory Mechanism (SSM), believes Sabine Lautenschläger, member of the ECB's Executive Board. Bringing together the supervision of individual banks, the macro-prudential supervision of the financial system and monetary policy under one roof will help to ensure that monetary policy can focus entirely on safeguarding price stability, Lautenschläger said in a speech at the Annual Conference of the Verein für Socialpolitik in Hamburg. The interaction between the three policy areas of the central bank will reduce the risk of financial dominance, strengthen the transmission of monetary policy and improve the management of the financial system.

"Both areas have a very strong interest in sound banks with viable business models that can provide credit to the real economy", said Lautenschläger. Given that banks have already been preparing over recent months for the requirements that will apply following the imminent launch of the SSM and have strengthened their capital bases, their capacity to provide credit to the economy has increased even before the official start of the SSM. This strengthens the transmission of monetary policy.

For the central bank, which provides financing for commercial banks, it is very important – particularly in times of crisis – to make a clear distinction between sound banks that are solvent but suffering from liquidity shortages and insolvent banks that will not be able to survive in the long run. A strong European supervisor would be able to dispel some of the uncertainty attached to solvency assessments. This will help the ECB to fulfil its tasks, because it will be able to provide liquidity support without fear of exceeding its mandate, said Lautenschläger. However, reliable solvency information would only be able to help reduce financial dominance if there is a credible regime for resolving banks. This requires a common regulatory framework and a resolution fund with ample resources. In addition, stricter rules regarding the granting of emergency liquidity assistance to commercial banks by Eurosystem national central banks could reduce potential conflicts of interest.

Particularly in times of economic growth, the ECB's new tasks could permit an appropriate reaction to potential excesses in asset markets, for example. Using interest rates to counter such developments is not appropriate, warned Lautenschläger, because it could jeopardise the primary objective of price stability. It is thus all the more important that the ECB's Governing Council should have more tools at its disposal to counter imbalances.

Die Bankenaufsicht - Eine Herausforderung

Sabine Lautenschläger, Mitglied des Direktoriums der EZB,
Deutsches Institut für Wirtschaftsforschung,
Hamburg, 8. September 2014

Die Übernahme der gemeinsamen europäischen Bankenaufsicht durch die Europäische Zentralbank wird nach Einschätzung von EZB-Direktorin Sabine Lautenschläger die Wirksamkeit der Geldpolitik zusätzlich stärken. Die Zusammenführung der Aufsicht über einzelne Banken, der makroprudenziellen Aufsicht über die Finanzsysteme und der Geldpolitik unter einem Dach werde dazu beitragen wird, dass sich die Geldpolitik ganz auf die Wahrung von Preisstabilität konzentrieren könne, sagte Lautenschläger in einer Rede auf der Jahrestagung des Vereins für Socialpolitik in Hamburg. Das Zusammenwirken der drei Politikbereiche der Zentralbank verringere das Risiko der finanziellen Dominanz, stärke die Wirkungskette der Geldpolitik und verbessere die Steuerung des Finanzsystems.

"Beide Bereiche haben großes Interesse an soliden Banken mit tragfähigen Geschäftsmodellen, die die Realwirtschaft mit Krediten versorgen können", sagte Lautenschläger. Weil sich die Banken schon in den vergangenen Monaten auf die Bedingungen des bevorstehende Single Supervisory Mechanism (SSM) vorbereitet und ihre Kapitalbasis gestärkt haben, sei ihre Fähigkeit, die Wirtschaft mit Krediten zu versorgen, schon vor dem eigentlichen Beginn der gemeinsamen europäischen Bankenaufsicht gewachsen. Das stärke die Transmissionskette der Geldpolitik.

Insbesondere in Krisenzeiten sei es für die Zentralbank, die die Geschäftsbanken mit Krediten versorgt, von großer Bedeutung sauber zu unterscheiden zwischen gesunden Banken, die zwar solvent sind, aber trotzdem in Liquiditätsnot geraten sind, und insolventen Banken, die langfristig nicht überleben können. Eine starke europäische Bankenaufsicht könne einige der Unsicherheiten, mit denen die Solvenzeinschätzungen behaftet sind, ausräumen. Das werde der Zentralbank bei der Erfüllung ihrer Aufgaben helfen, denn dann könne sie Liquiditätshilfen geben, ohne dass sie befürchten müsse, ihr Mandat zu überschreiten, sagte Lautenschläger. Zuverlässige Solvenzinformationen könnten allerdings nur dann zum Abbau von finanzieller Dominanz beitragen, wenn es eine glaubwürdige Regelung für die Abwicklung von Banken gebe. Dafür seien ein gemeinsames Regelwerk und ein ausreichend finanzierter Abwicklungsfonds notwendig. Außerdem könnten strengere Regeln für die Vergabe von Notkrediten (Emergency Liquidity Assistance, ELA) durch nationale Notenbanken des Eurosystems an Geschäftsbanken mögliche Interessenkonflikte verringern.

Besonders in Zeiten eines wirtschaftlichen Aufschwungs könnten die neuen Kompetenzen der EZB eine angemessene Reaktion auf möglichen Übertreibungen etwa auf den Märkten für Vermögenswerte ermöglichen. Ein Gegensteuern durch die Zinspolitik sei ungeeignet, weil dann das primäre Ziel der Preisstabilität gefährdet werden könnte, warnte Lautenschläger. Umso wichtiger sei deshalb, dass sich nun der Instrumentenkasten erweitere, der dem EZB-Rat zur Verfügung stehe, um Übertreibungen entgegen zu wirken.

08/09/2014
Vítor Constâncio:  Understanding the yield curve
Opening address by Vítor Constâncio, Vice-President of the ECB, at the ECB workshop “Understanding the yield curve: what has changed with the crisis?”, Frankfurt, 8 September 2014
03/09/2014
Sabine Lautenschläger:  Countdown to November: European supervision ready for lift-off
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, Handelsblatt Konferenz “Banken im Umbruch”, Frankfurt am Main, 3 September 2014
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Countdown to November: European supervision ready for lift-off

Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB,
Handelsblatt Konferenz “Banken im Umbruch”,
Frankfurt am Main, 3 September 2014

European banking supervision will draw on the long-standing experience of 18 – soon 19 – Member States and incorporate it into a new European supervisory culture, said Sabine Lautenschläger, Member of the Executive Board of the European Central Bank (ECB) in a speech at the “Banken im Umbruch” conference in Frankfurt am Main.

A significant advantage of the new Single Supervisory Mechanism (SSM) is the possibility to make cross-country comparisons. “I am not just thinking of the assessment of specific portfolios here, but also of the early identification of risks, which only become visible, or are at least easier to identify, in horizontal analysis”, she said. The asset quality review has already given us a deeper insight into the banks’ procedures, thereby making it possible for us to check “which differences between banks are justified and to ascertain where we need to probe critically”.

Ms Lautenschläger stressed that, although decision-making in the new European banking supervision will be organised centrally, the SSM can build on regional knowledge and experience. “As national supervisory authorities participate in the supervisory process, the ECB remains close to regional market and banking structures”, she said. Also in terms of staffing, the SSM will bring together people from different supervisory cultures. The heads of Joint Supervisory Teams will come from a country other than that in which the institution it is supervising is established. “In concrete terms: the head supervisor for Deutsche Bank will be a French lady; BNP Paribas will be supervised by an Italian man.”

Countdown to November: European supervision ready for lift-off

Rede von Sabine Lautenschläger, Mitglied des Direktoriums der EZB,
Handelsblatt Konferenz „Banken im Umbruch“,
Frankfurt am Main, 3. September 2014

Die europäische Bankenaufsicht wird sich auf die langjährigen Erfahrungen von 18 – bald 19 – Ländern stützen und diese in eine gemeinsame neue europäische Aufsichtskultur einfließen lassen, sagt Sabine Lautenschläger, Mitglied des Direktoriums der Europäischen Zentralbank (EZB), in einer Rede auf der Konferenz „Banken im Umbruch“ in Frankfurt.

Ein wesentlicher Vorteil der neuen europäischen Aufsicht („Single Supervisory Mechanism“ – SSM) bestehe darin, Quervergleiche über Ländergrenzen hinweg nutzen zu können. „Ich denke hier nicht nur an die Bewertung bestimmter Portfolios, sondern auch an die frühzeitige Identifizierung von Risiken, die erst oder leichter in der horizontalen Analyse sichtbar werden“, erklärt sie. Bereits durch den Bilanzcheck („Asset Quality Review“) dieses Jahres erhalte die EZB tiefere Erkenntnisse über die Prozesse der Banken, sodass geprüft werden könne, „welche Unterschiede zwischen Banken gerechtfertigt sind und wo wir kritisch nachfragen müssen.“

Lautenschläger betont, dass Entscheidungen in der neuen europäischen Bankenaufsicht zentral gefällt werden, der SSM aber auf regionale Kenntnisse und Erfahrungen aufbauen könne. „Mit der Beteiligung der nationalen Aufsichtsbehörden am Aufsichtsprozess bleibt die EZB nah an den regionalen Markt- und Bankenstrukturen“, sagt sie. Auch auf der Ebene der Personalpolitik setze man auf das Zusammenführen verschiedener Aufsichtskulturen. Die Leiter der gemeinsamen Aufsichtsteams würden beispielweise nicht dem Land entstammen, in dem das von ihnen beaufsichtigte Institut seinen Hauptsitz habe. „Um es konkret zu machen: die Chefaufseherin für die Deutsche Bank wird eine Französin sein. BNP Paribas wird von einem Italiener beaufsichtigt werden.“

02/09/2014
Benoît Cœuré:  On the optimal size of the financial sector
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB Conference “The optimal size of the financial sector” Frankfurt, 2 September 2014
22/08/2014
Mario Draghi:  Unemployment in the euro area
Speech by Mario Draghi, President of the ECB, Annual central bank symposium in Jackson Hole, 22 August 2014
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Summary

Unemployment in the euro area

Speech by Mario Draghi, President of the ECB,
Annual central bank symposium in Jackson Hole,
22 August 2014

Everyone in society is affected by high unemployment. For central banks it is at the heart of the macro dynamics that determine inflation, and even when there are no risks to price stability it increases pressure on us to act. The key issue, however, is how much we can really sustainably affect unemployment, which depends on whether the drivers are predominantly cyclical or structural.

In the euro area, unemployment has been caused by a large and particularly sustained negative shock to GDP: first through the Great Recession, which affected all advanced economies, and second, through sovereign debt crisis, where job losses were concentrated in countries affected by financial stress. The sovereign debt crisis operated in part by disabling the tools of macroeconomic stabilisation, as fiscal policy had to switch towards convincing investors of debt sustainability, and monetary policy transmission became disrupted.

Cyclical factors have therefore played an important role in the rise in unemployment, and the weak economic situation in the euro area suggests they continue to do so. At the same time, there is evidence that a significant share of unemployment is also structural. This is suggested by patterns of long-term unemployment and skill mismatches.

Making firm conclusions about the degree of structural unemployment in the euro area, however, is complicated by uncertainty over estimation methods. There is also considerable heterogeneity across countries in terms of initial conditions, and in the way that demand shocks interact with labour market institutions.

In these circumstances, the only conclusion that policymakers can safely draw is that we need action on both sides of the economy: aggregate demand policies have to be accompanied by national structural policies.

Demand side policies are not only justified by the significant cyclical component in unemployment. They are also relevant because, given prevailing uncertainty, the risks of “doing too little” – i.e. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures.

At the same time, aggregate demand policies will ultimately not be effective without action on the supply side. Advanced economies are operating in a set of initial conditions which include low inflation, low interest rates and a large debt overhang. In this context, structural policies are needed to engineer higher potential growth and allow both fiscal and monetary policy regain traction over the economic cycle.

On the demand side, monetary policy can and should play a central role. The package of measures announced by the ECB in June should provide the intended boost to demand, and we stand ready to adjust our policy stance further. Acknowledging the downward path of inflation, the Governing Council would use also unconventional instruments to safeguard the firm anchoring of inflation expectations over the medium- to long -term.

On the demand side, monetary policy can and should play a central role. The package of measures announced by the ECB in June should provide the intended boost to demand, and we stand ready to adjust our policy stance further. Acknowledging the downward path of inflation, the Governing Council would use also unconventional instruments to safeguard the firm anchoring of inflation expectations over the medium- to long -term.

It would nonetheless be helpful for the overall stance of policy if fiscal policy could play a greater role alongside monetary policy. The euro area has suffered from fiscal policy being less effective and available, especially compared with other advanced economies, reflecting the fact that the central bank in those countries could act and has acted as a backstop for government funding. While respecting our specific initial conditions and legal constraints, there are four key elements.

First, the existing flexibility within the rules could be used to better address the weak recovery and to make room for the cost of needed structural reforms. Second, there is leeway to achieve a more growth-friendly composition of fiscal policies, for instance by lowering the tax burden in a budget-neutral way. Third, stronger coordination among the different national fiscal stances should in principle facilitate a more growth-friendly aggregate fiscal stance for the euro area. Fourth, complementary action at the EU level would also seem to be necessary to ensure both an appropriate aggregate position and a large public investment programme.

No amount of fiscal or monetary accommodation, however, can replace necessary structural reforms. Structural unemployment was already very high in the euro area before the crisis and the national structural reforms to tackle this problem can no longer be delayed.

Two types of labour market measures are a priority: first, measures that help workers redeploy quickly to new job opportunities and thus lower unemployment duration; and second, those that raise the skill intensity of the work force, which is also very important for potential growth due to demographic prospects.

In short, the way back to higher employment is a policy mix that combines monetary, fiscal and structural measures, which requires a coherent strategy at the union and national levels. This will allow each member of our union to achieve a sustainably high level of employment.

The stakes for our monetary union are high. Without permanent cross-country transfers, a high level of employment in each country is essential for the long-term cohesion of the euro area. Given the very high costs if the cohesion of the union is threatened, all countries should have an interest in achieving this.

26/07/2014
Vítor Constâncio:  High-level policy dialogue of EMEAP central banks and the Eurosystem
Introductory remarks to the press conference, Vítor Constâncio, Vice-President of the ECB, 26 July 2014
22/07/2014
Benoît Cœuré:  Policy coordination in a multipolar world
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the 5th annual Cusco conference organised by the Central Reserve Bank of Peru and the Reinventing Bretton Woods Committee: "70 years after Bretton Woods: Managing the interconnectedness of the world economy", Cusco, 22 July 2014
14/07/2014
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 14 July 2014
09/07/2014
Mario Draghi:  Memorial lecture in honour of Tommaso Padoa-Schioppa
Speech by Mario Draghi, President of the ECB, London, 9 July 2014

Summary

Memorial lecture in honour of Tommaso Padoa-Schioppa

Summary of the speech by Mario Draghi, President of the ECB,
at the Tommaso Padoa-Schioppa Memorial Lecture in London, 9 July 2014

The governance of structural reforms deserves as much attention as enforcing fiscal rules and should be done at the euro area level, ECB President Mario Draghi said in a speech in London on Wednesday.

Structural reforms need strong domestic ownership since they reach deeply into societal arrangements. But at the same time, the example of the International Monetary Fund shows that there is a convincing case to be made for a supranational body that makes it easier to frame national debates on reform. This can shift the debate from whether to how to implement reforms, Mr Draghi argues.

The outcome of structural reforms – a higher level of productivity and competitiveness – is not merely in a country’s own interest, but in the interest of the monetary union as a whole.

In the euro area, there is therefore a case for establishing rules on structural reform at the EU-level. While a lack of reform can threaten cohesion of the union, the recovery shows us how decisive reform can strengthen it.

09/07/2014
Benoît Cœuré:  Investing in Europe: towards a new convergence process
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Panel “The big rethink for a stronger Europe”, The Economist Roundtable with the Government of Greece, Athens, 9 July 2014
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Summary

Investing in Europe: towards a new convergence process

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
Panel “The big rethink for a stronger Europe”, The Economist Roundtable with the Government of Greece,
Athens, 9 July 2014

Economic and Monetary Union (EMU) is a political triathlon. It requires resilience and resolve to perform well at all times in the three disciplines of a currency union: fiscal policy, economic policy and financial policy. EMU is a team effort. Only if every participant performs well can the euro area team be strong. This is the most important lesson from the crisis.

The European economy is undergoing a moderate recovery, but complacency would be unwarranted. To really overcome the crisis, there are some remaining major challenges still to be faced. The euro area is not in a financial crisis anymore, but it must still contend with high debt, low growth and unacceptably high unemployment. These are reason enough to remain alert and continue acting. In recent years, economic policy-making rightfully focused on re-establishing the most important necessary condition for growth: stability. For companies to invest, for firms to hire, for households to consume, a stable economic environment is paramount.

There are three relevant dimensions of economic stability: price stability, financial stability and macroeconomic stability, including the health of public finances. In all these areas, we have made substantial progress in recent years. During the crisis, the ECB took all appropriate measures to ensure that price stability provided an anchor in an uncertain and volatile economic environment. As for financial stability, the establishment of the European Stability Mechanism and the launch of banking union, with its Single Supervisory Mechanism and Single Resolution Mechanism, have been milestones in this respect. As a third dimension, the crisis has shown us the kind of existential threat to monetary union that can be brought about by the build-up of excessive imbalances, i.e. by the lack of fiscal and macroeconomic stability. New growth will not be generated by new debt. Sound fiscal policies are essential for growing out of debt. Therefore, the existing rules should be applied in a credible manner.

That said, we cannot claim “mission accomplished”. What has been achieved so far is not enough. The answer to the remaining challenges could take the form of a “convergence process 2.0”, which should have an agreed timeline and milestones. But convergence can only be sustainable if it is associated with a commensurate deepening of integration, if it is a race towards best practice institutions and policies rather than towards mere nominal outcomes. In this context, structural reforms, if properly designed, lead to greater prosperity in each country and, at the same time, ensure greater resilience of EMU as a whole, thereby contributing to economic and social stability. Growth and stability are therefore mutually reinforcing.

The convergence process should consist of two legs: on the one hand, it should underpin the convergence of economic policies and structures at the national level. On the other hand, it should facilitate joint action.

At the national level, convergence implies that euro area governments need to step up structural reforms, in particular those which have the greatest efficiency gains given the relative distance to best practices. And policy-makers should pay due attention to ensure that the burden of the adjustment effort is shared fairly.

The convergence in national structures could be complemented by joint action at the European level to increase investment and by the transfer of certain budgetary responsibilities to the European level with a view to strengthening risk-sharing within the currency union. But joint action can only occur once trust has been restored across countries and within countries, and the convergence process has advanced successfully. The level and the form of budgetary responsibilities, and how they are matched by appropriate democratic arrangements, should emanate from the political process.

The biggest threat to the Single Market is not euro area integration: it would be euro area stagnation. The challenge of making the EMU work is far from over. Let’s get ready for the next stage of the race.

Επενδύοντας στην Ευρώπη: προς μια νέα διαδικασία σύγκλισης

Ομιλία του Benoît Cœuré, μέλους της Εκτελεστικής Επιτροπής της ΕΚΤ,
Ενότητα «The Big Rethink for a Stronger Europe» (Ευρεία αναθεώρηση για μια ισχυρότερη Ευρώπη), Συζήτηση στρογγυλής τραπέζης του Economist με την Ελληνική Κυβέρνηση,
Αθήνα, 9 Ιουλίου 2014

Η Οικονομική και Νομισματική Ένωση (ΟΝΕ) είναι το τρίαθλο της πολιτικής. Απαιτεί από τους συμμετέχοντες αντοχή και αποφασιστικότητα ώστε να αποδίδουν καλά ανά πάσα στιγμή και στους τρεις τομείς της νομισματικής ένωσης: τη δημοσιονομική πολιτική, την οικονομική πολιτική και τη χρηματοπιστωτική πολιτική. Η ΟΝΕ στηρίζεται στην ομαδική προσπάθεια. Μόνο όταν όλοι οι επιμέρους συμμετέχοντες αποδίδουν καλά μπορεί η ομάδα της ζώνης του ευρώ να είναι ισχυρή. Αυτό είναι και το σημαντικότερο δίδαγμα της κρίσης.

Η ευρωπαϊκή οικονομία βρίσκεται σε πορεία μέτριας ανάκαμψης, αλλά δεν δικαιολογείται ο εφησυχασμός. Προκειμένου η κρίση να αποτελέσει οριστικά παρελθόν, πρέπει ακόμη να αντιμετωπιστούν κάποιες σημαντικές προκλήσεις. Η ζώνη του ευρώ έχει πλέον ξεπεράσει τη χρηματοπιστωτική κρίση, αλλά βρίσκεται ακόμη αντιμέτωπη με υψηλό χρέος, χαμηλό ρυθμό ανάπτυξης και απαράδεκτα υψηλή ανεργία. Αυτοί οι λόγοι είναι αρκετοί για να μας κρατήσουν σε επαγρύπνηση και συνεχή δράση. Τα τελευταία χρόνια, οι φορείς χάραξης της οικονομικής πολιτικής εύλογα επικεντρώθηκαν στην αποκατάσταση της σημαντικότερης απαραίτητης προϋπόθεσης για την ανάπτυξη: της σταθερότητας. Η διασφάλιση ενός σταθερού οικονομικού περιβάλλοντος έχει καθοριστική σημασία, καθώς αυτό ενθαρρύνει τις επιχειρήσεις να επενδύουν, τις εταιρείες να κάνουν προσλήψεις, τα νοικοκυριά να καταναλώνουν.

Υπάρχουν τρεις συναφείς διαστάσεις της οικονομικής σταθερότητας: η σταθερότητα των τιμών, η χρηματοπιστωτική σταθερότητα και η μακροοικονομική σταθερότητα, στην οποία περιλαμβάνεται και η ευρωστία των δημόσιων οικονομικών. Σε όλους αυτούς τους τομείς σημειώσαμε σημαντική πρόοδο τα τελευταία χρόνια. Στη διάρκεια της κρίσης, η ΕΚΤ έλαβε όλα τα απαραίτητα μέτρα ώστε να διασφαλίσει ότι η σταθερότητα των τιμών παρείχε ένα σημείο αναφοράς σε ένα οικονομικό περιβάλλον αβεβαιότητας και αστάθειας. Όσον αφορά τη χρηματοπιστωτική σταθερότητα, η θέσπιση του Ευρωπαϊκού Μηχανισμού Σταθερότητας και η έναρξη της τραπεζικής ένωσης, με τον Ενιαίο Εποπτικό Μηχανισμό και τον Ενιαίο Μηχανισμό Εξυγίανσης, αποτελούν ορόσημα από αυτή την άποψη. Σε ό,τι αφορά την τρίτη διάσταση, η κρίση μας έδειξε πώς ακριβώς η συσσώρευση υπερβολικών ανισορροπιών μπορεί να απειλήσει την ύπαρξη της νομισματικής ένωσης – αν δεν διασφαλίζεται δηλαδή η δημοσιονομική και μακροοικονομική σταθερότητα. Η νέα ανάπτυξη δεν θα δημιουργηθεί με νέο χρέος. Υγιείς δημοσιονομικές πολιτικές είναι απαραίτητες για την απαλλαγή από το χρέος. Επομένως, οι ισχύοντες κανόνες πρέπει να εφαρμόζονται κατά τρόπο αξιόπιστο.

Έχοντας υπόψη τα παραπάνω, δεν είμαστε σε θέση να ισχυριστούμε ότι η αποστολή μας εξετελέσθη. Αυτά που έχουμε επιτύχει μέχρι τώρα δεν είναι αρκετά. Η λύση για την αντιμετώπιση των προκλήσεων που εξακολουθούν να υφίστανται θα μπορούσε να έχει τη μορφή μιας «νέας διαδικασίας σύγκλισης», η οποία θα πρέπει να έχει καθορισμένο χρονοδιάγραμμα και ορόσημα. Όμως, η βιωσιμότητα της σύγκλισης είναι εφικτή μόνον εάν συνδέεται με ανάλογη εμβάθυνση της ολοκλήρωσης, εάν δηλαδή πρόκειται για έναν αγώνα για τη διασφάλιση βέλτιστων θεσμών και πολιτικών και όχι για την επίτευξη ονομαστικών απλώς αποτελεσμάτων. Σε αυτό το πλαίσιο, οι διαρθρωτικές μεταρρυθμίσεις, εφόσον σχεδιαστούν σωστά, οδηγούν σε μεγαλύτερη ευημερία για κάθε χώρα και, ταυτόχρονα, αυξάνουν την ανθεκτικότητα της ΟΝΕ συνολικά, συμβάλλοντας έτσι στην οικονομική και στην κοινωνική σταθερότητα. Επομένως, η ανάπτυξη και η σταθερότητα αλληλοενισχύονται.

Η διαδικασία σύγκλισης θα πρέπει να έχει δύο σκέλη: αφενός να υποστηρίζει τη σύγκλιση των οικονομικών πολιτικών και δομών σε εθνικό επίπεδο και αφετέρου να προάγει την από κοινού ανάληψη δράσης.

Σε εθνικό επίπεδο, η σύγκλιση συνεπάγεται ότι οι κυβερνήσεις της ζώνης του ευρώ πρέπει να επιταχύνουν την υλοποίηση διαρθρωτικών μεταρρυθμίσεων, ιδίως των μεταρρυθμίσεων που αποφέρουν τα περισσότερα οφέλη αποδοτικότητας με δεδομένη τη σχετική απόσταση από τις βέλτιστες πρακτικές. Οι δε φορείς χάραξης πολιτικής θα πρέπει να μεριμνήσουν δεόντως ούτως ώστε να διασφαλίσουν ότι τα βάρη της προσπάθειας προσαρμογής κατανέμονται δίκαια.

Η σύγκλιση των εθνικών δομών θα μπορούσε να συμπληρωθεί με την από κοινού ανάληψη δράσης σε ευρωπαϊκό επίπεδο για την αύξηση των επενδύσεων και με τη μεταβίβαση ορισμένων δημοσιονομικών αρμοδιοτήτων στο ευρωπαϊκό επίπεδο με σκοπό να ενισχυθεί ο επιμερισμός του κινδύνου εντός της νομισματικής ένωσης. Όμως, η από κοινού ανάληψη δράσης μπορεί να γίνει πραγματικότητα μόνον από τη στιγμή που θα αποκατασταθεί η εμπιστοσύνη μεταξύ των χωρών αλλά και εντός των χωρών και εφόσον η διαδικασία σύγκλισης θα έχει προχωρήσει επιτυχώς. Η έκταση και η μορφή των δημοσιονομικών αρμοδιοτήτων, καθώς και οι κατάλληλες ρυθμίσεις δημοκρατικού ελέγχου τους, θα πρέπει να είναι το αποτέλεσμα μιας πολιτικής διαδικασίας.

Η μεγαλύτερη απειλή για την ενιαία αγορά δεν είναι η ολοκλήρωση της ζώνης του ευρώ, αλλά μάλλον μια ενδεχόμενη στασιμότητα της ζώνης του ευρώ. Η επίτευξη μιας πλήρως λειτουργικής ΟΝΕ αποτελεί μια πρόκληση η οποία δεν έχει πάψει να υφίσταται. Ας ετοιμαστούμε λοιπόν για την επόμενη φάση του αγώνα.

09/07/2014
Peter Praet:  Keynote speech at the Europlace Financial Forum
Speech by Peter Praet, Member of the Executive Board of the ECB, Europlace Financial Forum, Paris, 9 July 2014
07/07/2014
Sabine Lautenschläger:  Low inflation as a challenge for monetary policy and financial stability?
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, Parliamentary Evening, Hamburg, 7 July 2014
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Low inflation as a challenge for monetary policy and financial stability?

Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB,
Parliamentary Evening, Hamburg,7 July 2014

Although low interest rates might have side effects with respect to financial stability, they were necessary for the ECB to fulfil its mandate of ensuring price stability, said Sabine Lautenschläger, member of the ECB’s Executive Board, in a speech at an event organised by the Deutsche Bundesbank in Hamburg. “The risks of the rate of inflation being too low over a long period are not to be underestimated,” she explained. The experience of Japan had proven that an unanchoring of inflation expectations could start a downward spiral – consumers and investors could change their behaviour and defer spending.

The ECB’s Governing Council had therefore cut the main refinancing rate and had decided on a package of instruments to encourage banks to lend more to corporations and households. Excessively low inflation rates made it harder for stressed countries to adjust their economies and regain competitiveness. “We [could] soon find ourselves in a vicious circle in the euro area”, Lautenschläger warned. It would take some time before the measures adopted took effect, especially the instruments designed to increase liquidity, she explained. “I would expect that to happen next year, rather than this year.”

Should inflation rates not increase gradually as expected, the Governing Council was unanimous in its readiness to decide on further unconventional measures to effectively counter the risks related to an excessively long period of low interest rates, said Ms Lautenschläger. A broadly ranging programme of securities purchases was basically an instrument that a central bank could use, Lautenschläger claimed. But the requirement to be met for such a use had to be very high, because of the significant potential side effects, she said. What was also being discussed was a revitalisation of the market for asset-backed securities (ABSs), which Lautenschläger regarded as a worthwhile goal to the extent that transparent and simple securitisations were involved. For such ABSs, a purchase programme would be possible, but the ECB should only take on liquidity risk and no credit risk. Taking on credit risk, for example to encourage lending to small and medium-sized companies, was the responsibility of the governments of Member States, said Lautenschläger.

An easing of monetary policy has side effects on asset prices, said Lautenschläger. That could reduce risk aversion and increase the threat of asset price bubbles. In addition, indebtedness could increase further and the flexibility of monetary policy action could be undermined. Those were risks that should not be addressed by monetary policy to the detriment the central bank’s price stability mandate. On the other hand, this did not mean that there could not be any response. Instruments of macro-prudential supervision should be used, said Lautenschläger. For example, higher capital requirements could slow down lending in the event of excesses on regional real estate markets.

Niedriginflation als Herausforderung für Geldpolitik und Finanzstabilität?

Rede von Sabine Lautenschläger, Mitglied des Direktoriums der EZB,
Parlamentarischer Abend organisiert von der Deutschen Bundesbank, Hauptverwaltung Hamburg, Mecklenburg-Vorpommern und Schleswig-Holstein,
Hamburg, 7. Juli 2014

Niedrige Zinsen im Euroraum seien zwar mit Nebenwirkungen auf die Finanzstabiltät verbunden, sie seien aber notwendig, damit die Europäische Zentralbank ihrem Mandat der Preisstabilitätsicherung gerecht werde, sagt Sabine Lautenschläger, Mitglied im Direktorium der Europäischen Zentralbank, in einer Rede auf dem Parlamentarischen Abend der Bundestag in Hamburg. „Auch die Risiken einer zu niedrigen Inflationsrate sind nicht zu unterschätzen“, erläutert Lautenschläger. Das Beispiel Japans zeige, dass die Entkoppelung der Inflationserwartungen eine Abwärtsspirale auslösen könne, denn dann drohe unter anderem, dass Konsumenten und Investoren ihr Verhalten änderten und Anschaffungen aufschöben.

Darauf habe der EZB-Rat in der vergangenen Woche reagiert und eine Senkung des Leitzinses sowie ein Paket von weiteren Maßnahmen beschlossen, um die Kreditvergabe an Unternehmen und Haushalte zu stimulieren. Zu niedrige Inflationsraten erschwerten zudem den Anpassungsprozess in den Reformländern. Es dauere dann noch länger, bis sie ihre Wettbewerbsnachteile aufholen könnten. „Und dann befinden wir uns im Euroraum schnell in einem Teufelskreis“, warnt Lautenschläger. Es werde eine Weile dauern, bis die Maßnahmen der EZB wirkten, erläutert sie. Das gelte insbesondere für die Instrumente, mit denen die Liquidität im Bankensystem erhöht werden. „Ich denke da eher an das nächste und nicht an dieses Jahr.“

Für den Fall, dass sich anders als erwartet die Inflationsaussichten nicht schrittweise verbessern sollten, habe der EZB-Rat einstimmig die Bereitschaft zu weiteren unkonventionellen Instrumente geäußert, um den Risiken einer zu lang anhaltenden Phase niedriger Inflation wirksam entgegenzutreten. Ein breit angelegtes Kaufprogramm von Wertpapieren zählt grundsätzlich zum Instrumentenkasten der Zentralbank, sagt Lautenschläger. Jedoch müssten die Anforderungen an gerade diese Art von geldpolitischem Eingriff besonders hoch sein, da seine Nebenwirkungen besonders groß seien. Diskutiert werde auch die Wiederbelebung des Marktes für Kreditverbriefungen. Das sei ein lohnendes Ziel, wenn es um transparente und übersichtlich strukturierte Verbriefungen gehe. Für solche Wertpapiere käme auch ein Programm in Frage, bei dem die EZB Liquiditätsrisiken übernehme, so Lautenschläger. Die Übernahme von Kreditrisiken zur Stimulierung des Marktes, etwa um die Kreditvergabe an mittelständische Unternehmen zu fördern, sei aber nicht ihre Aufgabe. Das falle in die Verantwortung der Mitgliedsstaaten.

Gleichwohl habe die Lockerung der Geldpolitik Nebenwirkungen unter anderem auf die Vermögenspreise, erläutert Lautenschläger. Sie könne zu einer Verringerung der Risikoscheu führen und das Risiko von Vermögenspreisblasen erhöhen. Außerdem könne die Tendenz zur Überschulding zunehmen und der geldpolitische Handlungsspielraum könne schrumpfen. Diesen Risiken dürfe die Geldpolitik nicht begegnen, indem sie Abstriche am Ziel der Preisstabilität mache, sagt Lautenschläger. Das bedeute aber nicht, dass die Nebenwirkungen unvermeidlich seien. Vielmehr müssten die Instrumente der makroprudentiellen Aufsicht genutzt werden. So könne über erhöhte Kapitalanforderungen an die Banken die Kreditvergabe gebremst und so regionalen Übertreibungen etwa auf den Immobilienmärkten entgegen gewirkt werden.

03/07/2014
Benoît Cœuré:  Price stability as the basis of a sustained recovery
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Wirtschaftstag 2014, Berlin, 3 July 2014
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Price stability as the basis of a sustained recovery

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
Wirtschaftstag 2014,
Berlin, 3 July 2014

Only sustainable growth via enhancing the productive potential in the euro area will lead to an environment that secures fair prices for credit and fair compensation for savers, said Benoît Cœuré, member of the ECB’s executive board. Cœuré explained in his speech at the Wirtschaftstag in Berlin the ECB’s monetary policy in the current environment of a stagnating economy. “In a stagnating economy savers complain about low returns while borrowers complain about too restrictive credit conditions”. Only an economy with sustainable growth and price stability can solve this dilemma.

“The only way to move on from the current low interest rate environment is to reinvigorate the productive potential of the euro are economy”, Cœuré said. Like Ludwig Erhard did by establishing the social market economy after the war, euro area countries today need to go on with fiscal, structural and institutional reforms to revive the area’s productivity potential. Monetary policy can only facilitate that process but not change the long-term path. “Governments should not view the current period of low interest rates and favourable market sentiment as an invitation to abandon the path of fiscal prudence.”

Cœuré said that the measures the ECB’s governing council had agreed in June have been warranted because of the low inflation in the euro area as a whole and also in Germany. The fall in German inflation was adding the risk of a race to the bottom for the euro area as a whole, with potentially disruptive economic consequences. “We had to act, otherwise we would not have lived up to our mandate.”

On the complaints of German savers he said that, as shown by the Bundesbank, the current low real rate of return is not exceptional historically. In fact, the real rate of return on deposits had been persistently negative during previous decades, but savers had not realised it because of higher inflation.

Preisstabilität – Grundlage einer nachhaltigen Erholung

Rede von Benoît Cœuré, Mitglied des Direktoriums der EZB,
Wirtschaftstag 2014,
Berlin, 3. Juli 2014

Nur durch eine Stärkung des Produktionspotenzials, die durch nachhaltiges Wachstum in der Eurozone und die Sicherung der Preisstabilität erreicht wird, wird zu einer Normalisierung der wirtschaftlichen Bedingungen führen, einschließlich der Normalisierung der Renditen auf Spareinlagen, sagte Benoît Cœuré, Mitglied des EZB-Direktoriums. Cœuré erläuterte beim Wirtschaftstag in Berlin die geldpolitischen Entscheidungen der EZB vor dem Hintergrund geringer Wachstumsraten und niedriger Inflation. „In einer stagnierenden Wirtschaft klagen Sparer über niedrige Erträge, während sich Kreditnehmer über zu restriktive Darlehenskonditionen beschweren.“ Nur eine Wirtschaft mit nachhaltigem Wachstum und Preisstabilität könne dieses Dilemma auflösen.

„Die einzige Möglichkeit, einen Weg aus diesem Niedrigzinsumfeld zu finden, besteht darin, das Produktionspotenzial der Wirtschaft im Euroraum wieder anzukurbeln“, sagte Cœuré. Wie es Ludwig Erhard nach dem Krieg gelungen sei, die soziale Marktwirtschaft einzuführen, müssten heute die Regierungen der Euro-Staaten ihre haushaltspolitischen, strukturellen und institutionellen Reformen konsequent fortsetzen, um das Produktionspotenzial zu steigern. Geldpolitik könne diesen Prozess nur erleichtern, nicht aber den langfristigen Wachstumspfad verändern. „Regierungen sollten die aktuelle Phase niedriger Zinsen und einer positiven Stimmung an den Märkten nicht als Einladung verstehen, ihren vorsichtigen haushaltspolitischen Kurs aufzugeben.“

Cœuré erklärte, die bei der Juni-Sitzung des EZB-Rates beschlossenen Maßnahmen seien wegen der niedrigen Inflation in der Eurozone insgesamt und auch in Deutschland gerechtfertigt gewesen. Der Rückgang der Preissteigerung in Deutschland sei ein zusätzliches Risiko für einen Abwärtswettlauf im gesamten Währungsgebiet und ein Risiko für die Erreichung des von den Europäischen Verträgen strikt vorgegeben Mandats der Preisstabilität. „Wir mussten handeln, sonst wären wir unserem Auftrag nicht gerecht geworden.“

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Peter Praet:  Current issues of monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, 8th Kiel Institute Summer School on Economic Policy: Reassessing Monetary Policy, Kiel, 3 July 2014
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Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, during the panel discussion at the third conference of the ECB Macro-prudential Research Network, Frankfurt, 24 June 2014
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Vítor Constâncio:  Recent challenges to monetary policy in the euro area
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Speech by Yves Mersch, Member of the Executive Board of the ECB, at the IMN Global ABS Conference, Barcelona, 11 June 2014
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10/06/2014
Vítor Constâncio:  Making macro-prudential policy work
Speech by Vítor Constâncio, Vice-President of the ECB, at high-level seminar organised by De Nederlandsche Bank, 10 June 2014
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Speech by Vítor Constâncio, Vice-President of the ECB, at the fourth ECB conference on accounting, financial reporting and corporate governance for central banks, Frankfurt am Main, 3 June 2014
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Mario Draghi:  Monetary policy in a prolonged period of low inflation
Speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 26 May 2014

Summary

Monetary policy in a prolonged period of low inflation

Speech by Mario Draghi, President of the ECB,
at the ECB Forum on Central Banking,
Sintra, 26 May 2014

In the context of a certain disconnect between economic performance and inflation the monetary policy response has to be carefully considered and precisely designed. We are not resigned to allowing inflation to remain too low for too long. But to understand “what is too low for too long”, we need to answer two questions.

First, why is inflation so low?

Second, once we have a decomposition of inflation, we can ask: how likely is it that it persists over the medium-term? Falling commodity prices have accounted for around 80% of the decline in euro area inflation since late 2011. But there are two factors specific to the euro area that contribute to low inflation: the rise in the euro exchange rate and the process of relative price adjustments in certain euro area countries.

At present, our expectation is that low inflation will be prolonged but gradually return to 2%. Our responsibility is nonetheless to be alert to the risks to this scenario that might emerge and prepared for action if they do. What we need to be particularly watchful for at the moment is the potential for a negative spiral to take hold between between low inflation, falling inflation expectations and credit, in particular in stressed countries.

There is a risk that disinflationary expectations take hold. This may then cause households and firms to defer expenditure in a classic deflationary cycle – especially when monetary policy is at the effective lower bound and so cannot steer the nominal rate down to compensate.

On aggregate, euro area firms and households do not seem to be particularly exposed to debt deflation dynamics. But this picture masks the heterogeneity within the euro area. Debt service-to-income ratios tend to be higher in stressed countries. Credit weakness appears to be contributing to economic weakness in these countries. Our analysis suggests that credit constraints are putting a brake on the recovery in stressed countries, which adds to the disinflationary pressures. And heterogeneity becomes a factor in assessing low inflation in the euro area.

In terms of the monetary policy response, the key issue is timing. We have to be mindful of mismatches between the various trends: the rise in demand for credit; the repair of bank balance sheets; and the development of capital markets as a complement to bank lending. At this point of the cycle, these considerations feature prominently in the discussions of the Governing Council members. There is no debate about our goal, which is to return inflation towards 2% in the medium-term, in line with our mandate.

Geldpolitik in einem längeren Zeitraum niedriger Inflation

Rede von Mario Draghi, Präsident der Europäischen Zentralbank,
beim ECB Forum on Central Banking,
Sintra, 26. Mai 2014

Im Kontext einer gewissen Entkopplung von Wirtschaftsleistung und Inflation sind eine sorgfältige Abwägung und präzise Gestaltung der geldpolitischen Reaktion erforderlich. Wir lassen es nicht zu, dass die Inflation zu lange auf einem zu niedrigen Niveau verharrt. Um jedoch zu verstehen, was „zu lange auf einem zu niedrigen Niveau“ bedeutet, müssen wir zwei Fragen beantworten.

Zum einen müssen wir uns fragen, warum die Inflation so niedrig ist.

Und sobald uns die Aufgliederung der Inflation bekannt ist, können wir uns zum anderen die Frage stellen, wie hoch die Wahrscheinlichkeit ist, dass die Inflation auf mittlere Sicht anhält. Rund 80 % des Rückgangs der Inflation im Eurogebiet seit Ende 2011 sind auf sinkende Rohstoffpreise zurückzuführen. Es gibt allerdings zwei für das Eurogebiet spezifische Faktoren, die zu einer niedrigen Inflation beitragen: der Anstieg des Wechselkurses des Euro und der Prozess der relativen Preisanpassungen in bestimmten Ländern des Euroraums.

Gegenwärtig gehen wir davon aus, dass die niedrige Inflation zwar länger anhalten, jedoch schrittweise auf ein Niveau von 2 % zurückkehren wird. Dennoch liegt es in unserer Verantwortung, wachsam gegenüber Risiken für dieses Szenario zu sein, die möglicherweise auftreten, sowie handlungsbereit zu sein, falls sie sich manifestieren. Besonders wachsam müssen wir gegenwärtig in Bezug auf die Möglichkeit sein, dass sich – insbesondere in finanziell angeschlagenen Ländern – eine Negativspirale aus niedriger Inflation, sinkenden Inflationserwartungen und zurückgehendem Kreditangebot bildet.

Es besteht ein Risiko, dass sich Disinflationserwartungen verfestigen. Dies könnte dann dazu führen, dass private Haushalte und Unternehmen in einem klassischen Deflationszyklus geplante Investitionen verschieben – insbesondere wenn die Geldpolitik an der effektiven Zinssatz-Untergrenze angelangt ist und so den Nominalzinssatz nicht zum Ausgleich senken kann.

Insgesamt scheinen Unternehmen und Privathaushalte des Euroraums der Schuldendeflationsentwicklung nicht besonders ausgesetzt zu sein. Hinter diesem Bild verbirgt sich jedoch die Heterogenität innerhalb des Eurogebiets. Das Verhältnis des Schuldendienstes zum Einkommen ist in finanziell angeschlagenen Ländern meist höher. Eine schwache Kreditvergabe scheint zur Wirtschaftsschwäche in diesen Ländern beizutragen. Unsere Analysen weisen darauf hin, dass Kreditbeschränkungen die Erholung in finanziell angeschlagenen Ländern bremsen, was den Disinflationsdruck verstärkt. Und Heterogenität wird zu einem Faktor bei der Beurteilung der niedrigen Inflation im Eurogebiet.

Was die geldpolitische Reaktion betrifft, ist der richtige Zeitpunkt von zentraler Bedeutung. Wir müssen auf Missverhältnisse zwischen den verschiedenen Trends achten: dem Anstieg der Kreditnachfrage, der Sanierung der Bankbilanzen und der Entwicklung der Kapitalmärkte als Ergänzung zur Kreditvergabe der Banken. An diesem Punkt des Zyklus spielen diese Überlegungen eine wichtige Rolle bei den Erörterungen der Mitglieder des EZB-Rats. Es gibt keine Debatte über unser Ziel, das darin besteht, die Inflationsrate im Einklang mit unserem Mandat auf mittlere Sicht wieder auf ein Niveau von 2 % zurückzuführen.

La política monetaria en un período prolongado de baja inflación

Discurso pronunciado por Mario Draghi, presidente del Banco Central Europeo,
en el Foro del BCE sobre banca central
Sintra, 26 de mayo de 2014

En el contexto de una cierta desconexión entre el comportamiento de la economía y la inflación, la respuesta de la política monetaria ha de considerarse cuidadosamente y diseñarse con precisión. No nos resignamos a permitir que la inflación se mantenga demasiado baja durante demasiado tiempo. Pero para entender qué significa «demasiado baja durante demasiado tiempo», tenemos que plantearnos dos preguntas.

En primer lugar, ¿por qué está la inflación en un nivel tan bajo?

En segundo lugar, una vez desglosados los componentes de la inflación, podemos preguntarnos ¿cuál es la probabilidad de que se mantenga a medio plazo? El descenso de los precios de las materias primas explica un 80 % aproximadamente de la caída de la inflación en la zona del euro desde finales de 2011. Pero existen dos factores específicos de la zona del euro que contribuyen a la baja inflación: la apreciación del tipo de cambio del euro y el proceso de ajuste de los precios relativos en algunos países de la zona del euro.

Actualmente, nuestra expectativa es que la inflación continúe en niveles bajos y que retorne gradualmente al 2 %. No obstante, nuestra responsabilidad es prestar atención a los riesgos que podrían afectar a este escenario y estar preparados para actuar si se materializan. En este momento, lo que tenemos que vigilar en particular es la posibilidad de que surja una espiral negativa entre el bajo nivel de inflación, el descenso de las expectativas de inflación y el crédito, especialmente en los países con dificultades.

Existe el riesgo de que las expectativas de desinflación se consoliden, lo que a su vez podría hacer que hogares y empresas difieran su gasto en un ciclo deflacionista clásico —especialmente en un momento en el que la política monetaria se encuentra en el nivel efectivo mínimo y no puede guiar hacia abajo el tipo nominal para compensar―.

En términos agregados, las empresas y los hogares de la zona del euro no parecen especialmente expuestos a la dinámica de deflación de la deuda, aunque este cuadro enmascara la heterogeneidad de la zona del euro. La ratio carga financiera-renta tiende a ser más elevada en los países con dificultades. La debilidad del crédito parece estar contribuyendo a la debilidad económica en esos países.

Nuestro análisis sugiere que las restricciones al crédito están frenando la recuperación en los países con dificultades, lo que alimenta las presiones desinflacionistas. Y la heterogeneidad se convierte en un factor para evaluar la baja inflación en la zona del euro.

En lo que se refiere a la política monetaria, la cuestión clave es el calendario. Hemos de tener en cuenta los desfases entre las diversas tendencias: el aumento de la demanda de crédito, el saneamiento de los balances de las entidades de crédito y la evolución de los mercados de capital como complemento del crédito bancario. En el momento actual del ciclo, estas consideraciones ocupan un lugar preeminente en las discusiones entre los miembros del Consejo de Gobierno. No existe debate acerca de nuestro objetivo que, de acuerdo con nuestro mandato, es que la inflación vuelva a situarse en un nivel próximo al 2 % a medio plazo.

La politique monétaire dans une période prolongée d’inflation basse

Discours de Mario Draghi, Président de la Banque centrale européenne,
lors du Forum de la BCE sur l’activité de banque centrale
Sintra, le 26 mai 2014

Dans le contexte d’une relation distendue entre les performances économiques et l’inflation, il convient d’examiner attentivement et de concevoir avec précision la réponse de politique monétaire. Nous ne sommes pas résignés à permettre à l’inflation de demeurer trop basse pendant une trop longue période. Toutefois, pour comprendre ce que signifie « une inflation trop basse pendant une trop longue période », nous devons répondre à deux questions.

Premièrement, pourquoi l’inflation est-elle si basse ?

Deuxièmement, une fois que nous connaissons la décomposition de l'inflation, nous pouvons poser cette question : quelle est la probabilité qu’elle persiste à moyen terme ? La baisse des prix des matières premières compte pour environ 80 % dans le recul de l’inflation dans la zone euro depuis fin 2011. Mais il existe deux facteurs spécifiques à la zone euro qui contribuent au bas niveau de l’inflation : la hausse du taux de change de l’euro et le processus d’ajustement des prix relatifs dans certains pays de la zone euro.

À l’heure actuelle, notre anticipation est que l’inflation basse devrait se prolonger, mais qu’elle reviendrait progressivement à 2 %. Néanmoins, il nous incombe d’être vigilants face aux risques pesant sur ce scénario, qui pourraient se manifester, et d’être prêts à agir s’ils se concrétisent. Un élément requiert en ce moment toute notre vigilance : il s’agit de la possibilité qu’une spirale négative se mette en place entre une faible inflation, le repli des anticipations d’inflation et le crédit, notamment dans les pays en difficulté.

Il existe le risque que les anticipations désinflationnistes gagnent du terrain. Cette évolution pourrait alors inciter les ménages et les entreprises à différer leurs dépenses, phénomène classique dans un cycle déflationniste, notamment lorsque la politique monétaire a touché la limite inférieure effective et ne peut donc réduire le taux nominal pour compenser.

Dans l’ensemble, les entreprises et les ménages de la zone euro ne semblent pas être particulièrement exposés à la dynamique dette-déflation. Mais ce tableau masque l’hétérogénéité observée au sein de la zone euro. Les ratios service de la dette/revenu sont généralement plus élevés dans les pays en difficulté. L’atonie du crédit semble contribuer à la faiblesse de l’activité économique dans ces pays.

Il ressort de notre analyse que les contraintes de crédit freinent la reprise dans les pays en difficulté, ce qui amplifie les pressions désinflationnistes. Et l’hétérogénéité devient un facteur à prendre en compte dans l’évaluation de la faible inflation dans la zone euro.

Du point de vue de la réponse de politique monétaire, la question essentielle concerne le choix du moment. Nous devons être conscients des asymétries des diverses tendances : la progression de la demande de crédits ; le redressement des bilans des banques ; et l’évolution observée sur les marchés des capitaux, complétant les prêts bancaires. À ce point du cycle, ces considérations sont au cœur des discussions menées au sein du Conseil des gouverneurs. Il ne s’agit pas d’un débat portant sur notre objectif, qui est de ramener l’inflation vers 2 % à moyen terme, conformément à notre mandat.

La politica monetaria in un periodo prolungato di bassa inflazione

Intervento di Mario Draghi, Presidente della Banca centrale europea,
in occasione dell’ECB Forum on Central Banking
Sintra, 26 maggio 2014

A fronte di un certo scollamento tra andamento dell’economia e inflazione, l’azione di politica monetaria va considerata attentamente e formulata con precisione. Non ci rassegneremo a lasciare che l’inflazione resti su un livello troppo basso per troppo tempo. Ma per comprendere quale sia un “livello troppo basso per troppo tempo” dobbiamo rispondere a due interrogativi.

Innanzitutto, perché l’inflazione sia così contenuta. Secondariamente, sulla scorta di una sua scomposizione, possiamo chiederci quanto sia probabile che un tale livello persista nel medio termine. La flessione dei prezzi delle materie prime ha inciso per circa l’80% sul calo dell’inflazione dell’area dell’euro dalla fine del 2011. Ma vi sono due fattori specifici dell’area che contribuiscono a un’inflazione moderata: l’incremento del tasso di cambio dell’euro e il processo di aggiustamento dei prezzi relativi in alcuni dei paesi aderenti.

Al momento ci attendiamo che l’inflazione resterà contenuta, per poi tornare gradualmente sul 2%. Tuttavia, è nostra responsabilità prestare attenzione ai rischi che potrebbero emergere per questo scenario e prepararci a intervenire, se tali rischi si dovessero manifestare. Allo stadio attuale, dobbiamo tenere un atteggiamento particolarmente vigile riguardo alla possibilità che si affermi una spirale negativa tra bassa inflazione, aspettative di un calo dell’inflazione e credito, in particolare nei paesi soggetti a tensioni.

Vi è il rischio che si consolidino aspettative di disinflazione. Ciò può indurre famiglie e imprese a differire le decisioni di spesa in una classica spirale deflazionistica, specie se la politica monetaria ha raggiunto il limite inferiore effettivo e quindi non può influenzare il tasso nominale verso il basso per compensare.

In termini aggregati, le imprese e le famiglie dell’area dell’euro non sembrano essere particolarmente esposte alla dinamica della deflazione da debito. Questo quadro, tuttavia, cela l’eterogeneità presente all’interno dell’area. Il rapporto fra servizio del debito e reddito tende a essere più elevato nei paesi soggetti a tensioni. La moderata dinamica del credito sembra contribuire alla debolezza dell’economia in quei paesi.

La nostra analisi suggerisce che le restrizioni all’offerta di credito frenano la ripresa nei paesi sottoposti a tensioni, intensificando le pressioni disinflazionistiche. L’eterogeneità diventa un fattore di cui tenere conto nel valutare il basso livello di inflazione nell’area dell’euro.

Quanto all’azione di politica monetaria, la questione fondamentale sono i tempi. Dobbiamo essere consapevoli dei disallineamenti tra varie tendenze: l’incremento della domanda di credito, la correzione dei bilanci bancari e l’andamento dei mercati dei capitali, quale complemento dei prestiti bancari. In questa fase del ciclo economico, tali considerazioni assumono particolare rilievo nelle discussioni dei membri del Consiglio direttivo. Oggetto del dibattito non è il nostro obiettivo, che è un ritorno dell’inflazione verso il 2% nel medio termine, in linea con il nostro mandato.

Monetair beleid tijdens een langdurige periode van lage inflatie

Toespraak door Mario Draghi, President van de Europese Centrale Bank,
Bij het ECB Forum on Central Banking
Sintra, 26 mei 2014

In de context van een zeker gebrek aan samenhang tussen economische prestaties en inflatie, moet de monetairbeleidsreactie zorgvuldig worden overwogen en precies vormgegeven. Wij leggen ons er niet bij neer de inflatie te lang te laag te laten blijven. Maar om inzicht te krijgen in wat “te lang te laag” is, moeten we een antwoord geven op twee vragen.

Ten eerste: waarom is de inflatie zo laag?

Ten tweede, wanneer we eenmaal de inflatie ontleed hebben, kunnen we vragen: hoe waarschijnlijk is het dat deze op de middellange termijn aanhoudt? Dalende grondstoffenprijzen vertegenwoordigen sinds eind 2011 rond 80% van de daling van de inflatie in het eurogebied. Maar er zijn twee specifiek voor het eurogebied geldende factoren die bijdragen aan de lage inflatie: de stijging van de wisselkoers van de euro en het proces van relatieve prijsaanpassingen in bepaalde landen van het eurogebied.

Op dit moment is onze verwachting dat de lage inflatie lang zal aanhouden maar geleidelijk zal terugkeren naar 2%. Het is desalniettemin onze verantwoordelijkheid waakzaam te blijven ten aanzien van de risico’s voor dit scenario die zich zouden kunnen voordoen, en klaar te staan om actie te ondernemen als zij dit doen. Waar we op dit moment met name waakzaam voor moeten blijven is de mogelijkheid dat een negatieve spiraal ontstaat tussen lage inflatie, dalende inflatieverwachtingen en de kredietverschaffing, in het bijzonder in landen die onder druk staan.

Er bestaat het risico dat verwachtingen van desinflatie ontstaan. Dit zou dan, in een klassieke deflatoire cyclus, huishoudens en bedrijven ertoe kunnen brengen uitgaven uit te stellen – met name wanneer het monetair beleid aan de effectieve ondergrens zit en dus niet het nominale inflatiecijfer kan doen dalen ter compensatie.

Over het geheel genomen lijken bedrijven en huishoudens in het eurogebied niet bijzonder blootgesteld aan schulddeflatiedynamiek. Maar dit beeld maskeert de heterogeniteit binnen het eurogebied. De schuld/inkomen-quotes zijn over het algemeen hoger in landen onder druk. Kredietzwakte lijkt in deze landen bij te dragen aan economische zwakte.

Onze analyse suggereert dat kredietbeperkingen het herstel in landen onder druk remmen, hetgeen aan de desinflatoire druk bijdraagt. En heterogeniteit wordt een factor bij het beoordelen van lage inflatie in het eurogebied.

Wat betreft de monetairbeleidsreactie is het essentiële element timing. Wij dienen op te passen voor mismatches tussen de diverse tendensen: de stijging van de vraag naar krediet, het herstel van de balans van banken en de ontwikkeling van kapitaalmarkten als aanvulling op de bancaire kredietverlening. In de huidige conjunctuurfase spelen deze overwegingen een belangrijke rol in de besprekingen van de leden van de Raad van Bestuur. Er bestaat geen discussie over ons doel, namelijk het terugbrengen van de inflatie naar 2% op de middellange termijn, overeenkomstig ons mandaat.

A política monetária num período prolongado de inflação baixa

Discurso de Mario Draghi, Presidente do Banco Central Europeu,
no Fórum do BCE sobre Banca Central
Sintra, 26 de maio de 2014

No contexto de uma certa dissociação entre o desempenho económico e a inflação, a resposta da política monetária tem de ser cuidadosamente ponderada e concebida com precisão. Não nos resignamos a permitir que a inflação se mantenha num nível muito baixo durante demasiado tempo. Porém, para entender o que significa “um nível muito baixo durante demasiado tempo”, é necessário responder a duas questões.

Em primeiro lugar, por que razão a inflação é tão baixa?

Em segundo lugar, após uma decomposição da inflação, podemos perguntar: qual é a probabilidade de a inflação muito baixa persistir no médio prazo? A diminuição dos preços das matérias-primas é responsável por cerca de 80% da descida da inflação na área do euro, desde finais de 2011. No entanto, dois fatores específicos à área do euro contribuem para a baixa inflação: o aumento da taxa de câmbio do euro e o processo de ajustamento dos preços relativos em alguns países da área do euro.

A nossa expectativa atual é de que a inflação permaneça baixa durante um período prolongado, mas regresse gradualmente a 2%. Compete-nos, todavia, estar atentos ao eventual surgimento de riscos para este cenário e prepararmo-nos para agir caso tal aconteça. Neste momento, devemos estar particularmente vigilantes em relação ao potencial para a ocorrência de uma espiral negativa entre a inflação baixa, a descida das expectativas de inflação e o crédito, em especial nos países sob tensão.

Existe o risco de as expectativas desinflacionistas se concretizarem. Tal pode levar as famílias e as empresas a adiar a despesa, como é típico num ciclo deflacionista – sobretudo quando a política monetária se situa no seu limite inferior efetivo e, consequentemente, não pode orientar a taxa nominal no sentido descendente para compensar.

Na área do euro, a nível agregado, as empresas e as famílias parecem não estar particularmente expostas a uma dinâmica de deflação da dívida. Contudo, este cenário oculta a heterogeneidade da área do euro. Os rácios do serviço da dívida em relação ao rendimento tendem a ser mais elevados nos países sob tensão. A fraqueza do crédito está aparentemente a contribuir para a fragilidade económica nesses países.

A nossa análise sugere que as restrições de crédito estão a travar a recuperação nos países sob tensão, o que intensifica as pressões desinflacionistas. A heterogeneidade passa, assim, a ser um fator na avaliação do nível baixo da inflação na área do euro.

Em termos da resposta da política monetária, a questão fundamental prende-se com o momento oportuno. É necessário ter em consideração os desfasamentos entre as várias tendências: o aumento da procura de crédito, a correção de balanços por parte dos bancos e a evolução dos mercados de capitais como complemento do crédito bancário. Na presente fase do ciclo, tais considerações dominam os debates dos membros do Conselho do BCE. Não há, porém, discussão quanto ao nosso objetivo, que consiste em fazer a inflação regressar a valores próximos de 2% no médio prazo, em conformidade com o nosso mandato.

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19/05/2014
Benoît Cœuré:  Completing the single market in capital
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, ICMA Capital Market Lecture Series 2014, Paris, 19 May 2014
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19/05/2014
Yves Mersch:  Euro banknotes – a means of payment recognised worldwide
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Bargeldsymposium of the Deutsche Bundesbank, Frankfurt, 19 May 2014
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15/05/2014
Vítor Constâncio:  Growth challenges for Asia and Europe
Speech by Vítor Constâncio, Vice-President of the ECB, at the Asia Europe Economic Forum, Berlin, 15 May 2014
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15/05/2014
Yves Mersch:  EU integration and the road to the euro area
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the conference “The World isn’t Flat – Why place matters and what it means for us” organised by ASPIRE, Kraków, 15 May 2014
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14/05/2014
Yves Mersch:  Keynote speech at 70th Banking Conference of German Cooperative Banks
Speech by Yves Mersch, Member of the Executive Board of the ECB, 70th Banking Conference of German Cooperative Banks, Berlin, 14 May 2014
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14/05/2014
Yves Mersch:  Keynote speech
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the “Welt” Währungskonferenz, Berlin, 14 May 2014
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12/05/2014
Vítor Constâncio:  Banking Union and European integration
Speech by Vítor Constâncio, Vice-President of the ECB, at the OeNB Economics Conference, Vienna, 12 May 2014
05/05/2014
Yves Mersch:  Institutional overhaul of the euro area – progress and remaining challenges
Speech by Yves Mersch, Member of the Executive Board of the ECB, at a conference organised by the Association Européenne de Droit Bancaire et Financier Luxembourg, Luxembourg, 5 May 2014
30/04/2014
Benoît Cœuré:  The internationalisation of monetary policy
Keynote address by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB-IMF conference on the “International dimension of conventional and unconventional monetary policy”, Frankfurt, 30 April 2014

Summary

The internationalisation of monetary policy

Keynote address by Benoît Cœuré, Member of the Executive Board of the ECB,
at the ECB-IMF conference on the “International dimension of conventional and unconventional monetary policy”,
Frankfurt, 30 April 2014

The case for formal central bank cooperation remains limited, and practical consideration makes its implementation difficult. That said, central banks need to be engaged in a constant dialogue so as to remain ready for rapid coordinated action in exceptional circumstances. And they should strive to strengthen the global financial safety nets so that they can better address global or regional liquidity crises and limit the case for self-insurance by countries.

28/04/2014
Vítor Constâncio:  Reflections on financial integration and stability
Speech by Vítor Constâncio, Vice-President of the ECB, at the Joint ECB-EC Conference on Financial Integration and Stability in a New Financial Architecture, Frankfurt, 28 April 2014
24/04/2014
Vítor Constâncio:  Banking Union: meaning and implications for the future of banking
Speech by Vítor Constâncio, Vice-President of the ECB, at Banking Union Conference organised by the Master in Banking and Financial Regulation, Navarra University, Madrid 24 April 2014
24/04/2014
Mario Draghi:  Monetary policy communication in turbulent times
Speech by Mario Draghi, President of the ECB, at the Conference De Nederlandsche Bank 200 years: Central banking in the next two decades, Amsterdam, 24 April 2014

Summary

Monetary policy communication in turbulent times

Speech by Mario Draghi, President of the ECB,
at the Conference De Nederlandsche Bank 200 years: Central banking in the next two decades,
Amsterdam, 24 April 2014

Communication and transparency have become more important for central banks like the ECB in recent decades, and will become even more important in the decades to come. A transparent central bank is not only more accountable, but also more effective in implementing its monetary policy. If the general public and financial markets can understand how the ECB is likely to respond in a given situation – its so-called “reaction function” – they can form reasonable expectations about future monetary policy. This in turn gives the ECB the capacity to influence interest rates at longer maturities and steer broader financial and economic conditions.

While such “management by expectations” worked relatively well in normal times, the crisis inevitably made our decision-making process more complicated and our policies more difficult to understand. For example, the use of unconventional measures implied a wider range of possible monetary policy responses to a given shock. To continue to steer expectations in this environment, the ECB had to be more explicit in its communication. This involved reaffirming our mandate and explaining its medium-turn orientation and euro area perspective. Furthermore, the Governing Council will be equally active in guarding against inflation and deflation. And, faced with the effective lower bound and different contingencies, we had to explain our future policy intentions and clarify our more complex reaction function.

With our forward guidance, we aim to give guidance on the expected level of future interest rates, and to remove uncertainty about that level by strengthening communication on our reaction function. We have also further simplified our reaction function by laying out some contingencies that would warrant a monetary policy reaction. These are, first, an unwarranted tightening of monetary policy stance (from developments in short-term money markets, global bond markets or foreign exchange markets) that could be tackled through more conventional measures. Second, a further impairment in the transmission of our stance, in particular via the bank lending channel, for which a targeted LTRO or an ABS purchase programme might be the right response. Third, a worsening of the medium-term outlook for inflation, which would warrant a more broad-based asset purchase programme. The Governing Council is committed – unanimously – to using both unconventional and conventional instruments to deal effectively with the risks of a too prolonged period of low inflation.

Despite these efforts to enhance transparency, the predictability of the past will not readily return. Hence, judgement is likely to play a greater role in decision-making, and this involves trade-offs that need to be explained. That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. Such a written account would provide a more detailed explanation of the reasoning behind the Governing Council’s decisions, and give a sense of the discussion and the main arguments.

Any written account needs to preserve the independence of the Governing Council members and the collegiality of their decision-making. Releasing an account of the main arguments considered, in a non-attributed form, should on balance achieve these goals. Such a release should complement the real-time messages conveyed in the press conferences and offer additional information to improve understanding of our reaction function.

„Kommunikation von Geldpolitik in turbulenten Zeiten“

Amsterdam, den 24. April 2014

Kommunikation und Transparenz haben in den vergangenen Jahrzehnten für Zentralbanken wie die EZB an Bedeutung gewonnen – und werden in den vor uns liegenden Jahrzehnten noch wichtiger werden. Eine transparente Zentralbank erfüllt nicht nur ihre Rechenschaftspflicht besser, sondern sie setzt auch ihre Geldpolitik effektiver um. Können die breite Öffentlichkeit und die Finanzmärkte verstehen, wie die EZB in einer bestimmten Situation voraussichtlich reagiert – wie sie also ihre sogenannte Reaktionsfunktion ausübt –, so können sie begründete Erwartungen in Bezug auf die künftige Geldpolitik formulieren. Dies wiederum versetzt die EZB in die Lage, die Zinssätze bei längeren Laufzeiten zu beeinflussen und die allgemeine Finanz- und Wirtschaftslage zu steuern.

Während dieses „Management by expectations“ zu normalen Zeiten relativ gut funktionierte, wurden unsere Entscheidungsprozesse durch die Krise unweigerlich komplizierter und unsere Politik schwerer verständlich. Durch den Einsatz unkonventioneller Maßnahmen zum Beispiel erweiterte sich die Palette möglicher geldpolitischer Reaktionen auf einen bestimmten Schock. Damit sie die Erwartungen in diesem Umfeld weiterhin steuern konnte, musste die EZB in ihrer Kommunikation deutlicher werden. Dazu gehörte es, unseren Auftrag zu bekräftigen und seine mittelfristige Orientierung und seine auf den Euroraum ausgerichtete Perspektive zu erklären. Außerdem war zu erläutern, dass der EZB-Rat hinsichtlich des Schutzes vor Inflation und Deflation gleichermaßen aktiv ist. Ferner mussten wir in Anbetracht der effektiven Zinssatz-Untergrenze und verschiedener Eventualfälle unsere künftigen geldpolitischen Absichten darlegen und unsere komplexere Reaktionsfunktion klarstellen.

Mit unserer Forward Guidance möchten wir Hinweise zur voraussichtlichen Leitzinsentwicklung geben und Unsicherheiten hinsichtlich des Zinsniveaus beseitigen, indem wir die Kommunikation zu unserer Reaktionsfunktion stärken. Außerdem haben wir unsere Reaktionsfunktion weiter vereinfacht, indem wir einige Eventualfälle beschrieben haben, die eine geldpolitische Reaktion erfordern würden: Erstens eine (aus Entwicklungen am kurzfristigen Geldmarkt, an den internationalen Anleihemärkten oder den Devisenmärkten herrührende) unerwünschte Anspannung der monetären Lage, die mit eher herkömmlichen Maßnahmen bewältigt werden könnte. Zweitens eine weitere Beeinträchtigung der Transmission unseres geldpolitischen Kurses ‒ insbesondere über den Bankkreditkanal. In diesem Fall wäre gegebenenfalls ein gezieltes längerfristiges Refinanzierungsgeschäft oder ein Programm zum Ankauf von Asset-Backed Securities (ABS) eine geeignete Reaktion. Drittens eine Verschlechterung der mittelfristigen Inflationsaussichten, die ein breiter angelegtes Programm zum Ankauf von Vermögenswerten erfordern würde. Der EZB-Rat hat sich – einstimmig – verpflichtet, sowohl konventionelle als auch unkonventionelle Instrumente einzusetzen, um den Risiken einer zu lang anhaltenden Phase niedriger Inflation wirksam entgegenzutreten.

Trotz dieser Bemühungen um Erhöhung der Transparenz wird sich die in der Vergangenheit gekannte Berechenbarkeit nicht ohne Weiteres wiedereinstellen. Deshalb werden Einschätzungen wahrscheinlich eine größere Rolle bei der Beschlussfassung spielen, und dazu zählen auch Trade-offs, die einer Erläuterung bedürfen. Aus diesem Grund hat der EZB-Rat Überlegungen zur Veröffentlichung von Aufzeichnungen oder Zusammenfassungen seiner geldpolitischen Beratungen angestellt. In einem solchen Papier könnten die Erwägungen, die den Beschlüssen des EZB-Rats zugrunde liegen, ausführlicher dargelegt und ein Eindruck von den Erörterungen und Hauptargumenten vermittelt werden.

Bei einem schriftlichen Resümee gleich welcher Art müssen jedoch die Unabhängigkeit der Mitglieder des EZB-Rats und die Beschlussfassung als Kollegium gewahrt bleiben. Die Veröffentlichung einer Zusammenfassung der wichtigsten Argumente in einer nicht attribuierten Form sollte insgesamt diese Ziele erreichen. Sie sollte die Aussagen, die in der Pressekonferenz in Echtzeit getroffen werden, ergänzen und zusätzliche Informationen bieten, damit unsere Reaktionsfunktion besser nachvollzogen werden kann.

«La comunicación de la política monetaria en tiempos de turbulencias»

Ámsterdam, 24 de abril de 2014

La comunicación y la transparencia han adquirido en las últimas décadas una importancia creciente para los bancos centrales como el BCE, que seguirá incrementándose en el futuro. Un banco central que actúa con transparencia, no solo cumple mejor su obligación de rendir cuentas, sino que aplica su política monetaria de forma más efectiva. Si los ciudadanos y los mercados financieros entienden las posibles reacciones del BCE ante una situación determinada ―su llamada «función de reacción»―, podrán formarse expectativas fundadas sobre la política monetaria. Ello, a su vez, da al BCE la capacidad para influir sobre los tipos de interés a plazos más largos y orientar las condiciones financieras y económicas en sentido más amplio.

Si bien esta «gestión de las expectativas» funcionó relativamente bien en tiempos normales, la crisis ha hecho, inevitablemente, que nuestro proceso de adopción de decisiones sea más complicado y que nuestras políticas sean más difíciles de entender. Por ejemplo, el empleo de medidas no convencionales trajo consigo una gama más amplia de posibles respuestas de política monetaria ante una turbulencia concreta. Para seguir guiando las expectativas en este entorno, el BCE tuvo que ser más explícito en su comunicación. Para ello, hemos reafirmado nuestro mandato y explicado su orientación a medio plazo y su perspectiva orientada al conjunto de la zona del euro. Asimismo, el Consejo de Gobierno hará frente igualmente a la inflación y a la deflación. Y, ante el límite inferior efectivo de los tipos de interés y diversas contingencias adversas, hemos tenido que explicar nuestras intenciones respecto a la política monetaria futura y aclarar nuestra compleja función de reacción.

Con nuestra forward guidance, nos proponemos dar indicaciones sobre el nivel esperado de los tipos de interés y eliminar la incertidumbre acerca de ese nivel reforzando la comunicación sobre nuestra función de reacción. Para simplificar esa función hemos introducido algunas contingencias que requerirían una respuesta de política monetaria. En primer lugar, un endurecimiento injustificado de las condiciones de política monetaria (debido a la evolución de los mercados monetarios a corto plazo, los mercados internacionales de renta fija o los mercados de divisas), que podría remediarse aplicando medidas más convencionales. En segundo lugar, un mayor deterioro del mecanismo de transmisión de nuestra orientación monetaria, especialmente a través del canal del crédito bancario, frente al que una operación específica de financiación a plazo más largo (OFPML) o un programa de adquisición de bonos de titulización de activos (ABS) podrían ser la respuesta correcta. En tercer lugar, un empeoramiento de las perspectivas de inflación a medio plazo, que justificaría un programa de compras de activos más amplio. El Consejo de Gobierno es unánime en su compromiso de utilizar instrumentos tanto convencionales como no convencionales para afrontar eficazmente los riesgos de un período de baja inflación demasiado prolongado.

Pese a los esfuerzos por mejorar la transparencia, la previsibilidad del pasado no volverá fácilmente. Probablemente la valoración del Consejo del Gobierno tendrá mayor peso en la adopción de decisiones, lo que conlleva soluciones de compromiso que deberán ser explicadas. Por ello, el Consejo de Gobierno ha estado considerando la posibilidad de publicar un acta o resumen de sus deliberaciones, que ofrecería una explicación más detallada de los fundamentos de sus decisiones y permitiría entender el debate y los principales argumentos esgrimidos.

Toda acta debe preservar la independencia de los miembros del Consejo de Gobierno y el principio de colegialidad de su proceso de adopción de decisiones. Publicar los principales argumentos considerados, presentados de manera anónima, debería cumplir estos objetivos. También debería complementar los mensajes en tiempo real comunicados en las conferencias de prensa y ofrecer información adicional para entender mejor nuestra función de reacción.

La communication de la politique monétaire durant les périodes de turbulences

Amsterdam, le 24 avril 2014

Pour les banques centrales telles que la BCE, la communication et la transparence sont devenues de plus en plus importantes au cours des dernières décennies et seront amenées à l’être encore davantage dans les décennies à venir. Une banque centrale transparente est non seulement plus responsable mais aussi plus efficace dans la mise en œuvre de sa politique monétaire. Si le grand public et les marchés financiers sont à même de comprendre comment la BCE est susceptible de réagir dans une situation donnée – c’est ce que l’on appelle sa « fonction de réaction » – ils peuvent former des anticipations raisonnables au sujet de la politique monétaire future, ce qui lui donne la possibilité d’influencer les taux d’intérêt sur des échéances plus longues tout en pilotant les conditions financières et économiques au sens large.

Tandis que cette « gestion par les anticipations » a relativement bien fonctionné en période normale, la crise a inévitablement compliqué notre processus de décision et rendu nos politiques plus difficiles à comprendre. Ainsi, le recours aux mesures non conventionnelles a entraîné une diversification des réponses de politique monétaire possibles face à un choc donné. Pour continuer à orienter les anticipations dans ce contexte, la BCE a dû se montrer plus explicite dans sa communication. Il nous a fallu réaffirmer notre mandat et expliquer son orientation à moyen terme et sa perspective du point de vue de la zone euro. En outre, le Conseil des gouverneurs jouera un rôle tout aussi actif dans la lutte contre l’inflation que dans celle contre la déflation. Et, devant faire face à la limite inférieure effective et à divers événements imprévus, nous avons dû expliquer quelles étaient nos intentions en matière de politique monétaire et apporter des éclaircissements au sujet de notre fonction de réaction à présent plus complexe.

En fournissant des indications sur la trajectoire future des taux directeurs de la BCE (forward guidance), nous visons à donner une orientation sur le niveau attendu des taux d’intérêt futurs, et à éliminer les incertitudes à ce sujet en renforçant la communication sur notre fonction de réaction. En outre, nous avons encore simplifié notre fonction de réaction en illustrant certaines éventualités qui nécessiteraient une réaction de politique monétaire. Il s’agit, tout d’abord, d’un durcissement injustifié de l’orientation de la politique monétaire (à partir des évolutions constatées sur les marchés monétaires à court terme, les marchés obligataires mondiaux ou les marchés des changes) auquel il pourrait être remédié par des mesures plus conventionnelles. En deuxième lieu, un nouvel affaiblissement de la transmission de l’orientation de notre politique monétaire, en particulier via le canal du crédit bancaire, auquel une opération de refinancement à plus long terme ciblée ou un programme d’achats d’ABS pourrait apporter une réponse appropriée. Et troisièmement, une dégradation des perspectives d’inflation à moyen terme, qui justifierait un programme d’achats d’actifs généralisé. Le Conseil des gouverneurs est déterminé – à l’unanimité – à recourir à des instruments tant conventionnels que non conventionnels pour contrer efficacement les risques d’une période trop prolongée de faible inflation.

En dépit de ces efforts visant à améliorer la transparence, un retour de la prévisibilité passée ne sera pas facile. Dès lors, il semble vraisemblable que la prise de décision s’appuiera davantage sur l’appréciation, impliquant des arbitrages qui doivent être expliqués. C’est la raison pour laquelle le Conseil des gouverneurs réfléchit à la publication d’un compte rendu de ses délibérations. Un tel compte rendu écrit fournirait une explication plus détaillée des motivations à l’origine des décisions du Conseil des gouverneurs, et donnerait une idée des discussions et des principaux arguments avancés.

Tout compte rendu écrit doit préserver l’indépendance des membres du Conseil des gouverneurs et le caractère collégial de la prise de décision. La publication d’un compte rendu des principaux arguments pris en considération, de manière anonyme, doit globalement permettre d’atteindre ces objectifs. Elle doit compléter les messages transmis en temps réel lors des conférences de presse et fournir des informations supplémentaires en vue d’améliorer la compréhension de notre fonction de réaction.

“La comunicazione sulla politica monetaria in tempi di turbolenza”

Amsterdam, 24 aprile 2014

Negli ultimi decenni la comunicazione e la trasparenza hanno acquisito maggiore importanza per banche centrali quali la BCE e questa tendenza è destinata a intensificarsi in futuro. La trasparenza comporta per una banca centrale non soltanto un rafforzamento per quanto riguarda la responsabilità di dar conto del proprio operato, ma anche una maggiore efficacia nell’attuazione della politica monetaria. Se possono comprendere quale sarà la probabile risposta della BCE in determinate circostanze, ovvero la “funzione di reazione”, l’opinione pubblica e i mercati finanziari saranno in grado di formulare aspettative ragionevoli circa il corso futuro della politica monetaria. Ciò conferisce, a sua volta, alla BCE la capacità di influenzare i tassi di interesse su scadenze più lunghe e di orientare le condizioni economiche e finanziarie in senso più ampio.

Se questa “gestione delle aspettative” ha funzionato relativamente bene in tempi normali, la crisi ha per noi inevitabilmente complicato il processo decisionale e reso più difficile la comprensione delle nostre politiche. Il ricorso a misure non convenzionali ha, ad esempio, comportato una più ampia gamma di possibili risposte a un determinato shock in termini di politica monetaria. Per continuare a orientare le aspettative in un simile contesto la BCE ha dovuto rendere più esplicita la propria comunicazione. È stato quindi necessario riaffermare il nostro mandato e spiegarne l’impostazione a medio termine e la prospettiva orientata all’intera area dell’euro. Inoltre il Consiglio direttivo si attiverà a salvaguardia dall’inflazione e altrettanto dalla deflazione. Trovandoci di fatto in prossimità del limite inferiore delle possibilità offerte dagli strumenti convenzionali della politica monetaria e in presenza di varie contingenze avverse, abbiamo dovuto spiegare le nostre intenzioni future in materia di politica monetaria e chiarire la nostra, più complessa, funzione di reazione.

Attraverso le indicazioni prospettiche (forward guidance) vogliamo dare l’idea del livello atteso dei tassi di interesse futuri e intendiamo fugare le incertezze al riguardo rafforzando la comunicazione sulla nostra funzione di reazione. Inoltre abbiamo ulteriormente semplificato la funzione di reazione illustrando alcune contingenze avverse che renderebbero necessaria una risposta di politica monetaria. Fra queste figura, innanzitutto, un ingiustificato inasprimento delle condizioni di politica monetaria (derivante da andamenti nei mercati monetari a breve termine, nei mercati obbligazionari mondiali o in quelli valutari) che potrebbe essere affrontato con misure più convenzionali. Vi è poi un’ulteriore disfunzione nella trasmissione dell’orientamento di politica monetaria, in particolare attraverso il canale del credito bancario, alla quale si potrebbe adeguatamente rispondere con un’operazione di rifinanziamento a più lungo termine (ORLT) mirata, oppure attraverso un programma di acquisti di attività cartolarizzate (asset-backed securities, ABS). Assistiamo infine a un peggioramento delle prospettive di inflazione nel medio termine, che richiederebbe un più ampio programma di acquisti di attività. Il Consiglio direttivo si impegna, unanimemente, a utilizzare strumenti sia non convenzionali che convenzionali per affrontare con efficacia i rischi connessi a un periodo troppo prolungato di bassa inflazione.

Malgrado gli sforzi per accrescere la trasparenza, non torneremo in tempi brevi alla prevedibilità del passato. È dunque probabile che il giudizio del Consiglio direttivo assuma maggior peso nel processo decisionale, con conseguenti trade-off che occorrerà spiegare. Per questo motivo il Consiglio direttivo ha riflettuto sulla pubblicazione di un resoconto riguardo alle proprie decisioni di politica monetaria. Un resoconto scritto fornirebbe spiegazioni più dettagliate circa le motivazioni alla base delle sue decisioni, oltre a dare un’idea del dibattito e delle principali argomentazioni.

Un tale resoconto deve in ogni caso preservare l’indipendenza dei membri del Consiglio direttivo e la collegialità del processo decisionale. La divulgazione delle principali argomentazioni considerate, senza precisarne la provenienza, dovrebbe nel complesso consentire di raggiungere questi obiettivi. Inoltre, andrebbe a integrare i messaggi in tempo reale comunicati nelle conferenze stampa e fornirebbe informazioni aggiuntive utili a migliorare la comprensione della nostra funzione di reazione.

‘Monetairbeleidscommunicatie in roerige tijden’

Amsterdam, 24 April 2014

Communicatie en transparantie zijn de afgelopen tientallen jaren steeds belangrijker geworden voor centrale banken als de ECB, en zullen de komende tientallen jaren nog belangrijker worden. Een transparante centrale bank kan niet alleen beter ter verantwoording worden geroepen, maar is tevens effectiever in het ten uitvoer leggen van haar monetair beleid. Als het algemene publiek en de financiële markten inzicht kunnen hebben in hoe de ECB in een bepaalde situatie waarschijnlijk zal reageren – haar “reactiefunctie” – kunnen zij zich redelijke verwachtingen vormen omtrent het toekomstige monetair beleid. Dit geeft op haar beurt de ECB de mogelijkheid de rentetarieven bij langere looptijden te beïnvloeden en de algemenere financiële en economische voorwaarden te sturen.

Hoewel dergelijk “verwachtingenbeheer” in normale tijden betrekkelijk goed heeft gewerkt, heeft de crisis ons besluitvormingsproces onvermijdelijk gecompliceerder gemaakt en ons beleid lastiger te begrijpen. Het gebruik van onconventionele maatregelen bijvoorbeeld betekende een breder scala van mogelijke monetairbeleidsreacties op een bepaalde schok. Om in dit klimaat de verwachtingen te blijven sturen, heeft de ECB in explicieter termen moeten communiceren. Dit behelste herbevestiging van ons mandaat en uitleg over de oriëntatie op de middellange termijn en het eurogebiedperspectief ervan. De Raad van Bestuur zal daarnaast in gelijke mate actief waken tegen inflatie en deflatie. En wij moesten, gezien de effectieve lagere ondergrens van de rente en de verschillende eventualiteiten, onze toekomstige beleidsvoornemens uitleggen en onze complexere reactiefunctie verduidelijken.

Met onze “forward guidance”, de door ons gegeven indicaties omtrent het toekomstige rentebeleid, beogen wij een leidraad te geven ten aanzien van het verwachte niveau van de toekomstige rentetarieven, en onzekerheid over dat niveau weg te nemen door de communicatie over onze reactiefunctie te versterken. Wij hebben tevens onze reactiefunctie verder vereenvoudigd door een aantal mogelijkheden aan te geven die een monetairbeleidsreactie zouden rechtvaardigen. Dit zijn, ten eerste, een ongewenste verkrapping van de monetairbeleidsvoorwaarden (voortvloeiende uit ontwikkelingen in de kortetermijngeldmarkten, de mondiale obligatiemarkten of de valutamarkten) die door conventioneler maatregelen het hoofd zou kunnen worden geboden. Ten tweede, een verdere verslechtering van de transmissie van onze beleidkoers, in het bijzonder via het bancaire kredietkanaal, waarvoor een gerichte langerlopende herfinancieringstransactie of een programma voor de aankoop van effecten op onderpand van activa de juiste reactie zou kunnen zijn. Ten derde, een verslechtering van de middellangetermijnvooruitzichten voor de inflatie, die een breder-gebaseerd aankoopprogramma van activa zou billijken. De Raad van Bestuur heeft zich – unaniem – verplicht tot het gebruik van onconventionele en conventionele instrumenten om op effectieve wijze de risico’s van een te lang aanhoudende periode van lage inflatie tegen te gaan.

Ondanks deze inspanningen om de transparantie te verbeteren, zal de voorspelbaarheid van voorheen niet snel terugkeren. Oordeelsvorming zal dus waarschijnlijk een grotere rol spelen bij de besluitvorming, en dit betekent dat er afwegingen moeten worden gemaakt die moeten worden uitgelegd. Dit is waarom de Raad van Bestuur nadenkt over het publiceren van een verslag van zijn beraadslagingen over het beleid. Via een dergelijk schriftelijk verslag zouden de redeneringen achter de besluiten van de Raad van Bestuur gedetailleerder kunnen worden uitgelegd, en kan een indruk worden gegeven van de besprekingen en de belangrijkste argumenten.

Een schriftelijk verslag dient de onafhankelijkheid van de leden van de Raad van Bestuur en de collegialiteit van hun besluitvorming te waarborgen. Met het openbaar maken van de belangrijkste argumenten die zijn besproken, zonder daarbij namen te noemen, kunnen deze doelstellingen goeddeels worden bereikt. Het publiceren van een dergelijk verslag dient ter aanvulling van de real-time beleidsboodschappen die tijdens de persconferenties worden overgebracht, en zou aanvullende informatie moeten verschaffen om het inzicht in onze reactiefunctie te verbeteren.

17/04/2014
Yves Mersch:  Launching the ECB-coordinated technical cooperation with central banks of the Western Balkan
Introductory remarks by Yves Mersch, Member of the Executive Board of the ECB, at the press conference on the opening of cooperation programme in Western Balkans, Tirana, Albania, 17 April 2014
13/04/2014
Benoît Cœuré:  Asset purchases as an instrument of monetary policy
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the high-level conference on "Monetary Policy in the New Normal” organised by the IMF Washington D.C., 13 April 2014
10/04/2014
Vítor Constâncio:  Growing out of the crisis: Is fixing finance enough?
Speech by Vítor Constâncio, Vice-President of the ECB, at the Annual Hyman P. Minsky Conference on the State of the US and World Economies Washington D.C., 10 April 2014
10/04/2014
Mario Draghi:  Euro area economic outlook, the ECB’s monetary policy and current policy challenges
Statement by Mario Draghi, President of the ECB, prepared for the twenty-ninth meeting of the International Monetary and Financial Committee, Washington D.C., 10 April 2014
10/04/2014
Peter Praet:  The financial cycle and real convergence in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Annual Hyman P. Minsky Conference on the State of the US and World Economies, Washington D.C., 10 April 2014
07/04/2014
Vítor Constâncio:  Presentation of the ECB Annual Report 2013 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Vítor Constâncio, Vice-President of the ECB, Brussels, 7 April 2014
07/04/2014
Yves Mersch:  Banks, SMEs and securitisation
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Deutsche Boerse – Clearstream ‘Exchange of Ideas’ event, London, 7 April 2014
31/03/2014
Benoît Cœuré:  The known unknowns of central clearing
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the meeting on global economy and financial system hosted by the University of Chicago Booth School of Business Initiative on Global Markets, Coral Gables, 29 March 2014
25/03/2014
Mario Draghi:  A consistent strategy for a sustained recovery
Lecture by Mario Draghi, President of the ECB, at Sciences Po, Paris, 25 March 2014

Summary

A consistent strategy for a sustained recovery

Lecture by Mario Draghi, President of the ECB,
at Sciences Po,
Paris, 25 March 2014

The crisis is not over but the turning point has passed, ECB President Mario Draghi said in a speech in Paris. In the summer of 2012 Europe’s policymakers shifted from “real-time” crisis fighting to a consistent strategy that outlines the path to recovery. Before that point, policy measures, often commendable in themselves, were taken under the pressure of events and often in the wrong order. Combined with the euro area’s institutional set-up this delayed the recovery.

The early phase of the “Great Recession” that came after the global financial crisis followed roughly the same pattern across advanced economies. A retrenchment in investment, trade and hiring sent government budgets into large deficits as they sought to offset the shock to nominal spending. Nonetheless by mid-2010 most advanced economies were showing signs of a gradual return to growth.

The euro area however suffered a second recession lasting until the second quarter of 2013. With hindsight, we can see that one reason for this was the policy response, which was the reverse of the ideal sequence: the Deauville agreement on private sector involvement in 2010 and Greek debt restructuring in 2011 took place while an effective backstop for solvent governments was still being constructed. The stress testing of banks and capital raising took place without a clear backstop for solvent banks.

This created market pressure on banks and governments, exacerbated by the euro area’s incomplete financial integration and a fiscal framework that was not strictly enforced. A number of governments did not have the fiscal space to absorb the shock presented to them or were unable to maintain the trust of the market while doing so. Instead of providing a counter-cyclical buffer, these countries had to convince investors of their debt sustainability, making it unavoidable that fiscal consolidation was front-loaded.

The turning point came when European policymakers acknowledged the need to complete the euro area’s institutional architecture, with banking union as a first step. This marked the beginning of a consistent strategy towards sustained recovery.

While the ECB’s Outright Monetary Transactions removed unfounded redenomination fears that put price stability at risk, banking union was needed to bring together fragmented national banking systems. The single supervisory mechanism (SSM), the single resolution mechanism and single resolution fund are important conditions for the reintegration of the single financial market.

The SSM now provides a catalyst for cleaning up the banking system in a way that promotes “good deleveraging,” avoids creating “zombie banks” and sets the stage for economic recovery.

The unavoidable consolidation of public finances has placed a larger burden on monetary policy to achieve price stability by managing aggregate demand. This has led to record low interest rates and forward guidance. The ECB’s accommodative stance will support a gradual closing of the output gap in coming years.

Meanwhile potential growth must be raised, although this is not a task for monetary policy. Structural policies to increase productivity and attract investment need to be put in place – the latter can be supported by a healthier banking sector, but regulation, tax and education also play important roles. Moreover, those who have experienced the crisis, or the economic volatility of the 1970s and early 1980s, know that recovery also stems from joint action. By making policies consistent across borders we have achieved positive results.

24/03/2014
Yves Mersch:  Efficient retail payments: key in strengthening the competitiveness and growth potential of the EU
Speech by Yves Mersch, Member of the Executive Board of the ECB at the ECB/Banca d’Italia Workshop on Interchange Fees, Rome 24 March 2014
13/03/2014
Benoît Cœuré:  Monetary Policy Transmission and Bank Deleveraging
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at “The Future of Banking Summit” organised by “The Economist”, Paris, 13 March 2014
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Summary

Monetary Policy Transmission and Bank Deleveraging

Speech by Benoît Cœuré, Member of the Executive Board of the ECB,
at “The Future of Banking Summit” organised by “The Economist”,
Paris, 13 March 2014

Deleveraging is not a process that policy-makers should seek to avoid; rather, it needs to take place and be properly managed, explains ECB Executive Board member Benoît Cœuré. Describing the good, the bad and the ugly deleveraging at the Future of Banking Summit organised by “The Economist” in Paris, he emphasises how the wrong type of deleveraging could impede recovery and make it more difficult for central banks to engineer an appropriate degree of monetary accommodation.

To ensure the right type of deleveraging is achieved, Mr. Cœuré highlights, “both monetary policy and prudential supervision – notably the ECB’s ongoing comprehensive assessment – have a key role to play.” According to him, the comprehensive assessment of banks’ balance sheets and the steps taken towards the banking union are crucial to establish the conditions necessary for a transparent, competitive and stable banking sector. He adds, “and they will help monetary policy to regain traction across the euro area.”

He concludes by explaining why it is important for the banking union to be complete, “Not moving promptly towards a single resolution mechanism (SRM) and a single resolution fund (SRF) would prolong financial fragmentation, leave the financial system exposed to systemic fragility, and, ultimately, be harmful for growth and jobs. This would in particular be the case if the SRF is only slowly mutualised, and if it cannot resort to a common European backstop from the outset.”

12/03/2014
Peter Praet:  Current issues and challenges for central bank communication
Speech by Peter Praet, Member of the Executive Board of the ECB, at the conference The ECB and Its Watchers XV, Frankfurt am Main, 12 March 2014

Summary

Current issues and challenges for central bank communication

Speech by Peter Praet, Member of the Executive Board of the ECB,
at the conference The ECB and Its Watchers XV
Frankfurt am Main, 12 March 2014

Communication is always key for effective monetary policy-making, and the benefits of good communication are greatly increased in difficult times, says ECB Board member Peter Praet. Speaking at a conference of ECB watchers at Frankfurt he emphasises that central banks have been communicating more intensely during the crisis and by steering expectation more firmly their communication have had a stabilising effect. “We communicate what we are trying to achieve, and how we go about achieving it”, Mr Praet says. Notably, forward guidance has emerged as a useful complement to existing tools, he adds.

The introduction of Outright Monetary Transactions is according to Mr Praet an example of how communication added to the effectiveness of monetary policy tools. The ECB reaffirmed its commitment to the price stability mandate, as the pricing-in of unwarranted denomination scenarios could be a potential serious obstacle to fulfilling the mandate. He adds, “The OMT communication – unusual as it was in substance, for the ECB and probably for the entire community of central banks – was in fact strictly coherent with our general communication approach. It was a well-articulated frame of reference for our actions.”

Until now the ECB has resisted publishing accounts of the Governing Council meetings, Mr Praet states. One reason was according to him, that offering even more information on the ECB’s policy deliberations, in addition to what was already being provided, would come at the expense of clarity. On the other hand, publishing an account of the policy deliberations has now become “best practice” in the central banking community. Moreover, circumstances have changed, economic uncertainty has increased and the tools used now include non-standard measures. He highlighted: “It is important for us to provide the public with a fuller picture of the internal debate: we need to explain ourselves better.” To avoid a “cacophony problem”, with many voices tending to obscure the message, Mr Praet says he would favour to convey the content of the debate and the balance of views of Governing Council members.

Mr Praet concludes by explaining that the value of clarity in central bank communication is particularly evident in a financial crisis. He emphasises, “But communication – no matter how clear – only works if the communicator is credible. The ECB has a track record of following up words with deeds, and we intend to maintain it.”

07/03/2014
Yves Mersch:  Externe Unternehmensfinanzierung im Euroraum: Herausforderungen und Chancen
Rede von Yves Mersch, Mitglied des Direktoriums der EZB, GEFIU Tagung, Hause der Allianz, München, 7. März 2014
03/03/2014
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 3 March 2014
27/02/2014
Mario Draghi:  The path to recovery and the ECB’s role
Speech by Mario Draghi, President of the ECB, at the Symposium on Financial Stability and the Role of Central Banks organised by the Deutsche Bundesbank, Frankfurt am Main, 27 February 2014
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Summary

The euro area has made considerable progress on its reform agenda, says ECB President Mario Draghi. Speaking at a conference organised by Germany’s Bundesbank in Frankfurt he emphasises that euro area governments have improved their fiscal positions despite recessionary headwinds and stressed euro area countries have become more competitive. “In parallel, the architecture of EMU has been strengthened in ways that many would have considered inconceivable two years ago”, says Mr Draghi. The move towards a banking union is crucial not only for the functioning of the financial system, but also for the conduct of monetary policy.

Since the beginning of the crisis the ECB’s Governing Council has taken decisive steps to engineer a monetary policy stance that is commensurate with the subdued medium-term inflation outlook. But standard monetary policy in the form of rate cuts was not enough to ensure an appropriate monetary policy stance, because unwarranted fears of euro break-up impaired the monetary transmission, he says. Against this background the ECB announced Outright Monetary Transactions (OMT). Like all the ECB’s monetary policy measures, OMT served, says Mr Draghi, to ensure compliance with the bank’s price stability mandate.

“And it builds on an established monetary policy doctrine that has gained prominence not least through its successful adherence by the Bundesbank for several decades,” Mr Draghi says. “Namely that the central bank should be endowed with a clear price stability mandate and, within this mandate, should be allowed – in fact obliged – to use its instruments in full independence to deliver price stability.”

26/02/2014
Yves Mersch:  China: Progressing towards financial market liberalisation and currency internationalisation
Speech by Yves Mersch, Member of the Executive Board of the ECB Renminbi Forum Luxembourg, 26 February 2014
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18/02/2014
Peter Praet:  Reforms and growth in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, Panel intervention “Fixing finance”, The Economist‘s Lisbon Summit, Lisbon, 18 February 2014
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13/02/2014
Benoît Cœuré:  Exchange of views of Benoît Cœuré with ECON on troika matters
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, Brussels, 13 February 2014
12/02/2014
Mario Draghi:  Financial Integration and Banking Union
Speech by Mario Draghi, President of the ECB, at the conference for the 20th anniversary of the establishment of the European Monetary Institute, Brussels, 12 February 2014

Summary

Banking union will create more sustainable financial integration

Speech by Mario Draghi, President of the ECB,
at the conference for the 20th anniversary of the establishment of the European Monetary Institute,
Brussels, 12 February 2014

A banking union will contribute to more sustainable financial integration in the euro area, says ECB President Mario Draghi. Speaking at a conference celebrating the 20th anniversary of the European Monetary Institute in Brussels, Draghi explains how stronger supervision, cross-border banking integration and resolution frameworks can reduce the risk of financial fragmentation. It was that kind of fragmentation which contributed to the recent financial crisis.

Draghi explains that financial integration is necessary for an effective monetary union. But “the euro area did not succeed in achieving sustainable financial integration”, the ECB’s President says. “And we can see the importance of financial integration all the more in its absence.”

According to Draghi, financial integration before the crisis was incomplete. While the interbank market was fully integrated, retail banking remained fragmented. That led to a situation where banks used short-term and debt-based funding to increase lending to favoured domestic sectors such as real estate. “As banks’ assets were not well allocated, nor well diversified geographically, they were more vulnerable to domestic shocks. And as their foreign liabilities were mainly interbank, they could not share the subsequent losses with other jurisdictions.” So when the crisis hit, the cost of repairing balance sheets fell largely on their domestic fiscal authorities. “The result was the infamous bank sovereign nexus”, Draghi says.

A banking union will generate a higher quality of financial integration. The Single Supervisory Mechanism will enable supervisors to mitigate the possible destabilising effects of financial integration. It will also help to maximise the benefits of integration by creating a policy framework more conducive to cross-border banking. If problems still occur, the planned European resolution framework will help by improving private risk-sharing while insulating sovereigns. To reach that aim, Draghi makes a case to improve the design of the Single Resolution Mechanism and the Single Resolution Fund. The proposed ten-year period to mutualise national compartments into a single fund “creates uncertainty”, the President says. “We would see merits in doubling the pace of mutualisation to have a genuine European fund within five years.”

07/02/2014
Yves Mersch:  Reviving growth in the euro area
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Institute of International European Affairs, Dublin, 7 February 2014
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03/02/2014
Sabine Lautenschläger:  Confirmation hearing for the Vice-Chair of the SSM Supervisory Board
Introductory statement by Sabine Lautenschläger, Member of the Executive Board of the ECB, Strasbourg, 3 February 2014
31/01/2014
Benoît Cœuré:  The structural aspects of euro area adjustment
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at Ljubljana University, Ljubljana, 31 January 2014
30/01/2014
Benoît Cœuré:  Is eurozone governance fit for purpose?
Keynote speech by Benoît Cœuré, Member of the Executive Board of the ECB, at a dinner organised by the Centre for European Reform, London, 30 January 2014
23/01/2014
Benoît Cœuré:  Risks in CCPs
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the policy panel during the conference "Mapping and Monitoring the Financial System: Liquidity, Funding, and Plumbing" organised by Office of Financial Research and Financial Stability Oversight Council, Washington D.C., 23 January 2014
22/01/2014
Benoît Cœuré:  The “fourth stage” of EMU: laying the foundations for a sustained recovery
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Interparliamentary Conference on Economic Governance of the European Union, in the context of the European Parliamentary Week, Brussels, 21 January 2014
15/01/2014
Yves Mersch:  Opening of the New Face of the Euro Exhibition
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Deutsche Bundesbank, Saarbrücken, 15 January 2014
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13/01/2014
Yves Mersch:  “Europe after the warm reboot”
Speech by Yves Mersch, Member of the Executive Board of the ECB, Munich Seminars, Ifo Institute for Economic Research, University of Munich, 13 January 2014
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13/01/2014
Yves Mersch:  Unveiling the new €10 banknote
Speech by Yves Mersch, Member of the Executive Board of the ECB, Frankfurt am Main, 13 January 2014
16/12/2013
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 16 December 2013
13/12/2013
Peter Praet:  Economic Recovery in the Euro Area – The role of Monetary Policy
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Belgian Financial Forum at the University of Antwerp, Antwerp, 13 December 2013
12/12/2013
Jörg Asmussen:  Introductory remarks at the press conference on the completion of the EU-funded cooperation programme with the National Bank of Serbia
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, Belgrade, 12 December 2013
12/12/2013
Mario Draghi:  Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2012
Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 12 December 2013
10/12/2013
Mario Draghi:  Money and monetary institutions after the crisis
Speech by Mario Draghi, President of the ECB, at the conference organised by Banca d’Italia in memory of Curzio Giannini, Rome, 10 December 2013
09/12/2013
Yves Mersch:  Euro area monetary policy: where we stand
Speech by Yves Mersch, Member of the Executive Board of the ECB, 28. Internationales ZinsFORUM 2013: Zinsen 2014 Frankfurt, 9 December 2013
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06/12/2013
Benoît Cœuré:  The future of Europe: building on our strengths
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB at the plenary session on “The Future of Europe” during the fifth German Economic Forum Frankfurt, 6 December 2013
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04/12/2013
Yves Mersch:  Auf dem Weg zur Europäischen Bankenunion: Chancen nutzen, Risiken beherrschen
Rede von Yves Mersch, Mitglied des Direktoriums der EZB, Fachtagung Risikocontrolling und –management Deutscher Sparkassen und Giroverband „Auf der Suche nach Performance“, Berlin, 4. Dezember 2013
02/12/2013
Vítor Constâncio:  Banking union and the future of banking
Speech by Vítor Constâncio, Vice-President of the ECB, at the IIEA Conference on “The Future of Banking in Europe”, Dublin, 2 December 2013
29/11/2013
Yves Mersch:  Mastering the crux of defragmentation
Speech by Yves Mersch, Member of the Executive Board of the ECB, SAFE Conference on Financial Market Policy, Goethe University Frankfurt, Frankfurt am Main, 29 November 2013
28/11/2013
Jörg Asmussen:  Changing Reality
Intervention of Jörg Asmussen, Member of the Executive Board of the ECB, at the Panel Discussion “Reverse Reality - What If: “Lehman Sisters’ or the Sisterhood Ran G20 and Big Business?”, Women in Parliament, Global Forum, Brussels, 28 November 2013
27/11/2013
Jörg Asmussen:  Fünf Jahre Krise – wo steht Europa heute?
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Martinsgansessen Nordmetall, Hamburg, 27. November 2013
26/11/2013
Yves Mersch:  Economic and legal limits of central banking
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, IMFS Conference on Monetary and Financial Stability, Frankfurt am Main, 26 November 2013
23/11/2013
Benoît Cœuré:  The political dimension of European economic integration
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, At the 19th Université d’automne de la Ligue des droits de l’Homme, Paris, 23 November 2013
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22/11/2013
Mario Draghi:  Opening speech at the European Banking Congress “The future of Europe”
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 22 November 2013
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21/11/2013
Jörg Asmussen:  Europe 2014 – an outlook from the ECB
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the Council on Foreign Relations, New York, 21 November 2013
21/11/2013
Mario Draghi:  Keynote address at the Süddeutsche Zeitung Führungstreffen Wirtschaft 2013
Speech by Mario Draghi, President of the ECB, at Führungstreffen Wirtschaft “Strategies for more growth” organised by Süddeutsche Zeitung, Berlin, 21 November 2013.
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19/11/2013
Peter Praet:  Steering the economy in a challenging environment
Speech by Peter Praet, Member of the Executive Board of the ECB, at the 16th Euro Finance Week, Frankfurt am Main, 19 November 2013
18/11/2013
Yves Mersch:  On the road to a banking union: the way forward from the ECB’s perspective
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the 16th Euro Finance Week, Frankfurt am Main, 18 November 2013
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18/11/2013
Jörg Asmussen:  Economic convergence across Central, Eastern and South Eastern Europe: Achievements and challenges
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, CEEI conference ‘Financial Cycles and the Real Economy: Lessons for CESEE’, Vienna, 18 November 2013
15/11/2013
Yves Mersch:  The overhaul of the architecture of the euro area 
and the return of investor confidence
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the CFA Institute European Investment Conference “Beyond Austerity: Opportunities for European Investors in the Global Market”, London, 15 November 2013
13/11/2013
Yves Mersch:  SMEs, Banking Union, and securitisation – 
exploring the nexus
Keynote speech by Yves Mersch, Member of the Executive Board of the ECB, EIB, in cooperation with RBWC and the EURO 50 Group: “Investment and Investment Finance: Putting Europe on a sustainable growth path”, Luxembourg, 13 November 2013
12/11/2013
Jörg Asmussen:  The Costs and Benefits of Unorthodox Monetary Policy
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at European Conference 2013 organised by UBS, London, 12 November 2013.
08/11/2013
Jörg Asmussen:  The public and the private banking union
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the joint conference “The Single Resolution Mechanism and the Limits of Bank-Regulation” Humboldt Universität/Financial Risk and Stability Net-work in Berlin Berlin, 8 November 2013
08/11/2013
Yves Mersch:  Intergenerational Justice in Times of Sovereign Debt Crises
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Minsky Conference in Greece organised by the Levy Economics Institute Athens, 8 November 2013
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05/11/2013
Jörg Asmussen:  Banking Union – essential for the ins, desirable for the outs!
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the Danske Bank Financial Forum 2013, Stockholm, 5 November 2013
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05/11/2013
Vítor Constâncio:  Banking Union and the European crisis
Opening remarks by Vítor Constâncio, Vice-President of the ECB, at the 6th Santander International Banking Conference, Madrid, 5 November 2013
28/10/2013
Benoît Cœuré:  Lessons from East Asia for the euro area
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Asia Europe Economic Forum on “Challenges and Prospects for Asian and European Economies", Beijing, 28 October 2013
25/10/2013
Jörg Asmussen:  Cooperation and diversity: principles for a stable euro area
Acceptance speech by Jörg Asmussen, Member of the Executive Board of the ECB, at Bocconi University on the occasion of the award ceremony “Alumnus of the Year” Milan, 25 October 2013
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21/10/2013
Benoît Cœuré:  Retail payments at a crossroads
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at a joint conference by the European Central Bank and the Banque de France, “Retail Payments at a Crossroads: Economics, Strategies and Future Policies”, Paris, 21 October 2013
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18/10/2013
Peter Praet:  Household heterogeneity and the transmission mechanism
Dinner speech by Peter Praet, Member of the Executive Board of the ECB, ECB Conference on Household Finance and Consumption, Frankfurt am Main, 17 October 2013
17/10/2013
Benoît Cœuré:  The relevance of household-level data for monetary policy and financial stability analysis
Opening remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB Conference on Household Finance and Consumption, Frankfurt am Main, 17 October 2013
12/10/2013
Jörg Asmussen:  Introductory statement for the panel discussion on “The G20 and the future of global economic governance”
Statement by Jörg Asmussen, Member of the Executive Board of the ECB, at the IIF Annual Membership Meeting, Washington D.C., 12 October 2013
11/10/2013
Mario Draghi:  Euro area economic outlook, the ECB’s monetary policy and current policy challenges
Statement by Mario Draghi, President of the ECB, prepared for the Twenty-Eighth Meeting of the International Monetary and Financial Committee, in Washington D.C. on 12 October 2013
10/10/2013
Mario Draghi:  The euro area economy: current prospects 
and challenges ahead
Speech by Mario Draghi, President of the ECB at the Economic Club of New York New York, 10 October 2013
09/10/2013
Mario Draghi:  Europe’s pursuit of ‘a more perfect Union’
Lecture by Mario Draghi, President of the ECB, at Harvard Kennedy School, Cambridge (USA), 9 October 2013
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09/10/2013
Benoît Cœuré:  The economic consequences of low interest rates
Public lecture by Benoît Cœuré, Member of the Executive Board of the ECB, at the International Center for Monetary and Banking Studies, Geneva, 9 October 2013
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07/10/2013
Peter Praet:  Japan and the EU in the global economy – challenges and opportunities
Speech by Peter Praet, Member of the Executive Board of the ECB, at the conference “Japan and the EU in the global economy – challenges and opportunities”, organised by Bruegel, the Graduate School of Economics, Kobe University, and Fondation France-Japon de l’EHESS, Brussels, 7 October 2013
03/10/2013
Benoît Cœuré:  Liquidity regulation and monetary policy implementation: from theory to practice
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Toulouse School of Economics, Toulouse, 3 October 2013
30/09/2013
Yves Mersch:  Towards a European Banking Union
Keynote Speech by Yves Mersch, Member of the Executive Board of the ECB, The Bridge Forum Dialogue, Luxembourg, 30 September 2013
30/09/2013
Benoît Cœuré:  The implications of bail-in rules for bank activity and stability
Opening speech by Benoît Cœuré, Member of the Executive Board of the ECB at Conference on “Financing the recovery after the crisis- the roles of bank profitability, stability and regulation”, Bocconi University, Milan, 30 September
27/09/2013
Vítor Constâncio:  Deutsche Bank Prize attribution to Raghuram Rajan
Speech by Vítor Constâncio, Vice-President of the ECB, at the Panel on “Liquidity and Monetary Policy” at the occasion of Deutsche Bank Prize attribution to Raghuram Rajan, Frankfurt, 26 September 2013
26/09/2013
Benoît Cœuré:  The usefulness of forward guidance
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, before the Money Marketeers Club of New York, New York, 26 September 2013
26/09/2013
Yves Mersch:  A regime change in supervision and resolution
Keynote Speech by Yves Mersch, Member of the Executive Board of the ECB, European Supervisor Education (ESE) Conference, Frankfurt, 26 September 2013
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24/09/2013
Yves Mersch:  Neueste politische Entscheidungen zur Bankenunion und ihre Auswirkungen auf die EZB als Aufsichtsbehörde
Rede von Yves Mersch, Mitglied des Direktoriums der EZB, Generalversammlung der Österreichischen Bankwissenschaftlichen Gesellschaft (BWG), Wien, den 24. September 2013
24/09/2013
Vítor Constâncio:  2012 Bernácer prize award ceremony in honour of Nicholas Bloom
Speech by Vítor Constâncio, Vice-President of the ECB, on the occasion of the Awarding Ceremony of the Germán Bernácer Prize for Promoting Economic Research in Europe to Nicholas Bloom, Madrid, 24 September 2013
23/09/2013
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2013
16/09/2013
Mario Draghi:  Keynote speech at the conference “Europe and the Euro – A Family Affair”
Speech by Mario Draghi, President of the ECB, at the conference organised by Bundesverband der Deutschen Industrie and Bundesvereinigung der Deutschen Arbeitgeberverbände, Berlin, 16 September 2013
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12/09/2013
Mario Draghi:  Euro Conference - Latvia
Keynote Speech by Mario Draghi, President of the ECB, Riga, 12 September 2013
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11/09/2013
Benoît Cœuré:  Four years after Pittsburgh: 
What has OTC derivatives reform achieved so far
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at joint Banque de France, Bank of England and ECB conference on OTC derivatives reform, Paris, 11 September 2013
10/09/2013
Jörg Asmussen:  The global monetary policy stance: what are the risks?
Speech by Jörg Asmussen, Member of the Executive Board of the ECB Bruegel Annual Meeting Brussels, 10 September 2013
06/09/2013
Yves Mersch:  Monetary policy and financial stability under one roof
Keynote Speech at the 6th Policy Roundtable of the European Central Bank: “The future of global policy coordination” Yves Mersch, Member of the Executive Board of the ECB, 6 September 2013
04/09/2013
Jörg Asmussen:  Towards a banking union – the state of play from the ECB’s perspective
Speech by Jörg Asmussen, Member of the Executive Board of the ECB Handelsblatt Conference “Banken im Umbruch” Frankfurt, 4 September 2013
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02/09/2013
Benoît Cœuré:  Outright Monetary Transactions, one year on
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference “The ECB and its OMT programme”, organised by Centre for Economic Policy Research, German Institute for Economic Research and KfW Bankengruppe Berlin, 2 September 2013
29/08/2013
Yves Mersch:  The single market and banking union
Speech by Yves Mersch, Member of the Executive Board of the ECB, European Forum Alpbach 2013, Alpbach, 29 August 2013
25/08/2013
Jörg Asmussen:  Auf dem Weg zum Euro – allegro ma non troppo
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Abschlussveranstaltung des Schleswig-Holstein Musik Festival (SHMF), 25 August 2013, Gut Schierensee
06/08/2013
Peter Praet:  Forward guidance and the ECB
Column by Peter Praet, Member of the Executive Board of the ECB, published on VoxEU.org on 6 August 2013
15/07/2013
Benoît Cœuré:  COGESI workshop on collateral eligibility requirements
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Frankfurt am Main, 15 July 2013
15/07/2013
Benoît Cœuré:  Triparty Settlement Interoperability
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Frankfurt am Main, 15 July 2013
12/07/2013
Vítor Constâncio:  The role of Europe in global rebalancing
Speech by Vítor Constâncio, Vice-President of the ECB, at the Expert Seminar "Asia's role in the Global Economy Forum" organised by Official Monetary and Financial Institutions Forum (OMFIF), Singapore, 12 July 2013
11/07/2013
Benoît Cœuré:  Reviving credit growth in the euro area
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Paris Europlace International Financial Forum “Growth and Investment Opportunities in Europe”, Paris, 11 July 2013
10/07/2013
Benoît Cœuré:  Non-standard monetary policy measures: where do we stand?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the International Monetary Seminar “Sovereign Risk, Bank Risk and Central Banking” organised by the Banque de France, Paris, 10 July 2013
10/07/2013
Jörg Asmussen:  Opening remarks at the closing ceremony of the Eurosystem Needs Analysis Project funded by the European Union
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, Skopje, 10 July 2013
09/07/2013
Jörg Asmussen:  Building Banking Union
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the Atlantic Council, London, 9 July 2013
08/07/2013
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 8 July 2013
05/07/2013
Benoît Cœuré:  Monetary Policy and the Risk of a Lost Decade
Speech by Benoît Cœuré, Member of the Executive Board of the ECB at the Amundi World Investment Forum 2013 “Mapping uncharted territories of investing”, Paris, 5 July 2013
27/06/2013
Yves Mersch:  The single supervisory mechanism – a step towards a European banking union
Speech by Yves Mersch, Member of the Executive Board of the ECB, University of the Deutsche Bundesbank, Hachenburg, 27 June 2013
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26/06/2013
Mario Draghi:  Introductory remarks at the French Assemblée Nationale
Speech by Mario Draghi, President of the ECB, Paris, 26 June 2013
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26/06/2013
Jörg Asmussen:  Intervention in a panel on “The Future of Europe”
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at IIF 2013 Spring Membership Meeting Paris, 26 June, 2013
25/06/2013
Benoît Cœuré:  Duration Risk in the Financial System
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at “The Global Borrowers & Investors Forum 2013 - A Euromoney Conference”, London, 25 June 2013
25/06/2013
Mario Draghi:  Stable Euro, Strong Europe
Speech by Mario Draghi, President of the ECB, at the Wirtschaftstag 2013 Berlin, 25 June 2013
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23/06/2013
Jörg Asmussen:  The global crisis: lessons for international policy cooperation
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, Kiel Institute for the World Economy, Kiel, 23 June 2013
18/06/2013
Mario Draghi:  Opening remarks at the session “Rethinking the Limitations of Monetary Policy”
Speech by Mario Draghi, President of the ECB, at the farewell conference honouring Governor Stanley Fischer, The Israel Museum, Jerusalem 18 June 2013
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17/06/2013
Yves Mersch:  The European Central Bank’s role in overcoming the Crisis
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the UniCredit Business Dialogue, Hamburg, 17 June 2013
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17/06/2013
Jörg Asmussen:  Ausblick auf eine europäische Bankenunion
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Rede anlässlich des Magdeburger Finanzmarktdialogs, 15 Jahre Europäische Zentralbank – Entwicklung, Gegenwart und Zukunft, Magdeburg, 17. Juni 2013
14/06/2013
Jörg Asmussen:  Reintegrating financial markets
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the General Assembly of the European Savings Banks Group, Berlin, 14 June 2013
13/06/2013
Yves Mersch:  Monetary policy in an environment of low growth and interest rates
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Nordea 3rd Annual Nordic AAA Seminar, Copenhagen, 13 June 2013
13/06/2013
Mario Draghi:  Responsible leadership in times of crisis
Address by Mario Draghi, President of the ECB, on the occasion of receiving the ESMT Leadership Award 2013, Berlin, 13 June 2013
11/06/2013
Jörg Asmussen:  Introductory statement by the ECB in the proceedings before the Federal Constitutional Court
Jörg Asmussen, Member of the Executive Board of the ECB, Karlsruhe, 11 June 2013
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10/06/2013
Benoît Cœuré:  Monetary policy in a fragmented world
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 41st Economics Conference of the Oesterreichische Nationalbank, Vienna, 10 June 2013
03/06/2013
Benoît Cœuré:  Global liquidity and international risk-sharing in the post-crisis environment
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Bank of Korea International Conference 2013 “Assessing Global Liquidity in a Global Framework”, Seoul, 3 June 2013
03/06/2013
Mario Draghi:  Strengthening financial resilience
Speech by Mario Draghi, President of the ECB, at the 2013 International Monetary Conference, Shanghai, 3 June 2013
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24/05/2013
Vítor Constâncio:  Implications of the SSM on the ESFS
Speech by Vítor Constâncio, Vice-President of the ECB, Public Hearing on Financial Supervision in the EU, Brussels, 24 May 2013
23/05/2013
Vítor Constâncio:  The European Crisis and the role of the financial system
Speech by Vítor Constâncio, Vice-President of the ECB, at the Bank of Greece conference on “The crisis in the euro area” Athens, 23 May 2013
23/05/2013
Mario Draghi:  Building stability and sustained prosperity in Europe
Speech by Mario Draghi, President of the ECB, at the event entitled “The Future of Europe in the Global Economy” hosted by the City of London Corporation, London, 23 May 2013
23/05/2013
Benoît Cœuré:  The Single Resolution Mechanism: Why it is needed
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ICMA Annual General Meeting and Conference 2013, organised by the International Capital Market Association, Copenhagen, 23 May 2013
22/05/2013
Peter Praet:  Monetary policy in the context of balance sheet adjustments
Speech by Peter Praet, Member of the Executive Board of the ECB, Peterson Institute for International Economics, Washington DC, 22 May 2013
17/05/2013
Yves Mersch:  “Built to Last”: The New Euro Area Framework
Speech by Yves Mersch, Member of the Executive Board of the ECB, Barclays Research Conference, London, 17 May 2013
17/05/2013
Benoît Cœuré:  Monetary policy in the crisis – Confronting short-run challenges while anchoring long-run expectations
Speech by Benoît Cœuré, Member of the Executive Board of the ECB at the Journées de l’AFSE 2013 - La crise de l’Union Economique et Monétaire (UEM): Enjeux théoriques et perspectives de politique économique Université d’Orléans, 17 May 2013
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16/05/2013
Peter Praet:  Adjustment and growth in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, European Business Summit, Brussels, 16 May 2013
08/05/2013
Jörg Asmussen:  Exchange of views with the Economic and Monetary Affairs Committee of the European Parliament on financial assistance to Cyprus
Introductory Statement by Jörg Asmussen, Member of the Executive Board of the ECB, Brussels, 8 May 2013
06/05/2013
Mario Draghi:  The euro, monetary policy and reforms
Speech by Mario Draghi, President of the ECB, on receiving an honorary degree in political science, LUISS “Guido Carli” University, Rome, 6 May 2013
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06/05/2013
Yves Mersch:  The euro and the ECB: Perspectives and challenges ahead
Keynote address by Yves Mersch, Member of the Executive Board of the ECB, Journée Boursière, Luxembourg, 6 May 2013
03/05/2013
Benoît Cœuré:  Where to exit to? Monetary policy implementation after the crisis
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 15th Geneva Conference on the World Economy: “Exit strategies: time to think about them” Geneva, 3 May 2013
02/05/2013
Mario Draghi:  Short address on the occasion of the launch of the Europa series €5 banknote
Speech by Mario Draghi, President of the ECB Bratislava, 2 May 2013
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29/04/2013
Jörg Asmussen:  CEEs and the crisis: current challenges and benefits
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, IIF Central and Eastern Europe CEO Conference, Berlin, 29 April 2013
25/04/2013
Vítor Constâncio:  Fragmentation and rebalancing in the euro area (slides from the presentation)
Presentation by Vítor Constâncio, Vice-President of the ECB, Joint EC-ECB Conference on Financial Integration Brussels, 25 April 2013
25/04/2013
Jörg Asmussen:  Saving the euro
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, The Economist’s Bellwether Europe Summit, London, 25 April 2013
24/04/2013
Vítor Constâncio:  Presentation of the ECB Annual Report 2012 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Vítor Constâncio, Vice-President of the ECB, Brussels, 24 April 2013
22/04/2013
Benoît Cœuré:  Euro banknotes: a secure means of payment and a symbol of Europe
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference “Preparations for the launch of the second series of euro banknotes: challenges and opportunities” organised by the European Central Bank and Oesterreichische Nationalbank, Vienna, 22 April 2013
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20/04/2013
Jörg Asmussen:  Eurozone cross-fire: the way out of economic recession - Assessment of a realist and a response to idealists and cynics
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the Bank of America/Merill Lynch Investor conference, Washington DC, 20 April 2013
18/04/2013
Jörg Asmussen:  Financial stability in Europe and the progress towards banking union
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the event “The Way Forward for the Eurozone and Europe: A Conversation with European Policymakers” organised by Brookings Institution and the Center for the United States and Europe, Washington, 18 April 2013
17/04/2013
Peter Praet:  The crisis response in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, at the afternoon session “The Challenges Ahead” at Pioneer Investments’ Colloquia Series “Redrawing the Map: New Risk, New Reward” organised by Unicredit S.p.A., Beijing, 17 April 2013
16/04/2013
Mario Draghi:  Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2011
Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 16 April 2013
15/04/2013
Benoît Cœuré:  Harmonising cashless payments: the SEPA experience
Dinner speech by Benoît Cœuré, Member of the Executive Board of the ECB, ECB Seminar “Sharing the European Experience in Retail Payments Integration and Innovation”, InterContinental Hotel, Silhouette Room, 7.00 p.m. Frankfurt am Main, 15 April 2013
15/04/2013
Mario Draghi:  The role of monetary policy in addressing the crisis in the euro area
Speech by Mario Draghi, President of the ECB, at the “Room for discussion” of the Study Association SEFA and the Faculty of Economics and Business, Amsterdam, 15 April 2013
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11/04/2013
Benoît Cœuré:  SME financing, market innovation and regulation
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Eurofi High Level Seminar organised in association with the Irish Presidency of the Council of the EU, Contribution to plenary Session 11: Challenges and feasibility of diversifying the financing of EU corporates and SMEs, Dublin, 11 April 2013
05/04/2013
Yves Mersch:  The Banking Union - a European perspective: reasons, benefits and challenges of the Banking Union
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the seminar “Auf dem Weg zu mehr Stabilität – Ein Dialog über die Ausgestaltung der Bankenunion zwischen Wissenschaft und Praxis“ organised by Europolis and Wirtschaftswoche, Berlin, 5 April 2013
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02/04/2013
Benoît Cœuré:  Currency fluctuations: the limits to benign neglect
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the luncheon panel: Currency Wars and the G-20’s Goal of Strong, Sustainable, and Balanced Growth, Conference on Currency Wars: Economic Realities, Institutional Responses, and the G-20 Agenda, Peterson Institute for International Economics, Washington, DC, 2 April 2013
25/03/2013
Yves Mersch:  Opening of the “New Face of the Euro” exhibition
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Banco de España, Madrid, 25 March 2013
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20/03/2013
Jörg Asmussen:  Is Europe on the right track?
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at Deutsche Bank Women in European Business conference “Competition versus Coalition – the quest for growth?”, Frankfurt am Main, 20 March 2013
19/03/2013
Yves Mersch:  Closing remarks at the ECB/EU Commission conference on “Post-trade harmonisation and financial integration in Europe”
Speech by Yves Mersch, Member of the Executive Board of the ECB, Frankfurt am Main, 19 March 2013
19/03/2013
Mario Draghi:  Opening remarks at the conference ‘Post-trade harmonisation and the integration of financial markets: a joint effort’
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 19 March 2013
18/03/2013
Jörg Asmussen:  Die Rolle der Europäischen Zentralbank in der Europäischen Schuldenkrise
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Veranstaltung der Schwarzkopf-Stiftung “Junges Europa“, Berlin, 18. März 2013
18/03/2013
Jörg Asmussen:  Die Krise im sechsten Jahr – was bleibt zu tun?
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, auf der Konferenz „Die Bankenunion: Wie lässt sich das Monster zähmen?“, organisiert von der Friedrich-Ebert-Stiftung, Berlin, 18. März 2013
15/03/2013
Mario Draghi:  Euro area economic situation and the foundations for growth (slides from the presentation)
Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 14 March 2013
12/03/2013
Benoît Cœuré:  The way back to financial integration
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, International financial integration and fragmentation: Drivers and policy responses. Conference organised by the Banco de España and the Reinventing Bretton Woods Committee, Madrid, 12 March 2013
11/03/2013
Vítor Constâncio:  The nature and significance of Banking Union
Speech by Vítor Constâncio, Vice-President of the ECB, at the conference “Financial Regulation: Towards a global regulatory framework?”, Chatham House City Series, London, 11 March 2013
04/03/2013
Yves Mersch:  Financial stability policies in central banks
Speech by Yves Mersch, Member of the Executive Board of the ECB, Seminar: “Financial Stability Policies in a Post-Crisis World” Czech National Bank, 4 March 2013
02/03/2013
Benoît Cœuré:  Revisiting the European social contract
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the European Conference at Harvard Europe 2.0 - Taking The Next Step, Cambridge MA, 2 March 2013
27/02/2013
Yves Mersch:  The European banking union – first steps on a long march
Speech by Yves Mersch, Member of the Executive Board of the ECB, Finanzplatztag, 27 February 2013
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27/02/2013
Mario Draghi:  The policy and the role of the European Central Bank during the crisis in the euro area
Speech by Mario Draghi, President of the ECB, at the Katholische Akademie in Bayern, Munich, 27 February 2013
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27/02/2013
Peter Praet:  Economic adjustment in the euro area
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Institutional Money Congress 2013, Frankfurt am Main, 27 February 2013
22/02/2013
Jörg Asmussen:  The future of global economic governance
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, Hertie School of Governance, Berlin, 22 February 2013
22/02/2013
Benoît Cœuré:  Adjustment and growth in the euro area economies
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Nova School of Business and Economics and the Banco de Portugal, Lisbon, 22 February 2013
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18/02/2013
Mario Draghi:  Introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Speech by Mario Draghi, President of the ECB, Brussels, 18 February 2013
15/02/2013
Mario Draghi:  G20 priorities 
under the Russian Presidency
Speech by Mario Draghi, President of the ECB, at the G20 Ministers and Central Bank Governors meeting, Moscow, 15 February 2013
13/02/2013
Peter Praet:  Transition of the financial system 
in the wake of the financial crisis
Speech by Peter Praet, Member of the Executive Board of the ECB, at the 8th annual European Market Liquidity Conference of the Association of Financial Markets in Europe, London, 13 February 2013
12/02/2013
Mario Draghi:  Introductory Statement at the Congreso de los Diputados de España
Speech by Mario Draghi, President of the ECB, Meeting with Members of Parliament, Madrid, 12 February 2013
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12/02/2013
Vítor Constâncio:  Towards the Banking Union
Speech by Vítor Constâncio, Vice-President of the ECB, at the 2nd FIN-FSA Conference on EU Regulation and Supervision “Banking and Supervision under Transformation” organised by the Financial Supervisory Authority, Helsinki, 12 February 2013
07/02/2013
Benoît Cœuré:  Monetary Policy and Banking Supervision
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Symposium: “Central Banking: Where Are We Headed?” in honour of Stefan Gerlach’s contribution to the Institute for Monetary and Financial Stability, Goethe University, Frankfurt, 7 February 2013
31/01/2013
Vítor Constâncio:  Establishment of the Single Supervisory Mechanism; the first pillar of the Banking Union
Speech by Vítor Constâncio, Vice-President of the ECB, on the Establishment of the Single Supervisory Mechanism; the first pillar of the Banking Union 11th Annual European Financial Services Conference, Brussels, 31 January 2013
29/01/2013
Vítor Constâncio:  Establishing the Single Supervisory Mechanism
Speech by Vítor Constâncio, Vice-President of the ECB, at the BAFT-IFSA 2013 Europe Bank-to-Bank Forum 29 January 2013
29/01/2013
Peter Praet:  Speech on the occasion of the “Annual Danish Top Executive Summit 2013”
Speech by Peter Praet, Member of the Executive Board, at the “Annual Danish Top Executive Summit 2013”, Copenhagen, 29 January 2013
22/01/2013
Mario Draghi:  Address at the New Year’s Reception of the Frankfurt Chamber of Commerce and Industry
Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 22 January 2013
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21/01/2013
Benoît Cœuré:  The three dimensions of the euro area crisis
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Asia-Europe Economic Forum conference on European troubles, Asian worries, Brussels, 21 January 2013
18/01/2013
Benoît Cœuré:  Euro area financial regulation: where do we stand? (slides from the presentation)
Presentation by Benoît Cœuré, Member of the Executive Board of the ECB, at the meeting organised by the International Capital Markets Association in Paris, France, 18 January 2013
16/01/2013
Benoît Cœuré:  Ensuring the smooth functioning of money markets
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 17th Global Securities Financing Summit, Luxembourg, 16 January 2013
12/01/2013
Vítor Constâncio:  The global financial crisis – 5 years on
Intervention by Vítor Constâncio, Vice-President of the ECB, China-Europe Economists Symposium, Beijing, 12 January 2013
10/01/2013
Mario Draghi:  Unveiling of the 5 euro banknote of the new Europa series
Short address by Mario Draghi, President of the ECB, at the Archaeological Museum in Frankfurt am Main, 10 January 2013
19/12/2012
Jörg Asmussen:  Agenda 2013: the next steps in completing EMU
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at Internationaler Club Frankfurter Wirtschaftsjournalisten, Frankfurt am Main, 19 December 2012
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17/12/2012
Mario Draghi:  Introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Mario Draghi, President of the ECB, Brussels, 17 December 2012
13/12/2012
Benoît Cœuré:  SME financing: a euro area perspective
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Conference on Small Business Financing jointly organised by the European Central Bank, Kelley School of Business at Indiana University, Centre for Economic Policy Research and Review of Finance, Frankfurt am Main, 13 December 2012
07/12/2012
Mario Draghi:  A central banker’s perspective on European economic convergence
Speech by Mario Draghi, President of the ECB at the Anchor 2013 Conference organised by the Magyar Nemzeti Bank, Budapest, 7 December 2012
06/12/2012
Benoît Cœuré:  Central banking, insurance and incentives
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, ECB conference: “Debt, Growth and Macroeconomic Policies”, Frankfurt, 6 December 2012
06/12/2012
Jörg Asmussen:  Reformen in der Eurozone 2012/2013
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Rede anlässlich des 27. Internationalen Zinsforums Frankfurt, 6. Dezember 2012
03/12/2012
Vítor Constâncio:  Introductory remarks to the ECB workshop – Repo market and securities lending: towards an EU database
By Vítor Constâncio, Vice-President of the ECB, 3 December 2012
01/12/2012
Benoît Cœuré:  Restoring trust in Economic and Monetary Union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Forum Eco Libération ESCP, “Reprendre confiance en (l’)Europe”, panel discussion: “L’Euro méfiance, c’est fini?”, Paris, 1 December 2012,
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30/11/2012
Peter Praet:  The “Great Rebalancing” of the euro area and the global economy
Speech by Peter Praet, Member of the Executive Board of the ECB, Keynote speech for the Hamburg Summit: China meets Europe, 30 November 2012
30/11/2012
Mario Draghi:  Competitiveness: the key to balanced growth in monetary union
Remarks by Mario Draghi, President of the ECB, Treasury Talks ‘A European strategy for growth and integration with solidarity’, A conference organised by the Directorate General of the Treasury, Ministry of Economy and Finance – Ministry for Foreign Trade, Paris, 30 November 2012
29/11/2012
Jörg Asmussen:  Die Zukunft der Währungsunion aus Sicht der EZB
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Rede beim Jahresempfang des Verbands deutscher Pfandbriefbanken (vdp), Berlin, 29. November 2012
28/11/2012
Benoît Cœuré:  Challenges facing financial integration and financial stability
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 3rd Pan-Asian Regulatory Summit organised by Thomson Reuters, Hong Kong, 28 November 2012
26/11/2012
Peter Praet:  Deleveraging and monetary policy
Speech by Peter Praet, Member of the Executive Board of the ECB, Hyman P. Minsky Conference on “Debt, deficits and unstable markets”, Berlin, 26 November 2012
26/11/2012
Vítor Constâncio:  Completing and Repairing EMU
Speech by Vítor Constâncio, Vice-President of the ECB, at the Hyman P. Minsky Conference on Financial Instability organised by the Levy Economics Institute and ECLA of Bard with support from the Ford Foundation, The German Marshall Fund of the United States, and Deutsche Bank AG Berlin, 26 November 2012
23/11/2012
Mario Draghi:  Rationale and principles for Financial Union
Speech by Mario Draghi, President of the ECB, at the 22nd Frankfurt European Banking Congress, Frankfurt am Main, 23 November 2012
21/11/2012
Benoît Cœuré:  SEPA migration, innovation and change
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the European Payments Council off-site meeting, La Hulpe, 21 November 2012
19/11/2012
Benoît Cœuré:  Towards a consistent, coherent and complete Economic and Monetary Union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference “Financial Stability and the Single Market – the Keys to Growth in Europe” on the occasion of the 20th anniversary of the Single Market organised by the European Commission, Brussels, 19 November 2012
15/11/2012
Benoît Cœuré:  The euro as a trusted means of payment
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the joint ECB-MNB conference on “Cost and efficiency of retail payments: Evidence, policy actions and role of central banks”, Budapest, 15 November 2012
15/11/2012
Mario Draghi:  The monetary policy of the European Central Bank and its transmission in the euro area
Speech by Mario Draghi, President of the ECB, Università Bocconi, Opening of the academic year 2012-2013, Milan, 15 November 2012
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15/11/2012
Jörg Asmussen:  Die europäische Wirtschaftsverfassung: Wettbewerbsfähigkeit, solide Staatsfinanzen und Fairness
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Rede beim Versicherungstag 2012 des GDV, Berlin, 15. November 2012
14/11/2012
Jörg Asmussen:  Wie wir die Risiken in Europa meistern können
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Union Investment Risikomanagement-Konferenz, Mainz, 14. November 2012
07/11/2012
Mario Draghi:  President’s address at Wirtschaftstag Volksbanken Raffeisenbanken
Speech by Mario Draghi, President of the ECB, at Wirtschaftstag 2012 "Kapitalismus in der Krise? Die Zukunft der Marktwirtschaft" der Volksbanken Raiffeisenbanken organised by Genossenschaftsverband e.V., Frankfurt am Main, 7 November 2012
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30/10/2012
Vítor Constâncio:  Opening remarks at the second conference of the ESCB Macroprudential Research (MaRs) Network
Speech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 30 October 2012
26/10/2012
Benoît Cœuré:  Which models do we need in times of crisis?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Banque de France, CEPREMAP, Federal Reserve Bank of Atlanta and Centre d’Analyse Stratégique international conference on “Macroeconomic Modeling in Times of Crisis” Paris, 26 October 2012
26/10/2012
Jörg Asmussen:  The Two-Speed Economy – Strategien für eine bipolare Welt
Keynote von Jörg Asmussen, Mitglied des Direktoriums der EZB, The Boston Consulting Group 79. Kronberger Strategiekonferenz, Kronberg, 26. Oktober 2012
26/10/2012
Peter Praet:  Deleveraging and the role of central banks
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Conference: The Effect of Tighter Regulatory Requirements on Bank Profitability and Risk-Taking Incentives, Milan, 26 October 2012
24/10/2012
Mario Draghi:  Opening statement at Deutscher Bundestag
Speech by Mario Draghi, President of the ECB, Discussion on ECB policies with Members of Parliament, Berlin, 24 October 2012
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22/10/2012
Vítor Constâncio:  Reform of the EU Banking Sector
Hearing by Vítor Constâncio, Vice-President of the ECB before The Select Committee on EU Economic and Financial Affairs of the House of Lords London, 22 October 2012 (Unrevised transcript)
17/10/2012
Benoît Cœuré:  What can monetary policy do about inequality?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, International Day for the Eradication of Poverty, Intergroup “Extreme Poverty and Human Rights, Fourth World Committee” event, European Parliament, Brussels, 17 October 2012
13/10/2012
Mario Draghi:  Text of the video message given at the award ceremony for the second Luca Pacioli Award
Speech by Mario Draghi, President of the ECB, Ca’ Foscari University of Venice, 13 October 2012
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12/10/2012
Jörg Asmussen:  The Eurozone and Japan: The Way Forward
Intervention on the panel by Jörg Asmussen, Member of the Executive Board of the ECB, at the 2012 Annual Meetings of the IMF and World Bank Group, Tokyo, 12 October 2012
10/10/2012
Peter Praet:  The role of money in a market economy
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Bargeldsymposium organised by the Deutsche Bundesbank, Frankfurt am Main, 10 October 2012
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09/10/2012
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, Brussels, 9 October 2012
08/10/2012
Benoît Cœuré:  Why the euro needs a banking union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB at the conference “Bank funding – markets, instruments and implications for corporate lending and the real economy” Frankfurt am Main, 8 October 2012
01/10/2012
Benoît Cœuré:  Collateral scarcity – a gone or a going concern?
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, ECB-DNB Joint central bank seminar on collateral and liquidity, Amsterdam, 1 October 2012
01/10/2012
Jörg Asmussen:  Aktuelle Herausforderungen für die Währungsunion
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, anlässlich des 60sten Geburtstags der Österreichischen Bankwissenschaftlichen Gesellschaft, Wien, 1. Oktober 2012
27/09/2012
Peter Praet:  Adjustment in the euro area: Impressive, but still incomplete
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Eurofi Financial Forum, Genval, Belgium, 27 September 2012
25/09/2012
Mario Draghi:  Building the bridge to a stable European economy
Speech by Mario Draghi, President of the ECB, at the annual event “Day of the German Industries” organised by the Federation of German Industries, Berlin, 25 September 2012
23/09/2012
Benoît Cœuré:  Completing Europe’s Economic and Monetary Union
Speech by Benoît Cœuré, Member of the Executive Board of the ECB at the Palestinian Public Finance Institute Ramallah, 23 September 2012
20/09/2012
Jörg Asmussen:  New ECB Premises topping out ceremony
Welcome address by Jörg Asmussen, Member of the Executive Board of the ECB, Frankfurt am Main, 20 September 2012
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20/09/2012
Benoît Cœuré:  Challenges to the single monetary policy and the ECB’s response
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Institut d’études politiques, Paris, 20 September 2012
11/09/2012
Jörg Asmussen:  Stability guardians and crisis managers: central banking in times of crisis and beyond
Distinguished Lecture by Jörg Asmussen, Member of the Executive Board of the ECB, House of Finance, Goethe Universität Frankfurt am Main, 11 September 2012
07/09/2012
Vítor Constâncio:  Towards a European Banking Union
By Vítor Constâncio, Vice-President of the ECB, Lecture held at the start of the academic year of the Duisenberg School of Finance, Amsterdam, 7 September 2012
06/09/2012
Mario Draghi:  For a European Public Space
Remarks by Mario Draghi, President of the ECB on receiving the M100 Media Award 2012 Potsdam, 6 September 2012
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04/09/2012
Jörg Asmussen:  Die Finanzmarktunion als Element einer stabilen Währungsunion?
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Handelsblatt Jahrestagung „Banken im Umbruch“, Frankfurt am Main, 4. September 2012
30/08/2012
Benoît Cœuré:  Opening remarks at the ECB workshop on “Markets for inflation protection: recent developments, modelling tools and policy implications”
Benoît Cœuré, Member of the Executive Board of the ECB, Frankfurt am Main, 30 August 2012
29/08/2012
Mario Draghi:  The future of the euro: stability through change
Contribution from Mario Draghi, President of the ECB, Published in "Die Zeit", 29 August 2012
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27/08/2012
Jörg Asmussen:  Zwischenbericht auf dem Weg in eine stabilere Wirtschafts- und Währungsunion
Rede von Jörg Asmussen, Mitglied des Direktoriums der EZB, Parlamentarischer Abend der Bundesbank Hauptverwaltung in Hamburg, Mecklenburg-Vorpommern und Schleswig-Holstein, Freie und Hansestadt Hamburg, 27. August 2012
26/07/2012
Mario Draghi:  Verbatim of the remarks made by Mario Draghi
Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012
20/07/2012
Benoît Cœuré:  Responses to the euro area crisis (slides from the presentation)
Benoît Cœuré, Member of the Executive Board of the ECB, Presentation at The Interactive Museum of Economics, Mexico City, 20 July 2012
20/07/2012
Benoît Cœuré:  Short-term crisis management and long-term vision: how Europe responds to the crisis
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, CEMLA’s 60th Anniversary Commemorative Conference, Central Bank Cooperation at the Beginning of the 21st Century, Mexico City, 20 July 2012
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17/07/2012
Jörg Asmussen:  Building deeper economic union: what to do and what to avoid
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, Policy Briefing at the European Policy Centre, Brussels, 17 July 2012
09/07/2012
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mario Draghi, President of the ECB, Brussels, 9 July 2012
06/07/2012
Jörg Asmussen:  Building trust in a world of unknown unknowns: central bank communication between markets and politics in the crisis
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, European Communication Summit 2012, Brussels, 6 July 2012
02/07/2012
Jörg Asmussen:  Can we restore confidence in Europe?
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, 16th Economist roundtable with the Government of Greece, “Transforming uncertainty into stability, wisdom and growth”, Athens, 2 July 2012
28/06/2012
Vítor Constâncio:  2011 Bernácer Prize Award Ceremony in honour of Lasse Heje Pedersen
Speech by Vítor Constâncio, Vice-President of the ECB, Madrid, 28 June 2012
28/06/2012
Benoît Cœuré:  The euro area sovereign debt market: lessons from the crisis
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 12th IMF Annual Forum on Managing Sovereign Risk and Public Debt: “Managing Sovereign Debt: A Seismic Shift in demand and Supply Dynamics?”, Rio de Janeiro, 28-29 June 2012
18/06/2012
Jörg Asmussen:  Bankenrettung durch die EZB?
Einführende Bemerkungen von Jörg Asmussen, Mitglied des Direktoriums der EZB, Berlin, 18. Juni 2012
16/06/2012
Benoît Cœuré:  The importance of money markets
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Morgan Stanley 16th Annual Global Investment seminar, Tourrettes, Provence, 16 June 2012
15/06/2012
Peter Praet:  Heterogeneity in a monetary union: What have we learned?
Speech by Peter Praet, Member of the Executive Board of the ECB, 15 June 2012
15/06/2012
Mario Draghi:  President’s address at the 14th ECB and its Watchers Conference
Mario Draghi, President of the ECB, Frankfurt am Main, 15 June 2012
14/06/2012
Vítor Constâncio:  Financial Stability: Measurement and policy
Dinner speech by Vítor Constâncio, Vice-President of the ECB, at the Conference of Financial Stability: Methodological Advances and Policy Issues, Frankfurt am Main, 14 June 2012
14/06/2012
Vítor Constâncio:  Financial Stability: Methodological advances and policy issues
Welcome remarks by Vítor Constâncio, Vice-President of the ECB, European Central Bank conference 14-15 June 2012, Frankfurt am Main, 14 June 2012
05/06/2012
Jörg Asmussen:  Introductory remarks to panel ‘Lessons from Latvia and the Baltics’
Jörg Asmussen, Member of the Executive Board of the ECB, High-level conference on Latvia, Riga, 5 June 2012
04/06/2012
Vítor Constâncio:  Opening remarks at the third conference on accounting, financial reporting and corporate governance for central banks
Speech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 4 June 2012
01/06/2012
Benoît Cœuré:  Restoring confidence in the euro area
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, Festival dell’Economia, Trento, 1 June 2012
25/05/2012
Peter Praet:  European financial integration in times of crisis
Speech by Peter Praet, Member of the Executive Board of the ECB, at the ICMA Annual General Meeting and Conference 2012, Milan, 25 May 2012
24/05/2012
Mario Draghi:  A route for Europe
Address by Mario Draghi, President of the ECB at the day in memory of Federico Caffè organised by the Faculty of Economics and the Department of Economics and Law at the Sapienza University Rome, 24 May 2012
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24/05/2012
Jörg Asmussen:  An ECB perspective on key issues of the crisis
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, European Financial Congress Sopot, Poland, 24 May 2012
21/05/2012
Jörg Asmussen:  A European agenda 20…
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, WELT-Währungskonferenz, Berlin, 21 May 2012
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18/05/2012
José Manuel González-Páramo:  Completing the euro project: The day after tomorrow
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, OMFIF Golden Series Lectures on World Money, London, 18 May 2012
16/05/2012
José Manuel González-Páramo:  Closing remarks at the colloquium: Monetary policy in unconventional times
José Manuel González-Páramo, Member of the Executive Board of the ECB, Frankfurt am Main, 16 May 2012
16/05/2012
Mario Draghi:  Monetary Policy in unconventional times
Introductory remarks by Mario Draghi, President of the ECB, at the ECB colloquium held in honour of, Frankfurt am Main, 16 May 2012
10/05/2012
Peter Praet:  Managing financial crises: 
the role of the ECB
Speech by Peter Praet, Member of the Executive Board of the ECB at the 40th Economics Conference of the Oesterreichische Nationalbank Vienna, 10 May 2012
08/05/2012
Benoît Cœuré:  Unexpected events and the global safety net
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, IMF-SNB High-Level Conference on the International Monetary System, Zurich, 8 May 2012
08/05/2012
Mario Draghi:  Address at the event marking the first signatures to the T2S Framework Agreement
Mario Draghi, President of the ECB, Frankfurt am Main, 8 May 2012
08/05/2012
Peter Praet:  Address at the event marking the first signatures to the T2S Framework Agreement
Peter Praet, Member of the Executive Board of the ECB, Frankfurt am Main, 8 May 2012
27/04/2012
Vítor Constâncio:  Shadow banking – The ECB perspective
Speech by Vítor Constâncio, Vice-President of the ECB, Towards better regulation of the shadow banking system, European Commission Conference, Brussels, 27 April 2012
26/04/2012
Mario Draghi:  Welcome remarks at the ECB-EC conference on financial integration and stability
Speech by Mario Draghi, President of the ECB, at the ECB-EC conference “Financial integration and stability: towards a more resilient single financial market” Frankfurt am Main, 26 April 2012
25/04/2012
Vítor Constâncio:  Presentation of the ECB Annual Report 2011 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Vítor Constâncio, Vice-President of the ECB, Brussels, 25 April 2012
25/04/2012
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB Brussels, 25 April 2012
20/04/2012
Jörg Asmussen:  Key issues about the crisis and the European response
Intervention by Jörg Asmussen, Member of the Executive Board of the ECB at the Center for Strategic and International Studies Washington, 20 April 2012
20/04/2012
Benoît Cœuré:  Risk-sharing in EMU: before, during and after the crisis
Speech by Benoît Cœuré, Member of the Executive Board of the ECB at the inaugural conference: “European crisis: historical parallels and economic lessons” Julis-Rabinowitz Center for Public Policy and Finance Princeton University, 20 April 2012
19/04/2012
Peter Praet:  The role of the central bank and euro area governments in times of crisis
Speech by Peter Praet, Member of the Executive Board of the ECB at the German Federal Ministry of Finance Berlin, 19 April 2012
18/04/2012
José Manuel González-Páramo:  Future challenges for central bank statistics
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at the Sixth ECB Statistics Conference, Frankfurt am Main, 18 April 2012
17/04/2012
Vítor Constâncio:  How fit are statistics for use in macro-prudential oversight?
Speech by Vítor Constâncio, Vice-President of the ECB at the Sixth ECB Statistics Conference, Frankfurt am Main, 17 April 2012
17/04/2012
Mario Draghi:  Statistics to deliver price stability and mitigate systemic risk
Speech by Mario Draghi, President of the ECB at the Sixth ECB Statistics Conference, Frankfurt am Main, 17 April 2012
12/04/2012
Jörg Asmussen:  The Irish case from an ECB perspective
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, at the Institute of International and European Affairs, Dublin, 12 April 2012
12/04/2012
José Manuel González-Páramo:  Retos de la nueva Europa: La culminación de la Unión Económica y Monetaria
Discurso pronunciado por José Manuel González-Páramo, miembro del Comité Ejecutivo del BCE, Club Siglo XXI Ciclo de conferencias «Tiempos de cambio», Madrid, 12 de abril de 2012
11/04/2012
Benoît Cœuré:  Financing the economy of the euro area: the ECB’s role
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, Association Française des Tresoriers d’Entreprises (AFTE), Paris, 11 April 2012
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28/03/2012
Vítor Constâncio:  How can macro-prudential regulation be effective? (slides from the presentation)
Presentation by Vítor Constâncio, Vice-President of the ECB, CFS Colloquium "Mission completed? Consequences of regulatory change on the financial industry” Frankfurt, Germany, 28 March 2012
27/03/2012
Jörg Asmussen:  Exchange of Views on the Economic and Social Crisis in Greece
Introductory statement by Jörg Asmussen, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament Brussels, 27 March 2012
26/03/2012
Mario Draghi:  Remarks at the Annual Reception of the Association of German Banks
Speech by Mario Draghi, President of the ECB, Berlin, 26 March 2012
26/03/2012
Benoît Cœuré:  The monetary policy of the European Central Bank
Speech by Benoît Cœuré, Member of the Executive Board of the ECB at Barclays’ European Conference Tokyo, 26 March 2012
23/03/2012
José Manuel González-Páramo:  Competencia y Sector Financiero
Discurso pronunciado por José Manuel González-Páramo, miembro del Comité Ejecutivo del BCE, en las Jornadas de Economía y Derecho de la Competencia de la Universidad de Málaga, 23 de marzo de 2012
22/03/2012
José Manuel González-Páramo:  Las líneas de defensa frente al riesgo soberano y al 'efecto contagio' en los mercados. ¿Qué papel puede y debe jugar la política monetaria?
Discurso pronunciado por José Manuel González-Páramo, miembro del Comité Ejecutivo del BCE, en el Club Antares, Sevilla, 22 de marzo de 2012
15/03/2012
José Manuel González-Páramo:  “What has Europe learnt from the crisis”?
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, OMFIF Conference: On the cusp: The world economy at a turning point. Strengthening stability at a time of challenge and change. Frankfurt am Main, 15 March 2012
13/03/2012
Mario Draghi:  Competitiveness of the euro area and within the euro area
Speech by Mario Draghi, President of the ECB, at the colloquium “Les défis de la compétitivité”, organised by Le Monde and l’Association Française des Entreprises Privées (AFEP), Paris, 13 March 2012
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06/03/2012
Benoît Cœuré:  The reform of financial regulation: priorities from an ECB perspective
Dinner speech by Benoît Cœuré, Member of the Executive Board of the ECB, Association for Financial Markets in Europe (AFME), Paris, 6 March 2012
05/03/2012
José Manuel González-Páramo:  De la crisis sub-prime a la crisis soberana: el papel del BCE
Discurso pronunciado por José Manuel González-Páramo, miembro del Comité Ejecutivo del BCE, Encuentro Financiero BANKIA-El PAÍS, Madrid, 5 de marzo de 2012
27/02/2012
Peter Praet:  Sound money, sound finances, a competitive economy – principles of a european culture of stability
Speech by Peter Praet, Member of the Executive Board of the ECB, at the symposium on “Perspectives for a common stability culture in Europe” organised by Konrad-Adenauer-Stiftung, Berlin, 27 February 2012
20/02/2012
Peter Praet:  Monetary policy at crisis times
Lecture by Peter Praet, Member of the Executive Board of the ECB, at the International Center for Monetary and Banking Studies, Geneva, 20 February 2012
19/02/2012
Benoît Cœuré:  Central banks and the challenges of the zero lower bound
Intervention by Benoît Cœuré, Member of the Executive Board of the ECB, at the “Meeting on the Financial Crisis”, hosted by the Initiative on Global Markets, at the University of Chicago Booth School of Business, Miami, 19 February 2012
06/02/2012
Benoît Cœuré:  Global liquidity and risk appetite: a re-interpretation of the recent crises
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the BIS- ECB Workshop on Global liquidity and its international repercussions, Frankfurt am Main, 6 February 2012
19/12/2011
Mario Draghi:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement Mario Draghi, President of the ECB, Brussels, 19 December 2011
16/12/2011
Lorenzo Bini Smaghi:  The reform of the international monetary system
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Conference in memory of Tommaso Padoa-Schioppa, Rome, 16 December 2011
15/12/2011
Mario Draghi:  The euro, monetary policy and the design of a fiscal compact
Speech by Mario Draghi, President of the ECB, Ludwig Erhard Lecture, Berlin, 15 December 2011
09/12/2011
Peter Praet:  The State of the global economy
Speech by Peter Praet, Member of the Executive Board of the ECB, 4th World Policy Conference, Vienna, 9 December 2011
08/12/2011
Vítor Constâncio:  Challenges to monetary policy in 2012
Speech by Vítor Constâncio, Vice-President of the ECB, 26th International Conference on Interest Rates, Frankfurt am Main, 8 December 2011
02/12/2011
Jürgen Stark:  Economic situation and fiscal challenges
Speech by Jürgen Stark, Member of the Executive Board of the ECB, at the Forecaster Club of New York, New York, 2 December 2011
01/12/2011
Mario Draghi:  Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB’s 2010 Annual Report
Introductory statement by Mario Draghi, President of the ECB, Brussels, 1 December 2011
30/11/2011
Jürgen Stark:  Globalisation and monetary policy: from virtue to vice?
Speech by Jürgen Stark, Member of the Executive Board of the ECB, delivered at the Federal Reserve Bank of Dallas, Dallas, US, 29 November 2011
25/11/2011
José Manuel González-Páramo:  Sovereign contagion in Europe
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, Distinguished Speaker Seminar of the European Economics and Financial Centre, London, 25 November 2011
24/11/2011
José Manuel González-Páramo:  The sovereign debt crisis and the future of European integration
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at the Oxford University European Affairs Society, 24 November 2011
24/11/2011
Peter Praet:  Housing cycles and financial stability – the role of the policymaker
Speech by Peter Praet, Member of the Executive Board of the ECB, at the EMF Annual Conference 2011, Brussels, 24 November 2011
23/11/2011
Vítor Constâncio:  The Future of the International Monetary System
Speech by Vítor Constâncio, Vice-President of the ECB, The Golden Series lecture at the Official Monetary and Financial Institutions Forum (OMFIF), London, 23 November 2011
18/11/2011
Mario Draghi:  Continuity, consistency and credibility
Introductory remarks by Mario Draghi, President of the ECB, at the 21st Frankfurt European Banking Congress “The Big Shift”, Frankfurt am Main, 18 November 2011
15/11/2011
Peter Praet:  Fixed income investment of insurance companies and pension funds in a low yield - but volatile - environment
Speech by Peter Praet, Member of the Executive Board of the ECB, at the 2011 European Pension Funds Congress during the 14th Euro Finance Week, Frankfurt am Main, 15 November 2011
14/11/2011
Vítor Constâncio:  A European solution for crisis management and bank resolution
Speech by Vítor Constâncio, Vice-President of the ECB, at Riksbank and ECB Conference on Bank Resolution, Stockholm, 14 November 2011
10/11/2011
Peter Praet:  The (changing) role of central banks in financial stability policies
Speech by Peter Praet, Member of the Executive Board of the ECB, at the 14th Annual Internal Banking Conference, organised by the Federal Reserve Bank of Chicago and the European Central Bank, Chicago, 10 November 2011
09/11/2011
Jürgen Stark:  Towards a safer financial system
Speech by Jürgen Stark, Member of the Executive Board of the ECB, at the Transatlantic Business Conference, organized by the American Chamber of Commerce, Frankfurt am Main, 9 November 2011
08/11/2011
Jürgen Stark:  Macro-prudential supervision and financial integration – the ESRB at 1
Diner speech by Jürgen Stark, Member of the Executive Board of the ECB, Berlin, 8 November 2011
08/11/2011
Jürgen Stark:  Die Stabilität des Euro in der Schuldenkrise
Rede von Jürgen Stark, Mitglied des Direktoriums der EZB, 21. internationales Europa Forum Luzern, 8. November 2011
04/11/2011
José Manuel González-Páramo:  The ECB and the sovereign debt crisis
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at the XXIV Moneda y Crédito Symposium, Madrid, 4 November 2011
04/11/2011
Jürgen Stark:  Konsequenzen der Finanzkrise für die Finanzmarktintegration im Euroraum
Rede von Jürgen Stark, Mitglied des Direktoriums der EZB, Kreditpolitische Tagung 2011 “Der Euro, die Märkte, die Banken – wie weit reicht die Solid(ar)ität?”, Frankfurt am Main, 4. November 2011
24/10/2011
Jean-Claude Trichet:  Tomorrow and the day after tomorrow: a vision for Europe
Speech by Jean-Claude Trichet, President of the ECB, at the Humboldt University, Berlin, 24 October 2011
21/10/2011
José Manuel González-Páramo:  The ECB’s monetary policy during the crisis
José Manuel González-Páramo, Member of the Executive Board of the ECB, Closing speech at the Tenth Economic Policy Conference, Málaga, 21 October 2011
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21/10/2011
Jean-Claude Trichet:  Towards a more integrated Europe: Challenges ahead for the euro area and Central and Eastern Europe
Address by Jean-Claude Trichet, President of the ECB, at the National Bank of Poland’s conference, Warsaw, 21 October 2011
19/10/2011
Jean-Claude Trichet:  Remarks at the farewell event
Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 October 2011
17/10/2011
Lorenzo Bini Smaghi:  The European debt crisis
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Atlantik-Brücke Meeting of Regional Group Frankfurt/Hesse Frankfurt am Main, 17 October 2011
17/10/2011
Jürgen Stark:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jürgen Stark, Member of the Executive Board of the ECB, Brussels, 17 October 2011
13/10/2011
Vítor Constâncio:  Economic governance and financial stability
Speech by Vítor Constâncio, Vice-President of the ECB, at the Meeting of the Contact Committee of the Heads of the Supreme Audit Institutions (SAIs) of the European Union, Luxembourg, 13 October 2011
13/10/2011
José Manuel González-Páramo:  The conduct of monetary policy: lessons from the crisis and challenges for the coming years
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at the SEACEN-CEMLA Conference, Kuala Lumpur, 13 October 2011
12/10/2011
Jürgen Stark:  Economic adjustment in a monetary union
Speech by Jürgen Stark, Member of the Executive Board of the ECB, at the Bank of Latvia annual conference “Global Challenges and Local Opportunities: Achievements and Prospects in the Baltic States”, Riga, 12 October 2011
10/10/2011
Vítor Constâncio:  Contagion and the European debt crisis
Keynote lecture by Vítor Constâncio, Vice-President of the ECB at the Bocconi University/Intesa Sanpaolo conference on “Bank Competitiveness in the Post-crisis World” Milan, 10 October 2011
05/10/2011
Vítor Constâncio:  Macro-prudential policy: strengthening the foundations, enhancing the toolkit and taking action
Keynote address by Vítor Constâncio, Vice-President of the ECB, at the First conference of the Macro-prudential Research Network (MaRs), Frankfurt am Main, 5 October 2011
04/10/2011
Vítor Constâncio:  Securities settlement in 2020: T2S and beyond
Speech by Vítor Constâncio, Vice-President of the ECB, at the ECB’s conference on “Securities settlement in 2020: T2S and beyond”, Frankfurt am Main, 4 October 2011
04/10/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 4 October 2011
03/10/2011
Lorenzo Bini Smaghi:  The Triffin dilemma revisited
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the Conference on the International Monetary System: sustainability and reform proposals, marking the 100th anniversary of Robert Triffin (1911-1993), at the Triffin International Foundation, Brussels, 3 October 2011.
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24/09/2011
Jürgen Stark:  The global financial crisis and the role of monetary policy
Speech by Jürgen Stark, Member of the Executive Board of the ECB at the 13th Annual Emerging Markets Conference 2011 Washington, 24 September 2011
23/09/2011
Jean-Claude Trichet:  Preventing spillovers on the global economy
Speech by Jean-Claude Trichet, President of the ECB at the Bretton Woods Committee, International Council Meeting 2011 Washington, 23 September 2011
22/09/2011
Vítor Constâncio:  Laudatio for Professor Kenneth Rogoff, recipient of the 2011 Deutsche Bank Prize in Financial Economics
Speech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 22 September 2011
19/09/2011
José Manuel González-Páramo:  Monetary and fiscal policies in times of crisis
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at the conference of the Monetary and Fiscal Policies Network (MONFISPOL), Goethe Universität Frankfurt, 19 September 2011
16/09/2011
José Manuel González-Páramo:  Address at the opening ceremony of the Euro Exhibition
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at the Bulgarian National Bank Sofia, 16 September 2011
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15/09/2011
Jean-Claude Trichet:  Intervention at the Eurofi Financial Forum 2011
Speech by Jean-Claude Trichet, President of the ECB, Wroclaw, 15 September 2011
15/09/2011
Jürgen Stark:  Finanz- und Schuldenkrise: Wo stehen wir?
Rede von Jürgen Stark, Mitglied des Direktoriums der EZB, Österreichische Bankwissenschaftliche Gesellschaft, 15. September 2011
15/09/2011
Lorenzo Bini Smaghi:  Policy rules and institutions in times of crisis
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at “Forum for EU-US Legal-Economic Affairs” organised by the Mentor Group, Rome, 15 September 2011
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05/09/2011
Jean-Claude Trichet:  Les enseignements de la crise
Jean-Claude Trichet, Président de la BCE, Discours d’introduction à la conférence de l’Institut Montaigne intitulée : « Trois ans après la chute de Lehman Brothers : leçons et défis de la crise » Paris, le 5 septembre 2011
31/08/2011
Peter Praet:  A new voice on a familiar topic – SEPA from the perspective of ECB Executive Board Member Peter Praet
Speech by Peter Praet, Member of the Executive Board of the ECB, at the off-site meeting of the European Payments Council, Brussels, 31 August 2011
29/08/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 29 August 2011
27/08/2011
Jean-Claude Trichet:  Achieving maximum long-term growth
Speech by Jean-Claude Trichet, President of the ECB at the Jackson Hole Economic Symposium Panel: Setting priorities for long-term growth Jackson Hole, U.S.A., 27 August 2011
22/07/2011
Jean-Claude Trichet:  Statement on the decisions taken by the Euro Area Heads of State or Government at a press briefing on 21 July 2011 in Brussels
Statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 21 July 2011
11/07/2011
Lorenzo Bini Smaghi:  Where is the economy heading? The challenges ahead (presentation slides)
Presentation by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, The Ruling Companies Association Milan, 11 July 2011
08/07/2011
Lorenzo Bini Smaghi:  European democracies and decision-making in times of crisis
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Hellenic Foundation for European and Foreign Policy, 8th European Seminar 2011, Adjusting to the Crisis: Policy Choices and Politics in Europe, Poros, 8 July 2011
30/06/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 June 2011
28/06/2011
Jean-Claude Trichet:  Completing Economic and Monetary Union
Speech by Jean-Claude Trichet, President of the ECB, at the Gala Dinner of the State of the European Union conference “Revitalising the European Dream: A Corporate View”, Brussels, 28 June 2011
27/06/2011
Jürgen Stark:  Anpassungsmechanismen in der Wirtschafts- und Währungsunion
Rede von Jürgen Stark, Mitglied des Direktoriums der EZB, DIE WELT Währungskonferenz „Unsere Währung und die Zukunft in Europe“ Berlin, 27. Juni 2011
27/06/2011
Jürgen Stark:  Press briefing on new monetary and financial statistics
Introductory remarks by Jürgen Stark, Member of the Executive Board of the ECB, for the presentation of four new/enhanced datasets on monetary and financial statistics, Frankfurt, 27 June 2011
24/06/2011
José Manuel González-Páramo:  Speech on the occasion of awarding of PhD Honoris Causa to Mr. González-Parámo by the University of Malaga
Discurso pronunciado por José Manuel González-Páramo, miembro del Comité Ejecutivo del BCE, Málaga, 24 de junio de 2011
20/06/2011
Jürgen Stark:  Staatsschuld und Geldpolitik: Lehren aus der globalen Finanzkrise
Rede von Prof. Dr. Jürgen Stark, Mitglied des Direktoriums der EZB, Münchner Seminare: CES ifo Group Munich & Süddeutsche Zeitung, München, 20. Juni 2011
19/06/2011
Jean-Claude Trichet:  The euro area and its role in the global economy
Remarks by Jean-Claude Trichet, President of the ECB, upon reception of the 2011 Global Economy Prize, Kiel, 19 June 2011
17/06/2011
Lorenzo Bini Smaghi:  Intervention at Sveriges Riksbank Conference: Monetary Policy in an Era of Fiscal Stress
Intervention in the panel: Challenges for Monetary and Fiscal Policy, Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Stockholm, 17 June 2011
16/06/2011
Jean-Claude Trichet:  Economic diversity on both sides of the Atlantic
Speech by Jean-Claude Trichet, President of the ECB, at the US Sciences Po Foundation Annual Benefit in New York on 16 June 2011
16/06/2011
Peter Praet:  Address on the occasion of the inauguration of the Euro Exhibition
Speech by Peter Praet, Member of the Executive Board of the ECB, at the Cité des sciences et de l’industrie, Paris, 16 June 2011
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16/06/2011
Lorenzo Bini Smaghi:  Social Business and Economic Growth
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Executive Summit on Ethics for the Business World, Vatican City, 16 June 2011
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15/06/2011
Lorenzo Bini Smaghi:  Risk Management in Central Banking
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, International Risk Management Conference 2011, Free University of Amsterdam, 15 June 2011
13/06/2011
Jean-Claude Trichet:  The euro, its central bank 
and economic governance
Stamp Memorial Lecture by Jean-Claude Trichet, President of the ECB at the London School of Economics and Political Science London, 13 June 2011
10/06/2011
Jürgen Stark:  Adjusting monetary policy in a challenging environment
Speech by Jürgen Stark, Member of the Executive Board of the ECB, at the “ECB and its Watchers XIII” conference, Frankfurt am Main, 10 June 2011
10/06/2011
José Manuel González-Páramo:  How will historians judge our handling of this crisis?
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, in the occasion of the presentation of the book titled “Un Siglo de Historia del Sistema Financiero Español”, Banco de España Madrid, 10 June 2011
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10/06/2011
Vítor Constâncio:  The Governance of Financial Stability in the euro area
Speech by Vítor Constâncio, Vice-President of the ECB, at the “ECB and its Watchers XIII” conference Frankfurt am Main, 10 June 2011
10/06/2011
Jean-Claude Trichet:  Two continents compared
Keynote address by Jean-Claude Trichet, President of the ECB at the “ECB and its Watchers XIII” conference Frankfurt am Main, 10 June 2011
07/06/2011
Vítor Constâncio:  The macroeconomic and financial landscape in the aftermath of the 2007 crisis: new challenges and perspectives
Speech by Vítor Constâncio, Vice-President of the ECB, High Level Policy Seminar, European University Institute, Florence, 7 June 2011
06/06/2011
Jean-Claude Trichet:  The monetary policy of the ECB during the financial crisis
Speech by Jean-Claude Trichet, President of the ECB, Montreal, 6 June 2011
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06/06/2011
Lorenzo Bini Smaghi:  Private sector involvement: From (good) theory to (bad) practice
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the Reinventing Bretton Woods Committee Berlin, 6 June 2011
03/06/2011
José Manuel González-Páramo:  The management of the banking sector and the economy: What have we learned about financial markets and regulations?
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, XXVII Reunión Círculo de Economía, Sitges, 3 June 2011
02/06/2011
Jean-Claude Trichet:  Building Europe, building institutions
Speech by Jean-Claude Trichet, President of the ECB on receiving the Karlspreis 2011 in Aachen, 2 June 2011
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01/06/2011
Jean-Claude Trichet:  Making decisions in an uncertain world
Speech by Jean-Claude Trichet, President of the ECB, Rheinisch-Westfälische Technische Hochschule (RWTH), Aachen, 1 June 2011
26/05/2011
Lorenzo Bini Smaghi:  One size fits all?
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the 16th Annual Conference of the German-British Forum „The European Central Bank in a global perspective – Central banking and the challenge of rising inflation“, London, 26 May 2011
26/05/2011
José Manuel González-Páramo:  The challenges of the European financial sector
José Manuel González-Páramo, Member of the Executive Board of the ECB, Conference at the Spanish National Council of the Urban Land Institute (ULI) Barcelona, 26 May 2011
26/05/2011
Jean-Claude Trichet:  The ECB’s response to the crisis
Speech by Jean-Claude Trichet, President of the ECB, at the WDR Europa-Forum, Berlin, 26 May 2011
25/05/2011
Jürgen Stark:  Globalisierung nach der Krise: Weltwirtschaft zwischen Währungsdumping und neuem Protektionismus
Rede von Jürgen Stark, Mitglied des Direktoriums der EZB, Impulsreferat anlässlich des Wirtschaftstags 2011 „Deutschland: Motor in Europa – Industrieland mit Zukunft“, Berlin, 25. Mai 2011
23/05/2011
Lorenzo Bini Smaghi:  Macro-prudential supervision and monetary policy – linkages and demarcation lines
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the OeNB Annual Economic Conference on “The Future of European Integration: Some Economic Perspectives”, Vienna, 23 May 2011
23/05/2011
Gertrude Tumpel-Gugerell:  SEPA in der Praxis – Sicht der Europäischen Zentralbank
Rede von Gertrude Tumpel-Gugerell, Mitglied des Direktoriums der EZB, auf der Konferenz “Zahlungsverkehr in Deutschland im Jahr 2011“, Frankfurt am Main, 23. Mai 2011
19/05/2011
Gertrude Tumpel-Gugerell:  Financial integration and stability
Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, Closing remarks for the ECB colloquium “European integration and stability” in honour of Gertrude Tumpel-Gugerell, Frankfurt am Main, 19 May 2011
18/05/2011
José Manuel González-Páramo:  What securitisation for the future? - The collapse and revival of ABS markets
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB at the ECB-CFS Research Network Workshop on "The structure of the euro area market for banks' debt financing and implications for monetary transmission and financial integration" Frankfurt am Main, 18 May 2011
18/05/2011
Vítor Constâncio:  Strengthening European economic governance – surveillance of fiscal and macroeconomic imbalances
Speech by Vítor Constâncio, Vice-President of the ECB, at the Brussels Economic Forum, Brussels, 18 May 2011
18/05/2011
Jürgen Stark:  In the aftermath of the global economic crisis: What next?
Speech by Jürgen Stark, Member of the Executive Board of the ECB, at the ECONOMIST conference – 15th Roundtable with the Government of Greece, Attica, 18 May 2011
15/05/2011
Jean-Claude Trichet:  Contribution to Bild am Sonntag
By Jean-Claude Trichet, President of the ECB, 15 May 2011
13/05/2011
Jürgen Stark:  Konsolidierung versus Erweiterung? Beitrittskandidaten und Problemfälle in der Eurozone
Rede von Jürgen Stark, Mitglied des Direktoriums der EZB, Rahmen-Programm zur Verleihung des Internationalen Karlspreis zu Aachen, Stadt Aachen, 13. Mai 2011
13/05/2011
Gertrude Tumpel-Gugerell:  Closing remarks for the conference “The future of retail payments: opportunities and challenges”
Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, Vienna, 13 May 2011
13/05/2011
Jean-Claude Trichet:  Financial reform: what has been achieved and what remains to be done
Speech by Jean-Claude Trichet, President of the ECB, Madrid, 13 May 2011
12/05/2011
José Manuel González-Páramo:  The European Union and the Lessons from the Crisis: The Way Forward
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at RBC Capital Markets’ Central Bank Conference “Impacts and Implications of Integrated Global Markets”, Madrid, 12 May 2011
12/05/2011
Gertrude Tumpel-Gugerell:  Transformation of the banking business and its impact on retail payments: governance, efficiency and integration
Introductory remarks for the panel session by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, at the conference “The future of retail payments: opportunities and challenges” Vienna, 12 May 2011
11/05/2011
Jürgen Stark:  The future of the international monetary system: Lessons from 1971 for Europe and the world in light of past and present experience
Speech by Jürgen Stark, Member of the Executive Board of the ECB, organised by the Official Monetary and Financial Institutions Forum, London, 11 May 2011
10/05/2011
Gertrude Tumpel-Gugerell:  Policy discipline and spillovers in an interconnected global economy
Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB at the SNB-IMF High-Level Conference on The International Monetary System Zurich, 10 May 2011
10/05/2011
Lorenzo Bini Smaghi:  Monetary and financial stability in the euro area
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB
05/05/2011
Jean-Claude Trichet:  Monetary policy in uncertain times
Speech by Jean-Claude Trichet, President of the ECB at the Bank of Finland 200th Anniversary Conference Helsinki, 5 May 2011
03/05/2011
Gertrude Tumpel-Gugerell:  Asset price bubbles: how they build up and how to prevent them?
Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, at alumni event of the Faculty of Economics at University of Vienna, Vienna, 3 May 2011
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02/05/2011
Vítor Constâncio:  Presentation of the ECB Annual Report 2010 to the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Vítor Constâncio, Vice President of the ECB, Brussels, 2 May 2011
02/05/2011
Jean-Claude Trichet:  Short Address in honour of Axel Weber
Speech by Jean-Claude Trichet, President of the ECB, Deutsche Bundesbank Festakt, Frankfurt am Main, 2 May 2011
15/04/2011
Vítor Constâncio:  Financial regulatory reform and the economy
Speech by Vítor Constâncio, Vice-President of the ECB, at 20th Annual Hyman P. Minsky Conference, organised by the Levy Economics Institute, New York, 15 April 2011
14/04/2011
José Manuel González-Páramo:  Risk, return, resilience: The future financial system
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, at 3rd Annual Risk and Return Russia Conference, Moscow, 14 April 2011
12/04/2011
Jürgen Stark:  The global financial crisis and the role of central banking
Speech by Jürgen Stark, Member of the Executive Board of the ECB, Institute of Regulation & Risk, North Asia, Hong Kong, 12 April 2011
08/04/2011
Gertrude Tumpel-Gugerell:  Ist die europäische Wirtschafts- und Währungsunion eine Solidargemeinschaft? Soll sie es sein?
Rede von Gertrude Tumpel-Gugerell, Mitglied des Direktoriums der EZB Deutsch-Spanisches Forum 8. April 2011, Berlin
04/04/2011
Jean-Claude Trichet:  La gouvernance de la zone euro
Speech by Jean-Claude Trichet, President of the ECB, at the Notre Europe Séminaire en Hommage à Tommaso Padoa-Schioppa, in the session “Quel bilan pour l’Union Economique et Monétaire”, Brussels, 4 April 2011
01/04/2011
Lorenzo Bini Smaghi:  Basel III and the real economy (slides from the presentation)
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Club Ambrosetti: The outlook for financial markets, for their governance and for finance Villa d’Este, Cernobbio, 1 April 2011
30/03/2011
Lorenzo Bini Smaghi:  Banking supervision and corporate governance in the European architecture
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the Closing Seminar “Banking Supervision and Internal Audit as Contributors to Sound Corporate Governance and Financial Stability” Moscow, 30 March 2011
28/03/2011
Jean-Claude Trichet:  La surveillance de la compétitivité dans une union monétaire
Intervention de Jean-Claude Trichet, Président de la BCE, Académie des Sciences morales et politiques, Paris, le 28 mars 2011
28/03/2011
Lorenzo Bini Smaghi:  Intervento alla presentazione del libro di Fabio Corsico e Paolo Messa: Da Frankenstein a principe azzurro. Le Fondazioni bancarie tra passato e futuro
Discorso di Lorenzo Bini Smaghi, Membro del Comitato esecutivo della BCE, Fondazione Corriere della Sera Milano, 28 marzo 2011
24/03/2011
José Manuel González-Páramo:  The ECB’s Non-standard Measures during the Current Financial Crisis The ECB’s Non-standard Measures during the Current Financial Crisis
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, ECB Workshop “The Macroeconomic Impact of Non-standard Monetary Policy Measures” Frankfurt am Main, 24 March 2011,
23/03/2011
Jean-Claude Trichet:  Taking stock on financial reform
Speech by Jean-Claude Trichet, President of the ECB at the Frankfurt Main Finance Summit “The Future of Risk Management and Regulation: Smarter regulation, safer markets” Frankfurt, 23 March 2011
21/03/2011
Jean-Claude Trichet:  Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 March 2011
21/03/2011
Gertrude Tumpel-Gugerell:  What lies behind the success of the euro?
Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, Investmentforum 2011, Salzburg, 21 March 2011
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18/03/2011
Jean-Claude Trichet:  Reforming EMU: time for bold decisions
Speech by Jean-Claude Trichet, President of the ECB at the conference of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament “What future for the euro?” Frankfurt, 18 March 2011
18/03/2011
Gertrude Tumpel-Gugerell:  Introductory statement at the press conference on the occasion of the signing of the protocol between the European Central Bank, the National Bank of Serbia and the Delegation of the European Union to the Republic of Serbia
Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, Belgrade, 18 March 2011
15/03/2011
Gertrude Tumpel-Gugerell:  Der einheitliche Euro-Zahlungsverkehrsraum (SEPA): Wo stehen wir und was bringt er uns?
Rede von Gertrude Tumpel-Gugerell, Mitglied des Direktoriums der EZB, Deutsche Bundesbank Stuttgart, 15. März 2011
11/03/2011
Jean-Claude Trichet:  Decision on a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main
Remarks by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 11 March 2011
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11/03/2011
Lorenzo Bini Smaghi:  Whither Europe after the crisis?
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the inauguration of the Academic Year 2011, IMT, Lucca, 11 March 2011
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10/03/2011
José Manuel González-Páramo:  Speech on the occasion of the inauguration of the Euro Exhibition at Banca Naţională a României
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, Bucharest, 10 March 2011
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04/03/2011
Lorenzo Bini Smaghi:  The challenges of surveillance and coordination
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, International symposium of the Banque de France, Regulation in the Face of Global Imbalances Paris, 4 March 2011
04/03/2011
José Manuel González-Páramo:  Rethinking risk management: from lessons learned to taking action
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, Risk and Return South Africa conference, Cape Town, 4 March 2011
25/02/2011
Vítor Constâncio:  The ECB's experience with unconventional measures - Slides from presentation at the US Monetary Policy Forum
Vítor Constâncio, Vice-President of the ECB, US Monetary Policy Forum organised by the University of Chicago Booth School of Business, New York, 25 February 2011
23/02/2011
Jean-Claude Trichet:  Competitiveness and the smooth functioning of EMU
Speech by Jean-Claude Trichet, President of the ECB, Lecture at the University of Liège, Liège, 23 February 2011
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22/02/2011
Lorenzo Bini Smaghi:  Eurozone, European crisis & policy responses
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the Goldman Sachs Global Macro Conference - Asia 2011, Hong Kong, 22 February 2011
21/02/2011
Jürgen Stark:  Central banking after the financial crisis
IMFS Distinguished Lecture, by Jürgen Stark, Member of the Executive Board of the ECB, House of Finance, Goethe Universität, Frankfurt am Main, 21 February 2011
18/02/2011
Jean-Claude Trichet:  Intellectual challenges to financial stability analysis in the era of macroprudential oversight
Speech by Jean-Claude Trichet, President of the ECB, for the panel discussion on: “Global imbalances and financial stability” at the Eurofi G20 High Level Seminar, Paris, 18 February 2011
14/02/2011
Lorenzo Bini Smaghi:  Addressing imbalances in the euro area
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Halle Institute for Economic Research, Halle an der Saale, 14 February 2011
11/02/2011
Jean-Claude Trichet:  The essence of Economic and Monetary Union
Jean-Claude Trichet, President of the ECB, Speech as the Guest of Honour at the Schaffermahlzeit, Bremen, 11 February 2011
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10/02/2011
Lorenzo Bini Smaghi:  Monetary Union, Regulation and Supervision
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, introductory keynote address at the 9th Annual European Financial Services Conference “Taking Stock of Reform: Fragmentation or Convergence?”, Brussels, 10 February 2011,
09/02/2011
Lorenzo Bini Smaghi:  Sovereign risk and the euro (slides from the presentation)
Presentation by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, London Business School, 9 February 2011
01/02/2011
Jean-Claude Trichet:  I am still learning – The legacy of Tommaso Padoa-Schioppa
Speech by Jean-Claude Trichet, President of the ECB, colloquium in honour of Tommaso Padoa-Schioppa, Bocconi University, Milan, 1 February 2011
28/01/2011
Lorenzo Bini Smaghi:  Tommaso Padoa-Schioppa: Economist, policy-maker, citizen in search of European unity
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, European University Institute, Fiesole, 28 January 2011,
27/01/2011
Gertrude Tumpel-Gugerell:  Wirtschafts- und finanzpolitische Herausforderungen für den Euro-Raum
Rede von Gertrude Tumpel-Gugerell, Mitglied des Direktoriums der EZB, Staatskanzlei Rheinland-Pfalz, Mainz, 27. Januar 2011
27/01/2011
José Manuel González-Páramo:  The banking sector towards the “new normal”: some considerations
Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB, ‘Jornada de la Banca’ organised by PwC and IE Business School, Madrid, 27 January 2011
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27/01/2011
Lorenzo Bini Smaghi:  The challenges facing monetary policy
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, Prometeia, Bologna, 27 January 2011
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26/01/2011
Jürgen Stark:  Die globale Finanzkrise: Herausforderungen für die Europäische Zentralbank jetzt und in der Zukunft
Rede von Prof. Dr. Jürgen Stark, Mitglied des Direktoriums der EZB, anlässlich der Erich Schneider Gedächtnisvorlesung, Christian-Albrechts-Universität zu Kiel, 26. Januar 2011
20/01/2011
Gertrude Tumpel-Gugerell:  Wirtschaftliche Aussichten 2011 für den Euroraum
Rede von Gertrude Tumpel-Gugerell, Mitglied des Direktoriums der EZB, Vereinigung Christlicher Unternehmer, Melk, 20. Januar 2011
19/01/2011
Lorenzo Bini Smaghi:  Lessons for monetary policy from the recent crisis
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the roundtable “L’euro e la crisi internazionale” organised by University of Chicago Alumni Club of Italy and Bocconi Alumni Association, Milan, 19 January 2011
10/01/2011
Lorenzo Bini Smaghi:  The International Monetary System: Towards a New Era
Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the Asia-Europe Economic Forum, Paris, 10 January 2011
07/01/2011
Jean-Claude Trichet:  Economic and Monetary Union: What we have achieved and what we must do next
Speech by Jean-Claude Trichet, President of the ECB, Klausurtagung der CSU Landesgruppe, Wildbad Kreuth, 7 January 2011
13/12/2010
Jean-Claude Trichet:  Introductory remarks at the International Club of Economic Journalists
Jean-Claude Trichet, President of the European Central Bank, Frankfurt am Main, 13 December 2010
08/12/2010
Jean-Claude Trichet:  Remarks at the launch event for the educational games ‘€conomia’ and ‘Inflation Island’
Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 8 December 2010
07/12/2010
Vítor Constâncio:  The future of economic governance in Europe in a global perspective
Speech by Vítor Constâncio, Vice-President of the ECB, at the European Conference, hosted by the Centre Culturel Calouste Gulbenkian, Paris, 7 December 2010
03/12/2010
Jean-Claude Trichet:  Lessons from the crisis
Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club, Paris, 3 December 2010
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30/11/2010
Jean-Claude Trichet:  Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 November 2010
25/11/2010
Gertrude Tumpel-Gugerell:  SEPA: a busy year is coming to its end and another exciting year lies ahead
Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, at Next Generation Cards & Payments Conference, Brussels, 25 November 2010
25/11/2010
Vítor Constâncio:  Economic reforms: European and Chinese challenges
Speech by Vítor Constâncio, Vice-President of the ECB, at The Hamburg Summit: “China meets Europe”, Hamburg, 25 November 2010
23/11/2010
Gertrude Tumpel-Gugerell:  The euro area's economic outlook
Intervention by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB, during a panel discussion on Europe’s financial forecast at the Bloomberg Businessweek European Leadership Forum, London, 23 November 2010
22/11/2010
Jean-Claude Trichet:  Hearing before the plenary of the European Parliament on the occasion of the adoption of the EP resolution on the ECB’s 2009 Annual Report
Introductory statement by Jean-Claude Trichet, President of the ECB Strasbourg, 22 November 2010
19/11/2010
Jean-Claude Trichet:  Macro-prudential oversight and the future European Systemic Risk Board
Keynote address by Jean-Claude Trichet, President of the ECB, at the European Banking Congress, Frankfurt am Main, 19 November 2010
19/11/2010
José Manuel González-Páramo:  Basilea III y el nuevo marco macroprudencial
Discurso pronunciado por José Manuel González-Páramo, miembro del Comité Ejecutivo del BCE, Apuntes de actualidad, Conferencias Intereconomía, Madrid, 19 de noviembre de 2010