All speeches by the Vice-President of the ECB
- 16/11/2020
- Luis de Guindos: The euro area financial sector in the pandemic crisisKeynote speech by Luis de Guindos, Vice-President of the ECB, at the 23rd EURO FINANCE WEEK
- 12/11/2020
- Luis de Guindos: Banking Union and Capital Markets Union after COVID-19Keynote speech by Luis de Guindos, Vice-President of the ECB, at the CIRSF (Research Centre on Regulation and Supervision of the Financial Sector, Portugal) online Annual International Conference 2020 on Major Trends in Financial Regulation
- 21/10/2020
- Luis de Guindos: Loukas Karabarbounis’s contribution to research on the interaction between labour and capital market imperfections and macroeconomic outcomesRemarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Professor Loukas Karabarbounis
- 22/07/2020
- Luis de Guindos: Building the Financial System of the 21st CenturySpeech by Luis de Guindos, Vice-President of the ECB, at the 18th annual symposium on “Building the Financial System of the 21st Century: an Agenda for Europe and the United States” organised by the Program on International Financial Systems and Harvard Law School (by videoconference)
- 22/06/2020
- Luis de Guindos: Financial stability and the pandemic crisisSpeech by Luis de Guindos, Vice-President of the ECB, at the Frankfurt Finance Summit
- 10/06/2020
- Luis de Guindos: Euro area: economic outlook and financial stability during the pandemic crisisRemarks by Luis de Guindos, Vice-President of the ECB at the Institute of International and European Affairs, Dublin, (by video conference)
- 07/05/2020
- Luis de Guindos: Presentation of the ECB Annual Report 2019 to the Committee on Economic and Monetary Affairs of the European Parliament (by videoconference)Introductory remarks by Luis de Guindos, Vice-President of the ECB
- 02/03/2020
- Luis de Guindos: Remarks at the European Economics and Financial CentreRemarks by Luis de Guindos, Vice-President of the ECB, at the European Economics and Financial Centre
- 20/02/2020
- Luis de Guindos: The euro area economic outlook and the current monetary policy stanceRemarks by Luis de Guindos, Vice-President of the ECB, at the European Banking Federation Committee meeting
- 06/02/2020
- Luis de Guindos: The euro area financial sector: opportunities and challengesSpeech by Luis de Guindos, Vice-President of the ECB, at the XXVI Santander Iberian Conference
- 08/01/2020
- Luis de Guindos: Europe’s role in the global financial systemSpeech by Luis de Guindos, Vice-President of the ECB, at the SUERF/De Nederlandsche Bank Conference “Forging a new future between the UK and the EU”,
- 16/12/2019
- Luis de Guindos: Welcome remarksRemarks by Luis de Guindos, Vice-President of the ECB, at the fourth annual ECB macroprudential policy and research conference
- 13/12/2019
- Luis de Guindos: Financial innovation for inclusive growth: a European approachSpeech by Luis de Guindos, Vice-President of the ECB, at the conference Financial Integration and Inclusive Development – A View from the Mediterranean Countries, jointly organised by Banco de España, OECD and European Institute of the Mediterranean (IEMed)
- 29/11/2019
- Luis de Guindos: Closing remarksClosing remarks by Luis de Guindos, Vice-President of the ECB, at the VIII High-level Policy Dialogue between Eurosystem and Latin American central banks
- 21/11/2019
- Luis de Guindos: Implications of the transition to a low-carbon economy for the euro area financial systemSpeech by Luis de Guindos, Vice-President of the ECB, at the European Savings and Retail Banking Group Conference, “Creating sustainable financial structures by putting citizens first”
- 18/11/2019
- Luis de Guindos: Opportunities and challenges for the euro area financial sectorOpening speech by Luis de Guindos, Vice-President of the ECB, at the 22nd Euro Finance Week
- 06/11/2019
- Luis de Guindos: Welcome remarksRemarks by Luis de Guindos, Vice-President of the ECB, at the ECB Forum on Banking Supervision, Frankfurt am Main, 6 November 2019
- 17/10/2019
- Luis de Guindos: Speaking notes on climate-related risksSpeaking notes by Luis de Guindos, Vice-President of the ECB, at roundtable event on climate-related risks at Bloomberg
- 11/10/2019
- Luis de Guindos: Gabriel Zucman’s contribution to research on wealth inequality and the redistributive effects on globalizationRemarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Professor Gabriel Zucman
- 03/10/2019
- Luis de Guindos: Improving macroeconomic stabilisation in the euro areaSpeech by Luis de Guindos, Vice-President of the ECB, at the Global Interdependence Center Central Banking Series conference
- 02/10/2019
- Luis de Guindos: Key vulnerabilities for euro area financial stabilityRemarks by Luis de Guindos, Vice-President of the ECB, at the meeting of the Financial Stability Contact Group
- 24/09/2019
- Luis de Guindos: Concluding remarksSpeech by Luis de Guindos, Vice-President of the ECB, at the ECB conference “Inflation in a changing economic environment”
- 24/09/2019
- Luis de Guindos: Measures to support monetary policy transmission through banksWelcome address by Luis de Guindos, Vice-President of the ECB, to the Money Market Contact Group
- 07/09/2019
- Luis de Guindos: Growth and competitiveness in the euro area Panel contribution by Luis de Guindos, Vice-President of the ECB, at The European House-Ambrosetti Forum, Cernobbio, 7 September 2019
- 04/09/2019
- Luis de Guindos: The evolution of stress-testing in EuropeKeynote speech by Luis de Guindos, Vice-President of the ECB, at the annual US-EU Symposium organised by the Program on International Financial Systems, Frankfurt, 4 September 2019
- 27/08/2019
- Luis de Guindos: Communication, expectations and monetary policyIntervention by Luis de Guindos, Vice-President of the ECB, at the ECB policy panel of the Annual Congress of the European Economic Association, Manchester, 27 August 2019
- 04/07/2019
- Luis de Guindos: Macroprudential policy ten years after the crisisKeynote speech by Luis de Guindos, Vice-President of the ECB, at the CIRSF Annual International Conference 2019 “Financial Supervision and Financial Stability Ten Years after the Crisis: Achievements and Next Steps”, Lisbon, 4 July 2019
- 25/06/2019
- Luis de Guindos: Euro area banks: the profitability challengeKeynote speech by Luis de Guindos, Vice-President of the ECB, at the ABI annual conference “Banking Union and Basel III – risk and supervision 2019”, Rome, 25 June 2019
- 10/06/2019
- Luis de Guindos: The euro area economy and our monetary policy stanceRemarks by Luis de Guindos, Vice-President of the ECB, during the Instituto de Empresa (IE) Business Leadership Forum at the IE Business School, Madrid, 10 June 2019
- 23/05/2019
- Luis de Guindos: Building the EU’s capital markets: what remains to be doneSpeech by Luis de Guindos, Vice-President of the ECB, Association for Financial Markets in Europe Conference, Supervision and Integration Opportunities for European Banking and Capital Markets, Frankfurt am Main, 23 May 2019
- 21/05/2019
- Luis de Guindos: Global financial regulation: where next? Pending tasks for regulators and macroprudential policy makersSpeech by Luis de Guindos, Vice-President of the ECB, London City Week, London, 21 May 2019
- 16/05/2019
- Luis de Guindos: Deepening EMU and the implications for the international role of the euroSpeech by Luis de Guindos, Vice-President of the ECB, at the occasion of the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Brussels, 16 May 2019
- 01/05/2019
- Luis de Guindos: Challenges for bank profitabilitySpeech by Luis de Guindos, Vice-President of the ECB, OMFIF City Lecture, London, 1 May 2019
- 01/04/2019
- Luis de Guindos: Presentation of the ECB Annual Report 2018 to the Committee on Economic and Monetary Affairs of the European Parliament Introductory remarks by Luis de Guindos, Vice-President of the ECB, Brussels, 1 April 2019
- 27/03/2019
- Luis de Guindos: International spillovers of monetary policy and financial stability concernsSpeech by Luis de Guindos, Vice-President of the ECB, at The ECB and Its Watchers XX conference, Frankfurt am Main, 27 March 2019
- 18/03/2019
- Luis de Guindos: The euro area economy and our monetary policy stanceRemarks by Luis de Guindos, Vice-President of the ECB, at Asociación para el Progreso de la Dirección (APD), Madrid, 18 March 2019
- 19/02/2019
- Luis de Guindos: Euro at 20 years: the road aheadAddress by Luis de Guindos, Vice-President of the ECB, at the European Parliamentary Week, Brussels, 19 February 2019
- 11/02/2019
- Luis de Guindos: The euro area: current status and the monetary policy stanceRemarks by Luis de Guindos, Vice-President of the ECB, at Deusto Business School, Madrid, 11 February 2019
- 07/01/2019
- Luis de Guindos: Fostering resilience and convergence in Economic and Monetary UnionKeynote speech by Luis de Guindos, Vice-President of the ECB, at the conference “Five Years with the Euro”, Latvia, 7 January 2019
- 18/12/2018
- Luis de Guindos: Integration and convergence: from the peseta to the euroRemarks by Luis de Guindos, Vice-President of the European Central Bank, at an event in honour of the 40th anniversary of the Spanish constitution organised by the Spanish Ministry of Economy in Madrid
- 14/12/2018
- Luis de Guindos: Redesigning Europe’s financial landscapeSpeech by Luis de Guindos, Vice-President of the ECB, at the 6th Frankfurt Conference on Financial Market Policy, Frankfurt, 14 December 2018
- 28/11/2018
- Luis de Guindos: Investment, technological transformation and skillsSpeech by Luis de Guindos, Vice-President of the ECB, at the joint EIB-ECB conference on investment, technological transformation and skills, Luxembourg, 28 November 2018
- 23/11/2018
- Luis de Guindos: Benjamin Moll’s contribution to macroeconomicsRemarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Benjamin Moll
- 15/11/2018
- Luis de Guindos: Euro area banking sector – current challengesKeynote speech by Luis de Guindos, Vice-President of the ECB, at the Annual General Meeting of the Foreign Bankers’ Association, Amsterdam, 15 November 2018
- 13/11/2018
- Luis de Guindos: Promoting the stability and efficiency of EU financial markets beyond BrexitSpeech by Luis de Guindos, Vice-President of the ECB, at the Deutsche Bundesbank reception on the occasion of Euro Finance Week, Frankfurt, 13 November 2018
- 12/11/2018
- Luis de Guindos: Coming to the forefront: the rising role of the investment fund sector for financial stability in the euro areaSpeech by Luis de Guindos, Vice-President of the ECB, at the Opening Conference, 21st Euro Finance Week, Frankfurt am Main, 12 November 2018
- 05/11/2018
- Luis de Guindos: The ECB and Financial StabilitySpeech by Luis de Guindos, Vice-President of the ECB, at the joint National Bank of Belgium/ Toulouse School of Economics / Solvay Brussels School of Economics and Management / European Central Bank colloquium, Brussels, 5 November 2018
- 15/10/2018
- Luis de Guindos: Euro area and Spain: current status and challenges aheadRemarks by Luis de Guindos, Vice-President of the ECB, at the Ist Edition of the Prize José Echegaray of elEconomista, Madrid, 15 October 2018
- 05/10/2018
- Luis de Guindos: Building a resilient Economic and Monetary UnionLectio magistralis by Luis de Guindos, Vice-President of the ECB, opening the XXIX Edition of the Masters Programme in European Union law of the University Carlos III of Madrid, 5 October 2018
- 31/08/2018
- Luis de Guindos: The euro area: current status and challenges aheadSpeech by Luis de Guindos, Vice-President of the ECB, at La Granda courses, Asturias, 31 August 2018
- 26/06/2018
- Luis de Guindos: Most recent ECB monetary policy decisionsWelcome remarks by Luis de Guindos, Vice-President of the ECB, at the meeting of the ECB’s Bond Market Contact Group, Frankfurt am Main, 26 June 2018
- 17/05/2018
- Vítor Constâncio: Completing the Odyssean journey of the European monetary unionRemarks by Vítor Constâncio, Vice-President of the ECB, at the ECB Colloquium on “The Future of Central Banking”, Frankfurt am Main 16-17 May 2018
- 04/05/2018
- Vítor Constâncio: Past and future of the ECB monetary policySpeech by Vítor Constâncio, Vice-President of the ECB, at the Conference on “Central Banks in Historical Perspective: What Changed After the Financial Crisis?”, organised by the Central Bank of Malta, Valletta, 4 May 2018
- 03/05/2018
- Vítor Constâncio: Why EMU requires more financial integrationKeynote speech by Vítor Constâncio, Vice-President of the ECB, at the joint conference of the European Commission and European Central Bank, Frankfurt am Main, 3 May 2018
- 09/04/2018
- Vítor Constâncio: Presentation of the ECB Annual Report 2017 to the Committee on Economic and Monetary Affairs of the European Parliament Introductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 9 April 2018
- 14/03/2018
- Vítor Constâncio: Financial stability risks and macroprudential policy in the euro areaSpeech by Vítor Constâncio, Vice-President of the ECB, at the ECB and Its Watchers XIX Conference, Frankfurt am Main, 14 March 2018
- 24/11/2017
- Vítor Constâncio: Ricardo Reis’ contribution to MacroeconomicsSpeech by Vítor Constâncio, Vice-President of the ECB, at the ceremony marking the award of the 2016 Germán Bernácer Prize for Promoting Economic Research in Europe to Ricardo Reis, Madrid, 24 November 2017
- 13/11/2017
- Vítor Constâncio: Economic recovery and the new phase of monetary policyKeynote speech by Vítor Constâncio, Vice-President of the ECB, at the Opening Conference, 20th Euro Finance Week, Frankfurt am Main, 13 November 2017
- 09/11/2017
- Vítor Constâncio: The future of finance and the outlook for regulationRemarks by Vítor Constâncio, Vice-President of the ECB, at the Financial Regulatory Outlook Conference organised by the Centre for International Governance Innovation and Oliver Wyman, Rome 9 November 2017
- 17/10/2017
- Vítor Constâncio: The evolving risk landscape in the euro areaSpeech by Vítor Constâncio, Vice-President of the ECB, at the Banco de Portugal Conference on Financial Stability, Lisbon, 17 October 2017
- 15/10/2017
- Vítor Constâncio: Growth in a more resilient Euro areaRemarks by Vítor Constâncio, Vice-President of the European Central Bank, on a panel entitled “The Global Economy: Prospects for Broad-Based Growth” at the 32nd Annual G30 International Banking Seminar, Washington D.C., 15 October 2017
- 13/10/2017
- Vítor Constâncio: Growth and resilience in the euro areaPresentation by Vítor Constâncio, Vice-President of the ECB, at the conference on “The Quest for Normality in an Uncertain World”, Washington D.C., 13 October 2017
- 25/09/2017
- Vítor Constâncio: Developing models for policy analysis in central banksOpening speech by Vítor Constâncio, Vice-President of the ECB, at the Annual Research Conference, Frankfurt am Main, 25-26 September 2017
- 22/09/2017
- Vítor Constâncio: Macroprudential stress-tests and tools for the non-bank sectorPrepared remarks by Vítor Constâncio, Vice-President of the ECB, at the ESRB Annual Conference, Frankfurt am Main, 22 September 2017
- 22/09/2017
- Vítor Constâncio: Understanding and overcoming low inflationRemarks by Vítor Constâncio, Vice-President of the ECB, at the Conference on “Understanding inflation: lessons from the past, lessons for the future?”, Frankfurt am Main, 21 and 22 September 2017
- 12/09/2017
- Vítor Constâncio: Role and effects of the ECB non-standard policy measuresRemarks by Vítor Constâncio, Vice-President of the ECB, at the ECB Workshop “Monetary Policy in Non-Standard Times”, 11 and 12 September 2017, Frankfurt am Main
- 01/09/2017
- Vítor Constâncio: Growth, adjustment and resilience in the euro areaRemarks by Vítor Constâncio, Vice-President of the ECB, at the Forum Villa d’Este, Cernobbio, 1 September 2017
- 22/08/2017
- Vítor Constâncio: Inequality and macroeconomic policiesIntervention by Vítor Constâncio, Vice-President of the ECB, at the Annual Congress of the European Economic Association Lisbon, 22 August 2017
- 14/06/2017
- Vítor Constâncio: Challenges faced by the European banking sectorSpeech by Vítor Constâncio, Vice-President of the ECB at the Risk & Supervision 2017 Conference organised by Associazione Bancaria Italiana, Rome, 14 June 2017
- 25/05/2017
- Vítor Constâncio: The future of monetary policy frameworksLecture by Vítor Constâncio, Vice-President of the European Central Bank at the Instituto Superior de Economia e Gestão, Lisbon, 25 May 2017
- 19/05/2017
- Vítor Constâncio: Synergies between banking union and capital markets unionKeynote 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, Brussels, 19 May 2017
- 11/05/2017
- Vítor Constâncio: Macroprudential policy in a changing financial systemRemarks by Vítor Constâncio, Vice-President of the ECB, at the second ECB Macroprudential Policy and Research Conference, Frankfurt am Main, 11 May 2017
- 10/04/2017
- Vítor Constâncio: Presentation of the ECB Annual Report 2016 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 10 April 2017
- 06/04/2017
- Vítor Constâncio: Effectiveness of Monetary Union and the Capital Markets UnionSpeech by Vítor Constâncio, Vice-President of the ECB, at the EUROFI Conference, Malta, 6 April 2017
- 04/04/2017
- Vítor Constâncio: Effectiveness of Monetary Union and the Capital Markets UnionContribution of Vítor Constâncio, Vice-President of the ECB, for the magazine of the Eurofi conference in Malta (5-7 April 2017), 4 April 2017
- 03/02/2017
- Vítor Constâncio: Resolving Europe's NPL burden: challenges and benefitsKeynote 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
- 16/12/2016
- Vítor Constâncio: Stijn van Nieuwerburgh's contribution to macroeconomics and financeSpeech 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
- 14/11/2016
- Vítor Constâncio: Euro Area: Economic Outlook and Financial Sector ChallengesSpeech by Vítor Constâncio, Vice-President of the ECB, at the 19th Euro Finance Week: Opening conference, Frankfurt am Main, 14 November 2016
- 04/11/2016
- Vítor Constâncio: Challenges for future monetary policy frameworks: A European perspectiveSpeech 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
- 09/10/2016
- Vítor Constâncio: Securing sustained economic growth in the euro areaSpeech by Vítor Constâncio, Vice-President of the ECB, at the G30 Meeting in Washington, 9 October 2016
- 07/07/2016
- Vítor Constâncio: Challenges for the European banking industryLecture 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
- 21/06/2016
- Vítor Constâncio: Introductory remarks at the fifth ECB conference on accounting, financial reporting and corporate governance for central banksSpeech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 21 June 2016
- 15/06/2016
- Vítor Constâncio: The challenge of low real interest rates for monetary policyLecture by Vítor Constâncio, Vice-President of the ECB, Macroeconomics Symposium at Utrecht School of Economics, 15 June 2016
- 06/06/2016
- Vítor Constâncio: Margins and haircuts as a macroprudential toolRemarks 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
- 09/05/2016
- Vítor Constâncio: The outlook for the Global EconomyRemarks by Vítor Constâncio, Vice-President of the ECB, at City Week, London, 9 May 2016
- 26/04/2016
- Vítor Constâncio: Principles of Macroprudential PolicySpeech 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
- Vítor Constâncio: Risk Sharing and Macroprudential Policy in an Ambitious Capital Markets UnionSpeech 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
- 13/04/2016
- Vítor Constâncio: International headwinds and the effectiveness of Monetary PolicySpeech 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
- 07/04/2016
- Vítor Constâncio: Presentation of the ECB Annual Report 2015 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 7 April 2016
- 21/03/2016
- Vítor Constâncio: Capital Markets Union and the European monetary and financial frameworkKeynote speech by Vítor Constâncio, Vice-President of the ECB, at Chatham House, London, 21 March 2016
- 22/11/2015
- Vítor Constâncio: The ECB Jewish Memorial and the European projectSpeech by Vítor Constâncio, Vice-President of the ECB, on occasion of the inauguration of the Jewish Memorial at the ECB Main Building Großmarkthalle, Frankfurt am Main, 22 November 2015
- 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.
- 05/11/2015
- Vítor Constâncio: Understanding Inflation Dynamics and Monetary Policy in a Low Inflation EnvironmentRemarks 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
- 29/10/2015
- Vítor Constâncio: The role of stress testing in supervision and macroprudential policyKeynote 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 unionKeynote 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.
- 15/10/2015
- Vítor Constâncio: Divergent monetary policies and the world economyKeynote 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 2015We 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.
- 29/08/2015
- Vítor Constâncio: Understanding Inflation Dynamics and Monetary PolicyPanel 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 2015At 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.
- 25/08/2015
- Vítor Constâncio: Assessing the new phase of unconventional monetary policy at the ECBPanel 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
- 03/07/2015
- Vítor Constâncio: Strengthening macroprudential policy in EuropeSpeech 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 2015The 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.
- 24/06/2015
- Vítor Constâncio: Remarks at the Symposium on Debt - Economic, Political and Moral ConsequencesRemarks 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
- 30/05/2015
- Vítor Constâncio: Monetary Policy and the European recoverySpeech by Vítor Constâncio, Vice-President of the ECB, at the XXXI Reunión Círculo de Economía, Barcelona 30 May 2015
- 08/05/2015
- Vítor Constâncio: Reinforcing financial stability in the euro areaSpeech 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 policySpeech 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
- 20/04/2015
- Vítor Constâncio: Presentation of the ECB Annual Report 2014 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 20 April 2015
- 16/04/2015
- Vítor Constâncio: Financial regulation and the global recoverySpeech 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
- 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
- 13/02/2015
- Vítor Constâncio: Financial stability risks, monetary policy and the need for macro-prudential policySpeech 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 2015The 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.
- 31/01/2015
- Vítor Constâncio: Monetary policy challenges in the euro areaSpeech 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 2015The 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.
- 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 FinanceSpeech by Vítor Constâncio, Vice-President of the ECB, 15 December 2014
- 26/11/2014
- Vítor Constâncio: The role of the banking union in achieving financial stabilitySpeech by Vítor Constâncio, Vice-President of the ECB, at the FT Banking Summit “Ensuring Future Growth”, London, 26 November 2014
- 03/11/2014
- Vítor Constâncio: Thomas Philippon's contribution to macro-financeSpeech 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
- 17/10/2014
- Vítor Constâncio: Beyond traditional banking: a new credit system coming out of the shadowsSpeech 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
- 16/10/2014
- Vítor Constâncio: Maintaining price stability in the euro areaSpeech 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
- 06/10/2014
- Vítor Constâncio: A new phase of the ECB's monetary policySpeech 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
- 08/09/2014
- Vítor Constâncio: Understanding the yield curveOpening 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
- 26/07/2014
- Vítor Constâncio: High-level policy dialogue of EMEAP central banks and the EurosystemIntroductory remarks to the press conference, Vítor Constâncio, Vice-President of the ECB, 26 July 2014
- 23/06/2014
- Vítor Constâncio: The ECB and Macro-prudential policy: from research to implementationSpeech by Vítor Constâncio, Vice-President of the ECB, at the Third Conference of the Macro-prudential Research Network, Frankfurt-am-Main, 23 June 2014
- 19/06/2014
- Vítor Constâncio: Recent challenges to monetary policy in the euro areaSpeech by Vítor Constâncio, Vice-President of the ECB, at the Athens Symposium on Banking Union, Monetary Policy and Economic Growth, Athens, 19 June 2014
- 10/06/2014
- Vítor Constâncio: Making macro-prudential policy workSpeech by Vítor Constâncio, Vice-President of the ECB, at high-level seminar organised by De Nederlandsche Bank, 10 June 2014
- 04/06/2014
- Vítor Constâncio: Accounting and Financial Reporting by Central BanksSpeech 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
- 30/05/2014
- Vítor Constâncio: Challenges for global economic growthRemarks by Vítor Constâncio, Vice-President of the ECB, at 71st Plenary Meeting of the Group of Thirty, Versailles, 30 May 2014
- 15/05/2014
- Vítor Constâncio: Growth challenges for Asia and EuropeSpeech by Vítor Constâncio, Vice-President of the ECB, at the Asia Europe Economic Forum, Berlin, 15 May 2014
- 12/05/2014
- Vítor Constâncio: Banking Union and European integrationSpeech by Vítor Constâncio, Vice-President of the ECB, at the OeNB Economics Conference, Vienna, 12 May 2014
- 28/04/2014
- Vítor Constâncio: Reflections on financial integration and stabilitySpeech 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 bankingSpeech 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
- 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
- 07/04/2014
- Vítor Constâncio: Presentation of the ECB Annual Report 2013 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory Statement by Vítor Constâncio, Vice-President of the ECB, Brussels, 7 April 2014
- 02/12/2013
- Vítor Constâncio: Banking union and the future of bankingSpeech by Vítor Constâncio, Vice-President of the ECB, at the IIEA Conference on “The Future of Banking in Europe”, Dublin, 2 December 2013
- 05/11/2013
- Vítor Constâncio: Banking Union and the European crisisOpening remarks by Vítor Constâncio, Vice-President of the ECB, at the 6th Santander International Banking Conference, Madrid, 5 November 2013
- 27/09/2013
- Vítor Constâncio: Deutsche Bank Prize attribution to Raghuram RajanSpeech 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
- 24/09/2013
- Vítor Constâncio: 2012 Bernácer prize award ceremony in honour of Nicholas BloomSpeech 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
- 12/07/2013
- Vítor Constâncio: The role of Europe in global rebalancingSpeech 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
- 24/05/2013
- Vítor Constâncio: Implications of the SSM on the ESFSSpeech 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 systemSpeech 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
- 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
- 24/04/2013
- Vítor Constâncio: Presentation of the ECB Annual Report 2012 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory Statement by Vítor Constâncio, Vice-President of the ECB, Brussels, 24 April 2013
- 11/03/2013
- Vítor Constâncio: The nature and significance of Banking UnionSpeech 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
- 12/02/2013
- Vítor Constâncio: Towards the Banking UnionSpeech 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
- 31/01/2013
- Vítor Constâncio: Establishment of the Single Supervisory Mechanism; the first pillar of the Banking UnionSpeech 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 MechanismSpeech by Vítor Constâncio, Vice-President of the ECB, at the BAFT-IFSA 2013 Europe Bank-to-Bank Forum 29 January 2013
- 12/01/2013
- Vítor Constâncio: The global financial crisis - 5 years onIntervention by Vítor Constâncio, Vice-President of the ECB, China-Europe Economists Symposium, Beijing, 12 January 2013
- 03/12/2012
- Vítor Constâncio: Introductory remarks to the ECB workshop - Repo market and securities lending: towards an EU databaseBy Vítor Constâncio, Vice-President of the ECB, 3 December 2012
- 26/11/2012
- Vítor Constâncio: Completing and Repairing EMUSpeech 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
- 30/10/2012
- Vítor Constâncio: Opening remarks at the second conference of the ESCB Macroprudential Research (MaRs) NetworkSpeech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 30 October 2012
- 22/10/2012
- Vítor Constâncio: Reform of the EU Banking SectorHearing 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)
- 07/09/2012
- Vítor Constâncio: Towards a European Banking UnionBy 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
- 28/06/2012
- Vítor Constâncio: 2011 Bernácer Prize Award Ceremony in honour of Lasse Heje PedersenSpeech by Vítor Constâncio, Vice-President of the ECB, Madrid, 28 June 2012
- 14/06/2012
- Vítor Constâncio: Financial Stability: Measurement and policyDinner 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 issuesWelcome remarks by Vítor Constâncio, Vice-President of the ECB, European Central Bank conference 14-15 June 2012, Frankfurt am Main, 14 June 2012
- 04/06/2012
- Vítor Constâncio: Opening remarks at the third conference on accounting, financial reporting and corporate governance for central banksSpeech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 4 June 2012
- 27/04/2012
- Vítor Constâncio: Shadow banking - The ECB perspectiveSpeech by Vítor Constâncio, Vice-President of the ECB, Towards better regulation of the shadow banking system, European Commission Conference, Brussels, 27 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 ParliamentIntroductory statement by Vítor Constâncio, Vice-President of the ECB, Brussels, 25 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
- 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
- 08/12/2011
- Vítor Constâncio: Challenges to monetary policy in 2012Speech by Vítor Constâncio, Vice-President of the ECB, 26th International Conference on Interest Rates, Frankfurt am Main, 8 December 2011
- 23/11/2011
- Vítor Constâncio: The Future of the International Monetary SystemSpeech 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
- 14/11/2011
- Vítor Constâncio: A European solution for crisis management and bank resolutionSpeech by Vítor Constâncio, Vice-President of the ECB, at Riksbank and ECB Conference on Bank Resolution, Stockholm, 14 November 2011
- 13/10/2011
- Vítor Constâncio: Economic governance and financial stabilitySpeech 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
- 10/10/2011
- Vítor Constâncio: Contagion and the European debt crisisKeynote 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 actionKeynote 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 beyondSpeech 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
- 22/09/2011
- Vítor Constâncio: Laudatio for Professor Kenneth Rogoff, recipient of the 2011 Deutsche Bank Prize in Financial EconomicsSpeech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 22 September 2011
- 10/06/2011
- Vítor Constâncio: The Governance of Financial Stability in the euro areaSpeech by Vítor Constâncio, Vice-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 perspectivesSpeech by Vítor Constâncio, Vice-President of the ECB, High Level Policy Seminar, European University Institute, Florence, 7 June 2011
- 18/05/2011
- Vítor Constâncio: Strengthening European economic governance - surveillance of fiscal and macroeconomic imbalancesSpeech by Vítor Constâncio, Vice-President of the ECB, at the Brussels Economic Forum, Brussels, 18 May 2011
- 02/05/2011
- Vítor Constâncio: Presentation of the ECB Annual Report 2010 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement by Vítor Constâncio, Vice President of the ECB, Brussels, 2 May 2011
- 15/04/2011
- Vítor Constâncio: Financial regulatory reform and the economySpeech 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
- 25/02/2011
- Vítor Constâncio: The ECB's experience with unconventional measures - Slides from presentation at the US Monetary Policy ForumVítor 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
- 07/12/2010
- Vítor Constâncio: The future of economic governance in Europe in a global perspectiveSpeech by Vítor Constâncio, Vice-President of the ECB, at the European Conference, hosted by the Centre Culturel Calouste Gulbenkian, Paris, 7 December 2010
- 25/11/2010
- Vítor Constâncio: Economic reforms: European and Chinese challengesSpeech by Vítor Constâncio, Vice-President of the ECB, at The Hamburg Summit: “China meets Europe”, Hamburg, 25 November 2010
- 16/11/2010
- Vítor Constâncio: Regulation and Supervision of Financial Services in Europe - Reforms and ResultsSpeech by Vítor Constâncio, Vice-President of the ECB, 13th Euro Finance Week, Frankfurt, 16 November 2010
- 15/11/2010
- Vítor Constâncio: Catching-up strategies after the crisisKeynote lecture by Vítor Constâncio, Vice-President of the ECB, Conference on European economic integration, Oesterreichische Nationalbank, Vienna, 15 November 2010
- 20/10/2010
- Vítor Constâncio: Information requirements for macro-prudential oversight and the role of central banksSpeech by Vítor Constâncio, Vice-President of the European Central Bank, at the fifth ECB Conference on Statistics entitled “Central bank statistics: what did the financial crisis change?”, Frankfurt am Main, 19-20 October 2010
- 29/09/2010
- Vítor Constâncio: The establishment of the European Systemic Risk Board: challenges and opportunitiesIntroductory remarks by Vítor Constâncio, Vice-President of the ECB, at the Eurofi Financial Forum 2010, plenary Session on “Implementing the de Larosière Agenda”, Brussels, 29 September 2010
- 27/09/2010
- Vítor Constâncio: Macro-prudential supervision in EuropeSpeech by Vítor Constâncio, Vice-President of the ECB, at the ECB-CFS-CEPR conference on “Macro-prudential regulation as an approach to containing systemic risk: economic foundations, diagnostic tools and policy instruments” at Frankfurt am Main, 27 September 2010
- 09/07/2010
- Vítor Constâncio: The future of euro governance: how to contain imbalances and preserve financial stabilitySpeech by Vítor Constâncio, Vice-President of the ECB, The ECB and its Watchers, Frankfurt am Main, 9 July 2010
- 31/05/2010
- Lucas Papademos: Opening remarks at the press briefing on the occasion of the publication of the June 2010 ECB Financial Stability ReviewSpeech by Lucas Papademos, Vice President of the ECB, Frankfurt, 31 May 2010
- 03/05/2010
- Lucas Papademos: The role of macro-prudential oversight and monetary policySpeech by Lucas Papademos, Vice President of the ECB at the Pontifical Academy of Social Sciences conference “Crisis in a Global Economy: Re-Planning the Journey” Vatican City, 3 May 2010
- 27/04/2010
- Lucas Papademos: Presentation of the ECB's Annual Report 2009 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement by Lucas Papademos, Vice President of the ECB Brussels, 27 April 2010
- 12/04/2010
- Lucas Papademos: Financial integration, development and stability: Lessons from the crisisLucas Papademos Speech delivered at the conference “Financial integration and stability: the legacy of the crisis” sponsored and organised by the European Central Bank and the European Commission Frankfurt am Main, 12 April 2010
- 18/12/2009
- Lucas Papademos: Opening remarks at the press briefing on the occasion of the publication of the December 2009 ECB Financial Stability ReviewBy Lucas Papademos, Vice President of the ECB Frankfurt am Main, 18 December 2009
- 04/09/2009
- Lucas Papademos: Financial stability and macro-prudential supervision: objectives, instruments and the role of the ECBSpeech by Lucas Papademos, Vice-President of the ECB at the conference “The ECB and Its Watchers XI” Frankfurt, 4 September 2009
- 15/06/2009
- Lucas Papademos: Opening remarks at the press briefing on the occasion of the publication of the June 2009 ECB Financial Stability ReviewBy Lucas Papademos, Vice-President of the ECB Frankfurt am Main, 15 June 2009
- 27/05/2009
- Lucas Papademos: The role of the ECB in financial crisis managementSpeech by Lucas Papademos, Vice-President of the ECB at the conference on “The cost of the financial crisis: Planning an exit strategy” organised by the Bank of Greece and the Hellenic Observatory at the London School of Economics and Political Science Athens, 27 May 2009
- 14/05/2009
- Lucas Papademos: Monetary policy and the ‘Great Crisis': Lessons and challengesSpeech by Lucas Papademos, Vice President of the ECB at the 37th Economics Conference “Beyond the Crisis: Economic Policy in a New Macroeconomic Environment” organised by the Österreichische Nationalbank Vienna, 14 May 2009
- 04/05/2009
- Lucas Papademos: The dual crisis: economic impact, policy response and exit strategySpeech by Lucas Papademos, Vice-President of the ECB at the High-Level Panel Debate on “Europe in the Economic and Financial Crisis: How to bring back prosperity for everyone?” organised by the European People's Party, Brussels, 4 May 2009
- 21/04/2009
- Lucas Papademos: Presentation of the ECB's Annual Report 2008 to the European ParliamentIntroductory statement by Lucas Papademos, Vice-President of the ECB to the European Parliament's Committee on Economic and Monetary Affairs Strasbourg, 21 April 2009
- 26/03/2009
- Lucas Papademos: How to deal with the global financial crisis and promote the economy's recovery and sustained growthSpeech by Lucas Papademos, Vice President of the ECB at the 7th European Business Summit organised by the European Business Forum Brussels, 26 March 2009
- 24/03/2009
- Lucas Papademos: Strengthening macro-prudential supervision in EuropeSpeech by Lucas Papademos, Vice President of the ECB at the conference on “After The Storm: The Future Face of Europe's Financial System” organised by Bruegel, National Bank of Belgium and the International Monetary Fund Brussels, 24 March 2009
- 11/02/2009
- Lucas Papademos: Tackling the financial crisis: policies for stability and recoverySpeech by Lucas Papademos, Vice President of the ECB at the Annual Dinner of the Society of Business Economists London, 11 February 2009
- 15/12/2008
- Lucas Papademos: Opening remarks at the press briefing on the occasion of the publication of the December 2008 ECB Financial Stability ReviewSpeech by Lucas Papademos, Vice President of the ECB Frankfurt am Main, 15 December 2008
- 13/11/2008
- Lucas Papademos: Opening address at the Fifth ECB Central Banking ConferenceSpeech by Lucas Papademos, Vice President of the ECB, Frankfurt am Main, 13 November 2008
- 11/09/2008
- Lucas Papademos: China and the European Union: global economic challenges and policy responsesSpeech by Lucas Papademos, Vice-President of the ECB at the Hamburg Summit: “China meets Europe” Hamburg, 11 September 2008
- 27/08/2008
- Lucas Papademos: Address at Conferencia Buenos Aires 2008, organised by the Americas Society and the Council of the AmericasAddress by Lucas Papademos Vice-President of the European Central Bank Buenos Aires, 27 August 2008
- 26/06/2008
- Lucas Papademos: Financial market excesses and corrections: a central banker's perspectiveSpeech by Lucas Papademos, Vice-President of the ECB at the International Research Forum on Monetary Policy jointly organised by the Board of Governors of the Federal Reserve System, the Center for German and European Studies at Georgetown University, the Centre for Financial Studies at Frankfurt University and the European Central Bank Frankfurt, 26 June 2008
- 16/06/2008
- Lucas Papademos: Statement at the 2008 Asia-Europe (ASEM) Finance Ministers' MeetingLucas Papademos, Vice-President of the ECB Jeju, Korea, 16 June 2008
- 09/06/2008
- Lucas Papademos: Opening remarks at the press briefing on the occasion of the publication of the June 2008 ECB Financial Stability ReviewLucas Papademos, Vice-President of the ECB Frankfurt am Main, 9 June 2008
- 15/05/2008
- Lucas Papademos: The international role of the euro: trends, determinants and prospectsSpeech by Lucas Papademos, Vice-President of the ECB at the Brussels Economic Forum 2008 at the panel on “The euro in a rapidly changing international environment” organised by the European Commission Brussels, 15 May 2008
- 29/04/2008
- Lucas Papademos: Financial integration in EuropePresentation by Lucas Papademos, Vice President of the ECB at the press briefing on the occasion of the publication of the second edition of the ECB Report on financial integration in Europe Frankfurt am Main, 29 April 2008
- 21/04/2008
- Lucas Papademos: Presentation of the ECB's Annual Report 2007 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory Statement by Lucas Papademos Vice-President of the European Central Bank, Strasbourg, 21 April 2008
- 20/03/2008
- Lucas Papademos: Introductory statement on the occasion of launching Eurosystem and Bank of Russia cooperation programme on banking supervision and internal auditLucas Papademos, Vice-President of the ECB Moscow, 20 March 2008
- 26/02/2008
- Lucas Papademos: Address upon receiving the 2007 “Risk Manager of the Year” Award of the Global Association of Risk ProfessionalsLucas Papademos, Vice President of the ECB at the 9th Annual Risk Management Convention & Exhibition New York, 26 February 2008
- 13/02/2008
- Lucas Papademos: Opening remarks at the Second Symposium of the ECB-CFS Research Network on “Capital Markets and Financial Integration in Europe”Speech by Lucas Papademos, Vice President of the ECB at the Second Symposium of the ECB-CFS Research Network on “Capital Markets and Financial Integration in Europe” Frankfurt am Main, 13 February 2008
- 22/01/2008
- Lucas Papademos: Globalisation and central bank policiesSpeech by Lucas Papademos, Vice President of the ECB, at the Bridge Forum Dialogue, Luxembourg, 22 January 2008
- 05/01/2008
- Lucas Papademos: Monetary policy communication and effectivenessSpeech by Lucas Papademos, Vice President of the ECB at the Annual Meeting of the Allied Social Science Associations New Orleans, 5 January 2008
- 12/12/2007
- Lucas Papademos: Opening remarks at the press briefing on the occasion of the publication of the December 2007 ECB Financial Stability ReviewSpeech by Lucas Papademos, Vice President of the ECB Frankfurt am Main, 12 December 2007
- 26/11/2007
- Lucas Papademos: The adoption of the euro and economic performance in Monetary UnionPublic lecture by Lucas Papademos, Vice President of the ECB at the Central Bank of Cyprus Nicosia, 26 November 2007
- 27/09/2007
- Lucas Papademos: The financial market turmoil, the European economy, and the role of the European Central BankSpeech by Lucas Papademos, Vice President of the ECB at an event organised by The European Institute New York, 27 September 2007
- 21/09/2007
- Lucas Papademos: The science of monetary policy: past advances and future challengesSpeech by Lucas Papademos, Vice President of the ECB at the conference on “Monetary Policy over 50 years” marking the 50th anniversary of the Deutsche Bundesbank Frankfurt am Main, 21 September 2007
- 07/09/2007
- Lucas Papademos: Inflation and competitiveness divergences in the euro area countries: causes, consequences and policy responsesSpeech by Lucas Papademos, Vice President of the ECB The ECB and its Watchers IX, Frankfurt am Main, 7 September 2007
- 23/07/2007
- Lucas Papademos: Challenges for the European economySpeech by Lucas Papademos, Vice President of the ECB at the conference The European Political Ideal: Cultural Origins and Future Challenges organised by the European Cultural Centre of Delphi and the Konstantinos G. Karamanlis Foundation Delphi, 23 July 2007
- 12/07/2007
- Lucas Papademos: Simulating and dealing with financial instability: Challenges for central banksSpeech by Lucas Papademos, Vice President of the ECB at the conference on “Simulating financial instability: stress-testing and financial crisis simulation exercises” European Central Bank, Frankfurt am Main, 12 July 2007
- 10/07/2007
- Lucas Papademos: Adoption of the euro by Cyprus and MaltaLucas Papademos, Vice-President of the European Central Bank, at the Euro Festivities marking the decision of the EU Council on the adoption of the euro by Cyprus and Malta Brussels, 10 July 2007
- 15/06/2007
- Lucas Papademos: ECB Financial Stability Review June 2007Opening remarks by Lucas Papademos, Vice President of the ECB at the press briefing on the occasion of the publication of the June 2007 ECB Financial Stability Review Frankfurt am Main, 15 June 2007
- 11/06/2007
- Lucas Papademos: The effects of globalisation on inflation, liquidity and monetary policySpeech by Lucas Papademos, Vice President of the ECB at the conference on the “International Dimensions of Monetary Policy” organised by the National Bureau of Economic Research S'Agaró, Girona, 11 June 2007
- 01/06/2007
- Lucas Papademos: The outlook for the European economySpeech by Lucas Papademos, Vice President of the ECB at the Spring Membership Meeting of the Institute of International Finance Athens, 1 June 2007
- 21/05/2007
- Lucas Papademos: Education, financial markets and economic growthSpeech by Lucas Papademos, Vice President of the ECB at the 35th Economics Conference on “Human Capital and Economic Growth” organised by the Österreichische Nationalbank Vienna, 21 May 2007
- 02/05/2007
- Lucas Papademos: Economic performance, institutions, and human valuesSpeech by Lucas Papademos, Vice President of the ECB at the Second International Symposium on Universal Values: “Science, Technology and Human Values” The Academy of Athens, Athens, 2 May 2007
- 23/04/2007
- Lucas Papademos: Presentation of the ECB's Annual Report 2006 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement by Lucas Papademos, Vice-President of the ECB Strasbourg, 23 April 2007
- 28/03/2007
- Lucas Papademos: Financial Integration in Europe - March 2007Introductory remarks by Lucas Papademos, Vice President of the ECB at the ECB press conference on the occasion of the first publication of the report Frankfurt am Main, 28 March 2007
- 23/03/2007
- Lucas Papademos: Population aging, financial markets and monetary policySpeech by Lucas Papademos, Vice-President of the European Central Bank at the conference “Exploring the Future of Pension Finance and the Dynamics of Institutional Pension Reform”, Amsterdam, 23 March 2007
- 11/12/2006
- Lucas Papademos: ECB Financial Stability Review December 2006Opening remarks by Lucas Papademos, Vice President of the ECB at the press briefing on the occasion of the publication of the December 2006 ECB Financial Stability Review, Frankfurt am Main, 11 December 2006
- 01/12/2006
- Lucas Papademos: Monetary Policy in a Changing World: Commitment, Strategy and CredibilitySpeech by Lucas Papademos, Vice President of the ECB at the Fourth Conference of the International Research Forum on Monetary Policy Washington D.C., 1 December 2006
- 17/11/2006
- Lucas Papademos: The global importance of the euroRemarks by Lucas Papademos, Vice President of the ECB at the Frankfurt European Banking Congress 2006 “Trade Center Europe” Frankfurt am Main, 17 November 2006
- 10/11/2006
- Lucas Papademos: The role of money in the conduct of monetary policySpeech by Lucas Papademos, Vice President of the ECB at the Fourth ECB Central Banking Conference “The role of money: money and monetary policy in the twenty-first century” Frankfurt am Main, 9 November 2006
- 20/10/2006
- Lucas Papademos: Integration and development of financial markets: a key to faster sustainable growth in EuropeSpeech by Lucas Papademos, Vice President of the ECB At the annual meeting of the Institut International d'Etudes Bancaires Athens, 20 October 2006
- 07/07/2006
- Lucas Papademos: Price stability, financial stability and efficiency, and monetary policySpeech by Lucas Papademos, Vice President of the ECB at the Third conference of the Monetary Stability Foundation on “Challenges to the financial system - ageing and low growth” Frankfurt am Main, 7 July 2006
- 29/06/2006
- Lucas Papademos: Credit risk transfer: developments and policy implicationsSpeech by Lucas Papademos, Vice-President of the ECB, at a Workshop on “Risk management and regulation in banking” jointly organised by Basel Committee on Banking Supervision, the Centre for Economic Policy Research (CEPR) and the Journal of Financial Intermediation Basel, 29 June 2006
- 08/06/2006
- Lucas Papademos: Intervention as panellist in Session 1 on Monetary Policy at a conference on “Central banks in the 21st century” organised by Banco de EspañaLucas Papademos, Vice President of the ECB, Conference organised by the Banco de España, Madrid, 8 June 2006
- 01/06/2006
- Lucas Papademos: ECB Financial Stability Review June 2006Opening remarks by Lucas Papademos, Vice President of the ECB at the press briefing on the occasion of the publication of the June 2006 ECB Financial Stability Review, Frankfurt am Main, 1 June 2006
- 25/05/2006
- Lucas Papademos: Globalisation, inflation, imbalances and monetary policySpeech by Lucas Papademos, Vice-President of the ECB at a conference on “The Euro and the Dollar in a Globalized Economy” jointly organised by the Department of Economics, Washington University in St. Louis, the Weidenbaum Center on the Economy, Government, and Public Policy, and the Federal Reserve Bank of St. Louis Sponsored by the European Union Delegation to the USA St. Louis, 25 May 2006
- 05/05/2006
- Lucas Papademos: On the Road to the Euro: Progress and Prospects of the New Member StatesSpeech by Lucas Papademos, Vice President of the ECB Intervention at a panel discussion at the conference The ECB and its Watchers VIII Frankfurt am Main, 5 May 2006
- 25/04/2006
- Lucas Papademos: Presentation of the ECB's Annual Report 2005 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement by Lucas Papademos, Vice-President of the ECB Brussels, 25 April 2006
- 10/02/2006
- Lucas Papademos: The euro area economy and emerging Asia - current issues and policy challengesSpeech by Lucas Papademos, Vice-President of the ECB at the Shanghai Head Office of the People's Bank of China Shanghai, 10 February 2006
- 08/12/2005
- Lucas Papademos: Opening remarks at the press briefing on the occasion of the publication of the December 2005 Financial Stability ReviewSpeech by Lucas Papademos, Vice-President of the ECB, Frankfurt am Main, 8 December 2005
- 18/11/2005
- Lucas Papademos: Financial markets and monetary policy in EuropeSpeech by Lucas Papademos, Vice President of the ECB, at Wharton Business School, University of Pennsylvania, Philadelphia, 18 November 2005
- 28/10/2005
- Lucas Papademos: Banking supervision and financial stability in EuropeSpeech by Lucas Papademos, Vice-President of the ECB, delivered at the Conference: “Supervision of international banks: Is a bank crisis still possible in Europe?” organised by the European Banking Federation, Brussels, 28 October 2005.
- 30/09/2005
- Lucas Papademos: Opening remarks to the press briefing: Presentation of indicators of financial integration in the euro areaSpeech by Lucas Papademos, Vice President of the ECB, Frankfurt am Main, 30 September 2005
- 22/09/2005
- Lucas Papademos: Growth and competitiveness in euro area economiesSpeech by Lucas Papademos, Vice President of the ECB, at the General Assembly of the German-Hellenic Chamber of Industry and Commerce, Athens, 22 September 2005
- 19/09/2005
- Lucas Papademos: Financial structures, credit growth and house prices in the new EU Member States: Policy challenges on the road to the euroSpeech by Lucas Papademos, Vice-President of the ECB at the Conference held by Latvijas Banka, Riga, 19 September 2005
- 16/06/2005
- Lucas Papademos: Opening address at the ECB Workshop “What effects is EMU having on the euro area and its member countries?”Lucas Papademos, Vice-President of the European Central Bank, Frankfurt am Main, 16 June 2005
- 03/06/2005
- Lucas Papademos: The political economy of the reformed Stability and Growth Pact: implications for fiscal and monetary policySpeech by Lucas Papademos, Vice President of the ECB, at the Conference “The ECB and Its Watchers VII”, 3 June 2005
- 09/05/2005
- Lucas Papademos: Monetary stability and financial integration in EuropeSpeech by Lucas Papademos, Vice President of the ECB, at the First Annual Meeting of Greek and Turkish Bank Chief Executives organised by the Institute of International Finance, Alpha Bank and Işbank Athens, 9 May 2005
- 26/04/2005
- Lucas Papademos: Presentation of the ECB's Annual Report 2004 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement by Mr Lucas Papademos, Vice-President of the European Central Bank, Brussels, 26 April 2005
- 15/04/2005
- Lucas Papademos: The euro and economic growthSpeech by Lucas Papademos, Vice President of the ECB at Forum des Idées Économiques, Sciences Po, Paris, 15 April 2005.
- 09/12/2004
- Lucas Papademos: Determinants of growth and the role of structural reforms and macroeconomic policies in EuropeSpeech by Lucas Papademos, Vice President of the ECB The 2004 Ludwig Erhard Lecture on the State of the European Economy at the Lisbon Council's Board of Economists Brussels, 9 December 2004
- 12/11/2004
- Lucas Papademos: The euro after five years: assessing its performance and global roleSpeech by Lucas Papademos, Vice-President of the European Central Bank, delivered at the 13th International Monetary Symposium “The euro: five years on - Implications for Asia” organised by the Institute for International Monetary Affairs and the Delegation of the European Commission in Japan Tokyo, 12 November 2004
- 11/11/2004
- Lucas Papademos: The economic outlook and the ECB's monetary policy: some key issuesSpeech by Lucas Papademos, Vice-President of the European Central Bank, delivered at the Nomura annual Euro Conference “A challenging future for Europe”, Tokyo, 11 November 2004
- 21/10/2004
- Lucas Papademos: Opening address at the Third ECB Central Banking Conference 'The new EU Member States: convergence and stability'Speech by Lucas Papademos, Vice President of the ECB Frankfurt am Main, 21 October 2004.
- 25/09/2004
- Lucas Papademos: How to achieve sustainable convergence on the road to EMUSpeech by Lucas Papademos, Vice President of the ECB delivered at the eighth CEPR/ESI Conference on “EMU enlargement to the East and West” Budapest, 25 September 2004
- 11/08/2004
- Lucas Papademos: Opening of the Euro Banknote Design ExhibitionSpeech by Lucas Papademos, Vice President of the ECB, Athens, 11 August 2004
- 29/07/2004
- Lucas Papademos: Economic Heterogeneity, Convergence and Monetary Policy in an Enlarged Euro AreaLucas Papademos, Vice-President of the European Central Bank, speech delivered at the 7th Biennial Athenian Policy Forum conference “Asymmetries in Trade and Currency Arrangements in the 21st Century”, jointly organised by the University of Giessen, the Athenian Policy Forum and the Deutsche Bundesbank, Frankfurt am Main, 29 July 2004
- 25/06/2004
- Lucas Papademos: Monetary policy and ERM II participation on the path to the euroSpeech by Lucas Papademos, Vice President of the ECB at the tenth Dubrovnik economic conference Dubrovnik, 25 June 2004
- 27/04/2004
- Lucas Papademos: Five years of the euro: past achievements and future challengesSpeech by Lucas Papademos Vice-President of the European Central Bank delivered at the conference The Euro at Five organised by the Federal Reserve Bank of San Francisco, the European Commission and the University of California at Berkeley San Francisco, 27 April 2004
- 19/04/2004
- Lucas Papademos: Policy-making in EMU: strategies, rules and discretionSpeech by Lucas Papademos, Vice President of the ECB Banco de España, Madrid, 19 April 2004.
- 05/04/2004
- Lucas Papademos: Some reflections on the Stability and Growth PactSpeech by Lucas Papademos, Vice-President of the ECB, at the annual dinner of the Institute of Chartered Accountants in Ireland, Dublin, 5 April 2004
- 20/02/2004
- Lucas Papademos: Introductory statement with Q&Aby Lucas Papademos, Vice-President of the European Central Bank and Chairman of the Jury for the international urban planning and architectural design competition for the New ECB Premises, at the Deutsches Architektur Museum, Frankfurt am Main, 20 February 2004.
- 14/11/2003
- Lucas Papademos: Challenges for monetary policy in EuropeAddress by Lucas D. Papademos Vice-President of the European Central Bank at the 9. Internationales Finanz- und Wirtschaftsforum, Vienna, 13 November 2003.
- 03/11/2003
- Lucas Papademos: Growth and stability in Europe: the role of monetary policySpeech by Lucas Papademos, Vice President of the ECB at the ceremony marking the 75th anniversary of the Bank of Greece Athens, 3 November 2003
- 12/06/2003
- Lucas Papademos: The Contribution of Monetary Policy to Economic GrowthLucas Papademos, Vice-President of the European Central Bank, 31st Economics Conference, Vienna, 12 June 2003
- 29/04/2003
- Lucas Papademos: Presentation of the ECB's Annual Report 2002 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statementby Mr. Lucas Papademos, Vice-President of the European Central Bank, Brussels, 29 April 2003
- 11/04/2003
- Lucas Papademos: Policy challenges of euro area enlargementSpeech by Lucas Papademos, Vice-President of the European Central Bank, at the 37th Economic Policy Panel Meeting, Athens, 11 April 2003
- 07/03/2003
- Lucas Papademos: Economic Cycles and Monetary PolicySpeech by Lucas Papademos, Vice President of the ECB Speech delivered at the International Symposium of the Banque de France on “Monetary Policy, the Economic Cycle and Financial Dynamics” Paris, 7 March 2003
- 23/04/2002
- Christian Noyer: Presentation of the ECB's Annual Report 2001 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement delivered by C. Noyer, Vice-President of the European Central Bank, Brussels, 23 April 2002.
- 22/03/2002
- Christian Noyer: France, Europe, the euro and the ECBSpeech by C. Noyer, Vice-President of the European Central Bank, University of Nantes, 22 March 2002.
- 13/02/2002
- Christian Noyer: Success factors of the euro and the ECBSpeech by C. Noyer, Vice-President of the European Central Bank, at the symposium "World Economic Climate after the Introduction of the Euro", organised by Japan Center for International Financeand Sumitomo-Life Research Institute, Tokyo, 13 February 2002.
- 12/11/2001
- Christian Noyer: "Challenges ahead": The accession processChristian Noyer, Vice-President of the European Central Bank, Foreign and Commonwealth Office, London, 12 November 2001.
- 08/11/2001
- Christian Noyer: Banking in the euro areaSpeech by Christian Noyer, Vice-President of the European Central Bank, at the 30th Anniversary of the Association of Foreign Banks' Representatives Frankfurt, 8 November 2001
- 15/10/2001
- Christian Noyer: The ECB and the accession processSpeech by Mr. Christian Noyer, Vice-President of the European Central Bank, at the European Federation of Finance House Associations (EUROFINAS) conference. Warsaw, 15 October 2001.
- 06/09/2001
- Christian Noyer: The stability-oriented monetary policy of the ECBLuncheon speech by Mr. Christian Noyer, Vice-President of the European Central Bank, at the conference organised by HSBC CCF Securities, Paris, 6 September 2001
- 29/06/2001
- Christian Noyer: The euro area: a collection of countries or a single economic entity?Speech delivered by Mr. Christian Noyer, Vice-President of the European Central Bank, at the American Chamber of Commerce in Germany, Stuttgart, 29 June 2001
- 21/05/2001
- Christian Noyer: Monetary policy formulation in the euro areaChristian Noyer, Vice-President of the European Central Bank, "Monetary Policy and the Markets", conference of the National Association for Business Economics, 21 May 2001, Washington, D.C.
- 02/05/2001
- Christian Noyer: Presentation of the ECB's Annual Report 2000 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement delivered by Christian Noyer, Vice-President of the European Central Bank, Brussels, 2 May 2001
- 20/03/2001
- Christian Noyer: First experiences with the euroSpeech by Christian Noyer, Vice-President of the European Central Bank, to be delivered at the International Center for Monetary and Banking Studies Geneva, 20 March 2001
- 06/02/2001
- Christian Noyer: Current issues in monetary policySpeech delivered by Christian Noyer, Vice-President of the European Central Bank, on the occasion of a conference organised by l'Université Robert Schuman, Institut des Hautes Etudes Européennes (IHEE) Strasbourg, 6 February 2001
- 02/02/2001
- Christian Noyer: Where are we 11 months before E-day?Speech delivered by Christian Noyer, Vice-President of the European Central Bank, on the occasion of the Forum "Tremplin pour l'euro" in Courchevel, France, on 2 February 2001
- 19/01/2001
- Christian Noyer: L'euro et l'évolution du paysage financier en EuropeAllocution prononcée par Christian Noyer, Vice-président de la Banque centrale européenne, à l'occasion de la cérémonie de remise des diplômes du CESB, Paris, 19 janvier 2001
- 17/01/2001
- Christian Noyer: Some ECB views on the accession processSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, on the occasion of The Central and Eastern European Issuers and Investors Forum, Vienna, on 17 January 2001
- 14/01/2001
- Christian Noyer: Lessons from the European experience with exchange rate and monetary policy co-operationSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the Third Asia-Europe (ASEM) Finance Ministers' Meeting, Kobe, 14 January 2001
- 22/11/2000
- Christian Noyer: How to combine a deepening and widening of the European UnionSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the Oxford University European Affairs Society, Oxford, 22 November 2000
- 27/09/2000
- Christian Noyer: The euro and the banking sectorSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the Duisburger Banking Symposium, organised by the European Center for Financial Services, 27 September 2000
- 29/06/2000
- Christian Noyer: The euro in 2000: principal features of the ECB's monetary policySpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the Recoletos Forum, Madrid, 29 June 2000
- 26/06/2000
- Christian Noyer: The development of financial markets in the euro areaSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the Royal Institute of International Affairs, London, 26 June 2000
- 03/05/2000
- Christian Noyer: Presentation of the ECB Convergence Report 2000 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory statement delivered by Christian Noyer, Vice-President of the European Central Bank, Brussels, 3 May 2000
- 17/04/2000
- Christian Noyer: Presentation of the ECB Annual Report 1999 to the Committee on Economic and Monetary Affairs of the European ParliamentIntroductory Statement delivered by Mr. Christian Noyer, Vice-President of the European Central Bank, Brussels, 17 April 2000
- 23/03/2000
- Christian Noyer: Monetary policy-making in the euro areaSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at Pareto Fonds' 2000 Economic Forum, Oslo, 23 March 2000
- 08/03/2000
- Christian Noyer: The economic situation in the euro areaSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the conference of the International Finance Futures snc (IFF) on 8 March 2000, Paris
- 24/02/2000
- Christian Noyer: The outlook for the euro area economy and its financial marketsSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the "Cérémonie de remise des Victoires des SICAV" in Paris on 24 February 2000
- 23/02/2000
- Christian Noyer: The short past and the long future of the euroSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, on the occasion of a conference organised by "le Club des Affaires de Berlin e.V.", in Berlin, 23 February 2000
- 21/01/2000
- Christian Noyer: The role of the central bank in encouraging and safeguarding savingsSpeech given by Christian Noyer, Vice-President of the European Central Bank, at the EUROFONDS colloquium in Paris, on 21 January 2000
- 13/01/2000
- Christian Noyer: The international impact of the euroSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, on the occasion of his visit to the United States, January 2000
- 06/12/1999
- Christian Noyer: The short past and long future of the euroSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the London School of Economics and Political Science on 6 December 1999 in London
- 26/11/1999
- Christian Noyer: The international role of the euro: trends, advantages and risksSpeech presented by Christian Noyer, Vice-President of the European Central Bank, before the Monetary Commission of the European League for Economic Co-operation, Kronberg, 26 November 1999
- 19/11/1999
- Christian Noyer: Monetary policy-making in EuropeSpeech presented by Christian Noyer, Vice-President of the European Central Bank, to the Spanish Association of Corporate Treasurers (ASSET) in Barcelona on 19 November 1999
- 11/11/1999
- Christian Noyer: Globally liberalised capital markets and the conduct of monetary policyIntroductory statement by Christian Noyer, Vice-President of the European Central Bank, at the Fifth International Financial and Economic Forum: "Impact of globally liberalised capital markets", organised by IFW in Vienna 11 November 1999
- 26/10/1999
- Christian Noyer: The European Central Bank: The economic and financial driving force behind future EuropeSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the University of Antwerp on 26 October 1999
- 25/10/1999
- Christian Noyer: Dix mois d'EurosystèmeIntervention de M. Christian Noyer Vice-président de la Banque centrale européenne, á l'occasion d'une conférence à Luxembourg, organisée par la Banque centrale du Luxembourg, le 25 octobre 1999
- 29/09/1999
- Christian Noyer: The role of the euro as a new European currencySpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the European Institute in New York on 29 September 1999
- 27/09/1999
- Christian Noyer: Hearing at the European Parliament's Committee on Economic and Monetary AffairsIntroductory statement delivered by Christian Noyer, Vice-President of the European Central Bank Brussels, 27 September 1999
- 19/07/1999
- Christian Noyer: The euro area in the global economyLecture delivered by Christian Noyer, Vice-President of the European Central Bank, as part of the "Distinguished Lecture Series" at the London Business Schoolon 19 July 1999 in London
- 08/07/1999
- Christian Noyer: The euro: a new stable currency for EuropeSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the "Seminar on the euro" organised by the European Union Chamber of Commerce in Korea in conjunction with the Federation of Korean Industries on 7 July 1999 in Seoul, Korea and on 8 July 1999 in Pusan, Korea
- 06/07/1999
- Christian Noyer: The euro: six months after its introductionSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the Institute for International Monetary Affairs' (IIMA) seventh symposium on "The euro: its promise and challenge to the world economy" on 6 July 1999 in Tokyo
- 23/06/1999
- Christian Noyer: The euro: Accelerator of Economic Growth in EuropeSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the lunch-meeting of Cercle d'Union Interalliée on 23 June 1999 in Paris
- 10/06/1999
- Christian Noyer: The tasks and limitations of monetary policySpeech delivered by Christian Noyer Vice-President of the European Central Bank, at the Volkswirtschaftliche Tagung of the Oesterreichische Nationalbank, on 10 June 1999 in Vienna
- 26/05/1999
- Christian Noyer: First experience with the euroSpeech delivered by Christian Noyer, Vice-President of the European Central Bank, at the conference organised by the Swedbank on 26 May 1999 in Stockholm
- 03/05/1999
- Christian Noyer: Politics and central banksSpeech by Christian Noyer, Vice-President of the European Central Bank, held at the Estonian Central Bank Tallinn, Estonia on 3 May 1999
- 24/03/1999
- Christian Noyer: L'euro à ses débutsChristian Noyer, Vice-président de la Banque centrale européenne à l'Assemblée Générale de l'Association du Forex et des Trésoriers de Banque Paris, 24 mars 1999
- 19/03/1999
- Christian Noyer: Les implications internationales de l'introduction de l'euroM. Christian Noyer Vice-président de la Banque centrale européenne « Fondation internationale pour une Histoire de la Civilisation Européenne » Divonne, France (près de Genève, Suisse), 19 mars 1999
- 08/03/1999
- Christian Noyer: First experiences with the euroSpeech by Christian Noyer, Vice-President of the European Central Bank, at the conference organised by the "Gesprächskreis Nord" of the Friedrich-Ebert Foundation, on 8 March 1999 in Hamburg
- 26/02/1999
- Christian Noyer: The international implications of the introduction of the euroSpeech by the Vice-President of the European Central Bank, Mr. Christian Noyer Contribution to panel organised by the Japan Center for International Finance and Sumitomo Life Research Institute Tokyo/Osaka, 25 and 26 February 1999
- 10/02/1999
- Christian Noyer: The stability-oriented monetary policy strategySpeech by the Vice-President of the European Central Bank, Mr. Christian Noyer at an event organised by the Club des Affaires de la Hesse, Frankfurt am Main 9 February 1999
- 08/12/1998
- Christian Noyer: A stability-oriented monetary policy strategySpeech by Christian Noyer, Vice-President of the European Central Bank, at the Euro Seminar organised by PARIBAS on 8 December 1998 at the Hotel Okura in Tokyo
- 18/11/1998
- Christian Noyer: The euro in the global financial marketChristian Noyer Vice-President of the European Central Bank Dinner speech at the European Banking Seminar organised by Julius Bär "The global financial market and the euro: strategies and prospects" Frankfurt am Main, 18 November 1998
- 01/10/1998
- Christian Noyer: L'euro: une monnaie unique pour l'EuropeChristian Noyer, Conference Organised by IPAG School "L'euro: une monnaie unique pour l'Europe", Paris, 1 October 1998