ecb president lagarde speaks live today

Our analysis suggests that credit constraints are putting a brake on the recovery in stressed countries, which adds to the disinflationary pressures. Deshalb sind Strukturreformen stets relevant für Zentralbanken, besonders aber in einer Währungsunion. Le riforme strutturali accrescono sia il prodotto potenziale sia la tenuta dell'economia agli shock e pertanto assumono rilevanza per ogni banca centrale, soprattutto in un'unione monetaria. Making firm conclusions about the degree of structural unemployment in the euro area, however, is complicated by uncertainty over estimation methods. Small businesses also report improvements in access to external sources of finance. Si los ciudadanos y los mercados financieros entienden las posibles reacciones del BCE ante una situación determinada ―su llamada «función de reacción»―, podrán formarse expectativas fundadas sobre la política monetaria. Jean-Claude Trichet: Reflections on the current financial market correction, Jean-Claude Trichet: The governance of globalisation, Jean-Claude Trichet: The handing over of the building permit for the new European Central Bank premises by the City of Frankfurt, Jean-Claude Trichet: How to increase the competitiveness of the European economy, Jean-Claude Trichet: Toward the First Decade of Economic and Monetary Union - Experiences and Perspectives, Jean-Claude Trichet: A strategic vision on euro area statistics: the ECB's view, Jean-Claude Trichet: Opening speech at the conference on ‘The safety and efficiency of post trading arrangements in Europe', Jean-Claude Trichet: A unique perspective, Jean-Claude Trichet: Remarks on the recent turbulences in global financial markets, Jean-Claude Trichet: Award of the Grand Cross 1st class of the Order of Merit by the President of the Federal Republic of Germany, Jean-Claude Trichet: Introduction and chair of the panel on “Stylised facts of globalisation and world inflation”, Jean-Claude Trichet: Introductory remarks at the inauguration of the Willem F. Duisenberg Fellowship of the Netherlands Institute for Advanced Study, Jean-Claude Trichet: The growing importance of the Asia-Pacific region, Jean-Claude Trichet: Structural reforms for the European economy, Jean-Claude Trichet: Globalisation, inflation and the ECB monetary policy, Jean-Claude Trichet: Keynote speech at the Second Symposium of the ECB-CFS research network on “Capital Markets and Financial Integration in Europe”, Jean-Claude Trichet: Enhancing the EU arrangements for financial stability, Jean-Claude Trichet: The successful entry of Cyprus into the euro area, Jean-Claude Trichet: The creation of economic and corporate wealth in a dynamic economy - Contribution to the panel discussion, Jean-Claude Trichet: A few remarks on communication by central banks, Jean-Claude Trichet: The successful entry of Malta into the euro area, Jean-Claude Trichet: Remarks at the meeting of the Management Board of the CDU, Jean-Claude Trichet: The US economy, the euro area economy, and their central banks, Jean-Claude Trichet: The process of European economic and financial integration, Jean-Claude Trichet: Enhancing the EU regulatory and supervisory framework: The Eurosystem's perspective, Jean-Claude Trichet: The growing importance of emerging economies in the globalised world and its implications for the international financial architecture, Jean-Claude Trichet: Global Capital - Surrender of National Policies? The turning point came when European policymakers acknowledged the need to complete the euro area’s institutional architecture, with banking union as a first step. Il ne s’agit pas d’un débat portant sur notre objectif, qui est de ramener l’inflation vers 2 % à moyen terme, conformément à notre mandat. Bei einem schriftlichen Resümee gleich welcher Art müssen jedoch die Unabhängigkeit der Mitglieder des EZB-Rats und die Beschlussfassung als Kollegium gewahrt bleiben. See what has changed in our privacy policy, Keynote speech by Christine Lagarde, President of the ECB, at the European Banking Congress, Introductory statement by Christine Lagarde, President of the ECB, at the ECON Committee of the European Parliament (by videoconference), Keynote speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking, Contribution by Christine Lagarde, President of the ECB, during the session “Rebuilding and Sustaining Growth”, Statement by Christine Lagarde, President of the ECB, at the forty-second meeting of the International Monetary and Financial Committee, Speech by Christine Lagarde, President of the ECB, at the “ECB and Its Watchers XXI” conference, Introductory remarks by Christine Lagarde, President of the ECB, at the Franco-German Parliamentary Assembly, 21 September 2020, Contribution by Christine Lagarde, President of the ECB during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”, Speech by Christine Lagarde, President of the ECB, at the Deutsche Bundesbank online conference on banking and payments in the digital world, Remarks by Christine Lagarde, President of the ECB, via videoconference at the inaugural session of the Italian National Consultation, Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament (by videoconference), Opening remarks by Christine Lagarde, President of the ECB, at the Online Edition of The State of the Union conference organised by the European University Institute, Statement by Christine Lagarde, President of the ECB, at the forty-first meeting of the International Monetary and Financial Committee, Speech by Christine Lagarde, President of the ECB, at the launch of the COP 26 Private Finance Agenda, Introductory statement by Christine Lagarde, President of the ECB, on the occasion of the presentation of the ECB Annual Report 2018 at the European Parliament, Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament, Speech by Christine Lagarde, President of the ECB, at the "Grand Prix de l’Économie des Echos pour l’année 2019", Opening remarks by Christine Lagarde, President of the ECB, during a dinner on "Uniting Europe" at the World Economic Forum, Speech by Christine Lagarde, President of the ECB, at the New Year’s Reception of the City of Frankfurt, 16 January 2020, Welcome address by Christine Lagarde, President of the ECB, on signing the euro banknotes, Speech by Christine Lagarde, President of the ECB, at the Frankfurt European Banking Congress, Laudatory speech by Christine Lagarde, President of the ECB, for Dr Wolfgang Schäuble at the VdZ Publishers’ Night, Berlin, 4 November 2019, Remarks by Mario Draghi, President of the ECB, at the farewell event in his honour, Statement by Mario Draghi, President of the ECB, at the fortieth meeting of the International Monetary and Financial Committee, Acceptance speech by Mario Draghi, President of the ECB, for the Laurea Honoris Causa from the Università Cattolica, Speech by Mario Draghi, President of the ECB, at the Academy of Athens, Welcome remarks by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the fourth annual conference of the ESRB, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 23 September 2019, Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 18 June 2019, Speech by Mario Draghi, President of the ECB, at the 8th ECB conference on central, eastern and south-eastern European countries, Frankfurt, 12 June 2019, Statement by Mario Draghi, President of the ECB, at the thirty-ninth meeting of the International Monetary and Financial Committee, Washington, D.C., 12 April 2019, Speech by Mario Draghi, President of the ECB, at the conference 'The ECB and Its Watchers XX', Frankfurt am Main, 27 March 2019, Speech by Mario Draghi, President of the ECB, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 28 January 2019, Speech by Mario Draghi, President of the European Central Bank, at the plenary debate of the European Parliament on the ECB’s Annual Report 2017, Strasbourg, 15 January 2019, Speech by Mario Draghi, President of the European Central Bank, at the session of the plenary of the European Parliament to mark the anniversary of the euro in Strasbourg, 15 January 2019, Speech by Mario Draghi, President of the ECB, at Laurea Honoris Causa in Economics by University of Sant'Anna, Pisa, 15 December 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 26 November 2018, Speech by Mario Draghi, President of the ECB, Frankfurt European Banking Congress, Frankfurt am Main, 16 November 2018, Introductory statement by Mario Draghi, President of the ECB, during his exchange of views with the House of Representatives in Dublin, Ireland, 8 November 2018, First Lamfalussy Lecture by Mario Draghi, President of the ECB, at the Banque Nationale de Belgique, Brussels, 26 October 2018, Statement by Mario Draghi, President of the ECB, at the thirty-eighth meeting of the International Monetary and Financial Committee, Bali (Indonesia), 12 October 2018. Pero para entender qué significa «demasiado baja durante demasiado tiempo», tenemos que plantearnos dos preguntas. Author: Justin Low | Category: News. This is why the Governing Council has communicated its expectation that the combination of all the monetary policy measures it has decided on will expand the Eurosystem’s balance sheet towards the levels prevailing in early 2012, Mr Draghi said. Photographer: Chris Ratcliffe/Bloomberg The question, though, is whether politicians can overcome their own squabbles. De Raad van Bestuur heeft zich – unaniem – verplicht tot het gebruik van onconventionele en conventionele instrumenten om op effectieve wijze de risico’s van een te lang aanhoudende periode van lage inflatie tegen te gaan. « Si certains membres de la zone euro sont pénalisés par leur appartenance à l'union monétaire, des doutes peuvent naître sur leur éventuelle sortie ». Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Frankfurt European Banking Congress, at the Alte Oper in Frankfurt am Main, 23 November 2001. Author: Justin Low | … In particular, the ECB has taken several non-standard measures to ensure the transmission of its monetary policy to the economy. There is also considerable heterogeneity across countries in terms of initial conditions, and in the way that demand shocks interact with labour market institutions. L’atonie du crédit semble contribuer à la faiblesse de l’activité économique dans ces pays. Draghi ha dichiarato che per questa ragione il Consiglio direttivo ha comunicato l’attesa secondo la quale l’insieme di tutte le misure di politica monetaria decise farà aumentare il bilancio dell’Eurosistema, che si porterà in prossimità dei livelli osservati agli inizi del 2012. Streamed live on Feb 11, 2020 #Live Now | STRASBOURG - Presentation of the #ECB Annual Report 2018 by its president Christine #Lagarde at the #EuropeanParliament . Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 21 May 2002, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, upon receiving the European Banker of the Year Award on behalf of the Governing Council of the ECB Frankfurt, 16 May 2002 Introductory remarks. «Las compras de bonos garantizados sumadas a las compras de bonos de titulización de activos nos permitirán actuaciones de la envergadura necesaria para lograr los efectos deseados en términos de reajuste de carteras y señalamiento». ECB-rådet har vidare förbundit sig att publicera en redogörelse av de penningpolitiska diskussionerna. Pour continuer à orienter les anticipations dans ce contexte, la BCE a dû se montrer plus explicite dans sa communication. Sarebbe inoltre più difficile abbattere il debito eccessivo tuttora presente in alcuni paesi. At this point of the cycle, these considerations feature prominently in the discussions of the Governing Council members. On the institutional side, we need to move from a system of rules and guidelines for national economic policy making to a system of further sovereignty sharing within common institutions. And as their foreign liabilities were mainly interbank, they could not share the subsequent losses with other jurisdictions.” So when the crisis hit, the cost of repairing balance sheets fell largely on their domestic fiscal authorities. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the 2003 Spruce Meadows Round Table, Calgary, Friday 5 September 2003. Detta innebär framför allt strukturreformer, sa ordföranden. Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002. Falling commodity prices have accounted for around 80% of the decline in euro area inflation since late 2011. Structurele hervormingen zijn van even groot belang door hun effect op de groei. Please refresh the page if you do not see a player above at that time.]. “Se vi sono parti dell’area dell’euro che si trovano in condizioni peggiori partecipando all’unione, potrebbe sorgere il dubbio che alla fine si ritrovino a doverla lasciare”. Een schriftelijk verslag dient de onafhankelijkheid van de leden van de Raad van Bestuur en de collegialiteit van hun besluitvorming te waarborgen. It is even more true for countries sharing the single currency. Per i paesi dell'unione monetaria la capacità di tenuta è cruciale per evitare che gli shock generino una disoccupazione durevolmente maggiore e, nel tempo, una divergenza economica permanente. But political sovereignty and the market do not perfectly overlap so the question in Europe is which institutions are most appropriate to uphold as much freedom of the market as possible for different members. Per assicurare che, a fronte di uno shock, i paesi stiano meglio all’interno dell’unione che al suo esterno, “occorrono altre modalità per agevolare la ripartizione di tali costi [...] l’onere di espletare questo ruolo incombe in modo particolare sulla ripartizione del rischio nel settore privato”. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the meeting of the Zürcher Volkswirtschaftliche Gesellschaft, Zurich, 19 May 2003. Since there is little data scheduled for release today, therefore markets are likely to be steered by coronavirus-related newsflow and its impact on risk sentiment. "En om deze reden kan goed worden verdedigd dat de soevereiniteit over relevant economisch beleid gezamenlijk dient te worden uitgeoefend. Address by Dr. W. F. Duisenberg, President of the ECB, Vienna, 9 May 2003, Dr. Willem F. Duisenberg, President of the European Central Bank, Rome, 2 April 2003, W. F. Duisenberg, Kiel, 27. Der EZB-Rat hat sich – einstimmig – verpflichtet, sowohl konventionelle als auch unkonventionelle Instrumente einzusetzen, um den Risiken einer zu lang anhaltenden Phase niedriger Inflation wirksam entgegenzutreten. ECB President Mario Draghi outlined the minimum requirements needed to complete monetary union in a way that offers stability and prosperity for all its members in a speech to students of the University of Helsinki. A fronte di un certo scollamento tra andamento dell’economia e inflazione, l’azione di politica monetaria va considerata attentamente e formulata con precisione. « L'euro est - et doit être - irrévocable dans tous les pays participants, pas uniquement parce que les traités le veulent ainsi, mais parce que c'est la condition sine qua non de l'existence d'une monnaie véritablement unique », a-t-il déclaré. There are two key areas where national and European level government action can help revive investment. Lo mismo ocurre si las reformas se eligen cuidadosamente. A questo proposito Draghi ha dichiarato che il problema delle barriere all’integrazione dei mercati dei capitali va affrontato con urgenza. Não há, porém, discussão quanto ao nosso objetivo, que consiste em fazer a inflação regressar a valores próximos de 2% no médio prazo, em conformidade com o nosso mandato. Lagarde will be participating in the opening plenary session at the WEF’s Pioneers of Change Summit at 1300 GMT She will be participating in a with a few business leaders where they will … Staatsobligaties moeten tevens fungeren als veilige haven in tijden van economische stress. Jean-Claude Trichet: Financial integration: Where do we stand? OUR money, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Willem F. Duisenberg: Speech at the Parliamentary Assembly of the Council of Europe, Willem F. Duisenberg: The euro: a new currency for Europe, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 23 November 2000, Willem F. Duisenberg: The international role of the euro, Willem F. Duisenberg: Recent developments and trends in world financial markets, Willem F. Duisenberg: The euro and the single monetary policy, Willem F. Duisenberg: First ECB Central Banking Conference, 2-3 November 2000, Frankfurt am Main, Willem F. Duisenberg: Europe's contribution to the stability of financial markets, Willem F. Duisenberg: Business conditions and the economic outlook in the euro area, Willem F. Duisenberg: Making monetary policy in a broad monetary union, Willem F. Duisenberg: The role of the ECB at the international level, Willem F. Duisenberg: The euro as a catalyst for legal convergence in Europe, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament. Browse the ECB’s reports, publications and research papers and filter them by date or activity. The beneficial impact of the ECB’s asset purchases on financing conditions will increase the benefits of governments’ structural reforms, rather than reducing incentives for reforms. Willem F. Duisenberg: The euro, the dollar and national economic policies: what room for manoeuvre? Heads up: Fed chair Powell, ECB president Lagarde, BOE governor Bailey all due to speak later today. Se questa “gestione delle aspettative” ha funzionato relativamente bene in tempi normali, la crisi ha per noi inevitabilmente complicato il processo decisionale e reso più difficile la comprensione delle nostre politiche. Jean-Claude Trichet: How can the European economy succeed in an increasingly globalised world ? In this context, the inflation situation in the euro area has also become increasingly challenging. Es la combinación de estas políticas de oferta y demanda lo que dará como resultado una estabilidad y una prosperidad duraderas. Si las reformas estructurales son creíbles, sus efectos positivos pueden apreciarse rápidamente, incluso en un entorno de contención de la demanda. Wat betreft de monetairbeleidsreactie is het essentiële element timing. Der Präsident hob das Risiko hervor, dass eine über einen zu langen Zeitraum niedrige Inflation sich in den Inflationserwartungen festsetzen könnte. Latest Live Videos ; Shows Schedule ... ECB's new President Lagarde to speak later today in Berlin ANALYSIS | 11/4/2019 8:13:09 AM. Le politiche strutturali e cicliche, compresa la politica monetaria, sono fortemente interdipendenti. Heads up: ECB president Lagarde to speak later today. Se possono comprendere quale sarà la probabile risposta della BCE in determinate circostanze, ovvero la “funzione di reazione”, l’opinione pubblica e i mercati finanziari saranno in grado di formulare aspettative ragionevoli circa il corso futuro della politica monetaria. Discours de Jean-Claude Trichet, Président de la Banque centrale européenne, le 24 mars 2005, à l'occasion de la réception du titre de docteur honoris causa de l'Université de Liège (Belgique). That means above all structural reforms”, the President remarked. But to understand “what is too low for too long”, we need to answer two questions. De economische situatie in het eurogebied blijft precair en het vertrouwen in de algehele vooruitzichten voor de economie is broos en snel verstoord, waardoor er weinig wordt geïnvesteerd, aldus Draghi. Indecisive market. Lisäksi tarvitaan kuitenkin kattava strategia, jolla euroalueen talous saadaan jälleen kasvuun. In questa fase del ciclo economico, tali considerazioni assumono particolare rilievo nelle discussioni dei membri del Consiglio direttivo. Following the recalibration of our instruments decided by the Governing Council earlier this month, the ECB expects inflation to return to its objective without undue delay. Ein beträchtlicher Teil der in der Krise verbuchten wirtschaftlichen Verluste würde also dauerhaft bestehen bleiben – mit der Folge einer strukturellen Arbeitslosigkeit von mehr als 10 % und einer erhöhten Jugendarbeitslosigkeit. In this context Mr Draghi said barriers to capital markets integration needed to be addressed with urgency. Inoltre, andrebbe a integrare i messaggi in tempo reale comunicati nelle conferenze stampa e fornirebbe informazioni aggiuntive utili a migliorare la comprensione della nostra funzione di reazione. L’eterogeneità diventa un fattore di cui tenere conto nel valutare il basso livello di inflazione nell’area dell’euro. En segundo lugar, una vez desglosados los componentes de la inflación, podemos preguntarnos ¿cuál es la probabilidad de que se mantenga a medio plazo? But this picture masks the heterogeneity within the euro area. Der Euroraum verfügt über ein erhebliches unausgeschöpftes Potenzial für einen deutlichen Produktions-, Beschäftigungs- und Wohlstandszuwachs. Dado que muchas economías están muy lejos de aplicar las mejores prácticas, los beneficios de las reformas estructurales son más fáciles de alcanzar y su magnitud potencial es mayor. Und dank unserer akkommodierenden Geldpolitik wird der Nutzen der Reformen schneller zum Tragen kommen, denn sie schafft ideale Bedingungen hierfür. Monetary Dialogue of the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 12 September 2000. Speech by Christine Lagarde, President of the ECB, at the Deutsche Bundesbank online conference on banking and payments in … Willem F. Duisenberg: What are the political consequences of the euro? Nous devons être conscients des asymétries des diverses tendances : la progression de la demande de crédits ; le redressement des bilans des banques ; et l’évolution observée sur les marchés des capitaux, complétant les prêts bancaires. share. Können die breite Öffentlichkeit und die Finanzmärkte verstehen, wie die EZB in einer bestimmten Situation voraussichtlich reagiert – wie sie also ihre sogenannte Reaktionsfunktion ausübt –, so können sie begründete Erwartungen in Bezug auf die künftige Geldpolitik formulieren. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Frankfurt Banking Evening Frankfurt, 16 June 2003, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the G10 Committee on Payment and Settlement Systems conference on "Private and public sector challenges in the payment system", Frankfurt, 12 June 2003. Structureel beleid en conjunctuurbeleid - met inbegrip van het monetair beleid - zijn zeer nauw met elkaar verbonden Structurele hervormingen verhogen zowel de potentiële productie als de schokbestendigheid van de economie. Jean-Claude Trichet: How to preserve and consolidate the remarkable success of the Euro and the performance of the European economy? A Division of NBCUniversal. Die Veröffentlichung einer Zusammenfassung der wichtigsten Argumente in einer nicht attribuierten Form sollte insgesamt diese Ziele erreichen. The impact of the programme and the ECB’s previous monetary policy measures is visible: Bank lending rates to companies started to decline in the third quarter of last year, market-based measures of inflation expectations have reacted positively to the ECB’s balance sheet expansion over recent months, and euro area long-term sovereign yields have fallen – in spite of the renewed crisis in Greece. #Live Now | STRASBOURG - Presentation of the #ECB Annual Report 2018 by its president Christine #Lagarde at the #EuropeanParliament. share. Moreover, those who have experienced the crisis, or the economic volatility of the 1970s and early 1980s, know that recovery also stems from joint action. Il ressort de notre analyse que les contraintes de crédit freinent la reprise dans les pays en difficulté, ce qui amplifie les pressions désinflationnistes. El presidente del BCE destacó el riesgo de que un período demasiado prolongado de baja inflación pueda reflejarse en las expectativas de inflación, y subrayó que el firme anclaje de dichas expectativas es fundamental en cualquier circunstancia. «Por este motivo el Consejo de Gobierno ha manifestado su expectativa de que el conjunto de medidas de política monetaria adoptadas amplíe el balance del Eurosistema hasta los niveles de principios del 2012», señaló Mario Draghi. Tout compte rendu écrit doit préserver l’indépendance des membres du Conseil des gouverneurs et le caractère collégial de la prise de décision. Les réformes structurelles sont tout aussi cruciales s'agissant de leurs retombées en termes de croissance. Thursday, 24 th November. La zone euro se caractérise par un grand potentiel inexploité en vue d'une croissance, d'un niveau d'emploi et d'un bien-être significativement supérieurs. Inoltre il Consiglio direttivo si attiverà a salvaguardia dall’inflazione e altrettanto dalla deflazione. Fourth, complementary action at the EU level would also seem to be necessary to ensure both an appropriate aggregate position and a large public investment programme. From peak to trough business investment in the euro area decreased by around 20% since 2008, against 15% in the 1992 recession. Keynote address by Dr. Willem F. Duisenberg, President of the European Central Bank, at an awards ceremony and press conference held on the eve of the introduction of the euro banknotes and coins, Frankfurt am Main, 31 December 2001. The move towards a banking union is crucial not only for the functioning of the financial system, but also for the conduct of monetary policy. Speech by Willem F. Duisenberg President of the European Central Bank at the Second Asia-Europe Finance Ministers' Meeting on 15 January 1999, Frankfurt am Main, Germany. ", Welcome speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a Conference on "Challenges for the European future" on the occasion of the 60th birthday of Mrs. Randzio-Plath, Hamburg, 28 October 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 75th anniversary of the International Chamber of Commerce Deutschland, Berlin, 26 October 2000, "Jean Monnet" Lecture delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the European Business School London, London, 12 October 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Annual Meeting of the Institute of International Finance, Inc. (IIF), Prague, 23 September 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the Annual Conference of the International Bar Association, Amsterdam, 17 September 2000. The Single Supervisory Mechanism will enable supervisors to mitigate the possible destabilising effects of financial integration. ”On kuitenkin selvää, että ennen kuin voimme tehdä voitavamme, meidän on otettava ratkaiseva askel kohti finanssiunionia.”. Get this delivered to your inbox, and more info about our products and services. If, however, it becomes necessary to further address risks of too prolonged a period of low inflation, the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate. Aus diesem Grund hat der EZB-Rat Überlegungen zur Veröffentlichung von Aufzeichnungen oder Zusammenfassungen seiner geldpolitischen Beratungen angestellt. This is suggested by patterns of long-term unemployment and skill mismatches. Speech by Jean-Claude Trichet, President of the European Central Bank, Annual Congress of German Savings Banks, Frankfurt, 5 May 2004, Introductory statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 27 April 2004. Le riforme strutturali sono altrettanto rilevanti per il loro effetto sulla crescita. Weekly schedule of public speaking engagements and other activities Friday, 27 November 2020 - Sunday, 06 December 2020 Friday, 27 Nov 2020 Board member: Fabio Panetta Event: Speech by Mr Panetta at Deutsche Bundesbank's virtual conference on the "Future of Payments in Europe" Time: 10:35 CET Contact: Silvia Margiocco - ECB Global Media Relations - Tel: +49 69 1344 6619 - Mob: +49 170 … The Zolotas Lecture by Dr. Willem F. Duisenberg, President of the European Central Bank, Athens, 15 October 1999, Toespraak door Dr. Willem F. Duisenberg, President van de Europese Centrale Bank, Ter gelegenheid van het 175-jarig bestaan en de ingebruikneming van een nieuw hoofdkantoor door ABN AMRO op 13 oktober 1999 te Amsterdam, Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg at the joint congress of the Federations, EUROFINAS and LEASEUROPE, on 11 October 1999 in Paris, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference "Resilience and Resurgence in Latin America" in New York on 1 October 1999. Met onze “forward guidance”, de door ons gegeven indicaties omtrent het toekomstige rentebeleid, beogen wij een leidraad te geven ten aanzien van het verwachte niveau van de toekomstige rentetarieven, en onzekerheid over dat niveau weg te nemen door de communicatie over onze reactiefunctie te versterken. Niiden avulla varmistetaan, että rahapolitiikan mitoitus tukee kasvua ja edistää talouden vähittäistä elpymistä sekä paluuta lähemmäksi tavoitteen mukaista inflaatiovauhtia (hieman alle kahden prosentin). Third, stronger coordination among the different national fiscal stances should in principle facilitate a more growth-friendly aggregate fiscal stance for the euro area. Oordeelsvorming zal dus waarschijnlijk een grotere rol spelen bij de besluitvorming, en dit betekent dat er afwegingen moeten worden gemaakt die moeten worden uitgelegd. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures. « Des arguments solides plaident pour l'exercice en commun de la souveraineté sur certaines politiques économiques. Watch LIVE here the ECB Strategy review debate. Hinter diesem Bild verbirgt sich jedoch die Heterogenität innerhalb des Eurogebiets. Oktober 1998 in Basel, Speech presented by Dr. Willem F. Duisenberg, President of the ECB, at the Konrad-Adenauer-Stiftung, Berlin, Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg am Luxembourg Finance Market Forum am 14. The President restated that the ECB was and remains determined to protect the euro, while reminding that more works needs to be done to improve "our" union, not only in the banking sector but also in relation to capital markets and in the economic and fiscal realms. Key figures and latest releases at a glance. Mario Draghi, Presidente della Banca centrale europea, ha aperto oggi il Congresso bancario europeo con un’analisi della situazione economica nell’area dell’euro e della risposta di politica monetaria fornita dalla BCE. Se voidaan varmistaa ennen kaikkea vahvalla finanssipolitiikan ohjaus- ja valvontajärjestelmällä. In diesem Fall wäre gegebenenfalls ein gezieltes längerfristiges Refinanzierungsgeschäft oder ein Programm zum Ankauf von Asset-Backed Securities (ABS) eine geeignete Reaktion. Nonetheless by mid-2010 most advanced economies were showing signs of a gradual return to growth. Un élément requiert en ce moment toute notre vigilance : il s’agit de la possibilité qu’une spirale négative se mette en place entre une faible inflation, le repli des anticipations d’inflation et le crédit, notamment dans les pays en difficulté. Infine, una crescita potenziale contenuta può avere un impatto diretto sugli strumenti disponibili per la politica monetaria, poiché aumenta la probabilità che la banca centrale porti i tassi di interesse al limite inferiore e debba spesso ricorrere a misure non convenzionali per assolvere il proprio mandato. Speech by Mario Draghi, President of the ECB, at Führungstreffen Wirtschaft “Strategies for more growth” organised by Süddeutsche Zeitung, Berlin, 21 November 2013. En el momento actual del ciclo, estas consideraciones ocupan un lugar preeminente en las discusiones entre los miembros del Consejo de Gobierno. Against this background the ECB announced Outright Monetary Transactions (OMT). The latest unconventional measures announced by the ECB (the targeted long term refinancing operations (TLTROs), and the covered bond and ABS purchase programmes) will have a sizeable impact on our balance sheet, which we expect to move towards its early 2012 dimension. An diesem Punkt des Zyklus spielen diese Überlegungen eine wichtige Rolle bei den Erörterungen der Mitglieder des EZB-Rats. Er bestaat het risico dat verwachtingen van desinflatie ontstaan. Dit zou dan, in een klassieke deflatoire cyclus, huishoudens en bedrijven ertoe kunnen brengen uitgaven uit te stellen – met name wanneer het monetair beleid aan de effectieve ondergrens zit en dus niet het nominale inflatiecijfer kan doen dalen ter compensatie. The development of the market for simple and transparent Asset Backed Securities deserves particular support. Cette évolution pourrait alors inciter les ménages et les entreprises à différer leurs dépenses, phénomène classique dans un cycle déflationniste, notamment lorsque la politique monétaire a touché la limite inférieure effective et ne peut donc réduire le taux nominal pour compenser. They have been instrumental in arresting and reversing the deflationary pressures that hit the euro a year ago. Lisäksi EKP:n neuvosto on sitoutunut julkaisemaan selonteon käymistään rahapoliittisista keskusteluista. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the presentation of a stamp commemorating the ten-year anniversary of the Maastricht Treaty Bundesfinanzministerium, 22 October 2003. En ons accommoderende monetair beleid betekent dat de voordelen van hervormingen zich sneller zullen concretiseren, en aldus de ideale voorwaarden zullen creëren voor het welslagen van deze hervormingen. Gegenwärtig gehen wir davon aus, dass die niedrige Inflation zwar länger anhalten, jedoch schrittweise auf ein Niveau von 2 % zurückkehren wird. Speaking at the Inauguration of the European Central Bank's new supervisory responsibilities, Mario Draghi, the President of the European Central Bank, reflected on the creation of the Single Supervisory Mechanism, reminding the context that lead the Council and the Parliament to entrust the ECB with supervisory tasks. Releasing an account of the main arguments considered, in a non-attributed form, should on balance achieve these goals. That led to a situation where banks used short-term and debt-based funding to increase lending to favoured domestic sectors such as real estate. No entanto, dois fatores específicos à área do euro contribuem para a baixa inflação: o aumento da taxa de câmbio do euro e o processo de ajustamento dos preços relativos em alguns países da área do euro. ECB chief Christine Lagarde speaks of a new order in the world economy at debut speech Published Fri, Nov 22 2019 4:06 AM EST Updated Fri, Nov 22 2019 6:04 AM EST Silvia Amaro @Silvia_Amaro Et l’hétérogénéité devient un facteur à prendre en compte dans l’évaluation de la faible inflation dans la zone euro. The answer is not to unwind integration, nor to hold out an unattainable vision of where integration should lead. To highlight three risks: global growth this year will be the weakest since 2009; this is the weakest euro area rebound since 1998; and the recovery remains very protracted in historical perspective. Ansvarighet och öppenhet är nödvändiga förutsättningar för att en centralbank ska bevara sitt oberoende, särskilt i tider då okonventionella åtgärder vidtas. Questo quadro, tuttavia, cela l’eterogeneità presente all’interno dell’area. Actualmente, nuestra expectativa es que la inflación continúe en niveles bajos y que retorne gradualmente al 2 %. This makes the market a political construct. En primer lugar, ¿por qué está la inflación en un nivel tan bajo? The ongoing work towards a Capital Market Union (CMU) is an opportunity to accelerate progress also on this front. Navigation Path: Keynote speech by Jean-Claude Trichet, President of the European Central Bank, at the CESR Conference “Europe's Single Market in Financial Services: under construction or fully integrated”, Paris, 6 December 2004. Christine Lagarde: Frankfurt and Europe in a new decade, Christine Lagarde: The future of the euro area economy, Mario Draghi: Policymaking, responsibility and uncertainty, Mario Draghi: Stabilisation policies in a monetary union, Mario Draghi: Macroprudential policy in Europe, Mario Draghi: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: Twenty Years of the ECB’s monetary policy, Mario Draghi: Monetary policy in the euro area, Mario Draghi: Sovereignty in a globalised world, Mario Draghi: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: Debate about the Annual Report, Mario Draghi: 20th anniversary of the euro, Mario Draghi: Europe and the euro 20 years on, Mario Draghi: The outlook for the euro area economy, Mario Draghi: Exchange of views with members of the Irish Parliament, Mario Draghi: Welcome remarks at the third annual conference of the ESRB, Mario Draghi: Economic and Monetary Union: past and present, Mario Draghi: The Benefits of European Supervision, Mario Draghi: Risk-reducing and risk-sharing in our Monetary Union, Mario Draghi: Generation €uro Students’ Award 2018 event, Mario Draghi: Monetary Policy in the Euro Area, Mario Draghi: European Parliament plenary debate on the ECB Annual Report for 2016, Mario Draghi: Monetary policy and the outlook for the economy, Mario Draghi: European banking supervision three years on, Mario Draghi: Structural reforms in the euro area, Mario Draghi: Youth unemployment in the euro area, Mario Draghi: Building on the achievements of post-crisis reforms, Mario Draghi: Sustaining openness in a dynamic global economy, Mario Draghi: The interdependence of research and policymaking, Mario Draghi: Accompanying the economic recovery, Mario Draghi: The interaction between monetary policy and financial stability in the euro area, Mario Draghi: Response by Mario Draghi, President of the ECB, on the receipt of an Honorary Doctorate from Tel Aviv University, Mario Draghi: Introductory remarks at the House of Representatives of the Netherlands, Mario Draghi: The Monnet method: its relevance for Europe then and now, Mario Draghi: Monetary policy and the economic recovery in the euro area, Mario Draghi: Address to mark the launch of the new €50 banknote, Mario Draghi: Moving to the Frontier: Promoting the Diffusion of Innovation, Mario Draghi: Security through unity: making integration work for Europe, Mario Draghi: Cavour Prize 2016: commemoration, Mario Draghi: The productivity challenge for Europe, Mario Draghi: Introductory statement to the plenary debate of the European Parliament on the ECB's Annual Report 2015, Mario Draghi: The state and prospects of the euro area recovery, Mario Draghi: Stability, equity and monetary policy, Mario Draghi: Working together for growth in Europe, Mario Draghi: Researching the Macroeconomic Policies of the Future, Mario Draghi: Reviving the spirit of De Gasperi: working together for an effective and inclusive Union, Mario Draghi: Eighth ECB Statistics Conference, Mario Draghi: The International Dimension of Monetary Policy, Mario Draghi: On the importance of policy alignment to fulfil our economic potential, Mario Draghi: Delivering a symmetric mandate with asymmetric tools: monetary policy in a context of low interest rates, Mario Draghi: Addressing the causes of low interest rates, Mario Draghi: Participation of the President in the Portuguese Council of State, Mario Draghi: Hearing at the European Parliament's Economic and Monetary Affairs Committee, Mario Draghi: How central banks meet the challenge of low inflation, Mario Draghi: European Parliament plenary debate on the ECB Annual Report for 2014, Mario Draghi: How domestic economic strength can prevail over global weakness, Mario Draghi: Monetary policy and structural reforms in the euro area, Mario Draghi: Global and domestic inflation, Mario Draghi: Monetary Policy: Past, Present and Future, Mario Draghi: Cross-border markets and common governance, Mario Draghi: Speech to mark the opening of the academic year at the Università Cattolica del Sacro Cuore, Mario Draghi: One year of ECB Banking Supervision, Mario Draghi: Reception for the Opening of the European Cultural Days, Mario Draghi: Euro area economic outlook, the ECB's monetary policy and current policy challenges, Mario Draghi: Welcome address at the art inauguration at the ECB, Mario Draghi: President's introductory remarks at the regular ECON hearing, Mario Draghi: Opening remarks at the T2S launch celebration, Mario Draghi: Structural reforms, inflation and monetary policy, Mario Draghi: The ECB's recent monetary policy measures: Effectiveness and challenges, Mario Draghi: Euro area economic outlook, the ECB's monetary policy and current policy challenges, Mario Draghi: Accounts and accountability, Mario Draghi: Introductory statement at the Italian Parliament, Mario Draghi: Hearing at the European Parliament's Economic and Monetary Affairs Committee (introductory remarks and Q&A), Mario Draghi: Speech at the inauguration of the New ECB Premises, Mario Draghi: Speech by the President at SZ Finance Day 2015, Mario Draghi: The ECB and its Watchers XVI Conference, Mario Draghi: Introductory statement to the plenary debate of the European Parliament on the ECB's Annual Report 2013, Mario Draghi: Unveiling of the new €20 banknote, Mario Draghi: Stability and Prosperity in Monetary Union, Mario Draghi: Introductory remarks at the Finnish parliament, Mario Draghi: Stronger together in Europe: the contribution of banking supervision, Mario Draghi: Introductory remarks at the EP's Economic and Monetary Affairs Committee, Mario Draghi: The economic policy of Federico Caffè in our times, Mario Draghi: Economic situation in the euro area (slides from the presentation), Mario Draghi: Towards the banking union - Opportunities and challenges for statistics, Mario Draghi: Statement by Mario Draghi, President of the ECB, at the Thirtieth meeting of the IMFC, Mario Draghi: Recovery and Reform in the euro area, Mario Draghi: Keynote speech at the Euro Conference - Lithuania, Mario Draghi: Keynote speech at the Eurofi Financial Forum, Mario Draghi: Unemployment in the euro area, Mario Draghi: Memorial lecture in honour of Tommaso Padoa-Schioppa, Mario Draghi: Monetary policy in a prolonged period of low inflation, Mario Draghi: Monetary policy communication in turbulent times, Mario Draghi: A consistent strategy for a sustained recovery, Mario Draghi: The path to recovery and the ECB's role, Mario Draghi: Financial Integration and Banking Union, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2012, Mario Draghi: Money and monetary institutions after the crisis, Mario Draghi: Opening speech at the European Banking Congress “The future of Europe”, Mario Draghi: Keynote address at the Süddeutsche Zeitung Führungstreffen Wirtschaft 2013, Mario Draghi: The euro area economy: current prospects and challenges ahead, Mario Draghi: Europe's pursuit of ‘a more perfect Union', Mario Draghi: Keynote speech at the conference “Europe and the Euro - A Family Affair”, Mario Draghi: Introductory remarks at the French Assemblée Nationale, Mario Draghi: Opening remarks at the session “Rethinking the Limitations of Monetary Policy”, Mario Draghi: Responsible leadership in times of crisis, Mario Draghi: Strengthening financial resilience, Mario Draghi: Building stability and sustained prosperity in Europe, Mario Draghi: The euro, monetary policy and reforms, Mario Draghi: Short address on the occasion of the launch of the Europa series €5 banknote, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2011, Mario Draghi: The role of monetary policy in addressing the crisis in the euro area, Mario Draghi: Opening remarks at the conference ‘Post-trade harmonisation and the integration of financial markets: a joint effort', Mario Draghi: Euro area economic situation and the foundations for growth (slides from the presentation), Mario Draghi: The policy and the role of the European Central Bank during the crisis in the euro area, Mario Draghi: Introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: G20 priorities under the Russian Presidency, Mario Draghi: Introductory Statement at the Congreso de los Diputados de España, Mario Draghi: Address at the New Year's Reception of the Frankfurt Chamber of Commerce and Industry, Mario Draghi: Unveiling of the 5 euro banknote of the new Europa series, Mario Draghi: A central banker's perspective on European economic convergence, Mario Draghi: Competitiveness: the key to balanced growth in monetary union, Mario Draghi: Rationale and principles for Financial Union, Mario Draghi: The monetary policy of the European Central Bank and its transmission in the euro area, Mario Draghi: President's address at Wirtschaftstag Volksbanken Raffeisenbanken, Mario Draghi: Opening statement at Deutscher Bundestag, Mario Draghi: Text of the video message given at the award ceremony for the second Luca Pacioli Award, Mario Draghi: Building the bridge to a stable European economy, Mario Draghi: For a European Public Space, Mario Draghi: The future of the euro: stability through change, Mario Draghi: Verbatim of the remarks made by Mario Draghi, Mario Draghi: President's address at the 14th ECB and its Watchers Conference, Mario Draghi: Monetary Policy in unconventional times, Mario Draghi: Address at the event marking the first signatures to the T2S Framework Agreement, Mario Draghi: Welcome remarks at the ECB-EC conference on financial integration and stability, Mario Draghi: Statistics to deliver price stability and mitigate systemic risk, Mario Draghi: Remarks at the Annual Reception of the Association of German Banks, Mario Draghi: Competitiveness of the euro area and within the euro area, Mario Draghi: The euro, monetary policy and the design of a fiscal compact, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB's 2010 Annual Report, Mario Draghi: Continuity, consistency and credibility, Jean-Claude Trichet: Tomorrow and the day after tomorrow: a vision for Europe, Jean-Claude Trichet: Towards a more integrated Europe: Challenges ahead for the euro area and Central and Eastern Europe, Jean-Claude Trichet: Remarks at the farewell event, Jean-Claude Trichet: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, Jean-Claude Trichet: Preventing spillovers on the global economy, Jean-Claude Trichet: Intervention at the Eurofi Financial Forum 2011, Jean-Claude Trichet: Les enseignements de la crise, Jean-Claude Trichet: Achieving maximum long-term growth, Jean-Claude Trichet: Statement on the decisions taken by the Euro Area Heads of State or Government at a press briefing on 21 July 2011 in Brussels, Jean-Claude Trichet: Completing Economic and Monetary Union, Jean-Claude Trichet: The euro area and its role in the global economy, Jean-Claude Trichet: Economic diversity on both sides of the Atlantic, Jean-Claude Trichet: The euro, its central bank and economic governance, Jean-Claude Trichet: Two continents compared, Jean-Claude Trichet: The monetary policy of the ECB during the financial crisis, Jean-Claude Trichet: Building Europe, building institutions, Jean-Claude Trichet: Making decisions in an uncertain world, Jean-Claude Trichet: The ECB's response to the crisis, Jean-Claude Trichet: Contribution to Bild am Sonntag, Jean-Claude Trichet: Financial reform: what has been achieved and what remains to be done, Jean-Claude Trichet: Monetary policy in uncertain times, Jean-Claude Trichet: Short Address in honour of Axel Weber, Jean-Claude Trichet: La gouvernance de la zone euro, Jean-Claude Trichet: La surveillance de la compétitivité dans une union monétaire, Jean-Claude Trichet: Taking stock on financial reform, Jean-Claude Trichet: Reforming EMU: time for bold decisions, Jean-Claude Trichet: Decision on a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main, Jean-Claude Trichet: Competitiveness and the smooth functioning of EMU, Jean-Claude Trichet: Intellectual challenges to financial stability analysis in the era of macroprudential oversight, Jean-Claude Trichet: The essence of Economic and Monetary Union, Jean-Claude Trichet: I am still learning - The legacy of Tommaso Padoa-Schioppa, Jean-Claude Trichet: Economic and Monetary Union: What we have achieved and what we must do next, Jean-Claude Trichet: Introductory remarks at the International Club of Economic Journalists, Jean-Claude Trichet: Remarks at the launch event for the educational games ‘€conomia' and ‘Inflation Island', Jean-Claude Trichet: Lessons from the crisis, Jean-Claude Trichet: Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Jean-Claude Trichet: Hearing before the plenary of the European Parliament on the occasion of the adoption of the EP resolution on the ECB's 2009 Annual Report, Jean-Claude Trichet: Macro-prudential oversight and the future European Systemic Risk Board, Jean-Claude Trichet: Reflections on the nature of monetary policy non-standard measures and finance theory, Jean-Claude Trichet: The continuing quest for reliable and timely statistics, Jean-Claude Trichet: Global economic governance and euro area economic governance, Jean-Claude Trichet: Europe's frameworks for macro-prudential oversight and economic governance, Jean-Claude Trichet: Keeping the momentum for financial reform, Jean-Claude Trichet: Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments, Jean-Claude Trichet: The entry of Estonia into the euro area, Jean-Claude Trichet: Inauguration of the Euro Exhibition, Jean-Claude Trichet: Celebration of the 130th anniversary of Banca Naţională a României, Jean-Claude Trichet: Central banking in uncertain times: conviction and responsibility, Jean-Claude Trichet: Recovery, Reform and Renewal: Europe's economic challenge, Jean-Claude Trichet: Hearing at the Economic and Monetary Affairs Committee of the European Parliament, Jean-Claude Trichet: Lessons drawn from the crisis, Jean-Claude Trichet: The changing world of global governance, Jean-Claude Trichet: European integration: the benefits of acting collectively, Jean-Claude Trichet: The ECB's response to the recent tensions in financial markets, Jean-Claude Trichet: Central bank cooperation after the global financial crisis, Jean-Claude Trichet: Outcome of the competition for a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main, Jean-Claude Trichet: The great financial crisis: Lessons for financial stability and monetary policy, Jean-Claude Trichet: New ECB Premises: Ceremony of the laying of the foundation stone, Jean-Claude Trichet: “What role for finance?”, Jean-Claude Trichet: Keynote speech at the 9th Munich Economic Summit.

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