mario draghi speech

Las reformas estructurales aumentan tanto el producto potencial como la fortaleza de la economía frente a las perturbaciones. It was that kind of fragmentation which contributed to the recent financial crisis. Initial scepticism among some Lithuanians regarding the introduction of the euro is already transforming into increasing support now that people become more informed about their new currency and the changeover modalities. But we must do even more to help the young: after all, the subsidies will end but they will be left with a lack of professional qualifications and experience, compromising both their freedom of choice and their earning potential later in life. Das Gleiche gilt für die sorgfältige Auswahl der Art von Reform. Economic convergence should be reached through structural reforms that lead to an alignment of productivity levels. Mit unserer Forward Guidance möchten wir Hinweise zur voraussichtlichen Leitzinsentwicklung geben und Unsicherheiten hinsichtlich des Zinsniveaus beseitigen, indem wir die Kommunikation zu unserer Reaktionsfunktion stärken. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. In the absence of permanent fiscal transfers among Member States, there are two minimum requirements to achieve these objectives: the first is that all euro area countries need to be able to thrive independently, the second is that euro area countries need to invest more in other mechanisms to share the cost of shocks. La comunicación y la transparencia han adquirido en las últimas décadas una importancia creciente para los bancos centrales como el BCE, que seguirá incrementándose en el futuro. While this cannot exclusively be attributed to the ECB’s monetary policy, it certainly supports the recovery. Willem F. Duisenberg: The Eurosystem's strategy for the euro, Willem F. Duisenberg: The single European monetary policy, Willem F. Duisenberg: Die einheitliche europäische Geldpolitik, Willem F. Duisenberg: The euro: the new European currency, Willem F. Duisenberg: Monetary policy in the euro area, Willem F. Duisenberg: Hearing at the European Parliament's Sub-Committee on Monetary Affairs on 18 January 1999, Willem F. Duisenberg: European economic and monetary union - latest developments, Willem F. Duisenberg: The euro has arrived, Willem F. Duisenberg: Statement at the joint press conference following the ECOFIN meeting, Willem F. Duisenberg: Hearing at the European Parliament's Committee on Economic and Monetary Affairs and Industrial Policy on 8 December 1998 in Brussels, Willem F. Duisenberg: The ESCB's stability-oriented monetary policy strategy, Willem F. Duisenberg: The role of monetary policy in economic policy, Willem F. Duisenberg: Keynote address on The European System of Central Banks, Current position and future prospects, Willem F. Duisenberg: The International Role of the Euro and the ESCB’s Monetary Policy, Willem F. Duisenberg: The stability-oriented monetary policy strategy of the European System of Central Banks and the international role of the euro, Willem F. Duisenberg: Die Bedeutung des Euro für die Wirtschafts- und Finanzpolitik in Europa, Willem F. Duisenberg: Die Europäische Währungsunion vor dem Start, Willem F. Duisenberg: Close of the morning session of a Conference on "Monnaie unique et fiscalité de l'épargne: quelle Europe financière?" Mario Draghi will give his last speech as president of the European Central Bank today, at a farewell celebration in Frankfurt. Probablemente la valoración del Consejo del Gobierno tendrá mayor peso en la adopción de decisiones, lo que conlleva soluciones de compromiso que deberán ser explicadas. Dans une union monétaire, les performances économiques d'un pays ne peuvent être considérées comme une préoccupation strictement nationale. The same is true if the type of reforms is carefully chosen. This involved reaffirming our mandate and explaining its medium-turn orientation and euro area perspective. A heterogeneidade passa, assim, a ser um fator na avaliação do nível baixo da inflação na área do euro. Sie sollte die Aussagen, die in der Pressekonferenz in Echtzeit getroffen werden, ergänzen und zusätzliche Informationen bieten, damit unsere Reaktionsfunktion besser nachvollzogen werden kann. We also use third-party cookies that help us analyze and understand how you use this website. The ECB’s monetary policy measures have clearly worked, in fact they are probably the dominant force spurring the recovery. A nossa análise sugere que as restrições de crédito estão a travar a recuperação nos países sob tensão, o que intensifica as pressões desinflacionistas. According to Mr Draghi, the setting-up of European banking supervision has been the largest step towards deeper integration since the creation of our Economic and Monetary Union. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the conference hosted by the Bank of Greece on 17 October 2001 in Athens, Letter of Dr. W. F. Duisenberg, President of the ECB to the Chairperson of the Committee on Economic and Monetary Affairs, Mrs. Christa Randzio-Plath, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the inauguration ceremony of the Second Swedish National Pension Fund, Gothenburg, 26 September 2001, the EURO. For years, a form of collective selfishness has led governments to divert attention and resources towards initiatives that generated guaranteed and immediate political returns. The transformation of the European financial system, Welcome speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt am Main, 24 October 2002. Sovereign debt needs also to act as a safe haven in times of economic stress. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ». With hindsight, we can see that one reason for this was the policy response, which was the reverse of the ideal sequence: the Deauville agreement on private sector involvement in 2010 and Greek debt restructuring in 2011 took place while an effective backstop for solvent governments was still being constructed. At the same time, there is evidence that a significant share of unemployment is also structural. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 18 December 2001, Letter of Dr. W. F. Duisenberg, President of the ECB to the Chairperson of the Committee on Economic and Monetary Affairs. 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. And for those without fiscal space, fiscal policy can still support demand by altering the composition of the budget – in particular by simultaneously cutting distortionary taxes and unproductive expenditure. Willem F. Duisenberg: The role of financial markets for economic growth, Willem F. Duisenberg: The European Central Bank, the Eurosystem and the European System of Central Banks, Willem F. Duisenberg: "E-economy: will we still need banks in the future? That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. Speeches tomorrow by Fed Chair Janet Yellen and ECB President Mario Draghi regarding the direction of interest rates may have an effect on market trading Friday. Il debito sovrano, peraltro, deve agire quale attività rifugio nei periodi di tensioni economiche. We are facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy. Er bestaat het risico dat verwachtingen van desinflatie ontstaan. For central banks it is at the heart of the macro dynamics that determine inflation, and even when there are no risks to price stability it increases pressure on us to act. To continue to steer expectations in this environment, the ECB had to be more explicit in its communication. Gleichwohl könnten wirtschaftliche Anpassungen auf kurze Sicht immer mit Kosten verbunden sein. Euroalueen huippukokouksen tilaama raportti tulevasta talouden ohjaus- ja hallintajärjestelmästä tulee olemaan hyvä lähtökohta syvemmälle tarkastelulle. Euron är, och ska vara, oåterkallelig i alla dess medlemsstater, inte bara för att det står så i fördraget utan för att en genuint gemensam valuta inte kan existera annars, sa han. Negli ultimi decenni la comunicazione e la trasparenza hanno acquisito maggiore importanza per banche centrali quali la BCE e questa tendenza è destinata a intensificarsi in futuro. È dunque probabile che il giudizio del Consiglio direttivo assuma maggior peso nel processo decisionale, con conseguenti trade-off che occorrerà spiegare. This could include changing the size and/or composition of unconventional policies. Indeed, precisely because economic policy today is more pragmatic and leaders can exercise more discretion, we need to be very clear about the objectives we set ourselves. By giving up some formal sovereignty, people will gain in effective sovereignty. Per questa ragione la BCE ha spesso invocato un rafforzamento della governance comune delle riforme strutturali che renderebbe la capacità di tenuta parte del nostro DNA. Een transparante centrale bank kan niet alleen beter ter verantwoording worden geroepen, maar is tevens effectiever in het ten uitvoer leggen van haar monetair beleid. But it will inevitably be accompanied by high stocks of debt for a long time. La publication d’un compte rendu des principaux arguments pris en considération, de manière anonyme, doit globalement permettre d’atteindre ces objectifs. But we must not renounce our principles. This imparts on them a greater duty of transparency in their actions, and a greater obligation to explain how those actions are consistent with the mandate they have received and with the principles that inspired it. This is because the short-term costs and benefits of reforms depend critically on how they are implemented. “La situación económica en la zona del euro sigue siendo difícil y la confianza en las perspectivas económicas generales es frágil, debido al bajo nivel de inversión”, declaró Mario Draghi. Euro zonai Lietuvos prisijungimas naudingas mažiausiai dviem aspektais: pirma, Lietuva parodė, kad koregavimas ne tik būtinas, bet ir įmanomas – net ir nedevalvuojant valiutos; antra, Lietuvos sprendimas prisijungti prie euro zonos rodo, kad mūsų bendroji valiuta yra patraukli. Oggetto del dibattito non è il nostro obiettivo, che è un ritorno dell’inflazione verso il 2% nel medio termine, in linea con il nostro mandato. In particular, the ECB has taken several non-standard measures to ensure the transmission of its monetary policy to the economy. Your name was born from what you gazed upon, Artificial Intelligence: The “Human Element”. The governance of structural reforms deserves as much attention as enforcing fiscal rules and should be done at the euro area level, ECB President Mario Draghi said in a speech in London on Wednesday. After such a succession of crises, the subsidies being provided in many countries are a first form of support by society for those who have been hit hardest, and in particular for those who have tried so often to regain their footing in the world. Their reflections on the future began well before the war ended, and produced the fundamental principles of the world and European orders that we have known ever since. Strukturreformen erhöhen sowohl das Produktionspotenzial als auch die Widerstandsfähigkeit der Wirtschaft gegenüber Schocks. 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. La ratio carga financiera-renta tiende a ser más elevada en los países con dificultades. In his speech at the Finnish Parliament the President highlighted that, over the past crisis years, the ECB has acted forcefully to safeguard price stability and to contribute to financial stability in the euro area as a whole. Mario Draghi, President of the European Central Bank (ECB), is scheduled to deliver his remarks on monetary policy outlook in a press conference at 12:30 GMT. Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the meeting of the Dutch Society of Editors-in-Chief, The Hague, 15 March 2002. Necessary cookies are absolutely essential for the website to function properly. Kredietzwakte lijkt in deze landen bij te dragen aan economische zwakte. Dit zou betekenen dat een aanzienlijk deel van de economische verliezen die zich tijdens de crisis hebben voorgedaan, permanent zouden worden, waarbij de structurele werkloosheid boven de 10% en de jeugdwerkloosheid hoog zou blijven . This created market pressure on banks and governments, exacerbated by the euro area’s incomplete financial integration and a fiscal framework that was not strictly enforced. This marked the beginning of a consistent strategy towards sustained recovery. Jean-Claude Trichet: Testimony 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, Jean-Claude Trichet: The ECB's monetary policy strategy after the evaluation and clarification of May 2003, Jean-Claude Trichet: Europe at the crossroads, Willem F. Duisenberg: Address delivered on the occasion of a special ECOFIN dinner to pay tribute to his leadership of the European Central Bank, Willem F. Duisenberg: Maastricht and the future of Europe, Willem F. Duisenberg: Testimony 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, Willem F. Duisenberg: Changing fortunes: financing world growth, Willem F. Duisenberg: Presentation of the ECB's Annual Report 2002 to the European Parliament, Willem F. Duisenberg: The first lustrum of the ECB, Willem F. Duisenberg: Key issues for the ECB in the field of payment systems, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliament, Willem F. Duisenberg: Structural reform and its implications for monetary policy, Willem F. Duisenberg: Monetary and fiscal policy in the euro area, Willem F. Duisenberg: New economy, financial markets and monetary policy, Willem F. Duisenberg: Address on the occasion of being decorated with the Grand Decoration of Honour in Gold with Sash for Services to the Republic of Austria by Dr. Thomas Klestil, President of the Republic of Austria, Willem F. Duisenberg: Address on the occasion of an audience by Dr. Carlo Azeglio Ciampi, President of the Italian Republic preceding the meeting of the Governing Council of the European Central Bank in Rome, Willem F. Duisenberg: Laudatio anlässlich der Verleihung des Hermann-Ehlers-Preises 2003 an Hans Tietmeyer und Theodor Waigel, Willem F. Duisenberg: Speech on the occasion of the 175 anniversary of theBank van de Nederlandse Antillen, Willem F. Duisenberg: Testimony 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, Willem F. Duisenberg: Second ECB Central Banking Conference 24-25 October 2002, Frankfurt am Main, Willem F. Duisenberg: Perspectives on EU enlargement, Willem F. Duisenberg: The integration of Europe's financial markets, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Willem F. Duisenberg: The first nine months of the euro cash era, Willem F. Duisenberg: International Research Forum on Monetary Policy, Willem F. Duisenberg: Presentation of the ECB's Annual Report 2001 to the European Parliament, Willem F. Duisenberg: The euro as a catalyst for integration and competition in EMU, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Willem F. Duisenberg: Challenges to the ECB's monetary policy, Willem F. Duisenberg: International Charlemagne Prize of Aachen for 2002. Attraverso le indicazioni prospettiche (forward guidance) vogliamo dare l’idea del livello atteso dei tassi di interesse futuri e intendiamo fugare le incertezze al riguardo rafforzando la comunicazione sulla nostra funzione di reazione. Jean-Claude Trichet: Financial integration: Where do we stand? Rahaliitosta on oltava jäsenilleen hyötyä. Se la direzione attuale della nostra politica non risulterà sufficientemente efficace a tale scopo, o se si concretizzeranno ulteriori rischi per le prospettive di inflazione, saremo pronti a esercitare maggiori pressioni e ad ampliare ancora i nostri canali di intervento, ricalibrando di conseguenza l’entità, il ritmo e la composizione degli acquisti”. The words of John Maynard Keynes, the most influential economist of the 20th century, remind us that “when facts change, I change my mind. Widerstandsfähigkeit ist für Mitglieder einer Währungsunion von entscheidender Bedeutung, damit Schocks nicht zu einer beständig höheren Arbeitslosigkeit und im Zeitverlauf zu dauerhaften wirtschaftlichen Divergenzen führen. En ausencia de transferencias fiscales permanentes entre los Estados miembros, deben cumplirse dos condiciones mínimas para alcanzar estos objetivos: la primera es que todos los países de la zona del euro deben poder prosperar por sí mismos, la segunda es que los países de la zona del euro necesitan invertir más en otros mecanismos para compartir el coste de las perturbaciones. No obstante, nuestra responsabilidad es prestar atención a los riesgos que podrían afectar a este escenario y estar preparados para actuar si se materializan.

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