• How can digitalisation help central banks? What role does cutting-edge technology play? In this episode of #TheECBPodcast, host @katieranger_ talks about this and more with Claudia Plattner, our head of information systems. Tune in Link https://t.co/RBPEwa2rd2
    European Central Bank Thu 11 Aug 2022 07:07
  • Working Paper: Funding deposit insurance Link
    European Central Bank Wed 10 Aug 2022 12:26
  • Working Paper: Does the European Central Bank speak differently when in parliament? Link
    European Central Bank Wed 10 Aug 2022 12:21
  • One year after the strategy review, we find that our new monetary policy strategy has contributed to a more solid anchoring of inflation expectations at 2%. How do our recent policy decisions fit in with our new strategy? More in #TheECBblog Link https://t.co/O8cZp5TVTi
    European Central Bank Wed 10 Aug 2022 09:10

    As part of our monetary policy strategy review we adopted a new symmetric 2% inflation target. One year on, we examine how the strategy review has helped anchor financial analysts’ inflation expectations. We also show that recent policy normalisation is grounded in our strategy.

  • Euro area imports of services fell to 6.4% of GDP in the third quarter of 2020, affected by pandemic restrictions. Find more statistics on how the pandemic has dented current account balances in our latest insight, available in all EU languages Link https://t.co/YTFdPRt3bp
    European Central Bank Wed 10 Aug 2022 08:45

    The coronavirus (COVID-19) pandemic led to one of the largest contractions in global output since the Second World War and substantially affected global trade. In most euro area countries, trade in goods and services fell significantly in 2020 and current account balances responded strongly to the changing economic and social environments. While the aggregate current account balance of the euro area (measured as a share of GDP) did not change significantly, substantial shifts occurred in the balances of individual euro area countries (Chart 1). For example, Cyprus, France, Greece and Malta recorded considerable deteriorations in their current account balances. By contrast, Ireland and Lithuania recorded improvements in their current account balances in the second half of 2020.

    Chart 1. Euro area current account balance Percentage of GDP; dashed lines show the euro area countries recording the largest surplus and deficit for each quarter

  • Working Paper: Did COVID-19 induce a reallocation wave? Link
    European Central Bank Tue 09 Aug 2022 10:14
  • Working Paper: Informing macroprudential policy choices using credit supply and demand decompositions Link
    European Central Bank Tue 09 Aug 2022 10:14
  • We are celebrating Europe! ?? The Europa Open Air concert with #hrSinfonieorchester is back this year on 25 August after a three-year break. Join us in front of our main building on the banks of the Main. Find out more Link https://t.co/pYoV7TRH85
    European Central Bank Tue 09 Aug 2022 09:28

    The Europa Open Air concert will take place again on Thursday, 25 August, after a three-year break. Held on the banks of the Main river, it is one of the most renowned concerts in the Frankfurt area and is jointly organised by the European Central Bank (ECB) and the Hessischer Rundfunk orchestra, Frankfurt Radio Symphony.

    The theme of the event is “celebrating Europe”. The programme features popular classics by European composers such as Giuseppe Verdi, Frédéric Chopin, Claude Debussy and Mieczys?aw Weinberg, performed by Frankfurt Radio Symphony. The evening will start with a performance from Hessischer Rundfunk’s big band.

    “This event, at a time when there is once again a war on European soil, should serve as a reminder that we want to live in a society that is free and open, in which solidarity prevails over aggression. Europe is what unites us,” said ECB President Christine Lagarde.

    The concert will be broadcast live on German TV and radio and over the...

  • Working Paper: Climate change mitigation – how effective is green quantitative easing? Link
    European Central Bank Mon 08 Aug 2022 09:37
  • Working Paper: Cross-country cross-technology digitalisation – a Bayesian hierarchical model perspective Link
    European Central Bank Mon 08 Aug 2022 09:17
  • TIBER-EU – Purple Teaming Best Practices Link
    European Central Bank Mon 08 Aug 2022 09:12
  • Fernandez-Bollo: European banking supervision means that we have an equal responsibility to the bank parent company and the subsidiary. The local dimension of our European mandate is important to us, and decisions are taken together with all supervisors around the table 2/2
    European Central Bank Mon 08 Aug 2022 08:06
  • ? Anti-money laundering regulation has been extremely fragmented, increasing banks’ compliance costs, Supervisory Board member Edouard Fernandez-Bollo tells Euromoney. Harmonising regulation in this area will contribute greatly to market integration Link 1/2 https://t.co/fxmAgsjglJ
    European Central Bank Mon 08 Aug 2022 08:06

    8 August 2022

    We’ve seen domestic consolidation, but not so much cross-border consolidation. How keen are you to see cross-border deals in the banking union?

    We are keen to see deals that increase resilience. From the perspective of the European Central Bank (ECB), consolidation within the euro area is a form of European integration. Of course, the European market still has national borders, which we take into account because we supervise both the individual banks and the entire group. The European banking market is much more resilient than it was ten years ago, but it has still not returned to the level of integration it had in 2008.

    One of the structural challenges facing European banks is their lower profitability compared with, for example, US banks, or even – to a lesser degree – UK banks. So further integration clearly offers potential gains in efficiency.

    We are in the process of integrating regulation, to align it at European level. Of course,...

  • Europe is recovering more rapidly than we had anticipated, President @Lagarde tells @DM_Rubenstein on @BloombergTV. It is now a question of making sure that our economies bounce back in a way that positions them to be more digital and greener Link https://t.co/LCkuEBRxZn
    European Central Bank Thu 16 Sep 2021 11:06

    16 September 2021

    Today we're in conversation with Christine Lagarde, who is the President of the European Central Bank.

    As we now look at the post-COVID environment, what would you say is the situation in Europe? Is Europe recovering more rapidly, or not quite as rapidly as you'd thought, from the COVID pandemic?

    Actually, Europe is recovering more rapidly than we had anticipated. We have, as a result of that, significantly upgraded our projections. Our projection for this year is plus 5%, so it's a significant upgrade, plus 4.6% next year and back to pre-COVID type of growth subsequently. But this year it’s certainly going faster than we had thought – to the point where we will have recovered to pre-COVID-19 levels before the end of the year, 2021. We had anticipated earlier on that it would be early 2022 at best; it's now going to be in 2021.

    Well, are you worried about the Delta variant impacting what you've just said, or the so-called Mu...

  • The winning paper will be announced by President @Lagarde at the #ECBForum on 29 September. Stay tuned! https://t.co/s8XI0JroQh
    European Central Bank Thu 16 Sep 2021 10:31
  • “Exciting, impressive and inspiring” is how this year’s young economists’ competition finalists describe their discussion with Executive Board members Philip R. Lane and @Isabel_Schnabel about the relevance of academic analysis for policymaking institutions such as the ECB. https://t.co/7C8kORA7I7
    European Central Bank Thu 16 Sep 2021 10:31
  • Current low real yields may be less puzzling than they may appear at first sight, explains Executive Board member @Isabel_Schnabel in a speech at today’s Bond Market Contact Group meeting. Read her full speech Link https://t.co/ztOLKzx6gF
    European Central Bank Wed 15 Sep 2021 13:50

    Frankfurt am Main, 15 September 2021

    Sovereign bond markets in the euro area and the United States have taken a remarkable turn over the summer.[1] Despite the ongoing strong recovery from the crisis, the revival of inflation and surveys signalling firming expectations among market participants that central bank asset purchases globally may gradually slow in the near future, sovereign bond yields have declined and partly reversed the upward trend observed in the beginning of the year.

    In my remarks today I will discuss the drivers of recent bond market developments and zoom in on two factors that may currently pull yields lower: one relates to concerns regarding the spread of the Delta variant, the other is monetary policy. While the first factor may be puzzling, the second is less so.

  • Do you want to know more about our new monetary policy strategy? Register and join the @IMFS_Frankfurt webinar with Philip R. Lane today at 17:00 CET Link Link
    European Central Bank Wed 15 Sep 2021 10:34

    On July 8, the new monetary policy strategy of the European Central Bank (ECB) was published after an extensive process. Apart from the workstreams, the ECB and national central banks across the euro area hosted various listening activities. In this context, the IMFS conference "The ECB and Its Watchers" in September 2020 served as a listening event with academia. The conference contributions, including videos of the panels and discussions are presented in an IMFS Interdisciplinary Study (free print version available on request).

    In this webinar, Philip R. Lane will give a short overview about the outcome of the monetary policy strategy review, and answer questions from the audience.The discussion will be moderated by Volker Wieland.

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  • ICYMI: a shorter version of @Isabel_Schnabel's speech on new narratives on monetary policy is now available on #TheECBBlog and was published as an opinion piece in @faznet. Link (EN) Link (DE) European Central Bank Tue 14 Sep 2021 16:39

    Frankfurt am Main, 14 September 2021

    Sentiment in the euro area is brightening. Consumers and firms are becoming more upbeat about the future. At the same time, consumer prices are increasing at a faster pace. In August, inflation in the euro area stood at 3%. In Germany, the inflation rate, as measured by the Harmonised Index of Consumer Prices, hit 3.4% in August – a level not seen in 13 years. And it is likely to continue rising until the end of the year.

    These developments understandably have people worried. Higher inflation reduces purchasing power and lowers inflation-adjusted wages and interest income. Very low nominal interest rates compound these worries as commercial banks are increasingly passing negative interest rates on to their customers.

    It is important to offer a factual explanation for the recent price increases and an assessment of future risks, especially in Germany where fearmongering is on the rise. Allusions are being made to...

  • Banks have lent net €707 billion to euro area people and firms since March 2020. Over this period banks lent more money to households (+5.3%) and companies (+8.3%), supported by the measures to fight the pandemic. More statistics in our press release Link https://t.co/gW2NJBtm29
    European Central Bank Thu 26 Aug 2021 09:01

    The annual growth rate of the broad monetary aggregate M3 decreased to 7.6% in July 2021 from 8.3% in June, averaging 8.1% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 11.0% in July from 11.8% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.8% in July, compared with -1.4% in June. The annual growth rate of marketable instruments (M3-M2) decreased to 7.7% in July from 8.6% in June.

  • How did euro area bank lending and money supply evolve in July? How do they compare with June's figures? Find out more in the press release Link https://t.co/aXszQhiVLo
    European Central Bank Thu 26 Aug 2021 08:06

    The annual growth rate of the broad monetary aggregate M3 decreased to 7.6% in July 2021 from 8.3% in June, averaging 8.1% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 11.0% in July from 11.8% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.8% in July, compared with -1.4% in June. The annual growth rate of marketable instruments (M3-M2) decreased to 7.7% in July from 8.6% in June.

  • Lane: In the autumn, we’ll have to work through what 2022 should look like. Asset purchases will continue after the PEPP, as we’ll have our asset purchase programme (APP) running 3/3
    European Central Bank Wed 25 Aug 2021 12:20
  • Lane: While growth in the second quarter came in well ahead of our projections, there are also headwinds, including from the Delta variant and some moderation in the world economy 2/3
    European Central Bank Wed 25 Aug 2021 12:20
  • (THREAD) Any adjustment we make to the pandemic emergency purchase programme (PEPP) within the pandemic period is within the philosophy of maintaining favourable financing conditions, Chief Economist Philip R. Lane tells @Reuters in an interview Link 1/3 https://t.co/yXDULLKvay
    European Central Bank Wed 25 Aug 2021 12:20

    25 August 2021

    Could you give us an update on the outlook for the eurozone economy?

    It’s important to differentiate between the first and the second halves of the year. It’s significant that second quarter GDP came in well ahead of our June projections. That reflects an earlier opening up, with many countries opening in the middle of the second quarter and onwards. The strength of the world economy and progress in vaccinations were also important factors.

    In terms of the second half of the year, it’s still early days. But there’s probably some counterbalance to that good second quarter. The counterbalance is that it looks like bottlenecks are going to be more persistent than expected. There is also some moderation in the world economy, which is natural. And the Delta variant, although it has a more limited impact than earlier waves, remains a headwind.

    If you put all of that together -- the fact that the second quarter came in above what we...

  • Occasional Paper: How useful is market information for the identification of G-SIBs? Link
    European Central Bank Wed 25 Aug 2021 11:50
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