??@Isabel_Schnabel: We expect a rebound of the economy in H2 2021 when containment measures are lifted & large parts of the population are vaccinated. But inflation is currently projected to remain low in the medium term, which justifies our highly accommodative stance. #AskECB Link
European Central Bank Wed 28 Apr 2021 13:36You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more
- ??@Isabel_Schnabel: Price changes of particular goods are not the same as general inflation. We are currently seeing price increases for some goods, like lumber, which may eventually be transmitted to consumer prices, depending on their weight in the consumption basket. #AskECB Link European Central Bank Wed 28 Apr 2021 13:36
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- ??@Isabel_Schnabel: This is a misperception. As announced, we have significantly stepped up monthly net asset purchases under the PEPP. Due to reasons explained in a recent Twitter thread, this is not always visible in the weekly numbers. #AskECB Link European Central Bank Wed 28 Apr 2021 13:36
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- Please see the following page for our most recent declarations of interest: Link European Central Bank Wed 28 Apr 2021 13:31
- ??@Isabel_Schnabel: The ECB indeed has strict compliance rules, which limit the Governing Council members’ ability to hold and trade financial assets and require them to annually publish their financial holdings. #AskECB Link European Central Bank Wed 28 Apr 2021 13:31
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- ??@Isabel_Schnabel: Since climate change affects price stability through physical & transition risks, we must take it into account under our primary mandate. Without prejudice to our price stability objective, we are also obliged to support general EU economic policies. #AskECB Link European Central Bank Wed 28 Apr 2021 13:31
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- ??@Isabel_Schnabel: We conduct our monetary policy on the basis of domestic economic conditions. But the international financial and economic system is highly integrated, which implies spillovers of monetary and fiscal policy, for example through global growth. #AskECB Link European Central Bank Wed 28 Apr 2021 13:31
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- If you want to find out more about the support for the euro, please refer to the latest Eurobarometer publication: Link European Central Bank Wed 28 Apr 2021 13:26
- ??@Isabel_Schnabel: The intrinsic value of the euro depends on its purchasing power. This is ensured by the ECB, which is independent & bound by its price stability mandate. The Eurobarometer shows record levels of support for the euro. Moreover the euro is legal tender. #AskECB Link European Central Bank Wed 28 Apr 2021 13:26
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- ??@Isabel_Schnabel: The two-tier system has been successful in alleviating the side effects from negative interest rates for banks. If we were to observe risks to the bank-based monetary transmission from rising excess liquidity, the tiering multiplier could be adjusted. #AskECB Link European Central Bank Wed 28 Apr 2021 13:26
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- ??@Isabel_Schnabel: EU membership is a key prerequisite. But there are exceptions. The euro is also used outside the European Union and beyond the European continent. You can find the full list and the specific reasons in our explainer: Link #AskECB Link European Central Bank Wed 28 Apr 2021 13:26
Some 339 million people in the euro area use euro banknotes and coins in their daily lives. But did you know the euro is also used outside the European Union and beyond the European continent? Find out where!
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- ??@Isabel_Schnabel: The best measure of our credibility is price stability. The euro has been very stable since its inception. Due to disinflationary shocks, including severe crises, inflation has fallen below our aim. But it would be even lower without our measures. #AskECB Link European Central Bank Wed 28 Apr 2021 13:26
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- ??@Isabel_Schnabel: Our medium-term inflation aim is symmetric: we counter deviations to the upside and to the downside equally. We are currently reviewing our price stability objective in our #strategyreview, which will also address the question of overshooting. #AskECB Link European Central Bank Wed 28 Apr 2021 13:21
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- ??@Isabel_Schnabel: The ECB’s primary mandate is price stability. Physical and transition risks from climate change may affect price stability, which should be taken into account in our monetary policy. How this can be done is discussed in our ongoing #strategyreview. #AskECB Link European Central Bank Wed 28 Apr 2021 13:21
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- ??@Isabel_Schnabel: We will have to carefully manage the transition from the pandemic to the post-pandemic period. This may include a recalibration of our regular tools and will take into account the outcome of our monetary policy #strategyreview. #AskECB Link European Central Bank Wed 28 Apr 2021 13:21
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- ??@Isabel_Schnabel: Our monetary policy depends on economic conditions in the euro area and, in particular, on our medium-term inflation outlook. Business cycles vary across countries around the world, and so does monetary policy. #AskECB Link European Central Bank Wed 28 Apr 2021 13:21
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- ??@Isabel_Schnabel: Financial stability is a prerequisite for price stability and is related to our primary mandate. Therefore we carefully monitor the build-up of risks in the financial sector. Overvalued asset prices are one aspect, but we do not target asset prices. #AskECB Link European Central Bank Wed 28 Apr 2021 13:21
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- ??@Isabel_Schnabel: Any policy measure is subject to side effects, monetary policy is no exception. We assess the proportionality of our measures by weighing their benefits and costs. Side effects like financial instability and inequality are important parts of that. #AskECB Link European Central Bank Wed 28 Apr 2021 13:16
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- ??@Isabel_Schnabel: Theoretically this depends on how real interest rates compare to real equilibrium rates. In practice this has to be judged in light of current and expected economic and inflation developments. The envelope may not be used in full or expanded as needed. #AskECB Link European Central Bank Wed 28 Apr 2021 13:16
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- ??@Isabel_Schnabel: Our inflation aim is defined over the medium term. This gives us flexibility to deal with supply-side shocks like temporary bottlenecks. Our current forecast suggests that inflation remains subdued over the projection horizon: Link #AskECB Link European Central Bank Wed 28 Apr 2021 13:16
Macroeconomic projections aim to predict and understand the future state of the economy on a broad scale. They include information related to economic growth, inflation, wages, unemployment and trade.
Eurosystem and ECB staff produce macroeconomic projections that cover the outlook for the euro area and the wider global economy. These contribute to the ECB Governing Council’s assessment of economic developments and risks to price stability.
They are published four times a year (in March, June, September and December).
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- ??@Isabel_Schnabel: Bank lending rates remain near historically low levels, while the most recent bank lending survey showed a further tightening in credit standards, but more moderately than in previous survey rounds. We are carefully monitoring bank lending conditions. #AskECB Link European Central Bank Wed 28 Apr 2021 13:11
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- ??@Isabel_Schnabel: PEPP was designed to deal with the pandemic and its duration is linked to the pandemic crisis phase. We are free to adjust any parameters of the programme at any point in time if required to fulfil our price stability mandate. #AskECB Link European Central Bank Wed 28 Apr 2021 13:11
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- If you want to find out more, have a look at our explainer on accountability: Link European Central Bank Wed 28 Apr 2021 13:11
10 July 2015
The ECB’s actions affect the 340 million people and millions of businesses in the euro area – to be precise, their decisions to save or to invest, to borrow or to lend. That is why it is, and needs to be, accountable, and strives to explain its actions to the public and their elected representatives as well as others such as the media and financial markets.
Formally, the ECB, as an EU institution, is accountable to the people of Europe through the European Parliament. This requirement is laid down in the European Union Treaties, which also specify the different channels of accountability, including a regular dialogue between the ECB President and the European Parliament.
AccountabilityBesides fulfilling the legal obligations, Executive Board members regularly review economic developments, monetary policy and other key issues in speeches and interviews with the media. These are published, mainly in English, on the website; some are...
- ??@Isabel_Schnabel: We are accountable to all European citizens through the European Parliament. The President and other Executive Board members regularly participate in public hearings and explain the ECB’s policies to EU parliamentarians and the public. #AskECB Link European Central Bank Wed 28 Apr 2021 13:11
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- ??@Isabel_Schnabel: Even in a low interest rate environment saving is needed to transfer income to the future. What matters are real not nominal interest rates. Ideally savings are diversified across different asset classes according to individual risk preferences. #AskECB Link European Central Bank Wed 28 Apr 2021 13:06
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