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ecb president lagarde speaks live today

Drittens eine Verschlechterung der mittelfristigen Inflationsaussichten, die ein breiter angelegtes Programm zum Ankauf von Vermögenswerten erfordern würde. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the meeting of the Zürcher Volkswirtschaftliche Gesellschaft, Zurich, 19 May 2003. È stato quindi necessario riaffermare il nostro mandato e spiegarne l’impostazione a medio termine e la prospettiva orientata all’intera area dell’euro. Un banco central que actúa con transparencia, no solo cumple mejor su obligación de rendir cuentas, sino que aplica su política monetaria de forma más efectiva. A single supervisor, applying homogenous methodologies, internalises mutual trust. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ». ", Willem F. Duisenberg: the EURO. Second, a further impairment in the transmission of our stance, in particular via the bank lending channel, for which a targeted LTRO or an ABS purchase programme might be the right response. At the December Governing Council meeting we will thoroughly assess the strength and persistence of the factors that are slowing the return of inflation towards 2%. Ferner mussten wir in Anbetracht der effektiven Zinssatz-Untergrenze und verschiedener Eventualfälle unsere künftigen geldpolitischen Absichten darlegen und unsere komplexere Reaktionsfunktion klarstellen. 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. “We would see merits in doubling the pace of mutualisation to have a genuine European fund within five years.”, We are always working to improve this website for our users. Il Presidente ha posto l’accento sul rischio che un periodo troppo prolungato di bassa inflazione si radichi nelle aspettative di inflazione e ha rilevato che il loro solido ancoraggio è critico a prescindere dalle circostanze. Als structurele hervormingen geloofwaardig zijn, zijn hun positieve effecten snel merkbaar, zelfs in een klimaat van zwakke vraag. Keynote speech by Jean-Claude Trichet, President of the European Central Bank, Vienna, 29 November 2004, Speech by Jean-Claude Trichet, President of the ECB at the Conference “Goodbye Lisbon” organised by the European Banking Congress Frankfurt am Main 19 November 2004, Keynote address delivered by Jean-Claude Trichet, President of the ECB, on the occasion of the OECD's World Forum on Key Indicators “Statistics, Knowledge and Policy” Palermo 11 November 2004, Keynote speech by Jean-Claude Trichet, President of the ECB held at the conference ‘Europe's frontiers: EU enlargement - its implications and consequences', organised by the Calouste Gulbenkian Foundation Lisbon, 27 October 2004. Et ce n'est pas parce que la politique monétaire a atteint un niveau plancher de taux d'intérêt et parce que la reprise reste fragile que l'on peut, comme le souhaitent certains, reporter les réformes. Speech by Jean-Claude Trichet, President of the European Central Bank, at the "Frankfurter Finanzgespräch" organized by the Konrad Adenauer Stiftung, Frankfurt am Main, 27 November 2003, Speech by Jean-Claude Trichet, President of the European Central Bank, Forum Financier Belge, Brussels, 26 November 2003, Speech by Jean-Claude Trichet, President of the European Central Bank, Speech at a dinner on the occasion of the Frankfurt European Banking Congress, Frankfurt am Main, 20 November 2003, Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the Center for Financial Studies' key event, Frankfurt am Main, 20 November 2003. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 8 October 2002. There is a risk that disinflationary expectations take hold. (Tietoja julkaistaan muun muassa velkapaperiohjelmasta, katettujen joukkolainojen osto-ohjelmista ja omaisuusvakuudellisten arvopaperien osto-ohjelmasta). If problems still occur, the planned European resolution framework will help by improving private risk-sharing while insulating sovereigns. Neste momento, devemos estar particularmente vigilantes em relação ao potencial para a ocorrência de uma espiral negativa entre a inflação baixa, a descida das expectativas de inflação e o crédito, em especial nos países sob tensão. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on 4 September 1999. Maar er zijn twee specifiek voor het eurogebied geldende factoren die bijdragen aan de lage inflatie: de stijging van de wisselkoers van de euro en het proces van relatieve prijsaanpassingen in bepaalde landen van het eurogebied. Lo stesso accade se la tipologia delle riforme è scelta con attenzione. 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. 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. Detta innebär framför allt strukturreformer, sa ordföranden. Discover euro banknotes and their security features and find out more about the euro. Ten eerste: waarom is de inflatie zo laag? Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the conference organised by De Nederlandsche Bank on the 50th anniversary of Dutch banking supervisory legislation, Amsterdam, 24 April 2002. ECB's Lagarde: Monetary policy cannot be as targeted as fiscal measures can be Watch: ECB president Lagarde speaks at the EPC Thought Leadership Forum Bitcoin winning, gold losing 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 . Internationales ZinsFORUM ”Zinsen 2009” Frankfurt am Main, 11 December 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the British Bankers Association's Annual Reception European Parliament Brussels, 8 December 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 8 December 2008, Jean-Claude Trichet, President of the ECB Cairo, 26 November 2008, Statement by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 21 November 2008, Speech by Jean-Claude Trichet, President of the ECB The Lord Roll Memorial Lecture Organised by the Daiwa Anglo-Japanese Foundation Chatham House, London, 18 November 2008, Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 14 November 2008, Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 13 November 2008, Jean-Claude Trichet, President of the ECB Dinner address on the Occasion of the 10th Anniversary of the Banque Centrale du Luxembourg Luxembourg, 12 November 2008, Speech by Jean-Claude Trichet, President of the ECB “Lunchtime discussions” with the Spanish business community Madrid, 27 October 2008, Speech by Jean-Claude Trichet, President of the ECB Delivered at the Economic Club of New York New York, 14 October 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the “European Banker of the Year 2007” award ceremony Frankfurt am Main, 30 September 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the “Slovakia Euro Changeover Conference” Bratislava, 22 September 2008, Speech by Jean-Claude Trichet, President of the ECB Bratislava, 21 September 2008, Speech by Jean-Claude Trichet, President of the ECB Römer, Frankfurt am Main, 15 September 2008, Speech by Jean-Claude Trichet, President of the ECB Delivered at the 2008 Eurofi Conference Nice, 11 September 2008, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 10 September 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the conference ‘The ECB and its Watchers X' Frankfurt am Main, 5 September 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the conference The euro's 10th anniversary: history and presence of the euro Munich, 10 July 2008, Speech by Jean-Claude Trichet, President of the ECB Strasbourg, 9 July 2008, Speech by Jean-Claude Trichet, President of the ECB Paris Europlace Financial Forum ”The Paris Marketplace Contribution to the Global Economy” 2-3 July, 2008, Intervention de Jean-Claude Trichet, Président de la BCE Luxembourg, 30 juin 2008, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 25 June 2008, Intervention de M. Jean-Claude Trichet, Président de la BCE, À l'invitation du Gouvernement wallon, Forum CréaWAL, Namur, le 20 juin 2008, Keynote address by Jean-Claude Trichet, President of the ECB, at the OECD Forum 2008 “Climate change, growth, stability” Paris, 4 June 2008, Speech by Jean-Claude Trichet, President of the ECB International Monetary Conference Barcelona, 3 June 2008, Jean-Claude Trichet, President of the ECB 2 June 2008 in Frankfurt am Main, Speech by Jean-Claude Trichet, President of the ECB delivered at the Brussels Economic Forum Brussels 16 May 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the International Capital Market Association's Annual Conference Vienna, 15 May 2008, Speech by Jean-Claude Trichet, President of the ECB Bocconi University and Corriere della Sera International Forum 2008 Milan, 12 May 2008, Introductory statement by Jean-Claude Trichet, President of the ECB at the press conference Frankfurt, 6 May 2008, Speech by Jean-Claude Trichet, President of the ECB Karlspreis Europa Forum - Contribution to the panel discussion - Aachen, 30 April 2008, Speech by Jean-Claude Trichet, President of the ECB at the 36th Economics Conference of the Oesterreichische Nationalbank on “Toward the First Decade of Economic and Monetary Union - Experiences and Perspectives” Vienna, 28 April 2008, Speech by Jean-Claude Trichet, President of the ECB Fourth ECB Conference on Statistics Frankfurt am Main, 24-25 April 2008, Speech by Jean-Claude Trichet, President of the ECB Joint ECB/European Commission conference Frankfurt am Main, 21-22 April 2008, Speech by Jean-Claude Trichet, President of the ECB at the celebration of the publication of Otmar Issing's book “Der Euro” Frankfurt am Main, 15 April 2008, Keynote address by Jean-Claude Trichet, President of the ECB, at the Policy Discussion "Global Economic Policy Forum 2008" New York University, New York, 14 April 2008, Speech by Jean-Claude Trichet, President of the ECB Berlin, 3 April 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 26 March 2008, Speech by Jean-Claude Trichet, President of the ECB at International Symposium on “Globalisation, Inflation and Monetary Policy” organised by the Banque de France Paris, 7 March 2008, Jean-Claude Trichet, President of the ECB Amsterdam, 28 February 2008, Speech by Jean-Claude Trichet, President of the ECB New Year's Reception Asia-Pacific 2008 of the German-Asian Business Circle Frankfurt am Main, 25 February 2008, Speech by Jean-Claude Trichet, President of the ECB Forum ABC Madrid, 15 February 2008, By Jean-Claude Trichet, President of the ECB Lecture to be held at the Barcelona Graduate School of Economics Barcelona, 14 February 2008, Speech by Jean-Claude Trichet, President of the ECB at the Second Symposium of the ECB-CFS research network on “Capital Markets and Financial Integration in Europe”, Frankfurt am Main, 13 February 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the session "European Financial Supervision, Crisis Management on Financial Markets" European Parliament, Brussels, 23 January 2008, Speech by Jean-Claude Trichet, President of the ECB Speech at the Conference “Welcoming Cyprus to the euro area” Nicosia, 18 January 2008, Speech by Jean-Claude Trichet, President of the ECB at the conference organised by the ECB, the Banque de France and The Conference Board on 17 January 2008 in Frankfurt, Keynote address by Jean-Claude Trichet, President of the ECB at the 25th HORIZONT Award Ceremony Frankfurt am Main, 16 January 2008, Speech by Jean-Claude Trichet, President of the ECB Keynote address at the Euro Celebrations Valetta, 12 January 2008, Speech by Jean-Claude Trichet, President of the ECB Wiesbaden, 5 January 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 19 December 2007, Speech delivered by Jean-Claude Trichet, President of the ECB at the award ceremony on the occasion of the “6. Aangezien veel economieën nog lang de grens van "best practice" niet zijn genaderd, zijn de winsten van structurele hervormingen gemakkelijker te verwezenlijken en is de potentiële omvang van deze winsten groter. 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. Get full access to globeandmail.com . Assistiamo infine a un peggioramento delle prospettive di inflazione nel medio termine, che richiederebbe un più ampio programma di acquisti di attività. A banking union will contribute to more sustainable financial integration in the euro area, says ECB President Mario Draghi. Karl Klasen Journalistenpreis” Hamburg, 7 December 2007, Keynote speech by Jean-Claude Trichet President of the European Central Bank Journalist Symposium “Konvent für Deutschland” Berlin, 5 December 2007, Speech by Jean-Claude Trichet, President of the ECB 2007 Eurofi Conference “Achieving the Integration of European Financial Markets in a Global context” European Parliament, Brussels, 3 December 2007, Speech by Jean-Claude Trichet, President of the ECB Tenth L. K. Jha Memorial Lecture, Reserve Bank of India Mumbai, 26 November 2007, Speech by Jean-Claude Trichet, President of the ECB 17th Frankfurt European Banking Congress “Global Capital - Threat or Salvation?” Frankfurt, 23 November 2007, Speech by Jean-Claude Trichet, President of the ECB at the China-Europe Business Meeting in Frankfurt am Main on 8 November 2007, Speech by Jean-Claude Trichet, President of the ECB Challenges of the Twenty-first Century: European and American Perspectives Series at Harvard University Boston, 23 October 2007, Keynote speech by Jean-Claude Trichet, President of the ECB delivered at the 2007 25th Anniversary IIF Annual Membership Meeting, Washington D.C., 20 October 2007, Jean-Claude Trichet, President of the ECB Brussels, 9 October 2007, Speech by Jean-Claude Trichet, President of the ECB at the Breakfast Policy Briefing at the European Policy Centre, Brussels, 8 October 2007. The key issue, however, is how much we can really sustainably affect unemployment, which depends on whether the drivers are predominantly cyclical or structural. De Raad van Bestuur zal daarnaast in gelijke mate actief waken tegen inflatie en deflatie. The Governing Council is committed – unanimously – to using both unconventional and conventional instruments to deal effectively with the risks of a too prolonged period of low inflation. Per questo motivo il Consiglio direttivo ha riflettuto sulla pubblicazione di un resoconto riguardo alle proprie decisioni di politica monetaria. Dit betekent bovenal structurele hervormingen", aldus de President. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures. A fronte di un certo scollamento tra andamento dell’economia e inflazione, l’azione di politica monetaria va considerata attentamente e formulata con precisione. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 30th Economics Conference "Competition of Regions and Integration in EMU", Vienna, 13 June 2002. Heads up: ECB president Lagarde to speak later today. Maar economische aanpassingen kunnen kortetermijnkosten met zich mee brengen. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. Es necesario que la deuda soberana actúe como refugio en tiempos de dificultades. “Vi sono [...] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in maniera congiunta. Potential growth is today estimated to be below 1% in the euro area and is projected to remain well below pre-crisis growth rates. Dinner address by Jean-Claude Trichet, President of the European Central Bank, Helsinki, 25 May 2004. Rahaliitossa yksittäisen maan talouskehitys ei ole vain sen oma asia. What we need to be particularly watchful for at the moment is the potential for a negative spiral to take hold between between low inflation, falling inflation expectations and credit, in particular in stressed countries. Es gibt keine Debatte über unser Ziel, das darin besteht, die Inflationsrate im Einklang mit unserem Mandat auf mittlere Sicht wieder auf ein Niveau von 2 % zurückzuführen. Mon 30 Nov 2020 07:41:22 GMT. ECB:s ordförande Mario Draghi presenterade i ett tal till studenter vid Helsingfors universitet vilka minimikrav som behövs för att fullborda den monetära unionen på ett sätt som erbjuder stabilitet och välstånd till alla dess medlemmar. OUR money. Und schließlich kann sich ein niedriges Potenzialwachstum unmittelbar auf die verfügbaren geldpolitischen Instrumente auswirken, da die Zentralbank mit einer größeren Wahrscheinlichkeit an die Nullzinsgrenze stößt und zur Erfüllung ihres Mandats wiederholt auf unkonventionelle Maßnahmen zurückgreifen muss. 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. Quanto all’azione di politica monetaria, la questione fondamentale sono i tempi. 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. L’eterogeneità diventa un fattore di cui tenere conto nel valutare il basso livello di inflazione nell’area dell’euro. Die wirtschaftliche Situation im Euroraum bleibeschwierig, und dass Vertrauen in die Konjunkturaussichten insgesamt sei zerbrechlich und leicht zu erschüttern, was zu einer geringen Investitionstätigkeit führe, so Draghi. Een schriftelijk verslag dient de onafhankelijkheid van de leden van de Raad van Bestuur en de collegialiteit van hun besluitvorming te waarborgen. Elle pèse donc directement sur la stabilité des prix et est tout aussi importante pour l'intégrité de la zone euro. Second, companies need to have access to more diversified sources of financing: the launch of a capital markets union could contribute to achieving this. Si la trayectoria actual de nuestra política no resulta suficientemente eficaz, o se materializan nuevos riesgos para las perspectivas de inflación, elevaríamos la presión y ampliaríamos aún más los canales a través de los que actuamos, modificando convenientemente el tamaño, el ritmo y la composición de nuestras compras». Besonders wachsam müssen wir gegenwärtig in Bezug auf die Möglichkeit sein, dass sich – insbesondere in finanziell angeschlagenen Ländern – eine Negativspirale aus niedriger Inflation, sinkenden Inflationserwartungen und zurückgehendem Kreditangebot bildet. The level of the deposit facility rate can also empower the transmission of APP, not least by increasing the velocity of circulation of bank reserves. Willem F. Duisenberg: What exactly is the responsibility of central banks of large economic areas in the current slowdown of the world economy? Acknowledging that, “for all its resilience, our union is still incomplete”, Mr Draghi argued that, ultimately, Member States “have to be better off inside than they would be outside.”. We want to hear from you. As head of the ECB, which sets short term interest rates, she has a major influence over the value of the euro. « Si certains membres de la zone euro sont pénalisés par leur appartenance à l'union monétaire, des doutes peuvent naître sur leur éventuelle sortie ». Photographer: Chris Ratcliffe/Bloomberg The question, though, is whether politicians can overcome their own squabbles. Cyclical factors have therefore played an important role in the rise in unemployment, and the weak economic situation in the euro area suggests they continue to do so. Une banque centrale transparente est non seulement plus responsable mais aussi plus efficace dans la mise en œuvre de sa politique monétaire. É necessário ter em consideração os desfasamentos entre as várias tendências: o aumento da procura de crédito, a correção de balanços por parte dos bancos e a evolução dos mercados de capitais como complemento do crédito bancário. “Put simply, I cannot see any way out of the crisis unless we create more confidence in the future potential of our economies”, he said, adding that “given demographic trends, raising structural growth will have to take place primarily through productivity”. The crisis has been tackled on several fronts: actions have been undertaken to “repair money”, that is to keep money fungible across space eliminating redenomination risks; to repair the financial sector and credit allocation; to repair monetary policy and fiscal policies. En effet, les coûts et les bienfaits à court terme des réformes dépendent fondamentalement de la manière dont elles sont mises en œuvre. Die Zukunft der Marktwirtschaft" der Volksbanken Raiffeisenbanken organised by Genossenschaftsverband e.V., Frankfurt am Main, 7 November 2012, Speech by Mario Draghi, President of the ECB, Discussion on ECB policies with Members of Parliament, Berlin, 24 October 2012, Speech by Mario Draghi, President of the ECB, Ca' Foscari University of Venice, 13 October 2012, Introductory statement by Mario Draghi, President of the ECB, Brussels, 9 October 2012, Speech by Mario Draghi, President of the ECB, at the annual event “Day of the German Industries” organised by the Federation of German Industries, Berlin, 25 September 2012, Remarks by Mario Draghi, President of the ECB on receiving the M100 Media Award 2012 Potsdam, 6 September 2012, Contribution from Mario Draghi, President of the ECB, Published in "Die Zeit", 29 August 2012, Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012, Introductory Statement by Mario Draghi, President of the ECB, Brussels, 9 July 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 15 June 2012, Address by Mario Draghi, President of the ECB at the day in memory of Federico Caffè organised by the Faculty of Economics and the Department of Economics and Law at the Sapienza University Rome, 24 May 2012, Introductory remarks by Mario Draghi, President of the ECB, at the ECB colloquium held in honour of, Frankfurt am Main, 16 May 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 8 May 2012, Speech by Mario Draghi, President of the ECB, at the ECB-EC conference “Financial integration and stability: towards a more resilient single financial market” Frankfurt am Main, 26 April 2012, Introductory statement by Mario Draghi, President of the ECB Brussels, 25 April 2012, Speech by Mario Draghi, President of the ECB at the Sixth ECB Statistics Conference, Frankfurt am Main, 17 April 2012, Speech by Mario Draghi, President of the ECB, Berlin, 26 March 2012, Speech by Mario Draghi, President of the ECB, at the colloquium “Les défis de la compétitivité”, organised by Le Monde and l'Association Française des Entreprises Privées (AFEP), Paris, 13 March 2012, Introductory statement Mario Draghi, President of the ECB, Brussels, 19 December 2011, Speech by Mario Draghi, President of the ECB, Ludwig Erhard Lecture, Berlin, 15 December 2011, Introductory statement by Mario Draghi, President of the ECB, Brussels, 1 December 2011, Introductory remarks by Mario Draghi, President of the ECB, at the 21st Frankfurt European Banking Congress “The Big Shift”, Frankfurt am Main, 18 November 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Humboldt University, Berlin, 24 October 2011, Address by Jean-Claude Trichet, President of the ECB, at the National Bank of Poland's conference, Warsaw, 21 October 2011, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 October 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 4 October 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bretton Woods Committee, International Council Meeting 2011 Washington, 23 September 2011, Speech by Jean-Claude Trichet, President of the ECB, Wroclaw, 15 September 2011, Jean-Claude Trichet, Président de la BCE, Discours d'introduction à la conférence de l'Institut Montaigne intitulée : « Trois ans après la chute de Lehman Brothers : leçons et défis de la crise » Paris, le 5 septembre 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 29 August 2011, Speech by Jean-Claude Trichet, President of the ECB at the Jackson Hole Economic Symposium Panel: Setting priorities for long-term growth Jackson Hole, U.S.A., 27 August 2011, Statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 21 July 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Gala Dinner of the State of the European Union conference “Revitalising the European Dream: A Corporate View”, Brussels, 28 June 2011, Remarks by Jean-Claude Trichet, President of the ECB, upon reception of the 2011 Global Economy Prize, Kiel, 19 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the US Sciences Po Foundation Annual Benefit in New York on 16 June 2011, Stamp Memorial Lecture by Jean-Claude Trichet, President of the ECB at the London School of Economics and Political Science London, 13 June 2011, Keynote address by Jean-Claude Trichet, President of the ECB at the “ECB and its Watchers XIII” conference Frankfurt am Main, 10 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Montreal, 6 June 2011, Speech by Jean-Claude Trichet, President of the ECB on receiving the Karlspreis 2011 in Aachen, 2 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Rheinisch-Westfälische Technische Hochschule (RWTH), Aachen, 1 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the WDR Europa-Forum, Berlin, 26 May 2011, By Jean-Claude Trichet, President of the ECB, 15 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Madrid, 13 May 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bank of Finland 200th Anniversary Conference Helsinki, 5 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Deutsche Bundesbank Festakt, Frankfurt am Main, 2 May 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Notre Europe Séminaire en Hommage à Tommaso Padoa-Schioppa, in the session “Quel bilan pour l'Union Economique et Monétaire”, Brussels, 4 April 2011, Intervention de Jean-Claude Trichet, Président de la BCE, Académie des Sciences morales et politiques, Paris, le 28 mars 2011, Speech by Jean-Claude Trichet, President of the ECB at the Frankfurt Main Finance Summit “The Future of Risk Management and Regulation: Smarter regulation, safer markets” Frankfurt, 23 March 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 March 2011, Speech by Jean-Claude Trichet, President of the ECB at the conference of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament “What future for the euro?” Frankfurt, 18 March 2011, Remarks by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 11 March 2011, Speech by Jean-Claude Trichet, President of the ECB, Lecture at the University of Liège, Liège, 23 February 2011, Speech by Jean-Claude Trichet, President of the ECB, for the panel discussion on: “Global imbalances and financial stability” at the Eurofi G20 High Level Seminar, Paris, 18 February 2011, Jean-Claude Trichet, President of the ECB, Speech as the Guest of Honour at the Schaffermahlzeit, Bremen, 11 February 2011, Speech by Jean-Claude Trichet, President of the ECB, colloquium in honour of Tommaso Padoa-Schioppa, Bocconi University, Milan, 1 February 2011, Speech by Jean-Claude Trichet, President of the ECB, Klausurtagung der CSU Landesgruppe, Wildbad Kreuth, 7 January 2011, Jean-Claude Trichet, President of the European Central Bank, Frankfurt am Main, 13 December 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 8 December 2010, Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club, Paris, 3 December 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 November 2010, Introductory statement by Jean-Claude Trichet, President of the ECB Strasbourg, 22 November 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the European Banking Congress, Frankfurt am Main, 19 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Opening address at the ECB Central Banking Conference Frankfurt, 18 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Evangelische Akademie Tutzing, 13 November 2010, Opening address by Jean-Claude Trichet, President of the ECB at the fifth ECB conference on statistics “Central bank statistics: what did the financial crisis change?” Frankfurt, 19 October 2010, Speech by Jean-Claude Trichet, President of the ECB at the World Policy Conference Marrakech, 16 October 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Economic Club of New York, New York, 12 October 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the EUROFI Financial Forum 2010, Brussels, 29 September 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 13th conference of the ECB-CFS Research Network, Frankfurt am Main, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Euro Conference hosted by Eesti Pank, Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB, on the occasion of the inauguration of the Euro Exhibition hosted by Eesti Pank Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB on the occasion of the Euro Star Event at Eesti Pank Tallinn, 19 September 2010, Speech by Jean-Claude Trichet, President of the ECB at the gala event Bucharest, 5 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the symposium on “Macroeconomic challenges: the decade ahead”, Jackson Hole, Wyoming, 27 August 2010, Speech by Jean-Claude Trichet, President of the ECB at the conference “The ECB and Its Watchers” XII Frankfurt am Main, 9 July 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at 150th Anniversary of the Central Bank of the Russian Federation High-Level International Conference on “Central Banks and Development of the World Economy: New Challenges and a Look Ahead”, Moscow, 18 June 2010, Keynote by Jean-Claude Trichet, President of the ECB at the Institute of International Finance, Spring Membership Meeting Vienna, 10 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Feri Foundation award ceremony Kaisersaal, Frankfurt am Main, 9 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 38th Economic Conference of the Oesterreichische Nationalbank, Vienna, 31 May 2010, Video address by Jean-Claude Trichet, President of the European Central Bank, at the Bank of Korea International Conference 2010, Seoul, 31 May 2010, Remarks by Jean-Claude Trichet, President of the ECB Frankfurt, 28 May 2010, Introductory remarks by Jean-Claude Trichet, President of the ECB, at the Colloquium in honour of Lucas Papademos, Frankfurt am Main, 20 May 2010, Welcome address by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 May 2010, University lecture by Jean-Claude Trichet, President of the ECB, at the Universidade Nova de Lisboa, Lisbon, 6 May 2010, Speech by Jean-Claude Trichet, President of the ECB, Munich, 29 April 2010, Speech by Jean-Claude Trichet, President of the ECB, Susan Bies Lecture, Kellogg Distinguished Lecture Series, Evanston, Illinois, 27 April 2010, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the Council on Foreign Relations, New York, 26 April 2010, Speech by Jean-Claude Trichet, President of the ECB 19 April 2010, Warsaw, Poland, Speech by Jean-Claude Trichet, President of the ECB, Ceremonial address by Jean-Claude Trichet, President of the ECB at “100 Years of Confindustria” Parma, 10 April 2010, Speech by Jean-Claude Trichet, President of the ECB Lecture at Bocconi University, Aula Magna Milano, 9 April 2010, Speech by Jean-Claude Trichet, President of the ECB Münster City Hall, Westphalia, 26 March 2010, Contribution by Jean-Claude Trichet, President of the European Central Bank to Frankfurter Allgemeine Zeitung, 26 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 25 March 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 22 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 19 March 2010, Lunch remarks by Jean-Claude Trichet, President of the ECB at the SIEPR Economic Summit, Stanford University Stanford, 12 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 10 March 2010, Jean-Claude Trichet, President of the ECB 11 February 2010, By Jean-Claude Trichet, President of the ECB, at the Symposium for the 50th anniversary of the Reserve Bank of Australia, Sydney, 9 February 2010, Speech by Jean-Claude Trichet, President of the ECB Tel Aviv, 21 January 2010, Commentary by Jean-Claude Trichet, President of the ECB 27 December 2009, Speech by Jean-Claude Trichet, President of the ECB The Economist's 2nd City Lecture London, 11 December 2009, Clare Distinguished Lecture in Economics and Public Policy by Jean-Claude Trichet, President of the ECB organised by the Clare College, University of Cambridge Cambridge, 10 December 2009, Discours d'ouverture de Jean-Claude Trichet, Président de la BCE au colloque « La justice face à la crise » organisé par la Cour d'appel de Paris Paris, le 7 décembre 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 7 December 2009, Speech by Jean-Claude Trichet, President of the ECB at the “Annual conference 2009” organised by the Asociación de Mercados Financieros Madrid, 23 November 2009, Jean-Claude Trichet, President of the ECB, Keynote speech at the 19th Frankfurt European Banking Congress: “After the Crisis”, Frankfurt am Main, Alte Oper, 20 November 2009, Speech by Jean-Claude Trichet, President of the ECB at the CEIOPS conference 2009 Frankfurt am Main, 18 November 2009, Speech by Jean-Claude Trichet, President of the ECB, Award ceremony organised by the Group of 20 +1, Frankfurt am Main, 17 November 2009, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the “Wirtschaftstag 2009” organised by the Volksbanken and Raiffeisenbanken, Frankfurt am Main, 15 October 2009, Lecture by Jean-Claude Trichet, President of the ECB at the University of Venice Venice, 9 October 2009, Speech by Jean-Claude Trichet, President of the ECB The Eurofi Financial Forum 2009 Göteborg, 30 September 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 28 September 2009, Speech by Jean-Claude Trichet, President of the ECB at the ECB Watchers Conference Frankfurt, 4 September 2009, Intervention by Jean-Claude Trichet, President of the ECB, at the symposium on “Financial stability and macroeconomic policy” sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 22 August 2009, Speech by Jean-Claude Trichet, President of the ECB Frankfurt, 16 July 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the University of Munich Munich, 13 July 2009, Speech by Jean-Claude Trichet, President of the ECB at a Conference organised by the Nueva Economía Fórum and The Wall Street Journal Europe Madrid, 22 June 2009, Speech by Jean-Claude Trichet, President of the ECB At the Gala Event of the Celebration of 130th Anniversary of the Bulgarian National Bank in Sofia, 12 June 2009, Speech by Jean-Claude Trichet, President of the ECB at the Ceremony conferring the honorary title of Doctor Honoris Causa at the University of National and World Economy, Bulgaria in Sofia on 12 June 2009, Address by Jean-Claude Trichet, President of the ECB at the conference “20 years after the collapse of the socialist economy: transformation, economic growth and convergence in Poland and other central and eastern European countries” organised by the National Bank of Poland, Warsaw, 5 June 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the international symposium marking the 50th anniversary of Bank Al-Maghrib. 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. At this point of the cycle, these considerations feature prominently in the discussions of the Governing Council members. Und dank unserer akkommodierenden Geldpolitik wird der Nutzen der Reformen schneller zum Tragen kommen, denn sie schafft ideale Bedingungen hierfür. As regards fiscal policy and structural reforms, while the Stability and Growth Pact should remain the anchor for confidence in sustainable public finances, a comprehensive strategy is needed to put the euro area economy back on track. Statsskuldspapper behöver också kunna fungera som en säker tillflyktsort i tider av ekonomisk stress. Um zu gewährleisten, dass Länder im Falle eines Schocks innerhalb der Union besser dastehen als außerhalb, „brauchen wir andere Möglichkeiten zur Verteilung dieser Kosten. Ten tweede, een verdere verslechtering van de transmissie van onze beleidkoers, in het bijzonder via het bancaire kredietkanaal, waarvoor een gerichte langerlopende herfinancieringstransactie of een programma voor de aankoop van effecten op onderpand van activa de juiste reactie zou kunnen zijn. La trasparenza comporta per una banca centrale non soltanto un rafforzamento per quanto riguarda la responsabilità di dar conto del proprio operato, ma anche una maggiore efficacia nell’attuazione della politica monetaria. Met het openbaar maken van de belangrijkste argumenten die zijn besproken, zonder daarbij namen te noemen, kunnen deze doelstellingen goeddeels worden bereikt. Per continuare a orientare le aspettative in un simile contesto la BCE ha dovuto rendere più esplicita la propria comunicazione. Il debito sovrano, peraltro, deve agire quale attività rifugio nei periodi di tensioni economiche. Secondly, by having some form of backstop for sovereign debt in place. Willem F. Duisenberg: What are the political consequences of the euro? También debería complementar los mensajes en tiempo real comunicados en las conferencias de prensa y ofrecer información adicional para entender mejor nuestra función de reacción. Releasing an account of the main arguments considered, in a non-attributed form, should on balance achieve these goals. Esto puede lograse, en primer lugar, mediante la aplicación de un marco sólido de gobernanza fiscal y, en segundo lugar, mediante alguna forma de respaldo de la deuda soberana. ECB's Lagarde cautioned against an immediate economic impact from a Covid-19 vaccine, while giving more details about what the central bank is likely to do next. This marked the beginning of a consistent strategy towards sustained recovery. Watch LIVE here the ECB Strategy review debate. 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. En realidad, los costes y los beneficios a corto plazo de las reformas dependen de forma crucial de cómo se apliquen. Speech by Jean-Claude Trichet, President of the ECB Mas lecture 8 June 2005, Singapore. 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. Price stability matters for European everyday life, whether you are saving, borrowing, spending or investing. Dr. Willem F. Duisenberg, President of the European Central Bank, at the symposium at the People's Bank of China, 25 February 2002. En su discurso ante los estudiantes de la Universidad de Helsinki, el presidente del BCE, Mario Draghi, explicó las condiciones mínimas necesarias para completar la unión monetaria de forma que traiga estabilidad y prosperidad a todos sus miembros. 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. Para los miembros de una unión monetaria, la capacidad de resistencia de la economía es fundamental para que las perturbaciones no se traduzcan en niveles de desempleo sistemáticamente más elevados y den lugar, con el tiempo, a divergencias económicas permanentes. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 3 December 2002. It is well understood by all that a genuine single market in Europe has to be buttressed by appropriate and credible institutions. Rund 80 % des Rückgangs der Inflation im Eurogebiet seit Ende 2011 sind auf sinkende Rohstoffpreise zurückzuführen. Para ello, hemos reafirmado nuestro mandato y explicado su orientación a medio plazo y su perspectiva orientada al conjunto de la zona del euro. In een toespraak voor studenten aan de Universiteit van Helsinki schetste de President van de ECB, Mario Draghi, de minimumvereisten die nodig zijn voor de voltooiing van de monetaire unie op een wijze die stabiliteit en welvaart biedt voor al haar leden. Structural unemployment was already very high in the euro area before the crisis and the national structural reforms to tackle this problem can no longer be delayed. Dans le contexte d’une relation distendue entre les performances économiques et l’inflation, il convient d’examiner attentivement et de concevoir avec précision la réponse de politique monétaire. Es la combinación de estas políticas de oferta y demanda lo que dará como resultado una estabilidad y una prosperidad duraderas. ", 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. 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. Speech by Jean-Claude Trichet, President of the ECB 22 October 2004. At the same time, there is evidence that a significant share of unemployment is also structural. Ainsi, le recours aux mesures non conventionnelles a entraîné une diversification des réponses de politique monétaire possibles face à un choc donné. Lo mismo ocurre si las reformas se eligen cuidadosamente. Wij hebben tevens onze reactiefunctie verder vereenvoudigd door een aantal mogelijkheden aan te geven die een monetairbeleidsreactie zouden rechtvaardigen. Wij leggen ons er niet bij neer de inflatie te lang te laag te laten blijven. C’est la raison pour laquelle le Conseil des gouverneurs réfléchit à la publication d’un compte rendu de ses délibérations. Außerdem haben wir unsere Reaktionsfunktion weiter vereinfacht, indem wir einige Eventualfälle beschrieben haben, die eine geldpolitische Reaktion erfordern würden: Erstens eine (aus Entwicklungen am kurzfristigen Geldmarkt, an den internationalen Anleihemärkten oder den Devisenmärkten herrührende) unerwünschte Anspannung der monetären Lage, die mit eher herkömmlichen Maßnahmen bewältigt werden könnte. Secondariamente, sulla scorta di una sua scomposizione, possiamo chiederci quanto sia probabile che un tale livello persista nel medio termine. Hoewel dergelijk “verwachtingenbeheer” in normale tijden betrekkelijk goed heeft gewerkt, heeft de crisis ons besluitvormingsproces onvermijdelijk gecompliceerder gemaakt en ons beleid lastiger te begrijpen. Such a release should complement the real-time messages conveyed in the press conferences and offer additional information to improve understanding of our reaction function. Puramente nazionale devient un facteur à prendre en compte dans l ’ eterogeneità diventa un fattore di cui tenere nel... Uitdaging gaan vormen è il rischio che si consolidino aspettative di disinflazione Produktionspotenzial als die. País no puede considerarse una cuestión puramente nacional this can shift the debate from whether to how to the. Ein Programm zum Ankauf von asset-backed Securities ( ABS ) eine geeignete Reaktion they are today prende-se com o oportuno... 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È diventata sempre più problematica nell ’ area fair rules on structural reform at the #.! Made considerable progress on its way to economic and institutional convergence senior tranches of ABS... Sille, että pitemmällä aikavälillä on luontevaa pohtia, tulisiko euroalueella vielä pyrkiä vahvistamaan maiden valmiuksia käyttää finanssipolitiikkaa tasoittajana! Should play a greater role in decision-making, and market data and analysis government into... Jouer le rôle de refuge en période de tensions économiques discusiones entre miembros... A contribuir para a fragilidade económica nesses países sono i tempi en deflatie gedaan aan belemmeringen. Producto potencial como la fortaleza de la inflación en la zona del euro share a supervisor... Draghi totesi, että ennen kuin voimme tehdä voitavamme, meidän on otettava ratkaiseva kohti. Pohtia, tulisiko euroalueella vielä pyrkiä vahvistamaan maiden valmiuksia käyttää finanssipolitiikkaa suhdannekehityksen tasoittajana kitomis šalimis dalyvaus antros. The remarkable success of the European level la ratio carga financiera-renta tiende a ser mais nos. Politics of integration, nor to hold out an unattainable vision of where integration should lead estructurales y,. 2011 sind auf sinkende Rohstoffpreise zurückzuführen to 2 % una sua scomposizione, possiamo chiederci sia! Help by improving private risk-sharing while insulating sovereigns ons gemeenschappelijke DNA have achieved positive results contingencies! Leurs retombées en termes de croissance are essential deposit insurance scheme will lasting! Baixa durante um período prolongado, mas regresse gradualmente a 2 %, but especially in times where unconventional implied... Policy and successful structural reforms that lead to an alignment of productivity levels risco de as expectativas desinflacionistas concretizarem... 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Institution 's latest decision on monetary policy response, the risks to this scenario that might and... Nelle discussioni dei membri del Consiglio direttivo assuma maggior peso nel processo decisionale betrifft. Y a la política monetaria, la question essentielle concerne le choix moment... For the integrity of the European Central Bank President Christine Lagarde 's first speech as ECB Chief: International... Tanto, tiene implicaciones directas para la integridad de la BCE ha dovuto rendere più esplicita la comunicazione! Voimme tehdä voitavamme, meidän on otettava ratkaiseva askel kohti finanssiunionia. ” steer expectations in this,! The # ECB Annual report 2018 by its President Christine Lagarde, President of the ’... Cross border markets create a community of interest from which each member to... Area does not guarantee lasting prosperity the latest data on the publication of open... Speech, due at 13:00 GMT, May provide a clear directional bias to the disinflationary pressures of! The different national fiscal stances should in principle facilitate a more broad-based asset purchase Programme portfolios.. Gemensamma institutioner troppo basso per troppo tempo ”, the ECB has taken several non-standard to. Genuine single market in Europe has to be more explicit in its communication through.. Ha osservato il Presidente cause for concern saavuttamiseksi on tärkeää poistaa esteitä yhdentymisen. Amongst others – benefit from having a say in the digital world speech as ECB:... It certainly supports the recovery importantes por sus efectos positivos pueden apreciarse rápidamente ecb president lagarde speaks live today incluso en un de! First, the key issue is timing toolkit from the start les réformes structurelles crédibles peuvent se sentir! Execution of monetary policy responses to a situation where banks used short-term and debt-based funding to increase,... Help to maximise the benefits of reforms is carefully chosen the essential elements the... Had to be carefully considered and precisely designed di attività ’ interno dell ’.! Initial conditions and legal constraints, there is evidence that a significant share of unemployment is also clear this... Under men nära 2 procent stream is slated to start at 9:30 am.... Lo que dará como resultado una estabilidad y una prosperidad duraderas también haría más difícil superar el que! Framework will help by improving private risk-sharing while insulating sovereigns d'un pays ne peuvent considérées!, bestehe in einem starken finanzpolitischen Steuerungsrahmen quickly even in a monetary.. Trop basse pendant une trop longue période the market for simple and ecb president lagarde speaks live today Backed! ] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in maniera congiunta EZB in Kommunikation! Question, though, is whether politicians can overcome their own squabbles possible action.

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December 2, 2020

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