Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 17 October 2024    Our monetary policy statement at a glance, 17 October 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 17 October 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is241017~59ad385bab.en.html Monetary policy decisions, 17 October 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html Combined monetary policy decisions and statement, 17 October 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms. #MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

What do Taylor Swift concerts have to do with inflation? When could the digital euro be out? And what will our future euro banknotes look like? In this special #AskECB episode, our guests answer your questions as we mark The ECB Podcast’s fifth birthday. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 5 October. In this episode: 01:40 – Taylor Swift’s Eras Tour and inflation Can individual events, like concerts or football tournaments, affect inflation? Guido Wolswijk, who works on monetary policy at the ECB, explains what “funflation” is and how we monitor it. 8:14 – Our 2% target What happens if one euro area country has an inflation rate higher than 2%? What can the ECB do in such cases? 11:19 – The digital euro What might the digital euro be like? Erica Ricci, who works in the digital euro team, tells us about the project and its next steps. 14:50 – The digital euro and private payment providers What could users expect from the digital euro? And would it replace apps like PayPal in the euro area? 17:38 – New euro banknotes When will the design contest for our future euro banknotes begin? Satu Hietanen from the banknotes team tells us more about the upcoming competition to design the third series of euro banknotes. Further reading: Why are stable prices important https://www.ecb.europa.eu/ecb-and-you/explainers/tell-me-more/html/stableprices.en.html Two percent target inflation https://www.ecb.europa.eu/mopo/strategy/pricestab/html/index.en.html What would a digital euro be https://www.ecb.europa.eu/euro/digital_euro/features/html/index.en.html Future banknotes https://www.ecb.europa.eu/euro/banknotes/future_banknotes/html/index.en.html Explore our banknotes in 3D https://www.ecb.europa.eu/euro/banknotes/current/denominations/html/index.en.html#es2-100 European Central Bank www.ecb.europa.eu European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 12 September 2024. Our monetary policy statement at a glance, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240912~4f7b17040c.en.html Monetary policy decisions, 12 September 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240912~67cb23badb.en.html Combined monetary policy decisions and statement, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240912~b6348e49f9.en.pdf Macroeconomic projections, 12 September 2024 https://www.ecb.europa.eu/press/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms.

What does a day in the life of a banking supervisor look like? How does one become a supervisor? And why does no one care about them – until things go wrong, that is! In our second Summer School episode, our host Stefania Secola speaks to Ramón Quintana Aguirre, who heads the supervision of the largest euro area banks. Published on 10 August 2024 and recorded on 16 July 2024. Show notes: 1:45 What is the typical background of a banking supervisor? Why did our guest decide to pursue this career? And what kind of qualifications and work experience do supervisors usually have? 6:00 What do supervisors expect from the banks they supervise? Do banks have enough capital and strong governance structures in place? And what do we do when banks aren’t properly managing their risks? 6:36 Why is the work of a banking supervisor so relevant? If banks fail, people’s lives are directly affected. So why does banking supervision only make the news when things go wrong, but never when they succeed? 10:11 What does a day in the life of a banking supervisor look like? From coming into the office to meeting with colleagues, managers and bank CEOs – what’s a typical day in banking supervision? 13:00 Why is supervising banks much more than just sitting at a desk? Engaging with bankers, supervisors and executives from all over Europe – the work of a banking supervisor may be more people-oriented than you think. 15:18 How do supervisors stay on top of things? The world in which we operate is changing. What role does training and recruitment play in helping banks face new risks? 17:05 Our guest’s hot tip Ramón Quintana Aguirre shares his hot tip with our listeners Further Reading: The ECB Podcast Summer School episode 1: What do European banking supervision and football have in common?: https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240808_episode91.en.html European banking supervision explained https://youtu.be/gW-5AtmyByc FAQ on European banking supervision https://www.bankingsupervision.europa.eu/press/publications/html/ssm.faq_about~c50751c039.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

What is European banking supervision and how is it connected to our bank accounts? And what does football have to do with it? Our host Stefania Secola discusses these questions and more with Supervisory Board member Elizabeth McCaul in the first episode of our Summer School on banking supervision. Published on 8 August 2024 and recorded on 11 July 2024. 1:06 Ten years of European banking supervision We’re celebrating ten years of European supervision this year. Let’s look at how it emerged from crisis. 3:44 How is European supervision like football? What is supervision at European level, why was it established and how is it connected to our bank accounts? 6:00 What have been the highlights of the past ten years? We reflect on the achievements of the past ten years, such as dealing with no shortage of challenges for banks, including the pandemic, Russia’s invasion of Ukraine and rising interest rates. 10:30 What about the future? What does the future of European banking supervision look like? What are the challenges, and how are we preparing to handle them? 13:07 Our guest’s hot tip Elizabeth McCaul shares her hot tip with our listeners. It’s a Wonderful Life https://en.wikipedia.org/wiki/It%27s_a_Wonderful_Life https://watch.plex.tv/watch/movie/its-a-wonderful-life European banking supervision explained https://youtu.be/gW-5AtmyByc FAQ on European banking supervision https://www.bankingsupervision.europa.eu/press/publications/html/ssm.faq_about~c50751c039.en.html The ECB Podcast: How is tech shaping Banking supervisión https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230928_episode70.en.html The ECB Podcast Summer School #1: : a deep dive into inflation (2023 edition) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230804_episode66.en.html The ECB Podcast Summer School #2: the nuts and bolts of interest rates (2023 edition) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230811_episode67.en.html The ECB Podcast Summer School #3: the role of Banks in fighting inflation (2023 edition) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230818_episode68.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 18 July 2024 Additional material Our monetary policy statement at a glance, 18 July 2024https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_july.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 18 July 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240718~6600b4add6.en.html Monetary policy decisions, 18 July 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240718~b9e0ddd9d5.en.html Combined monetary policy decisions and statement, 18 July 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240718~215969ab03.en.pdf?aa558df6bb80d9463f92f3fc62465f23 European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Klaas Knot, Chair of the Financial Stability Board, President of De Nederlandsche Bank, and member of the ECB Governing Council, and Lesetja Kganyago, Governor of the South African Reserve Bank, discuss the challenges facing the international financial system at the ECB Forum on Central Banking in Sintra, Portugal. Published on 6 July 2024 and recorded on 3 July 2024. 2024 ECB Forum on Central Banking https://www.ecb.europa.eu/press/conferences/ecbforum/html/index.en.html The ECB Podcast: The road ahead: is there room for optimism? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240627_episode86.en.html The ECB Podcast: Financial Stability in a ChatGPT world https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240517_episode84.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

We live in uncertain times. Military conflict, including in Europe, is reshaping the geopolitical landscape. People are suffering. And our economies are also affected, which is a specific challenge for central banks. Our co-host Paul Gordon discusses this with Moritz Schularick, President of the Kiel Institute for the World Economy. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 5 July 2024 and recorded on 2 July 2024. 1:02 A look at today’s geopolitical environment Geopolitical risk can materialise unexpectedly. What are the risks in these uncertain times? How is the geopolitical landscape changing? 2:17 The price of war What does military conflict mean for the economy? And how do events in other parts of the world affect us? 6:08 Challenges for central banks Wars have an impact on our economies, including on inflation. This poses a challenge for central banks. 12:13 Managing geopolitical risks How can we manage geopolitical risks better? Is more independence the only way? 16:17 Our guest’s hot tip Moritz Schularick shares his hot tip with our listeners. The ECB Forum on Central Banking https://www.ecb.europa.eu/press/conferences/html/20240701_ecb_forum_on_central_banking.en.html Federle, J, A Meier, G Müller, W Mutschler and M Schularick (2024), ‘DP18834 The Price of War‘, CEPR Discussion Paper No. 18834. CEPR Press, Paris & London. https://cepr.org/publications/dp18834 The Crisis of Democratic Capitalism by Martin Wolf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

ECB President Christine Lagarde, US Federal Reserve Chair Jerome Powell and Governor of the Banco Central do Brasil Roberto Campos Neto sat down together to discuss the steps they’ve taken to fight inflation and reflect on the road ahead during the ECB Forum on Central Banking in Sintra, Portugal. Recorded on 2 July 2024 and published on 3 July 2024. 2024 ECB Forum on Central Banking https://www.ecb.europa.eu/press/conferences/ecbforum/html/index.en.html The ECB Podcast - The road ahead: is there room for optimism? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240627_episode86.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

We just lowered our interest rates, as inflation is falling. But what was behind this decision? What is the state of our economy? And more importantly, what comes next? Our new co-host Paul Gordon discusses these questions with our Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 27 June 2024 and recorded on 18 June 2024. 1:13 Our latest monetary policy decision Why did the ECB’s Governing Council decide to lower its key interest rates? What were the determining factors? 5:10 The state of our economy How has inflation evolved in recent months? Is the economy recovering? And how have wages and employment been affected? 8:36 Next steps What are our next monetary policy steps? How will current uncertainty affect future decisions? 11:18 The ECB Forum in Sintra, Portugal What can we expect from this year’s ECB Forum on Central Banking? And what is Chief Economist Philip R. Lane most looking forward? 15:45 Our guest’s hot tip Chief Economist Philip R. Lane shares his hot tip with our listeners. Philip R. Lane interview with Financial Times, 27 May 2024 https://www.ecb.europa.eu/press/inter/date/2024/html/ecb.in240527~ffaddc865d.en.html Philip R. Lane speech on Monetary policy and the disinflation process, 11 June 2024 https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp240611~caf9681480.en.html The ECB Podcast: Quo vadis, inflation? March 2024 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240325_episode81.en.html ECB Forum on Central Banking 2024 – programme https://www.ecb.europa.eu/press/conferences/ecbforum/html/index.en.html Young Economist Prize 2024 https://www.ecb.europa.eu/press/conferences/ecbforum/YE_competition/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 6 June 2024 Our monetary policy statement at a glance, 6 June 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_june.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 6 June 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240606~d32cd6cc8a.en.html Monetary policy decisions, 6 June 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240606~2148ecdb3c.en.html Combined monetary policy decisions and statement, 6 June 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240606~f4d2c4833d.en.pdf?3d009dc9ec7917c832fe9a5a41e12fcd European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

What does the rapid advance of AI mean for our financial system? And how is financial stability affected by geopolitical risk? Our host Stefania Secola puts these questions to expert John Fell in The ECB Podcast’s regular look at financial stability in the euro area. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 17 May 2024 and recorded on 10 May 2024. In this episode: 01:01 – How stable is our financial system right now? Our latest financial stability assessment is more positive, but just how resilient is our financial system to shocks? 04:56 – What concerns does geopolitical risk raise? How can geopolitical risk affect markets, banks and non-banks like investment funds, and what can financial institutions do to manage it? 09:55 – How can AI help the financial system? Artificial intelligence offers promising ways to improve efficiency, customer service and risk management. 13:32 – Can AI be a source of systemic risk? Widespread use of AI tools and reliance on a small number of suppliers could lead to financial stability risks. 19:13 – Our guest’s hot tip Financial stability expert John Fell shares his hot tip with our listeners. Further reading: Financial Stability Review, May 2024 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html Turbulent times: geopolitical risk and its impact on euro area financial stability (special feature A) https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202405~7f212449c8.en.html#toc33 The rise of artificial intelligence: benefits and risks for financial stability (special feature B) https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202405~7f212449c8.en.html#toc34 The ECB Podcast: When the yin meets the yang: resilience in gloomy times, December 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod231202_episode74.en.html European Central Bank www.ecb.europa.eu

What are inflation expectations? How do our personal experiences shape them? And why do they matter to central banks? In this episode of The ECB Podcast, our host Stefania Secola and researchers Geoff Kenny and Dimitris Georgarakos discuss how people form expectations about inflation and how we measure them. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 26 April 2024 and recorded on 19 April 2024. In this episode: 01:35 – Inflation expectations What are inflation expectations, and why do they matter for central banks? How do people form such expectations? 9:25 – The impact on prices Can inflation expectations shape the prices we end up paying? How might personal perceptions influence wages? 11:30 – Measuring inflation expectations Why is it important to measure inflation expectations, and how do we do it at the ECB? What were the findings of our latest survey? 16:38 – The role of the ECB What can the ECB do to inform people’s inflation expectations? And what role can communication play in this? 21:15 – Our guests’ hot tips ECB researchers Geoff Kenny and Dimitris Georgarakos share their hot tips and some final thoughts with our listeners. ECB Consumer Expectations Survey https://www.ecb.europa.eu/stats/ecb_surveys/consumer_exp_survey/html/index.en.html Working Paper: Tell me something I don’t already know: learning in low and high-inflation settings, March 2024 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2914~d6a8832bf5.en.pdf?e655c8b68e7c2fb096387a4da34c42e6 Research Bulletin: Recent changes in consumers’ medium-term inflation expectations – a detailed look, February 2023 https://www.ecb.europa.eu/press/research-publications/resbull/2023/html/ecb.rb230224~558beec65c.en.html Economic Bulletin issue 3/2024: Trust in the ECB – insights from the Consumer Expectations Survey, April 2024 https://www.ecb.europa.eu/press/economic-bulletin/html/eb202403.en.html#toc24 European Central Bank www.ecb.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 11 April 2024 Additional material Our monetary policy statement at a glance, 11 April 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_april.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 11 April 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240411~9974984b58.en.html Monetary policy decisions, 11 April 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240411~1345644915.en.html Combined monetary policy decisions and statement, 11 April 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240411~58dd9ec73d.en.pdf?566c397f0364d717913bf7770e67bf17 European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

We have made good progress in our fight against inflation since we started to tighten our monetary policy in 2022. Where do we stand right now? And what are we keeping a close eye on in the economy? Host Stefania Secola discusses these topics with our Chief Economist Philip R. Lane. They also talk about the ECB’s recent changes to its operational framework for implementing monetary policy. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 March 2024 and recorded on 21 March 2024. In this episode: 01:23 – Inflation right now How has inflation evolved since its peak in late 2022? What is the outlook for the year ahead and what will shape our future decisions? 03:30 – Wages and inflation How are rising wages affecting inflation, and is the situation the same across all euro area countries? 09:54 – The state of the labour market Unemployment is historically low, but economic growth is projected to be lower than in previous years. What might the coming months hold for the labour market? 13:54 – The ECB’s operational framework Why have we reviewed our operational framework for implementing monetary policy? How does it help our work to keep prices stable? 19:02 – Our guest’s hot tip Our guest, Philip R. Lane, encourages our listeners to read a paper that looks at the macroeconometric models used at the ECB for forecasting and policy analysis. Further Reading: The ECB Podcast: Are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html Occasional Paper 344: ECB macroeconometric models for forecasting and policy analysis https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op344~53b9e2aa4d.en.pdf?14821c7f99280514dbdaa26114c4f565 Press release: ECB announces changes to the operational framework for implementing monetary policy https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr240313_1~a3a50a9add.en.html Economic Bulletin Issue 2/2024, Article 1: The impact of recent shocks and ongoing structural changes on euro area productivity growth https://www.ecb.europa.eu/pub/economic-bulletin/articles/2024/html/ecb.ebart202402_01~d63ecff49c.en.html Press release: Monetary policy decisions (7 March 2024) https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240307~a5fa52b82b.en.html European Central Bank www.ecb.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% target in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Recorded and published on 7 March 2024 Our monetary policy statement at a glance, 7 March 2024 https://www.ecb.europa.eu/press/pressconf/visual-mps/2024/html/mopo_statement_explained_march.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 7 March 2024 https://www.ecb.europa.eu/press/pressconf/2024/html/ecb.is240307~314650bd5c.en.html Monetary policy decisions, 7 March 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240307~a5fa52b82b.en.html Combined monetary policy decisions and statement, 7 March 2024 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds240307~8e06c79bf2.en.pdf?e86e578f1a99fdaa095a37dc4f1f6355 European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Did you know that euro banknotes are getting a makeover? As the euro turns 25, let’s look at the road ahead for our banknotes. What will future euro banknotes look like, why do we need them, and when can we start using them? Join our host Stefania Secola and Sarai Artiles, who works on banknote communications, to find out more. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 10 February 2024 and recorded on 1 February 2024. In this episode: 00:05 – The euro is turning 25 The euro unites us – it is used by 350 million people in 20 countries! Euro banknotes are a physical reminder of our shared identity. 01:56 – Why are we redesigning euro banknotes? Security, environmental aspects and relatability: these are just some of the reasons we are designing a new series of euro banknotes. 05:28 – Many cultures, one euro Euro banknotes are used by people with different backgrounds, cultures, and languages. How can future banknotes represent them all? 08:50 – What will they look like? “European culture” and “Rivers and birds” have been selected as the themes for future euro banknotes. Does this mean we already know what they’ll look like? 10:20 – When can we start using them? We have the themes, but what’s next in the banknote redesign process? When can we expect to start using these new banknotes? 12:30 – Our guest’s hot tip Additional material: Press release: ECB selects “European culture” and “Rivers and birds” as possible themes for future euro banknotes https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231130~cad7fa27ab.en.html Press release: ECB surveys Europeans on new themes for euro banknotes https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230710~77cf718c59.en.html Podcast: All you need to know about euro banknotes https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220205_episode27.en.html Webpage: FAQ on the redesign of euro banknotes https://www.ecb.europa.eu/euro/banknotes/future_banknotes/html/ecb.faq_banknotes_redesign.en.html Webpage: The redesign process https://www.ecb.europa.eu/euro/banknotes/future_banknotes/redesign/html/index.en.html European Central Bank http://www.ecb.europa.eu/

What lies ahead on our path to a greener future? How can we assess the impact of extreme weather on the economy? And how can we tackle financial risks from nature loss and degradation? With its new climate and nature plan, the ECB is stepping up its work in these areas over the next two years. Our host Stefania Secola discusses this and more with the head of the ECB’s climate change centre, Irene Heemskerk. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 31 January 2024 and recorded on 23 January 2024. In this episode: 01:00 – The ECB’s work on climate What has the ECB done so far to help tackle climate change, what does it plan to focus on going forward and why is this work important? 04:35 – The intensifying climate crisis As global temperatures rise and extreme climate events become more frequent and more devastating, what is the impact on the economy and the financial system? What can the ECB do about it? 07:40– Keeping the green transition on course Time is running out to contain global warming and meet the Paris Agreement targets. Governments are in the driving seat but we’re all heading in the same direction. How can economic analysis contribute to these efforts, and how can we unlock the funds needed to keep the green transition moving forward? 13:15 – Defining a role for monetary policy The ECB has already tilted its corporate bond holdings towards issuers with better climate performance. What else can it do, within its mandate, to support the green transition? What role can interest rates play? 15:00 – From climate change to environmental crises: nature and biodiversity loss Euro area firms and banks are highly dependent on nature, but nature is being rapidly devastated by human activity. What are the economic and financial risks stemming from nature degradation? 17:22 - Our guest’s hot tip ECB climate change centre head Irene Heemskerk shares her hot tip with our listeners. Additional material: Press release: ECB steps up climate work with focus on green transition, climate and nature-related risks, 30 January 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr240130~afa3d90e07.en.html The ECB’s climate and nature plan 2024-25 https://www.ecb.europa.eu/ecb/climate/our-climate-and-nature-plan/html/index.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html The ECB’s publications on climate change https://www.ecb.europa.eu/home/search/html/climate_change.en.html The ECB Podcast: What biodiversity and nature loss mean for our economy, 25 November 2023 https://www.youtube.com/watch?v=DP3tRzELPLY European Central Bank www.ecb.europa.eu www.bankingsupervision.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 25 January 2024. Our monetary policy statement at a glance, 25 January 2024 https://www.ecb.europa.eu/press/pressconf/visual-mps/2024/html/mopo_statement_explained_january.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 25 January 2024 https://www.ecb.europa.eu/press/pressconf/2024/html/ecb.is240125~db0f145c32.en.html Monetary policy decisions, 25 January 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240125~f738889bde.en.html Combined monetary policy decisions and statement, 25 January 2024 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds240125~d65b43331a.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 14 December 2023. Additional material Our monetary policy statement at a glance, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is231214~df8627de60.en.html Monetary policy decisions, 14 December 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp231214~9846e62f62.en.html Combined monetary policy decisions and statement, 14 December 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds231214~cbcff0882a.en.pdf Macroeconomic projections, 14 December 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Outgoing Supervisory Board Chair Andrea Enria sat down with President Christine Lagarde during the ECB Forum on Banking Supervision to look back on his five-year term, marked by challenges such as the pandemic and reflects on the most difficult decision he had to take. He also reflects on the decisions taken to overcome these challenges, and what the future holds for European banking supervision. Recorded on 1 December 2023 and published on 9 December 2023. Additional material: President Christine Lagarde’s welcome address at the fifth ECB Forum on Banking Supervision https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp231130~48f5947179.en.html ECB Forum on Banking Supervision https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html European Central Bank www.ecb.europa.eu

How are financial markets reacting to higher rates, a sluggish economy and geopolitical tensions? Should we worry about property markets? Our host Stefania Secola puts these questions to financial stability expert John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 2 December 2023 and recorded on 27 November 2023. In this episode: 01:08 – Financial markets’ optimism is put to the test How are financial markets reacting to the new environment of high interest rates, a sluggish economy and rising geopolitical tensions? 06:00 – The conundrum of banks’ increasing profits and stagnant valuations Banks’ profits are at multi-year highs, yet their valuations haven’t changed much. What factors explain this? 10:31 – Real estate markets are a source of concern Residential and commercial property markets are feeling the impact of higher interest rates. What are the implications for banks and financial stability? 16:06 – The yin and the yang of financial stability As the credit cycle turns, and with several vulnerabilities unravelling, can resilience compensate? 18:22 – Conclusion Additional material: Financial Stability Review, November 2023 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html FSR Box 5 on Euro area bank fundamentals, valuations and cost of equity https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc27 Special feature B on Real estate markets in an environment of high financing costs https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc40 The ECB Podcast: Financial stability and bank runs, June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230607_episode60.en.html European Central Bank www.ecb.europa.eu

Nature is in danger. This affects us all, including businesses and banks. Why is this relevant for the ECB’s mandate? Join our host Stefania Secola and her guest Frank Elderson, Executive Board member and Supervisory Board Vice-Chair, as they discuss nature loss, its impact on our economy and what we’re doing about it. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 November 2023 and recorded on 17 November 2023. In this episode: 00:05 – Nature is in danger Habitats and species are in decline. How does this affect our economies? And if our mandate is to maintain price stability and keep euro area banks safe and sound, why does the ECB care about biodiversity loss? 02:01 – The economic impact of biodiversity loss How big is the impact of biodiversity loss on people and businesses? How much are banks, and the wider economy, affected? And what’s the ECB’s role in this? 08:38 – What’s the ECB doing about nature loss? Knowledge is the first step. Quantifying the impact that nature loss has on our economies and banks is important. But what can the ECB do with these findings? 15:51 – Are banks doing enough? We’ve asked banks to come up with action plans to assess their climate and environmental risks. But they need to make more progress. 17:45 – Our guest’s hot tip Executive Board member and Supervisory Board Vice-Chair, Frank Elderson, shares his hot tip with our listeners. Additional material: Occasional Paper: Living in a world of disappearing nature: physical risk and the implications for financial stability https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op333~1b97e436be.en.pdf?90e7aaae4ef927f887a787587a22adba The ECB Blog by Frank Elderson: The economy and banks need nature to survive https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230608~5cffb7c349.en.html The ECB Podcast: Are banks walking the talk on climate? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221102_episode44.en.html The ECB Podcast: Being transparent about climate risks https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230513_episode58.en.html “Addressing tipping points for a precarious future” by Timothy O’Riordan and Timothy Lenton European Central Bank http://www.ecb.europa.eu/

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 26 October 2023 in Athens, Greece. Additional material: Our monetary policy statement at a glance, 26 October 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 26 October 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is231026~c23b4eb5f0.en.html Monetary policy decisions, 26 October 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp231026~6028cea576.en.html Combined monetary policy decisions and statement, 26 October 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds231026~3af2df9818.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Will we soon pay with a digital euro? Would it replace cash? And who is it for? Although no decision has been made on issuance, we are preparing for a possible digital euro. This is fuelling a lot of interest − and quite a few misconceptions. Join our host Stefania Secola and her guest Evelien Witlox, head of the ECB’s digital euro project, as they set the record straight by busting some myths on the topic. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 24 October 2023 and recorded on 19 October 2023. In this episode: 00:20 – Digitalisation in payments The world is becoming increasingly digital, and the way we pay is no exception. To ensure our euro is future-proof, the ECB has decided to proceed with a digital euro preparation phase. 01:28 – The project moves ahead What does the decision to move to the next phase mean? Will we soon be able to pay with a digital euro? 04:01 – The need for a digital euro I can already pay digitally with my bank card, my phone or even my watch. What’s the difference between doing this and paying with a digital euro? 06:25 – Digital euro and cash What about euro cash? Will a digital euro replace banknotes and coins? 09:35 – Who will use it? Is a digital euro only for young people in big cities? Will it exclude people who don’t have a phone? 10:34 – Data and the digital euro Will the ECB collect personal data when you pay with the digital euro and if so, for what purpose? 12:51 – The project team Who’s involved in the digital euro project? Is the ECB doing all this alone? 15:20 – Our guest’s hot tip Additional material: Press release: Eurosystem proceeds to next phase of digital euro project https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231018~111a014ae7.en.html Digital euro hub page https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html Webpage: Why do we need a digital euro https://www.ecb.europa.eu/paym/digital_euro/why-we-need-it/html/index.en.html The ECB Podcast: A digital euro: what, why, when? (part 1) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221015_episode41.en.html The ECB Podcast: A digital euro: what, why, when? (part 2) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221019_episode42.en.html' European Central Bank http://www.ecb.europa.eu/

How can new technologies improve banking supervision? What challenges do they bring for supervisors? And how will artificial intelligence make Europe’s banks safer? Our new host Stefania Secola explores this topic with Supervisory Board member Elizabeth McCaul. A warm welcome to Stefania and a big thanks for standing in for Katie Ranger, who is away for a while. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 28 September 2023 and recorded on 22 September 2023. In this episode: 01:25 – Digitalisation in banking supervision How are technological changes affecting supervision? What kinds of supervisory technology – also known as suptech – are we using? And will robots end up supervising banks? 5:07 – Using suptech to sort data How do supervisors use technology to analyse big amounts of data? Why is this important? And how does this help bank customers? 10:20 – Artificial intelligence (AI) How do we use technology to make sure banks are run by the right people? Is human judgment still important when using artificial intelligence? 12:07 – The people behind new technologies How do different supervisory teams cooperate? And how does technology help fight financial crime? 15:15 – Our guest’s hot tip Supervisory Board member, Elizabeth McCaul, shares her hot tips with our listeners. Additional material: Technology, data and innovation – shaping the future of supervision. Keynote speech by Elizabeth McCaul https://www.bankingsupervision.europa.eu/press/speeches/date/2023/html/ssm.sp230920_1~9315562707.en.html Supervision Newsletter – Digital transformation requires strong governance and steering https://www.bankingsupervision.europa.eu/press/publications/newsletter/2023/html/ssm.nl230517_3.en.html The ECB Podcast: Let's get digital on inflation, climate and the euro https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220811_episode39.en.html European Central Bank www.ecb.europa.eu European Banking Supervision www.bankingsupervision.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 14 September 2023. Additional material: Our monetary policy statement at a glance, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230914~686786984a.en.html Monetary policy decisions, 14 September 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230914~aab39f8c21.en.html Combined monetary policy decisions and statement, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230914~bfc89c4456.en.pdf Macroeconomic projections, 14 September 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more on pod.link/ecbpodcast

Banks are one of the main channels through which our monetary policy decisions reach the economy. How have they passed on our recent interest rate hikes? Has it been the same for loans as for savings? And what is the impact on people and firms? Our host Katie Ranger and Chief Economist Philip R. Lane unpick these questions in the third and final episode of our Summer School mini-series. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 18 August 2023 and recorded on 27 July 2023. Additional material [to be added as a heading in SoundCloud] The ECB Podcast Summer School #1: a deep dive into inflation – August 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230804_episode66.en.html The ECB Podcast Summer School #2: the nuts and bolts of interest rates – August 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230811_episode67.en.html The ECB Podcast: are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html Our monetary policy statement at a glance – July 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_july.en.html European Central Bank www.ecb.europa.eu

We’ve been raising interest rates to bring down inflation. How does that work? Are we already seeing the impact on prices? And is this the end of super-low rates? Our host Katie Ranger puts these questions to Chief Economist Philip R. Lane in the second episode of our Summer School mini-series. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 11 August 2023 and recorded on 27 July 2023. Additional material [pls add this as a headline on soundcloud too] The ECB Podcast Summer School #1: a deep dive into inflation https://soundcloud.com/europeancentralbank/the-ecb-podcast-summer-school-a-deep-dive-into-inflation The ECB Podcast: are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html Our monetary policy statement at a glance – July 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_july.en.html European Central Bank www.ecb.europa.eu

Inflation is falling, but it’s still higher than we want it to be. What’s making it hard to tackle? And what will determine how prices and wages develop? Our host Katie Ranger gets to the bottom of this with our Chief Economist Philip R. Lane in our new Summer School mini-series. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 4 August 2023 and recorded on 27 July 2023. Additional material Consumer Expectations Survey https://www.ecb.europa.eu/stats/ecb_surveys/consumer_exp_survey/html/index.en.html Economic Bulletin: Underlying inflation measures: an analytical guide for the euro area https://www.ecb.europa.eu/pub/economic-bulletin/focus/2023/html/ecb.ebbox202305_05~84e89bcb5d.en.html The ECB Podcast: are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html Our monetary policy statement at a glance – July 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_july.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 27 July 2023. European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast Additional material: Our monetary policy statement at a glance, 27 July 2023 [link to visual monetary policy statement] Christine Lagarde, Luis de Guindos: Monetary policy statement, 27 July 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230727~e0a11feb2e.en.html Monetary policy decisions, 27 July 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230727~da80cfcf24.en.html Combined monetary policy decisions and statement, 27 July 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230727~9e147b657d.en.pdf

How are changes in energy markets affecting people’s daily lives? And how can we make our economies more resilient to these shocks? Our host Katie Ranger discusses recent developments in energy markets and their impact on our economies with Norges Bank Governor Ida Wolden Bache while at the ECB Forum on Central Banking. Published on 29 June 2023 and recorded on 27 June 2023. ECB Forum on Central Banking 2023 – programme https://www.ecb.europa.eu/pub/conferences/html/20230626_ecb_forum_on_central_banking.en.html European Central Bank www.ecb.europa.eu

How stable is the global economic recovery? And is geoeconomic fragmentation a threat? Gita Gopinath, the IMF’s First Deputy Managing Director, joins our host Katie Ranger on the ECB Podcast to discuss these and other questions while at the ECB Forum on Central Banking in Sintra, Portugal. Published on 27 June 2023 and recorded on 27 June 2023. Further reading: Three Uncomfortable Truths For Monetary Policy - Remarks by Gita Gopinath at the ECB Forum on Central Banking, 26 June 2023 https://www.ecb.europa.eu/pub/conferences/ecbforum/shared/pdf/2023/Gopinath_speech.pdf Three Uncomfortable Truths For Monetary Policy - Presentation by Gita Gopinath at the ECB Forum on Central Banking, 26 June 2023 https://www.ecb.europa.eu/pub/conferences/ecbforum/shared/pdf/2023/Gopinath_presentation.pdf IMF’s world economic outlook 2023 https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023 IMF’s report on geoeconomic fragmentation and the future of multilateralism https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2023/01/11/Geo-Economic-Fragmentation-and-the-Future-of-Multilateralism-527266 ECB Forum on Central Banking 2023 – programme https://www.ecb.europa.eu/pub/conferences/html/20230626_ecb_forum_on_central_banking.en.html Link to Gita Gopinath's opening speech, 26th of June: https://youtube.com/live/wbIbpItoOT4?feature=share European Central Bank www.ecb.europa.eu

What is the risk of a wage-price spiral? How long will we go on raising interest rates? And are companies’ high profits fuelling inflation? Our host Katie Ranger discusses these questions with our Chief Economist Philip R. Lane on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 23 June 2023 and recorded on 20 June 2023. In this episode: 1:20 – The ECB’s latest monetary policy decisions Why are we raising interest rates again and when will we reach the right rate to bring inflation down to our 2% target? 6:56 – Underlying versus headline inflation: what’s the difference? What do we understand by core, headline and underlying inflation, what role do energy prices play, and which way is inflation going? 15:02 – The risk of a wage-price spiral What is the risk of a wage-price spiral, why can it be dangerous and how can we avoid it? 19:44 – The ‘’greedflation’’ phenomenon Are companies’ widening profit margins driving up inflation – and if so, how will this situation rebalance? 23:47 – Our guest’s hot tip Our guest, Philip R. Lane, recommends that our listeners take a look at the 2023 Young Economist Prize finalists’ papers – and tune in to the ECB Forum on Central Banking to hear the winner being announced. Further reading: The ECB Forum on Central Banking 2023 – Programme https://www.ecb.europa.eu/pub/conferences/html/20230626_ecb_forum_on_central_banking.en.html Meet the finalists of the 2023 Young Economist Prize https://www.ecb.europa.eu/pub/conferences/ecbforum/YE_competition/html/index.en.html Our monetary policy statement at a glance – June 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_june.en.html European Central Bank www.ecb.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 15 June 2023. Our monetary policy statement at a glance, 15 June 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_june.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 15 June 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230615~3de9d68335.en.html Monetary policy decisions, 15 June 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230615~d34cddb4c6.en.html Combined monetary policy decisions and statement, 15 June 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230615~19be62590b.en.pdf Macroeconomic projections, 15 June 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How stable is our financial system? And what risks do we see for banks and property markets? Our host Katie Ranger delves into this topic with financial stability expert John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 7 June 2023 and recorded on 2 June 2023. In this episode: 01:45 – Looking back at the last six months What is a positive thing that has happened during the last six months in the financial sector, and what events are worrying? 04:58 – How the bank failures and takeovers in the United States and Switzerland have affected euro area banks Why were some of these events a surprise, and how much impact have they had on euro area banks? 10:20 – Lessons learnt from the banking turmoil What issues has the turmoil raised, what lessons can be learnt from these events, and why did the speed and scale of bank runs stand out? 14:13 – Real estate markets Which way are housing markets going after the long boom cycle? 19:52 – Our guest’s hot tip Our guest, John Fell, shares two film recommendations with our listeners. Additional material: Financial Stability Review, May 2023 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html The ECB Podcast: Hacktivists, ransoms and cyberwar – threats for the financial system? December 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221206_episode46.en.html The ECB Podcast: Is financial stability at risk in these stormy times? November 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221124_episode45.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

As part of the celebrations for the ECB’s 25th anniversary, ECB President Christine Lagarde looks back at a quarter of a century of commitment to price stability and working for a better Europe, and explores what might lie ahead. Published on 24 May 2023. Speech of President Lagarde https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230524~4e026cefbc.en.html 25 years of euro united – The ECB Blog by President Christine Lagarde https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog.230524~ed0f2638c1.en.html Explainer: What the European Central Bank does and what it means for you https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/anniversary.en.html Explainer: Five things you need to know about the ECB https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/five_things.en.html Everyone needs stability – Introducing the ECB https://www.ecb.europa.eu/ecb/educational/everyone-needs-stability/html/index.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How transparent do organisations need to be about climate risks, and why does it matter? Where do banks and the ECB stand on sharing this information? Our host Katie Ranger speaks with Executive Board member and Supervisory Board Vice-Chair Frank Elderson in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 13 May 2023 and recorded on 8 May 2023. In this episode: 01:27 – What are climate disclosures and why do they matter? What information organisations should share about their climate-related risks, the forms these disclosures can take, and why they’re important for people, companies, investors and institutions. 05:52 – Greenwashing and making sure disclosures aren’t misleading How we can make sure organisations are acting – and not just sounding – green, and how to know if the climate information can be trusted. 13:32 – How well are banks disclosing their climate risks? What our latest report reveals about the progress banks have made in becoming more transparent when it comes to climate risks, and what we expect from them as their supervisor. 17:50 – The ECB’s own climate disclosures What our first set of climate disclosures shows about the carbon footprint of corporate bonds we bought as part of our monetary policy and other investments. 22:38 – Our guest’s hot tip Additional material: Press release: Banks must continue improving climate risk disclosures as new EU rules take effect, ECB report shows https://www.bankingsupervision.europa.eu/press/pr/date/2023/html/ssm.pr230421~213bf10fbe.en.html Press release: ECB starts disclosing climate impact of portfolios on road to Paris-alignment https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230323~05efc3cf49.en.html Explainer: What are climate disclosures? https://www.ecb.europa.eu/ecb/educational/explainers/html/what-are-climate-disclosures.en.html Speech by Frank Elderson: Policymakers as policy takers – accounting for climate-related and environmental factors in banking supervision and monetary policy https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230421~489cd977e0.en.html The ECB Podcast: Greening the financial system: milestones in our climate change journey, 9 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220709_episode36.en.html Climate change and banking supervision https://www.bankingsupervision.europa.eu/about/climate/html/index.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html European Central Bank www.ecb.europa.eu European Banking Supervision www.bankingsupervision.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 4 May 2023. Our monetary policy statement at a glance, 4 May 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_may.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 4 May 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230504~f242392c72.en.html Monetary policy decisions, 4 May 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230504~cdfd11a697.en.html Combined monetary policy decisions and statement, 4 May 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230504~3751d33d72.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 16 March 2023. Our monetary policy statement at a glance, 16 March 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_march.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 16 March 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230316~6c10b087b5.en.html Monetary policy decisions, 16 March 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230316~aad5249f30.en.html Combined monetary policy decisions and statement, 16 March 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230316~34822c9f1d.en.pdf Macroeconomic projections, 16 March 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

To mark International Women’s Day, President Christine Lagarde and WTO Director-General Dr Ngozi Okonjo-Iweala discuss women in the economy and share their experiences as female leaders. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded and published on 8 March 2023. Additional material: ECB Scholarship for Women https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html The ECB Podcast: Breaking bias to build a more gender-equal world, 5 March 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220305_episode29.en.html The ECB Podcast: A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation, 15 July 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210715_episode18.en.html The ECB Podcast: Fighting biases and empowering women: A conversation on female leadership and gender equality, 8 March 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210308_episode15.en.html European Central Bank website www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Does a central bank make profits and losses? How do they come about? And what was our financial position at the end of 2022? Our host Katie Ranger puts these questions to press officer William Lelieveldt on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 23 February 2023 and recorded on 13 February 2023. In this episode: 01:14 – How does a central bank make a profit? How a central bank earns money, where its profits come from and what it does with its income. 03:49 – How does a central bank make a loss? What sort of thing is a cost for a central bank and how it spends its money. 04:55 – Our annual accounts in the current economic environment How higher interest rates affect our profits and losses, how we choose which bonds to buy and whether we could have avoided making a loss. 08:55 – The impact of making a loss How making a loss affects people in the euro area and what we expect our balance sheet to look like in a few years’ time. 11:48 – Our guest’s hot tip Additional material: Press release: Financial statements of the ECB for 2022, 23 February 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230223~398b74f1dc.en.html Publication: Annual Accounts 2022, 23 February 2023 https://www.ecb.europa.eu/pub/annual/annual-accounts/html/ecb.annualaccounts2022~ee9329bf6f.en.html Explainer: Profits and losses of the ECB and the euro area national central banks: where do they come from? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/ecb_profits.en.html Explainer: Accountability https://www.ecb.europa.eu/ecb/orga/accountability/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How much do you know about Croatia’s economy? And what about the steps the country had to take to adopt the euro? Our host Katie Ranger and economist Martin Bijsterbosch explore these topics on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 16 February 2023 and recorded on 7 February 2023. In this episode: 01:00 – Croatia’s economy What Croatia’s economy looks like, and what ties the country already had with the euro area before joining the single currency. 04:00 – The path to joining the euro Why Croatia only adopted the euro in 2023, convergence criteria and what the country needed to accomplish in order to join the euro area. 08:53 – Croatia's response to economic shocks How Croatia’s economy has been affected by the pandemic and Russia’s invasion of Ukraine. 13:05 – Adopting the euro in a high-inflation environment How the euro changeover is going in a high-inflation environment and how Croatian authorities are monitoring and handling any deliberate increase of prices during the transition. 15:59 – What’s next for Croatia? The next steps on Croatia’s path towards full economic convergence with the euro area, and the main economic challenges facing the country. 18:59 – Our guest’s hot tip Additional material: The ECB Podcast: What does it take to change a currency?, 28 January 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230128_episode50.en.html Interview with Christine Lagarde, President of the European Central Bank, conducted by Marina Klepo on 19 December 2022 https://www.ecb.europa.eu/press/inter/date/2022/html/ecb.in221231~16c85cd5a3.en.html Croatian euro coins https://www.ecb.europa.eu/euro/coins/html/hr.en.html Croatia changeover https://www.ecb.europa.eu/euro/changeover/croatia/html/index.en.html President Christine Lagarde's New Year's greeting and welcoming Croatia into the euro area https://www.youtube.com/watch?v=bDEVfk8oDBA European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Every year we look at the challenges banks face and determine what they need to do to cope with them. What did we find in our latest assessment? How are banks faring in these uncertain times? In this episode of The ECB Podcast, our host Katie Ranger explores these questions with Supervisory Board Chair Andrea Enria. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 8 February 2023 and recorded on 31 January 2023. In this episode: 00:30 – What are the results of our latest assessment of banks? How Europe’s banks are faring in these uncertain times and what aspects they still need to work on. 02:55 – Our first look at leveraged finance What leveraged finance is, why it’s important for banks and why our review looked at this topic for the first time. 05:24 – The uncertain economic situation What the current uncertain situation means for banks, and what the biggest future challenges are for them? 08:07 – The effect of higher interest rates on banks Why higher interest rates are a positive thing for banks and how they could benefit them in terms of their profitability. 10:18 – Andrea Enria’s last year as Chair of the Supervisory Board What is the Supervisory Board Chair most proud about achieving during his mandate and what legacy he would like to leave to his successor. 13:22 – Our guest’s hot tip Additional materials: Press release: ECB keeps capital requirements steady in 2023, as banks remain resilient, 8 February 2023 https://www.bankingsupervision.europa.eu/press/pr/date/2023/html/ssm.pr230208~8971619db2.en.html Aggregate results of SREP 2022, 8 February 2023 https://www.bankingsupervision.europa.eu/banking/srep/2023/html/ssm.srep202302_aggregateresults2023.en.html Speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the press conference on the results of the 2022 SREP cycle, 8 February 2023 https://www.bankingsupervision.europa.eu/press/speeches/date/2023/html/ssm.sp230208~4ee762ce05.en.html The ECB Podcast: How healthy are Europe’s banks two years into the pandemic?, 12 February 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220212_episode28.en.html The ECB Podcast: Making sure banks are run by the right people, 10 February 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211210_episode24.en.html The ECB Podcast: What lies on the horizon for Europe’s banks?, 16 November 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211116_episode23.en.html Banking Supervision website www.bankingsupervision.europa.eu European Central Bank website www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 2 February 2023. Our monetary policy statement at a glance, 2 February 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_february.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 2 February 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230202~4313651089.en.html Monetary policy decisions, 2 February 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230202~08a972ac76.en.html Combined monetary policy decisions and statement, 2 February 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230202~40a069a7b4.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Croatia adopted the euro on 1 January. What did people, businesses and national authorities do to ensure a smooth transition to the euro? Our host Katie Ranger looks at the currency changeover with expert Patricia Roa Tejero on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 28 January 2023 and recorded on 20 January 2023. In this episode: 01:05 – Our guest’s personal experience of the euro changeover in Spain 02:50 – Banknotes and coins: from kuna to euro What goes into producing new euro banknotes, how the process differs for euro coins and how Croatia distributed them. 09:56 – Euro starter kits What’s inside a euro starter kit and why they’re useful for people and businesses. 11:10 – How to get used to a new currency How Croatia is dealing with the transition from kuna to euro, what dual pricing is, and where and how Croatians can exchange banknotes and coins. 16:38 – Our guest’s hot tip Additional material: Croatian euro coins https://www.ecb.europa.eu/euro/coins/html/hr.en.html Croatia changeover https://www.ecb.europa.eu/euro/changeover/croatia/html/index.en.html President Christine Lagarde's New Year's greeting and welcoming Croatia into the euro area https://www.youtube.com/watch?v=bDEVfk8oDBA European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How is inflation affecting people and firms? Why are we raising interest rates? How will it help bring inflation down? Our host Katie Ranger talks to press officer Eva Taylor on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 20 December 2022 and recorded on 9 December 2022. In this episode: 01:03 – What is the impact of high inflation? How higher prices are affecting people and businesses in Europe, and who is hit the hardest by high inflation. 04:30 – What’s behind the high inflation we are seeing? What factors have been pushing prices up over the past few months and why the cost of food and energy is the main driver of inflation. 06:22 – How will raising interest rates help lower inflation? What central banks can do to control rising prices, why we are raising interest rates and what higher rates mean for people. 10:20 – What’s behind the idea of people’s inflation expectations? Why inflation expectations matter for us and how we can guide them. 13:32 Our guest’s hot tip Additional material: Our monetary policy statement at a glance, 15 December 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 15 December 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is221215~197ac630ae.en.html Press release: monetary policy decisions, 15 December 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp221215~f3461d7b6e.en.html The ECB Podcast: President Lagarde presents the latest monetary policy decisions, 15 December 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221215_episode48.en.html The ECB Podcast: What interest rate hikes mean for you, the economy and inflation, 23 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220723_episode38.en.html Explainer: We have raised interest rates. What does that mean for you? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/interest_rates.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 15 December 2022. Our monetary policy statement at a glance, 15 December 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 15 December 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is221215~197ac630ae.en.html Monetary policy decisions, 15 December 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp221215~f3461d7b6e.en.html Combined monetary policy decisions and statement, 15 December 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds221215~db4079c498.en.pdf Macroeconomic projections, 15 December 2022 https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

What will our banking supervisors focus on in the next three years? Are Europe’s banks fit to withstand the economic challenges? Our host Katie Ranger puts these questions to Supervisory Board Member Kerstin af Jochnick and supervisor Mario Quagliariello on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 12 December 2022 and recorded on 2 December 2022. In this episode: 00:00 – The new challenges facing banks What challenges does the current economic and geopolitical environment pose for banks. 03:20 – Credit risk and how banks manage it What an increase in credit risks means for banks, and what tools supervisors use to check if banks are able to manage these risks. 10:34 – Adapting to today’s increasingly digital world What challenges and risks banks face when becoming more digital-based, and how they can manage these. 15:43 – Banks’ progress on climate-related risks What banks have done so far to incorporate climate-related and environmental risks into their operations, and the areas on which our supervisors will be focusing. 19:50 – Our guests’ hot tips Additional material: ECB Banking Supervision: SSM supervisory priorities for 2023-2025, 12 December 2022 https://www.bankingsupervision.europa.eu/banking/priorities/html/ssm.supervisory_priorities202212~3a1e609cf8.en.html The Supervision Blog by Kerstin af Jochnick and Mario Quagliariello: Charting the course: our supervisory priorities, 12 December 2022 https://www.bankingsupervision.europa.eu/press/blog/2022/html/ssm.blog221212~52bd154288.en.html The ECB Podcast: Greening the financial system: milestones in our climate change journey, 9 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220709_episode36.en.html The ECB Podcast: Are banks walking the talk on climate?, 2 November 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221102_episode44.en.html The ECB Podcast: How healthy are Europe’s banks two years into the pandemic?, 12 February 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220212_episode28.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

Are cyberattacks a threat to financial stability? Why do hackers target financial institutions? Our host Katie Ranger delves into this topic with financial stability expert John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 6 December 2022 and recorded on 28 November 2022. In this episode: 01:24 – Are cyberattacks a threat to financial stability? What cyberattacks mean for financial stability, and why the financial sector should worry about them. 06:30 – Why are we looking at cyber risk now? Why we covered the topic of cyber risk in our Financial Stability Review, and why cyberattacks have become a source of concern to financial institutions. 09:06 – What kind of cyberattacks did we look into? Who is behind cyberattacks, and which sectors and regions are the most at risk. 12:40 – Tracking cyberattacks and shielding against them Why it’s difficult to keep track of cyberattacks, and what can be done to make the financial system more resilient. 18:56 – Our guest’s hot tip Our guest, John Fell, shares a film recommendation with our listeners. Additional material: Financial Stability Review, November 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202211~6383d08c21.en.html Towards a framework for assessing systemic cyber risk, 15 November 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart202211_03~9a8452e67a.en.html The ECB Podcast: Financial stability amid Russia’s war in Ukraine, June 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220601_episode34.en.html The ECB Podcast: Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave, June 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210616_episode17.en.html The ECB Podcast: A cyclist’s guide to financial stability amid a pandemic, November 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201125_episode12.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How is financial stability faring in today's challenging environment? What risks do we see for financial markets and real estate? Our host Katie Ranger talks to financial stability experts Tamarah Shakir and John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 24 November 2022 and recorded on 21 November 2022. In this episode: 01:14 – What is happening in financial markets? What risks lie ahead for financial markets, and what factors are responsible for the emerging vulnerabilities in this sector. 05:21 – Governments’ support measures and financial stability What impact country's support measures and rising debt levels might have on the financial system, and how targeted fiscal policies can help reduce financial stability risks. 09:46 – What’s going on in the housing market? Why house prices are rising more slowly and how higher interest rates are affecting people’s ability to pay their mortgages. 13:25 – Non-bank financial institutions and financial stability Why we are monitoring developments in the non-banks sector, and what risks they might pose for the financial system. 17:40 – Our guests’ hot tips Our financial experts John Fell and Tamarah Shakir share their book recommendations. Additional material: Financial Stability Review, November 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202211~6383d08c21.en.html The ECB Podcast: Financial stability amid Russia’s war in Ukraine, 1 June 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220601_episode34.en.html The ECB Podcast: Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave, June 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210616_episode17.en.html The ECB Podcast: A cyclist’s guide to financial stability amid a pandemic, November 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201125_episode12.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

We’ve looked at how banks are taking climate and environmental risks into account in their business. What did we find? Are banks meeting our supervisory expectations? Our host Katie Ranger discusses the results of our thematic review with Executive Board member and Supervisory Board Vice-Chair Frank Elderson on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 2 November 2022 and recorded on 21 October 2022. In this episode: 01:10 – The results of our thematic review How banks are managing climate and environmental risks, and what happens if they don’t meet our supervisory expectations. 11:20 – Zooming in on bank strategies What steps banks have taken to understand how climate-related risks might impact their business model, and how they intend to adjust their strategy, such as through transition plans, plus areas that need more work. 18:06 – What is holding banks back from acting Why banks need to look at both short and longer term horizons when thinking about these risks. 20:18 – Zooming in on risk management How banks are taking climate-related risks into account when ensuring they have enough capital to cover their risks, and where more progress is needed. 23:50 – Why can’t banks just stop funding carbon-intensive activities? Why banks need transition plans to manage their risks as the world moves towards a greener economy, and our role here as supervisor. 26:46 The next steps for supervisors and banks How we will supervise banks to make sure they adequately manage climate-related risks and what we will do if they don’t, and what banks need to do to continue their path towards greening their business. 29:10 – Our guest’s hot tips Additional material: Walking the talk - Banks gearing up to manage risks from climate change and environmental degradation. Results of the 2022 thematic review on climate-related and environmental risks, 2 November 2022 https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.thematicreviewcerreport112022~2eb322a79c.en.pdf?25fcb44be2443e30f9dd0ab68c0a7d84 Press release: ECB sets deadlines for banks to deal with climate risks, 2 November 2022 https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr221102~2f7070c567.en.html The ECB Blog by Frank Elderson: Banks need to be climate change proof, 2 November 2022 https://www.bankingsupervision.europa.eu/press/blog/2022/html/ssm.blog221102~398faec8ca.en.html The ECB Podcast: Greening the financial system: milestones in our climate change journey, 9 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220709_episode36.en.html The ECB Podcast: Time to act now: results of the economy-wide climate stress test, 22 September 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210922_episode20.en.html The ECB Podcast: Tackling climate change as a central bank: Between motivation, obligation and limitation, 12 May 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210512_episode16.en.html The ECB Podcast: Climate change and the role of central banks, 3 March 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod200303_episode5.en.html Climate change and banking supervision https://www.bankingsupervision.europa.eu/about/climate/html/index.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html UN Biodiversity Conference (COP 15), 7 – 19 December 2022 https://www.unep.org/un-biodiversity-conference-cop-15 Smithsonian American Art Museum: Online Gallery for Alexander von Humboldt and the United States: Art, Nature, and Culture https://americanart.si.edu/exhibitions/humboldt/online European Central Bank www.ecb.europa.eu European Banking Supervision www.bankingsupervision.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 27 October 2022. Our monetary policy statement at a glance, 27 October 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 27 October 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is221027~358a06a35f.en.html Monetary policy decisions, 27 October 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp221027~df1d778b84.en.html Combined monetary policy decisions and statement, 27 October 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds221027~f185daf915.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Would people’s privacy be safe with a digital euro? What could a digital euro mean for Europe? And what’s next in the digital euro project? Our host Katie Ranger continues her conversation with expert Evelien Witlox. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 19 October 2022 and recorded on 7 October 2022. In this episode: 00:47 – Privacy and the use of data with a digital euro How we will take people’s privacy concerns into account when we start to design a digital euro. 03:20 – European monetary sovereignty Why it’s important to develop a European autonomy and sovereignty in payments and which other central banks are currently looking at developing a digital currency. 06:31 – Next steps in the digital euro project How the investigation phase is going and when we would potentially issue a digital euro. 09:51 – Our guest’s hot tip Our guest Evelien Witlox recommends a book about the world of payments: “The pay off – How changing the way we pay changes everything”, by Gottfried Leibbrandt and Natasha De Terán. Additional material: The ECB Podcast: A digital euro: what, why, when? (part 1), 15 October 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221015_episode41.en.html A digital euro https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html Explainer: The digital euro and the importance of central bank money https://www.ecb.europa.eu/ecb/educational/explainers/html/digital_euro_central_bank_money.en.html Explainer: What is money? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/what_is_money.en.html The ECB Podcast: Is it time for a digital euro?, 6 November 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201106_episode11.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: pod.link/ecbpodcast

Do we need a digital euro, and why? What might it look like? And how would it differ from other means of payment? Our host Katie Ranger puts these questions to digital euro expert Evelien Witlox. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 15 October 2022 and recorded on 7 October 2022. In this episode: 1:11 – Commercial versus central bank money What a digital euro is, how paying with it might work and how it would differ from the money in people’s bank accounts. 5:52 – Why are we looking into a digital euro now? What made the ECB start exploring a digital euro in October 2021 and why we need one. 8:45 – What a digital euro might look like What benefits a digital euro would have as a means of payment and how people would pay with it. 13:35 – Keep an eye out for the next episode! There's still a lot to be said on this topic. In the next episode, we'll look at how your data would be handled with a digital euro and what it could mean, politically, for Europe. Additional material: A digital euro https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html Explainer: the digital euro and the importance of central bank money https://www.ecb.europa.eu/ecb/educational/explainers/html/digital_euro_central_bank_money.en.html Explainer: what is money? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/what_is_money.en.html The ECB Podcast: is it time for a digital euro? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201106_episode11.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 8 September 2022. Additional material: Our monetary policy statement at a glance, 8 September 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 8 September 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220908~cd8363c58e.en.html Monetary policy decisions, 8 September 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220908~c1b6839378.en.html Combined monetary policy decisions and statement, 8 September 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220908~1d17d49d04.en.pdf Macroeconomic projections, 8 September 2022 https://www.ecb.europa.eu/pub/projections/html/ecb.projections202209_ecbstaff~3eafaaee1a.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How can digitalisation help central banks? And what role does cutting-edge technology play? In this episode, host Katie Ranger talks about this and more with Claudia Plattner, our head of information systems. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 11 August 2022 and recorded on 3 August 2022. In this episode: 03:30 – Women in IT Claudia’s personal experience as a woman working in IT and how we can make sure that female talent is valued in this field. 08:01 – What is nowcasting? How digital tools help us keep prices stable and monitor how the economy is doing, and why real-time data are so important for central banks. 14:05 – Digitalisation in the fight against climate change Using information technology to make the financial system greener and how we use data to monitor climate and environmental risks. 18:10 – Claudia’s thoughts on a digital euro Why we need a digital euro and how it can help Europeans keep up with the pace of digitalisation. 21:21 – Our guest’s hot tips ECB Scholarship for Women https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html Girls Who Code https://girlswhocode.com/ The ECB Podcast: Greening the financial system: milestones in our climate change journey, 9 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220709_episode36.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html A digital euro https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html European Central Bank website https://www.ecb.europa.eu/home/html/index.en.html

What are interest rates? How do they work? And what do higher rates mean for people, the economy and inflation? Our host, Katie Ranger, puts these questions to expert Gabriel Glöckler on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 23 July 2022 and recorded on 13 July 2022 and 22 July 2022. In this episode: 01:50 – The basics: what are interest rates? What interest rates are and why we need them to compensate for different risks. 06:34 – How do interest rates work? The role interest rates play in determining the everyday choices we make with our money and how the ECB’s decisions affect market interest rates. 13:20 – Are rates the same across the whole euro area? Why it’s important that our monetary policy decisions reach all parts of the euro area in a reasonably even manner. 17:40 – How do higher rates affect people, the economy and inflation? The concrete impact of higher rates on people’s daily lives and on economic activity, and how raising rates can help bring down inflation. 20:20 – Raising rates in times of war and at the tail end of a pandemic. The challenges the current environment poses for interest rates and the role higher rates play in shaping people’s inflation expectations. The importance of signalling our commitment to normalising our monetary policy. 25:31 – Our guest’s hot tip Additional material: Press release: monetary policy decisions, 21 July 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220721~53e5bdd317.en.html Our monetary policy statement at a glance, 21 July 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_july.en.html Explainer: We have raised interest rates. What does that mean for you? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/interest_rates.en.html Blog post by Christine Lagarde: Ensuring price stability, 23 July 2022 https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog220723~c2b1d4b654.en.html The ECB Podcast: President Lagarde presents the latest monetary policy decisions, 21 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220721_episode37.en.html The ECB Podcast: What is behind current inflation spikes?, 6 October 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210925_episode22.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 21 July 2022. Additional material: Our monetary policy statement at a glance, 21 July 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_july.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 21 July 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220721~51ef267c68.en.html Monetary policy decisions, 21 July 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220721~53e5bdd317.en.html Combined monetary policy decisions and statement, 21 July 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220721~de2b7f0639.en.pdf Press release: The Transmission Protection Instrument, 21 July 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220721~973e6e7273.en.html Explainer: We have raised interest rates. What does that mean for you? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/interest_rates.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

What did our climate stress test show? How will we integrate climate change into monetary policy? Our host Katie Ranger puts these and other questions to Executive Board member Frank Elderson on the ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 9 July 2022 and recorded on 7 July 2022. In this episode: 01:09 – Our first ever banking supervision climate stress test What we looked at in our supervisory climate stress test and an overview of the transition risks and physical risks facing banks. 05:32 – Results of the climate stress test for banks How prepared banks are to tackle climate-related and environmental risks and what we learnt while performing the stress test. 18:58 – What are our next steps? How the results of the climate stress test will feed into other banking supervision activities and how this will help banks integrate climate-related risks into their businesses. 20:32 – Incorporating climate change into our monetary policy How we are turning our commitment to fighting climate change into real action and how we intend to move from being market-neutral to carbon-neutral. 25:11 – Why do we, as a central bank, need to play a role in tackling climate change? How we can contribute within our mandate to the fight against climate change. 30:50 – Our guest’s hot tip Additional material: Press release: ECB takes further steps to incorporate climate change into its monetary policy operations, 4 July 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220704~4f48a72462.en.html ECB climate agenda 2022, 4 July 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220704_annex~cb39c2dcbb.en.pdf Press release: Banks must sharpen their focus on climate risk, ECB supervisory stress test shows, 8 July 2022 https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220708~565c38d18a.en.html Climate risk stress tests – Final results, 8 July 2022 https://www.bankingsupervision.europa.eu/ecb/pub/pdf/annex/ssm.pr220708_annex2.en.pdf The ECB Podcast: Time to act now: results of the economy-wide climate stress test, 22 September 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210922_episode20.en.html The ECB Podcast: Tackling climate change as a central bank: Between motivation, obligation and limitation, 12 May 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210512_episode16.en.html The ECB Podcast: Climate change and the role of central banks, 3 March 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod200303_episode5.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html Climate change and banking supervision https://www.bankingsupervision.europa.eu/about/climate/html/index.en.html European Central Bank www.ecb.europa.eu European Banking Supervision www.www.bankingsupervision.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 9 June 2022. Additional material: Our monetary policy statement at a glance, 9 June 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_june.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 9 June 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220609~abe7c95b19.en.html Monetary policy decisions, 9 June 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220609~122666c272.en.html Combined monetary policy decisions and statement, 9 June 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220609~7434064bed.en.pdf Macroeconomic projections, 9 June 2022 https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How is financial stability doing in the wake of Russia’s invasion of Ukraine? What risks are we keeping an eye on, for instance in the crypto-asset and housing markets? Our host Katie Ranger puts these and other questions to our financial stability experts Tamarah Shakir and John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 1 June 2022 and recorded on 27 May 2022. In this episode: 05:55 – How is financial stability faring in the current uncertain environment? Why financial stability conditions have worsened, what the main causes of this are and how the war is affecting the financial system. 13:54 – How is high inflation affecting financial stability? What impact higher prices are having on the financial system, and how inflation affects both people’s ability to repay debts and the financing role of markets. 20:10 – What’s going on in the housing market? Why house prices have been rising and what risks might emerge as a result. 24:05 – Why are crypto-assets a risk to financial stability? The current state of crypto-assets, and how other developments might increase the risks they pose to the financial system. 30:02 – Our guests’ hot tips Our financial experts John Fell and Tamarah Shakir share their book and podcast recommendations. Additional material: Financial Stability Review, May 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html The ECB Podcast: Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave, June 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210616_episode17.en.html The ECB Podcast: A cyclist’s guide to financial stability amid a pandemic, November 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201125_episode12.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

How has central bank communication evolved over the years? Why is it important for us to be transparent? How can increased transparency increase trust? Communications experts Gabriel Glöckler and Siria Angino sit down with our host Katie Ranger to discuss these questions, and also share related music and movie recommendations in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 14 May 2022 and recorded on 11 May 2022. In this episode: 00:26 – How central bank communication has evolved over the years The shift from secrecy to transparency, and why we looked at communication in our recent monetary policy strategy review. 08:44 – Why central banks need to communicate in the first place How good communication can make central bank policies more effective, and why transparency is an essential part of being accountable and building trust. 18:00 – Is more communication always better? Will this path towards more transparency lead to full openness for central banks? 19:30 – Trust in central banks as institutions The notion of institutional trust, the ingredients needed to build it, and the level of trust Europeans have in the ECB. 23:44 – Different types of trust The differences between reflective and instinctive trust and how each applies to the ECB. 29:35 – Our guests’ hot tips Our guests Gabriel Glöckler and Siria Angino share their related song and movie recommendations. Additional material: ECB official social media channels https://www.ecb.europa.eu/services/socialmedia/html/index.en.html Bank of Jamaica, reggae song about inflation ECB official social media channels https://www.ecb.europa.eu/services/socialmedia/html/index.en.html Occasional paper: Clear, consistent and engaging: ECB monetary policy communication in a changing world, December 2021 https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op274~9aca14e6f6.en.pdf?63436ac843159bdf4afcf0115e7f146f Working paper: Central bank communication with non-experts: a road to nowhere? October 2021 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2594~9fc2f0035d.en.pdf Economic bulletin: ECB communication to the wider public, 2021 https://www.ecb.europa.eu/pub/economic-bulletin/articles/2022/html/ecb.ebart202108_02~5c1e5a116d.en.html Monetary policy communication and the strategy review https://www.ecb.europa.eu/home/search/review/html/monpol-communication.en.html Working paper: Instinctive versus reflective trust in the European Central Bank, May 2022 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2660~e228b93d53.en.pdf?8a6fb1b47fc36f668234d96a3fab5292 European Central Bank website www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 14 April 2022. Additional material: Our monetary policy statement at a glance, 14 April 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_april.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 14 April 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220414~fa5c8fe142.en.html Monetary policy decisions, 14 April 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220414~d1b76520c6.en.html Combined monetary policy decisions and statement, 14 April 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220414~2d6ffb3a83.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

The Russian invasion of Ukraine is first and foremost a human tragedy, but it is also having an economic impact. What effect is the conflict having on the euro area? And how might the economic situation develop? Our host Katie Ranger discussed these questions with economist João Sousa in this episode of The ECB Podcast. The views expressed are those of the speaker and not necessarily those of the European Central Bank. Recorded on 22 March 2022 and published on 26 March 2022. In this episode: 1:30 – The euro area economy before the war The state of the euro area before the outbreak of the war in Ukraine, and how it was recovering from the pandemic. 04:32 – The war’s impact on trade How bans on Russian imports and exports affect trade, and the potential impact of supply chain disruptions caused by the conflict. 08:50 – The war’s impact on commodities Why the war is affecting the prices of commodities such as oil, gas and food. 10:14 – The war’s impact on global confidence How the fear and uncertainty brought about by the war in Ukraine are dampening confidence and affecting our economy. 12:51 – The war and inflation What is behind the current rise in inflation, including the role of energy and food prices. 18:33 – Our projections for the euro area economy How we see our economy faring in the future and what the different scenarios we looked at are. 25:34 – Our guest’s tip for further reading on the topic Additional material: Macroeconomic projections, March 2022 https://www.ecb.europa.eu/pub/projections/html/index.en.html ECB staff macroeconomic projections for the euro area – full report, March 2022 https://www.ecb.europa.eu/pub/projections/html/ecb.projections202203_ecbstaff~44f998dfd7.en.html ECB Monetary policy statement, 10 March 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220310~1bc8c1b1ca.en.html Speech delivered by Ben S. Bernanke at the 32nd Annual Economic Policy Conference, Federal Reserve Bank of St. Louis, 19 October 2007 https://www.federalreserve.gov/newsevents/speech/bernanke20071019a.htm European Central Bank website www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

The Russian invasion of Ukraine is a watershed for Europe. Today our Governing Council expressed its full support to the people of Ukraine. It also decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 10 March 2022. Additional material: Our monetary policy statement at a glance, 10 March 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_march.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 10 March 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220310~1bc8c1b1ca.en.html Monetary policy decisions, 10 March 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220310~2d19f8ba60.en.html Combined monetary policy decisions and statement, 10 March 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220310~c4c5a52570.en.pdf Macroeconomic projections, March 2022 https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How can we break biases in different aspects of our lives? What do we need to create a more equal world for all? Our President Christine Lagarde and LSE Director Minouche Shafik share their experiences and discuss the impact gender bias has on education, home life, the workplace and leadership in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded on 23 February 2022 and published on 5 March 2022. In this episode: 2:12 - #BreakTheBias in education Why there is still a lack of gender equality in economics, and what needs to be done to foster women’s access to certain professions. 13:53 - #BreakTheBias at home How the pandemic has affected women at home, the threat it poses to gender equality in the future, and what we can do to ensure a more inclusive society. 25:36 - #BreakTheBias in the workplace What the pros and cons are when it comes to flexible working arrangements for women, and why gender parity at work is important. 36:04 - #BreakTheBias in leadership President Lagarde and LSE Director Minouche Shafik share their advice for aspiring female leaders on dealing with obstacles and overcoming hurdles. Additional material: Women in Economics Scholarship https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html World Economic Forum: Women are “hardworking”, men are “brilliant”: Economics job market, 14 February 2022 https://www.weforum.org/agenda/2022/02/women-gender-men-bias-stereotyping-economics-job-market Working paper: Does gender diversity in the workplace mitigate climate change? 28 February 2022 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2650~3b693e6009.en.pdf?fcb9592f3295d9172f178e0340842970 The ECB Podcast: A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation, 15 July 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210715_episode18.en.html The ECB Podcast: Fighting biases and empowering women: A conversation on female leadership and gender equality, 8 March 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210308_episode15.en.html European Central Bank website www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Each year we look at the risks banks face and how well-equipped they are to deal with them. What are our latest findings? And what are supervisors most concerned about? In this episode of The ECB Podcast, our host Katie Ranger explores these questions with Supervisory Board Chair Andrea Enria and Vice-Chair Frank Elderson. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 12 February 2022 and recorded on 10 February 2022. In this episode: 00:58 - What are the results of our latest assessment of banks? How Europe’s banks are faring two years into the pandemic and whether the crisis phase is over for them. 07:18 – How are banks doing on credit risk? How prepared banks are to manage credit risk and the issues our supervisors ask them to fix. 11:21 – The big risk on the horizon: the climate crisis How 2022 will be a big year for our work supervising climate risks and the extent to which banks are taking them into account. 15:30– Are banks’ business models sustainable? How the digital transformation can make banks’ business models more sustainable. 18:34 – Improving banks’ internal governance Internal governance is a weak spot for banks and the role diversity can play in ensuring sound decision-making. 23:06 – Our guest's “hot tip” for our listeners A book recommendation related to the challenges banks are currently facing. Additional material: Press release: ECB requires banks to hold marginally more capital in 2022, 10 February 2022 https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220210~6455538b07.en.html Press release: ECB will not extend capital and leverage relief for banks, 10 February 2022 https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220210_1~ea3dd0cd51.en.html Aggregated results of SREP 2021, 10 February 2022 https://www.bankingsupervision.europa.eu/banking/srep/2022/html/ssm.srepaggregateresults2022.en.html Speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the press conference on the results of the 2021 SREP cycle, 10 February 2022 https://www.bankingsupervision.europa.eu/press/speeches/date/2022/html/ssm.sp220210~b95041902b.en.html The ECB Podcast: Making sure banks are run by the right people https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211210_episode24.en.html The ECB Podcast: What lies on the horizon for Europe’s bank? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211116_episode23.en.html Banking Supervision website www.bankingsupervision.europa.eu European Central Bank website www.ecb.europa.eu

Make sure you have a euro banknote to hand as our host Katie Ranger and Martin Münd, counterfeit expert and banknote enthusiast, explore everything you need to know about euro banknotes. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 5 February 2022 and recorded on 19 January 2022. In this episode: 01:26 – What exactly does a counterfeit expert do? How our guest Martin Münd turned his passion for banknotes into a job and what his role as an ECB counterfeit expert involves. 5:18 – 20 years of euro banknotes Euro banknotes were introduced on 1 January 2002 in what was the world’s largest ever cash changeover. What are our guest’s memories of that day? 08:43 – Banknote design What the design elements of euro banknotes are, why they matter and how visually impaired people can distinguish between different banknote denominations. 13:39 – How to spot a fake banknote What the security features of euro banknotes are, how you can check if a banknote is real or fake using the “feel-look-tilt” method, and what tomatoes and banknotes have in common. 25:33 – What’s next for euro banknotes? How we are planning to further develop euro banknotes and why we will be redesigning them over the next few years. 28:27 – Our guest’s “hot tip” for our listeners Our guest Martin Münd gives a tip for adding a banknote element to your summer holidays! Additional material: 20 years of euro banknotes and coins https://www.ecb.europa.eu/euro/20_years_of_euro/html/index.en.html Press release: Euro banknote counterfeiting at historically low level in 2021, January 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220128~d65c3326c2.en.html Catch me (if you can): assessing the risk of SARS-CoV-2 transmission via euro cash, July 2021 https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op259~33b180d450.en.pdf Europa series banknotes: security features https://www.ecb.europa.eu/euro/banknotes/security/html/index.en.html#feel European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 3 February 2022. Additional material: Our monetary policy statement at a glance, 3 February 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_february.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 3 February 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220203~ca7001dec0.en.html Monetary policy decisions, 3 February 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220203~90fbe94662.en.html Combined monetary policy decisions and statement, 3 February 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220203.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Today our Governing Council decided on monetary policy, determining what should be done to achieve stable prices in the euro area. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 16 December 2021. Additional material: Our monetary policy statement at a glance, 16 December 2021 https://www.ecb.europa.eu/press/pressconf/visual-mps/2021/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 16 December 2021 https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is211216~9abaace28e.en.html Monetary policy decisions, 16 December 2021 https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.mp211216~1b6d3a1fd8.en.html Combined monetary policy decisions and statement, 16 December 2021 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds211216.en.pdf Macroeconomic projections, December 2021 https://www.ecb.europa.eu/pub/projections/html/ecb.projections202112_eurosystemstaff~32e481d712.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

What defines good leadership? Which skills do those who run banks need and how can we, as the supervisor, help choose the right people for the job? In this episode of The ECB Podcast, our host Katie Ranger and Frank Elderson, Vice-Chair of the Supervisory Board, discuss leadership and our role in selecting banks’ leaders. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 10 December 2021 and recorded on 8 December 2021. In this episode: 01:25 – Leadership in banks and beyond Which qualities define good leadership and why it is crucial that the right people are selected to run banks. 07:12 – The challenges facing banks and what they mean for their decision-makers The skills and attributes needed by banks’ board members to address major challenges, such as climate change and digitalisation. 12:24 – Diversity on banks’ boards How diversity can improve banks’ decision-making processes and resilience, and what can be done to foster greater diversity on their boards. 14:34 – Our role in ensuring banks are run by the right people What we do, as the supervisor, to assess the suitability of banks’ board members, what fit and proper supervision is, and why we have revised our fit and proper guide. 20:43 – Making sure all board members play their part How a bank’s board is like a rowing team and why its members must be accountable, both individually and collectively, for what happens within the bank. 24:31 – Our guest’s “hot tip” for our listeners Our guest Frank Elderson shares his tips on how each of us can foster a more diverse and inclusive environment. Additional material: Guide to fit and proper assessments, December 2021 https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.fit_and_proper_guide_update202112~d66f230eca.en.pdf Banking supervision blog post by Frank Elderson and Elizabeth McCaul, ECB Banking Supervision seeking greater diversity within banks, 15 June 2021 https://www.bankingsupervision.europa.eu/press/blog/2021/html/ssm.blog210615~31020cb68d.en.html Explainer: What is fit and proper supervision? https://www.bankingsupervision.europa.eu/about/ssmexplained/html/fap.en.html Supervision Newsletter, Bolstering fit and proper supervision, 18 November 2020 https://www.bankingsupervision.europa.eu/press/publications/newsletter/2020/html/ssm.nl201118_3.en.html The ECB Podcast: Fighting biases and empowering women: A conversation on female leadership and gender equality, 8 March 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210308_episode15.en.html The ECB Podcast: Tackling climate change as a central bank: Between motivation, obligation and limitation, 12 May 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210512_episode16.en.html The ECB Podcast: A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation, 15 July 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210715_episode18.en.html ECB Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

How has the pandemic affected Europe’s banks? Do they have the right tools to deal with what lies ahead? In this episode of The ECB Podcast, our host Katie Ranger explores these questions with insights from discussions at the 2021 ECB Forum on Banking Supervision. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 November 2021 and recorded on 11 November 2021. In this episode: 01:41 – What the pandemic has meant for banks The challenges that the coronavirus pandemic presents to the economy and the support measures put in place by banks. 03:13 – Why supervisors are keeping a close eye on credit risk How the support measures adopted during the pandemic might affect banks’ credit risk and what we, as supervisors, recommend they do to minimise it. 6:48 – How the climate crisis is relevant for banks How physical and transition risks affect banks, what the role of banks will be during the transition to a greener economy and how they are doing in assessing climate risks. 11:08 – What is needed to deepen integration in the banking sector What progress has been made in completing the banking union, how this has been affected by the pandemic crisis and what still needs to be done to deepen integration. Additional material: ECB Forum on Banking Supervision 2021: Welcome address by Christine Lagarde, ECB President – YouTube recording, 9 November 2021 https://www.youtube.com/watch?v=6L1maMkK_l0 ECB Forum on Banking Supervision: ECB Forum on Banking Supervision 2021: Conversation with Andrea Enria, ECB Supervisory Board Chair – YouTube recording, 9 November 2021 https://www.youtube.com/watch?v=Z7XnY9en6ag ECB Forum on Banking Supervision 2021: Credit risk: managing through the pandemic – YouTube recording, 9 November 2021 https://www.youtube.com/watch?v=igMB9ZE4kLc ECB Forum on Banking Supervision: Climate change: are banks and supervisors prepared? – YouTube recording, 10 November 2021 https://youtu.be/GAw3wKUBlK8 ECB Forum on Banking Supervision: European banking: necessary steps to deepen integration – YouTube recording, 10 November 2021 https://youtu.be/IVIvxh7t6Og Remarks by Christine Lagarde at the ECB Forum on Banking Supervision, 9 November 2021 https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp211109_1~6cdc943638.en.html European Central Bank website https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

What is causing the rise in inflation we are seeing at the moment? And which trends could have an impact on prices in the future? In this episode of The ECB Podcast, our host Katie Ranger looks for answers to these questions in the discussions held at the 2021 ECB Forum on Central Banking. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 6 October 2021 and recorded on 4 October 2021. In this episode: 01:32 – The economic recovery after the pandemic How the world economy is doing after the slump in economic activity caused by the coronavirus pandemic and how this is affecting prices. 03:11 – Why has inflation been persistently low over the last ten years? Different factors have contributed to low inflation, including more people entering the job market, slower wage growth and a reluctance to put up prices. 4:32 – Reasons behind the recent inflation spikes The rise in inflation is linked to the reopening of the economy, where pent-up demand is meeting supply bottlenecks, and to base effects. These temporary factors are not expected to last. 9:29 – Trends that could impact inflation in the future Trends are emerging that could affect prices in the future. These include changes in the demand for services after the pandemic and the effects of digitalisation on globalisation. The green transition may also impact inflation in coming years. Further reading Speech by Christine Lagarde: Monetary policy during an atypical recovery, 28 September 2021 https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210928~4cc57f558d.en.html Post on The ECB Blog by Isabel Schnabel: The spectre of inflation, 14 September 2021 https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210914~a514f7c553.en.html Speech by Isabel Schnabel: New narratives on monetary policy – the spectre of inflation, 13 September 2021 https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210913~031462fe79.en.html Christine Lagarde: Monetary policy statement – ECB press conference, 9 September 2021 https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is210909~b2d882f724.en.html ECB Forum on Central Banking: Policy panel – YouTube recording, 29 September 2021 https://www.youtube.com/watch?v=QvIFhzLOuCg ECB Forum on Central Banking: The future of inflation – YouTube recording, 28 September 2021 https://www.youtube.com/watch?v=w6KQi2tnmIM The ECB Podcast: Inflation: on porridge, prices and the new normal, 31 October 2019 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod191031_episode2.en.html European Central Bank website https://www.ecb.europa.eu/ You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Our inflation objective and how price changes are measured, employment, climate change… These are just some of the topics we’ve looked at during our strategy review, the outcome of which we revealed in July. In this episode of The ECB Podcast, our host Katie Ranger discusses the review with Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 September 2021 and recorded on 20 September 2021. In this episode: 00:10 – Our strategy review What is behind our recent strategy review and why we carried it out now. 02:26 – The new price stability objective Why we have adopted the new price stability objective of 2% and why it’s important that it is symmetrical, clear and understandable. 07:20 – How to measure inflation Who measures inflation and how, and why home ownership costs should be included in the price index. 10:49 –Employment and the strategy review Why the employment situation is important for our monetary policy, and how our decisions impact jobs. 19:17 – Our guest’s “hot tip” for our listeners Home in the world by Amartya Sen: the economist and philosopher recounts his first thirty years of life in a memoir. This year’s ECB Forum on Central Banking on 28 and 29 September 2021 includes some interesting panel discussions, focussing on the future challenges for monetary policy. Further reading: Strategy review key topics, written in plain language https://www.ecb.europa.eu/home/search/review/html/workstreams.en.html Background material for our strategy review (occasional papers) https://www.ecb.europa.eu/pub/html/strategy_review.en.html ECB Forum on Central Banking https://www.ecb.europa.eu/pub/conferences/html/20210928_ecb_forum_on_central_banking.en.html European Central Bank website https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

We at the ECB conducted our first economy-wide climate stress test this year. What are the results? And what do they mean for people, companies, and banks? In this episode of The ECB Podcast, our host Katie Ranger discusses these questions with Vice-President Luis de Guindos and Irene Heemskerk, the head of our climate change centre. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 22 September 2021 and recorded on 9 September and 15 September 2021. In this episode: 01:11 – Our first economy-wide climate stress test How climate risks affect people, companies and banks in the euro area, how our climate stress test was carried out, and its main results. 11:24 – Our role as a central bank against climate change How climate change affects both financial and price stability, and the actions foreseen in the climate action plan we revealed in July 2021, following our strategy review. 13: 25 – Our first guest’s “hot tip” for our listeners Our guest Luis de Guindos shares what motivates him to work in the fight against climate change: solidarity with future generations. 15:10 – The work of the climate change centre The purpose of our climate change centre, how things are going so far and what kind of people work there. 19:31 – The next steps of our climate action plan How the economy-wide climate stress test will feed into the two other stress tests that we will conduct in 2022, on banks and on our own balance sheet. 26:14 – Our second guest’s “hot tip” for our listeners Our guest Irene Heemskerk shares the story behind a picture in her home office that clearly shows how disastrous the consequences of climate change can be. Further reading: Firms, banks benefit from early adoption of green policies, ECB’s economy-wide climate stress test shows https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210922~59ade4710b.en.html ECB economy-wide climate stress test https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op281~05a7735b1c.en.pdf ECB Blog post by Luis de Guindos: Shining a light on climate risks - the ECB’s economy-wide climate stress test https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html The ECB climate change action plan https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1~f104919225.en.html The ECB climate change roadmap https://www.ecb.europa.eu/ecb/climate/roadmap/html/index.en.html European Central Bank https://www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Hawks, doves, owls, swans, bulls and bears … even ostriches. What connects these animals to central banking? How can they help us find our way around the world of economics and finance? Our host Katie Ranger talks about these questions with communications advisor Gabriel Glöckler on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 August 2021 and recorded on 29 June 2021. In this episode: 1:40 – Why animal metaphors are used in central banking How animal metaphors can help make central banking more accessible, what they mean and why they are used so often. 4:01 - Hawks, doves and owls in monetary policy How these two animal metaphors are used to describe policymakers’ attitudes towards monetary policy, what it means to make a hawkish or a dovish comment, and where the owl comes in. 9:22 – Black swans, green swans and unexpected events Which events can be qualified as black swans and what green swans are in the language of finance and economics. 14:47 – A bear market or a bull market What’s behind the bull and bear statues outside the Frankfurt Stock Exchange, and how these two animal metaphors are used to describe what’s happening in financial markets. 18:38 – Our guest’s “hot tip” for our listeners The Maradona Theory of Interest Rates: What footballer Diego Maradona has in common with interest rates. Further reading: Maradona Theory of Interest Rates https://www.bankofengland.co.uk/-/media/boe/files/speech/2005/monetary-policy-practice-ahead-of-theory European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

How can we foster the economic empowerment of women after the coronavirus crisis? And what role does transatlantic cooperation play in shaping a more inclusive recovery? Listen to ECB President Christine Lagarde, EU Commission President Ursula von der Leyen and US Secretary of the Treasury Janet Yellen talk about this and more in the latest episode of the ECB Podcast, hosted by Katie Ranger. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 15 July 2021 and recorded on 12 July 2021. In this episode: 01:25 – Economic empowerment of women Why economic empowerment of women is vital, where we stand in Europe and the United States on economic empowerment and gender equality, and what needs to be done to foster economic empowerment. 20:59 – Women amid the coronavirus crisis How the coronavirus crisis has affected women and gender equality, how we can make the economic recovery inclusive and what’s being done to increase gender equality in the United States and Europe. 38:03 – The role of transatlantic cooperation Why renewed transatlantic cooperation is needed to take on the challenges of today, how international cooperation on climate change is moving forward and paving the way for others to do their part, and how Europe and the United States can work together in the future. 51:56 – Our guests’ “hot tips” on female empowerment What Christine Lagarde, Janet Yellen and Ursula von der Leyen recommend to learn more about female empowerment and gender equality. Further reading: European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

What does financial stability have to do with cycling and zombies? How has the third wave of the pandemic affected the financial system? What risks lie ahead? Our host Katie Ranger discusses these questions with our financial stability experts Tamarah Shakir and John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 June 2021 and recorded on 1 June 2021. In this episode: 00:58 – How the financial system has fared during the third wave How the financial stability bicycle is doing, how stabilisers have helped to preserve financial stability, what the risks are that lie ahead during the recovery. 06:30 – Economic divergence across sectors and countries Why countries and sectors were affected differently during the pandemic, why economic divergence is an issue for financial stability and why fiscal policy is best suited to address divergences between sectors and countries. 11:27 – Risk appetite in the markets and bitcoin How markets and investors have behaved during the third wave of the pandemic, why investors’ risk appetite has increased over the last six months and why this is a concern for financial stability. 17:38 – Zombie firms and financial stability What zombie firms are, why they could benefit from policy support measures during the pandemic, what zombie firms mean for financial stability. 21:18 – Must-watches and must-reads on financial stability What our experts suggest as entertaining must-watches and must-reads to get started on financial stability. Further reading: Financial Stability Review https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

How can we as a central bank contribute to tackling climate change? What's our role as a central bank and supervisor? Our new host Katie Ranger discusses these questions with Executive Board members Isabel Schnabel and Frank Elderson in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 12 May 2021 and recorded on 7 May 2021. In this episode: 01:14 – Where we stand in the fight against climate change What motivates our guests Isabel Schnabel and Frank Elderson to be vocal in the fight against climate change, what has been achieved so far and where we need to go from here. 13:10 – Legal aspects and the price stability mandate What our price stability mandate tells us about our commitment to tackling climate change, and what our obligations and limitations are. 20:41 – What monetary policy can do How climate change affects our mandate to maintain price stability, how our asset purchases could become greener, and why this is easier said than done and what market neutrality has to do with it. 35:16 – What banking supervisors can do Why banks play a key role in the transition towards a green economy, how supervisors support banks to manage climate risks, and why good data and thorough stress tests play a key role. Further reading: Christine Lagarde: Towards a green capital markets union for Europe https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210506~4ec98730ee.en.html Frank Elderson: All the way to zero: guiding banks towards a carbon-neutral Europe https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210429~3f8606edca.en.html Frank Elderson: Greening monetary policy https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210213~7e26af8606.en.html Isabel Schnabel: From green neglect to green dominance? https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210303_1~f3df48854e.en.html Isabel Schnabel: Never waste a crisis: COVID-19, climate change and monetary policy https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200717~1556b0f988.en.html Isabel Schnabel: When markets fail – the need for collective action in tackling climate change https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200928_1~268b0b672f.en.html Luis de Guindos: Shining a light on climate risks: the ECB’s economy-wide climate stress test https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html European Central Bank www.ecb.europa.eu European Banking Supervision www.www.bankingsupervision.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

How can we empower women to aim high? ECB President Christine Lagarde and Ursula von der Leyen, President of the European Commission, talk about this and share their personal experiences as female leaders in the latest episode of The ECB Podcast hosted by Michael Steen. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 8 March 2021 and recorded on 4 March 2021. In this episode: 01:44 – Female leadership Why female leadership is important, why women are central to good and effective leadership during crisis times, why more gender parity is beneficial to all of us and how we can achieve it. 10:14 – Path to leadership What the driving forces were on Christine Lagarde’s and Ursula von der Leyen’s paths to leadership, how they dealt with obstacles, what gave them confidence and to carry on, and what role childcare can have for women on their career paths. 26:15 – Fighting stereotypes and gender biases How Christine Lagarde and Ursula von der Leyen were confronted with biases and stereotypes, how they dealt with those situations, and they came out stronger from difficult situations. 34:55 – Impact of the coronavirus crisis on gender equality How the coronavirus crisis has disproportionally affected women, what the positive and negative effects of working remotely could be over the long-term, and what we can do for a better work-life balance for everyone. 41:55 – Goals for gender equality in the future What their goals are for gender equality in the future, what advice they would give themselves to better deal with obstacles and hurdles and what they #ChooseToChallenge to encourage better gender equality. Further reading: Christine Lagarde: Choose to challenge women’s roles at home, at work and in our society https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210308~e7a735f961.en.html Harvard Business Review: Women are better leaders during a crisis https://hbr.org/2020/12/research-women-are-better-leaders-during-a-crisis Women in economics scholarship https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html Women@ECB https://www.ecb.europa.eu/careers/why-we-value-diversity/women/html/index.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

What are banking supervisors worried about for 2021? Why are “marriages” between banks a good idea? And how can supervisors help banks to be part of the solution during this crisis? Our host Michael Steen finds answers to these questions in The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 12 February 2021 and recorded on 9 February 2021. In this episode: 01:19 – How the coronavirus crisis has affected banks What the uncertainty during the pandemic has meant for banks, the main risks they are facing, and how banks can be part of the solution this time. 04:50 – How supervisors helped to ensure that bank lending continued during the crisis What steps governments and regulators took to ensure that credit continued to flow, how those measures helped banks to fulfil their role as lenders and what the risks of those policies are. 06:32 – The supervisory priorities for 2021 A closer look at this year’s priorities: credit risk, capital strength, business model sustainability and governance are the areas that supervisors will look at in 2021. Further reading: Supervisory priorities 2021 https://www.bankingsupervision.europa.eu/banking/priorities/priorities/html/index.en.html Introductory statement to the ECB banking supervision press conference https://www.bankingsupervision.europa.eu/press/speeches/date/2021/html/ssm.sp210128~78f262dd04.en.html Overview: The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html European Central Bank website www.ecb.europa.eu Banking supervision website www.bankingsupervision.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

How will the coronavirus vaccine affect economic recovery in 2021? Where do we stand after nine months of fighting the crisis? And what is the role of the ECB’s monetary policy? Our host Michael Steen discusses these questions with our Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 18 December 2020 and recorded on 11 December 2020. In this episode: 00:23 – What is the assessment of the economic response to the first wave? What the experience was during the first wave, how policy makers have adapted to the new challenges, how monetary and fiscal policy worked hand in hand to mitigate the economic shortfall. 05:53 – How is the ECB building a bridge towards economic recovery? Why the ECB recalibrated its monetary policy in December, what the economic forecasts say about the recovery, how the PEPP and TLTROs work to support economic recovery. 14:08 – What are the challenges that lie ahead in 2021? What the basis for our economic projections is, what difficulties and hopes there are on the path to economic recovery. 19:58 – What else is on the ECB’s agenda? What the strategy review is about, what exactly we’re looking at and how we’re listening to Europeans and gathering their input. Further reading: Overview: The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html Press release: ECB prolongs support via targeted lending operations for banks that lend to the real economy https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210_1~e8e95af01c.en.html Speech by Philip R. Lane: Monetary policy in a pandemic: ensuring favourable financing conditions https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201126~c5c1036327.en.html Macroeconomic projections https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: pod.link/ecbpodcast15:

What do cycling and financial stability have in common? How has the pandemic affected the financial system and the economy? What risks lie ahead? Our host Michael Steen discusses these questions and more with economists John Fell and Tamarah Shakir, who analyse financial stability at the ECB. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 November 2020 and recorded on 13 November 2020. In this episode: 00:46 – What is financial stability? What financial stability is, what it has in common with cycling, financial instability during the global financial crisis. 05:59 – How has the pandemic affected financial stability? How the coronavirus crisis affected financial stability in March, how the reaction by EU and national policymakers prevented a financial crisis and why financial stability could largely be preserved. 12:05 – How has the coronavirus crisis affected businesses? What the measures taken to protect businesses and households are, how the measures have worked and helped to preserve financial stability. 17:26 – What are the challenges that lie ahead? What the risks for businesses, households and the financial system are, what we need to look out for in the future and what is being done to prevent the risks from materialising. Further reading: Financial Stability Review, November 2020 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202011~b7be9ae1f1.en.html Special Feature by John Fell and Garry Schinasi in the Financial Stability Review, June 2005, pp. 117-125 https://www.ecb.europa.eu/pub/pdf/fsr/financialstabilityreview200506en.pdf European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

What is a digital euro? What would its benefits be and how would it affect the way we make payments? When could it be ready? Our host Michael Steen discusses these questions and more with Ulrich Bindseil, who is responsible for market infrastructures and payments at the ECB. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 6 November 2020 and recorded on 26 October 2020. In this episode: 01:10 – What is money? What money is, what the differences between central bank money and commercial bank money are, and where a digital euro comes in. 05:23 – The development of digital payments and the benefits of a digital euro. How digital payments have developed over the last few years, what different kinds of digital payments already exist and how they differ, and what the benefits of a digital euro might be. 12:12 – The impact on digital payments and design options How I will be able to pay in the future? What could a digital euro technically look like. 18:17 – The way forward and next steps When a digital euro will be ready and how and why to have your say on its design. Further reading: Report on a digital euro https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf Public consultation on a digital euro https://epsilon.escb.eu/limesurvey3/434111?lang=en Tiered CBDC and the financial system https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2351~c8c18bbd60.en.pdf European Central Bank www.ecb.europa.eu/home/html/index.en.html

How is AI changing what we do? What does a job in the platform economy look like? How will the coronavirus pandemic affect the way we work? Our host Michael Steen discusses these questions and more with economists Robert Anderton and Lara Vivian. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 29 September 2020 and recorded on 13 August 2020. In this episode: 01:04 – Digitalisation and job polarisation How digitalisation is changing our roles and how job polarisation is affecting different euro area countries. 04:47 – Zooming in on artificial intelligence What the impact of AI is on jobs, what it means for the future of the job market and how AI is affecting different sectors. 06:57 – The platform economy What the characteristics of the platform economy are, how it has increased in size over the past years and possible policy implications. 14:25 – Labour markets after coronavirus- the new normal? How the pandemic could result in a permanent acceleration and take-up of digitalisation. Why this can pose challenges and provide new opportunities. Further reading: Virtually everywhere? Digitalisation and the euro area and EU economies https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op244~2acc4f0b4e.en.pdf Digitalisation and its impact on the economy: insights from a survey of large companies https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_04.en.html Study to monitor the economic development of the collaborative economy at sector level in the 28 EU Member States https://op.europa.eu/en/publication-detail/-/publication/0cc9aab6-7501-11e8-9483-01aa75ed71a1 New evidence on platform workers in Europe https://ec.europa.eu/jrc/en/publication/eur-scientific-and-technical-research-reports/new-evidence-platform-workers-europe Hours of work polarisation? https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2324~3a8fca82b4.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

How does the increased use of digital technologies change the way we work? Is the fear of automation taking away our jobs justified? Or do our tasks and skills evolve to meet the new conditions? Our host Michael Steen discusses these questions and more with economists Valerie Jarvis and Robert Anderton in this episode. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 2 September 2020 and recorded on 13 August 2020. In this episode: 01:11 – Digitalisation: what it is and its presence across the euro area How to measure digitalisation, how it affects our economies and what explains the differences in digitalisation levels across euro area countries. 05:24 – Digitalisation and labour markets What is the impact of digital technologies on labour markets, how robots are affecting the way we work and the important role of institutions and governance in reaping the benefits of digitalisation. 09:27 – Digitalisation and employment growth Why machines are not replacing humans and how the digital revolution can bring about large improvements in productivity and living standards. 12:40 – Zooming in on digital jobs How the proportions of digitally dependent employment differ across Europe, why the role of each country’s characteristics is important and why countries with higher digital employment growth are also those with lower unemployment. Further reading: Virtually everywhere? Digitalisation and the euro area and EU economies https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op244~2acc4f0b4e.en.pdf Digitalisation and its impact on the economy: insights from a survey of large companies https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_04.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

What challenges does the coronavirus pandemic pose for banks? And what role can they play in helping the real economy deal with the crisis? Our host Michael Steen discusses these questions and more with ECB Supervisory Board Chair Andrea Enria in this episode. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 10 June 2020 and recorded on 29 May 2020. In this episode: (02:38) Coronavirus and the banks How the pandemic is posing challenges for banks, their response to the crisis and what banks can do to support the economy by lending to people and businesses. (07:42) The ECB’s measures to boost lending How the ECB has supported bank lending in the euro area. (11:25) The advantages of supervision at European level How European supervision enabled banks to enter this crisis in a much stronger position than in 2008, and how it has allowed for a unified and fast response to increase the safety of banks. (14:57) The coronavirus and digitalisation in the banking sector The opportunities for banks that come with digitalisation and how to mitigate the new risks increased digitalisation introduces. Further reading: The ECB’s response to the coronavirus pandemic https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html Supervision.Explained.: Why do banks need to hold capital? https://www.bankingsupervision.europa.eu/about/ssmexplained/html/hold_capital.en.html Press release: ECB Banking Supervision provides temporary relief from capital requirements for market risk https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200416~ecf270bca8.en.html Press release: ECB asks banks not to pay dividends until at least October 2020 https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200327~d4d8f81a53.en.html Banking supervision website http://www.bankingsupervision.europa.eu/

What is the role of financial markets in the economy? How does the coronavirus pandemic affect markets? Is the current crisis also a financial crisis? Our host Michael Steen discusses these questions with ECB Executive Board member Isabel Schnabel. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 May 2020 and recorded on 15 May 2020. In this episode: (01:57) The role of financial markets in the economy How they act as intermediaries between savers and borrowers, how they react in case of a shock and why their stability is key to ensuring a well-functioning economy. (05:14) The coronavirus and financial markets How financial markets have responded to the coronavirus shock and why this is different from the 2008 financial crisis. (10:26) The ECB’s measures to ease lending How our targeted lending measures aim to help people and businesses, the particular role of the Pandemic Emergency Purchase Programme and how the ECB works with other central banks to keep financial systems working smoothly. (17:03) International cooperation in times of crisis: swap lines How swap lines between central banks work and how these agreements help keep financial systems around the world working smoothly. Further reading: The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html Explainer: Tell me more: What are currency swap lines? https://www.ecb.europa.eu/explainers/tell-me-more/html/currency_swap_lines.en.html European Central Bank website www.ecb.europa.eu

How is the coronavirus pandemic affecting the economy? Which sectors have been hit hardest? What is the ECB doing to limit the economic impact of the crisis? Our host Michael Steen discusses these questions with ECB Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 18 May 2020; recorded on 11 May 2020. In this episode: (02:30) Coronavirus and the economy The economic impact of the coronavirus pandemic, the characteristics of the shock on the supply and demand sides and which sectors have been hit the hardest by the crisis. (08:11) Coronavirus and the policy response The need to address the dramatic downturn in the economy that is threatening price stability, how we are supporting households and firms and why fiscal policy has to play a central role. (15:18) The risk of falling prices and targeted lending How the pandemic pushes prices down in the short and medium-term and how our targeted measures incentivise banks to continue lending to small and medium-sized businesses and households in these uncertain times. The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html Philip R. Lane: Interview with the Telegraaf https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200512~13fcf73079.en.html Philip R. Lane: The monetary policy response to the pandemic emergency https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200501~a2d8f514a0.en.html ECB announces new pandemic emergency longer-term refinancing operations https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html ECB recalibrates targeted lending operations to further support real economy https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430~fa46f38486.en.html Luis de Guindos, Isabel Schnabel: Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200422~244d933f86.en.html Fabio Panetta: Why we all need a joint European fiscal response https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200421~a7f2ec5159.en.html Christine Lagarde: How the ECB is helping firms and households https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html Luis de Guindos, Isabel Schnabel: The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19 https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200403~54ecc5988b.en.html Christine Lagarde: Our response to the coronavirus emergency https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP) https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318_1~3949d6f266.en.html ECB statement https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318~152e1c740f.en.html Philip R. Lane: The Monetary Policy Package: An Analytical Framework https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200313~9e783ea567.en.html ECB announces easing of conditions for targeted longer-term refinancing operations (TLTRO III) https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200312_1~39db50b717.en.html ECB announces measures to support bank liquidity conditions and money market activity https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200312_2~06c32dabd1.en.html European Central Bank website https://www.ecb.europa.eu/

How does climate change affect financial stability? Why isn’t the ECB buying more green bonds? How can banks better prepare for climate-related risks? Our host Michael Steen discusses these questions with expert guests Fatima Pires, Madelaine Roos and Patrick Amis. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 3 March 2020; recorded on 5, 6 and 13 February 2020. In this episode: (02:08) Climate change and financial stability The risks emerging from climate change (physical and transition risks), their effects on financial stability, how stress tests help spot these risks and why international cooperation is key. (13:22) Climate change and the green market Why we don’t just buy more green bonds, how a taxonomy can help identify green assets and what the ECB is doing to make its own funds more sustainable. (20:47) Climate change and banks The role of banks in the shift to a more sustainable economy, how supervisors can help banks prepare for risks stemming from climate change and why transparency is important to better understand climate risks. Climate change and the ECB https://www.ecb.europa.eu/ecb/orga/climate/html/index.en.html Speech (27 February 2020): C Lagarde, President of the ECB: Climate change and the financial sector https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200227_1~5eac0ce39a.en.html Research Bulletin: Finance and decarbonisation: why equity markets do it better https://www.ecb.europa.eu/pub/economic-research/resbull/2019/html/ecb.rb191127~79fa1d3b70.en.html Working Paper: Finance and carbon emissions \https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2318~44719344e8.en.pdf Financial Stability Review: Climate change and financial stability https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart201905_1~47cf778cc1.en.html Working Paper: The Green Golden Rule: habit and anticipation of future consumption https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2247~72dc51ddd8.en.pdf Economic Bulletin: Purchases of green bonds under the Eurosystem’s asset purchase programme https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_01.en.html Working Paper: The impact of disasters on inflation https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1982.en.pdf Speech (2018): B Cœuré, Member of the Executive Board of the ECB: Monetary policy and climate change https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp181108.en.html ECB Press Conference Q&A (23 January 2020) https://www.ecb.europa.eu/press/pressconf/2020/html/ecb.is200123~0bc778277b.en.html European Central Bank website https://www.ecb.europa.eu/home/html/index.en.html

Why do we need banking supervision at the European level? Should a bank be allowed to fail? What does a normal day look like for a supervisor? What are the supervisory challenges posed by Brexit? Our host Michael Steen discusses these questions with expert guests Andrea Enria, Pien van Erp Taalman Kip and Linette Field. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 21 January 2020 and recorded on 6 December 2019. In this episode: (01:03) A safe and sound banking sector Why do we need banking supervision at the European level, why should banks be allowed to fail and why is transparency towards private investors a priority in a bail-in world? (12:13) A day in the life of a supervisor What does a banking supervisor do, what are Joint Supervisory Teams and why can’t supervisors be of the same nationality as the bank they supervise? (20:43) Challenges for banks: profitability, cybersecurity and Brexit Why is it important that supervisors understand the risks banks face, why do they care about banks’ profits and what are the challenges posed by Brexit? Further reading: Explainer: SSM explained in 3 minutes https://www.youtube.com/watch?v=xC_2N0Y20qQ Webpage: Relocating to the euro area https://www.bankingsupervision.europa.eu/banking/relocating/html/index.en.html Supervision Newsletter: Brexit: operational risk increases when banks delay action https://www.bankingsupervision.europa.eu/press/publications/newsletter/2019/html/ssm.nl191113_2.en.html Supervision Newsletter: Brexit: stepping up preparations https://www.bankingsupervision.europa.eu/press/publications/newsletter/2019/html/ssm.nl190814.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: Supervising banks – Principles and priorities https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190307~28d206eae5.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: The banking union – a personal view on its past, present and future https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp191030~a66780e0a5.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: Is less more? Profitability and consolidation in the European banking sector https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190704~1f442782ac.en.pdf?2773aa57fc4093122a0effc8247b6a8b Speech: A Enria, Chair of the ECB’s Supervisory Board: A binary future? How digitalisation might change banking https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190311~2af7fb032e.en.html https://www.ecb.europa.eu/

What was it like when the euro was launched in 1999? Where will the euro be in another 20 years? Is there a link between support for the euro and trust in the ECB? Our host Michael Steen discusses these questions with expert guests Erkki Liikanen, Martin Wolf and Siria Angino. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 28 November 2019 and recorded on 5 September, 23 October and 25 October 2019. Further reading Webpage: The euro at 20 https://www.ecb.europa.eu/euro/html/index.en.html Quiz: The euro at 20 https://www.ecb.europa.eu/euro/html/quiz.en.html Explainer: How do you benefit from the euro https://www.ecb.europa.eu/explainers/tell-me/html/benefits-euro-euroat20.en.html Explainer: How does the euro help Europeans do business? https://www.youtube.com/watch?v=WsxPlyzmkqU&feature=youtu.be Explainer: How have Europeans benefited from the euro? https://www.youtube.com/watch?v=HeXDwUsz57o&feature=youtu.be Speech: 20th anniversary of the euro https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190115.en.html Speech: Past and future of the ECB monetary policy https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180504.en.html Speech: The future of the euro area economy https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp191122~0c1f115db0.en.html Did you know?: More fact about the euro https://europa.eu/euroat20/the-euro-in-numbers/ Webpage: the banking union https://www.bankingsupervision.europa.eu/about/bankingunion/html/index.en.html Fourth ECB Annual Research Conference https://www.ecb.europa.eu/pub/conferences/html/20190905_4th_ecb_annual_research_conference.en.html Speeches on the capital markets union https://www.ecb.europa.eu/home/search/html/capital_markets_union.en.html European Central Bank website https://www.ecb.europa.eu/

What do porridge and prices have in common? How do music and video streaming affect inflation? And is low inflation the new normal? Our host Michael Steen discusses with guests Christiane Nickel, Frank Smets, and ECB Chief Economist Philip R. Lane. In this episode: (00:45) Keeping prices stable Why should prices go up, what is the link between wages and prices, and how does working towards our inflation target help to stabilise the economy? (12:07) The new normal How are changes in price measured, what factors drive inflation, and how do globalisation, demographics and e-commerce affect inflation? (23:20) Forecasting inflation Why do central banks need to provide accurate forecasts, how are these forecasts produced, and why can this process be challenging? The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 31 October 2019 and recorded on 10 and 14 October 2019. Further reading Explainer: Why are stable prices important? https://www.ecb.europa.eu/explainers/tell-me-more/html/stableprices.en.html Conference: Inflation in a changing economic environment https://www.ecb.europa.eu/pub/conferences/html/20190923_inflation_conference.en.html Speech: Monetary policy and below-target inflation https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190701~0c1fa3c8fc.en.html Research: Low inflation in the euro area: causes and consequences https://www.ecb.europa.eu/pub/pdf/scpops/ecbop181.en.pdf Research: Expert group studying the causes of low inflation (LIFT) https://www.ecb.europa.eu/pub/economic-research/research-networks/html/researcher_lift.en.html Research: The impact of global value chains on the euro area economy https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op221~38185e6936.en.pdf Publication: Macroeconomic projections https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank website https://www.ecb.europa.eu/

The implications of crypto-assets, emerging payment technologies and Facebook’s plans to create a global digital currency, Libra – discussed by our host, Michael Steen, and guests, Dirk Bullmann, Maria Teresa Chimienti, and ECB Executive Board member Benoît Cœuré. Recorded on 6 and 9 September 2019. In this episode: (01:03) Benoît Cœuré The big picture: what is money, why is there a demand for digital currencies and what is the role of central banks in this field? (11:47) Maria Teresa Chimienti Getting technical: what are crypto-assets, what makes Facebook’s Libra different, and why is it important for central banks to research these phenomena? (17:32) Dirk Bullmann Talking innovation: what is blockchain and DLT, why are they so fascinating and how does innovation at the ECB help make payments instant? Further reading: Explainer: What is money? https://www.ecb.europa.eu/explainers/tell-me-more/html/what_is_money.en.html Explainer: What is bitcoin? https://www.ecb.europa.eu/explainers/tell-me/html/what-is-bitcoin.en.html Explainer: How could new technology transform financial markets? https://www.ecb.europa.eu/explainers/tell-me-more/html/distributed_ledger_technology.en.html Research – special feature: Distributed Ledger Technology (e.g. blockchain) https://www.ecb.europa.eu/pub/annual/special-features/2016/html/index.en.html Research – Occasional Paper: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op223~3ce14e986c.en.pdf Research – Economic Bulletin Article: Understanding the crypto-asset phenomenon, its risks and measurement issues https://www.ecb.europa.eu/pub/economic-bulletin/articles/2019/html/ecb.ebart201905_03~c83aeaa44c.en.html European Central Bank website https://www.ecb.europa.eu/ The views expressed are those of the speakers and not necessarily those of the European Central Bank.