Premièrement, pourquoi l’inflation est-elle si basse ? Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ». Speech by Jean-Claude Trichet, President of the ECB at the event for launching the joint communication campaign for the euro changeover at the Central Bank of Malta on 30 September 2007, Keynote address by Jean-Claude Trichet, President of the ECB at the 2007 Salzburg Seminar “Challenges to the International Monetary System: Rebalancing currencies, institutions, and rules” Salzburg, 29 September 2007, Speech by Jean-Claude Trichet, President of the ECB ABP Conference on Pension Diversity and Solidarity in Europe, Maastricht / Heerlen, 26 September 2007, Speech by Jean-Claude Trichet, President of the ECB Dialogue européen at the Fondation Jean Monnet pour l'Europe 2007 Lausanne, 21 September 2007, Speech by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 20 September 2007, Jean-Claude Trichet, President of the ECB, Brussels, 11 September 2007, President's Address by Jean-Claude Trichet, President of the ECB at the conference “The ECB and its Watchers IX” Frankfurt am Main, 7 September 2007, Speech by Jean-Claude Trichet, President of the ECB Special lecture 22nd Annual Congress of the European Economic Association Budapest, 27 August 2007, Speech by Jean-Claude Trichet, President of the ECB Suomi Areena 2007 Pori, 20 July 2007, Introductory Statement by Jean-Claude Trichet President of the European Central Bank to the European Parliament Strasbourg, 11 July 2007, Speech by Jean-Claude Trichet, President of the ECB on the occasion of the 100th anniversary of the Swiss National Bank on 22 June 2007 in Zurich, Speech by Jean-Claude Trichet, President of the ECB on the occasion of the 13th Conférence de Montréal Montreal, 18 June 2007, Speech by Jean-Claude Trichet, President of the ECB at the Wirtschaftstag 2007 as recipient of the “Ludwig Erhard Memorial Coin in Gold” Berlin, 13 June 2007, Speech by Jean-Claude Trichet, President of the ECB Brussels, 11 June 2007, Intervention by Jean-Claude Trichet, President of the ECB 5 June 2007, Speech by Jean-Claude Trichet, President of the ECB The 2007 Jean Monnet Lecture to the Lisbon Council Brussel, 4 June 2007, Speech by Jean-Claude Trichet, President of the ECB 75th anniversary of the central bank of the Republic of Turkey Ankara, 1 June 2007, Speech by Jean-Claude Trichet, President of the ECB Seville, 22 May 2007, Speech by Jean-Claude Trichet, President of the ECB Award of the Germán Bernácer Prize Madrid, 21 May 2007, Speech by Jean-Claude Trichet, President of the ECB at the invitation of the University of Stirling Stirling, Scotland, United Kingdom 11 May 2007, Keynote speech by Jean-Claude Trichet, President of the ECB at the First CEBS Conference London, 9 May 2007, Keynote address by Jean-Claude Trichet, President of the ECB at the 22nd Annual General Meeting of the International Swaps and Derivatives Association (ISDA) Boston, 18 April 2007, Speech by Jean-Claude Trichet, President of the ECB New York, 17 April 2007, Speech by Jean-Claude Trichet, President of the ECB at a meeting organised by the Council on Foreign Relations New York, 16 April 2007, Speech by Jean-Claude Trichet, President of the ECB, at the invitation of the European Institute, Washington DC, 13 April 2007, Economic and Monetary Affairs Committee of the European Parliament Brussels, 21 March 2007, Speech by Jean-Claude Trichet, President of the ECB Conference entitled “Euro zone - converging or drifting apart?“ organised by the European Parliament (Committee of Economic and Monetary Affairs) Open Debate with National Parliaments Brussels, 28 February 2007, Speech by Jean-Claude Trichet, President of the ECB President of the European Central Bank Amsterdam, 15 February 2007, Speech by Jean-Claude Trichet, President of the ECB Ljubljana, 15 January 2007, Speech by Jean-Claude Trichet, President of the ECB organised by the Banka Slovenije and the European Central Bank in Ljubljana, 15 January 2007, Speech by Jean-Claude Trichet, President of the ECB Brussels, 20 December 2006, Speech by Jean-Claude Trichet, President of the ECB Jean Monnet Memorial Lecture European Business School London, 29 November 2006, Speech by Jean-Claude Trichet President of the European Central Bank Conference “SEPA Summit” at the Euro Finance Week Frankfurt am Main, 13 November 2006, Speech by Jean-Claude Trichet, President of the ECB Frankfurt, 10 November 2006, Speech by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 10 November 2006, Introductory Statement by Jean-Claude Trichet President of the European Central Bank to the European Parliament Strasbourg, 26 October 2006, Speech by Jean-Claude Trichet, President of the ECB Ludwig Erhard Lecture Berlin, 16 October 2006, Jean-Claude Trichet, President of the ECB Brussels, 10 October 2006, Speech by Jean-Claude Trichet, President of the ECB Public hearing at the European Parliament 4 October 2006, Mot de remerciement par le Président de la Banque Centrale Européenne Jean-Claude Trichet Berlin, 4 septembre 2006, Speech by Jean-Claude Trichet, President of the ECB 57. Framför allt har ECB vidtagit flera extraordinära åtgärder för att säkerställa att den penningpolitiska transmissionsmekanismen till ekonomin fungerar. På lång sikt vore det, enligt ordförande Draghi, naturligt att reflektera över om det har gjorts tillräckligt i euroområdet för att alltid bevara förmågan att använda finanspolitik kontracykliskt. share. Contribution by Christine Lagarde, President of the ECB during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools” English. Pour les différents participants à l'union monétaire, la capacité de résistance est cruciale pour éviter que les chocs n'entraînent un chômage durablement plus élevé et, avec le temps, des divergences économiques permanentes. Ten tweede, een verdere verslechtering van de transmissie van onze beleidkoers, in het bijzonder via het bancaire kredietkanaal, waarvoor een gerichte langerlopende herfinancieringstransactie of een programma voor de aankoop van effecten op onderpand van activa de juiste reactie zou kunnen zijn. Jean-Claude Trichet: European financial integration, Jean-Claude Trichet: The state of European financial integration, Jean-Claude Trichet: Eurasia: Bull Meets Tiger - Panel III - Financial Markets: Shared Responsibility, Jean-Claude Trichet: Developing the Work and Tools of CEIOPS: the views of the ECB, Jean-Claude Trichet: Growth potential, labour productivity and structural reforms in Europe, Jean-Claude Trichet: "The Eurosystem and the integration of European financial markets", 50th Anniversary of ACI - The Financial Markets Association, Jean-Claude Trichet: The euro area economy: determinants of growth, competitiveness and the need for structural reforms, Jean-Claude Trichet: Monetary Policy and 'Credible Alertness', Jean-Claude Trichet: Speech during the memorial service for Wim Duisenberg on 6 August 2005 in the Concertgebouw, Amsterdam, Jean-Claude Trichet: Financial services policy 2005-2010: the ECB's view, Jean-Claude Trichet: European financial integration: the views of the ECB, Jean-Claude Trichet: Presentation of the ECB's Annual Report 2004 to the European Parliament, Jean-Claude Trichet: Monetary policy in EMU - views and challenges, Jean-Claude Trichet: Reflections on the international financial system, Jean-Claude Trichet: Closing remarks at the ECB Workshop “What effects is EMU having on the euro area and its member countries”. The stress testing of banks and capital raising took place without a clear backstop for solvent banks. Secondo le stime, la crescita potenziale dell'area dell'euro si colloca oggi al di sotto dell'1% e dovrebbe mantenersi su livelli ben inferiori a quelli pre-crisi. Lage potentiële groei, ten slotte, kan van directe invloed zijn op de instrumenten die het monetair beleid ter beschikking staan, aangezien het de waarschijnlijkheid vergroot dat de centrale bank tegen de ondergrens aanstoot en daardoor herhaaldelijk zal moeten terugvallen op onconventioneel beleid om aan haar mandaat te voldoen. Compete-nos, todavia, estar atentos ao eventual surgimento de riscos para este cenário e prepararmo-nos para agir caso tal aconteça. M. Mario Draghi, président de la Banque centrale européenne, a ouvert ce jour le Congrès bancaire européen à Francfort (Frankfurt European Banking Congress), proposant une analyse de la situation économique dans la zone euro et des réponses de politique monétaire apportées par la Banque centrale européenne (BCE). Maar het is ook duidelijk dat … dat alleen kan plaatsvinden in de context van een vastberaden stap naar een hechtere begrotingsunie”. Dennoch liegt es in unserer Verantwortung, wachsam gegenüber Risiken für dieses Szenario zu sein, die möglicherweise auftreten, sowie handlungsbereit zu sein, falls sie sich manifestieren. At the same time, there is evidence that a significant share of unemployment is also structural. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 23 January 2002, by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt am Main, 14 January 2002. Therefore, Lagarde's statements are carefully monitored by analysts and economists. Lagarde will be speaking at the EPC Thought Leadership Forum . While the ECB’s Outright Monetary Transactions removed unfounded redenomination fears that put price stability at risk, banking union was needed to bring together fragmented national banking systems. Koska euroalueella jäsenvaltioiden välillä ei tehdä jatkuvia tulonsiirtoja, tavoitteiden saavuttaminen edellyttää kahta asiaa: kaikkien euroalueen maiden täytyy pystyä menestymään myös omin avuin, ja niiden on pystyttävä hyödyntämään enemmän muita mekanismeja häiriöiden kustannusten jakamiseksi. Les politiques structurelles et conjoncturelles, y compris la politique monétaire, sont largement interdépendantes. En primer lugar, un endurecimiento injustificado de las condiciones de política monetaria (debido a la evolución de los mercados monetarios a corto plazo, los mercados internacionales de renta fija o los mercados de divisas), que podría remediarse aplicando medidas más convencionales. There is no debate about our goal, which is to return inflation towards 2% in the medium-term, in line with our mandate. Demand side policies are not only justified by the significant cyclical component in unemployment. En outre, nous avons encore simplifié notre fonction de réaction en illustrant certaines éventualités qui nécessiteraient une réaction de politique monétaire. Dit betekent bovenal structurele hervormingen", aldus de President. This will allow each member of our union to achieve a sustainably high level of employment. De zwakke langetermijnprestaties van het eurogebied bieden overigens ook kansen. Un élément requiert en ce moment toute notre vigilance : il s’agit de la possibilité qu’une spirale négative se mette en place entre une faible inflation, le repli des anticipations d’inflation et le crédit, notamment dans les pays en difficulté. Widerstandsfähigkeit ist für Mitglieder einer Währungsunion von entscheidender Bedeutung, damit Schocks nicht zu einer beständig höheren Arbeitslosigkeit und im Zeitverlauf zu dauerhaften wirtschaftlichen Divergenzen führen. Und schließlich kann sich ein niedriges Potenzialwachstum unmittelbar auf die verfügbaren geldpolitischen Instrumente auswirken, da die Zentralbank mit einer größeren Wahrscheinlichkeit an die Nullzinsgrenze stößt und zur Erfüllung ihres Mandats wiederholt auf unkonventionelle Maßnahmen zurückgreifen muss. Willem F. Duisenberg: Presentation of the ECB's Annual Report 1999 to the European Parliament, Willem F. Duisenberg: Introductory statement with Q&A, Willem F. Duisenberg: From the EMI to the ECB, Willem F. Duisenberg: The future of banking supervision and the integration of financial markets, Willem F. Duisenberg: Official celebration of the 150th anniversary of the Nationale Bank van België/Banque Nationale de Belgique (National Bank of Belgium), Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Willem F. Duisenberg: Monetary policy-making under uncertainty, Willem F. Duisenberg: Hearing before the European Parliament's Committee on Economic and Monetary Affairs, Willem F. Duisenberg: The euro and a social Europe, Willem F. Duisenberg: Introductory Statement at the Frankfurt European Banking Congress, Session I: "Do markets need guidance? But political sovereignty and the market do not perfectly overlap so the question in Europe is which institutions are most appropriate to uphold as much freedom of the market as possible for different members. Ma per comprendere quale sia un “livello troppo basso per troppo tempo” dobbiamo rispondere a due interrogativi. But to understand “what is too low for too long”, we need to answer two questions. Dazu gehörte es, unseren Auftrag zu bekräftigen und seine mittelfristige Orientierung und seine auf den Euroraum ausgerichtete Perspektive zu erklären. Om in dit klimaat de verwachtingen te blijven sturen, heeft de ECB in explicieter termen moeten communiceren. Business Christine Lagarde's first speech as ECB chief: The main points. Por ello, el Consejo de Gobierno ha estado considerando la posibilidad de publicar un acta o resumen de sus deliberaciones, que ofrecería una explicación más detallada de los fundamentos de sus decisiones y permitiría entender el debate y los principales argumentos esgrimidos. Dit kan in de eerste plaats via een krachtig kader voor begrotingsgovernance. Hence, judgement is likely to play a greater role in decision-making, and this involves trade-offs that need to be explained. The beneficial impact of the ECB’s asset purchases on financing conditions will increase the benefits of governments’ structural reforms, rather than reducing incentives for reforms. Il faut disposer ensuite d'un mécanisme de soutien de la dette souveraine. Toinen tapa olisi taata julkinen velka varautumisjärjestelyin. Falling commodity prices have accounted for around 80% of the decline in euro area inflation since late 2011. Allo stadio attuale, dobbiamo tenere un atteggiamento particolarmente vigile riguardo alla possibilità che si affermi una spirale negativa tra bassa inflazione, aspettative di un calo dell’inflazione e credito, in particolare nei paesi soggetti a tensioni. No amount of fiscal or monetary accommodation, however, can replace necessary structural reforms. Néanmoins, il nous incombe d’être vigilants face aux risques pesant sur ce scénario, qui pourraient se manifester, et d’être prêts à agir s’ils se concrétisent. Lithuania itself will – amongst others – benefit from having a say in the monetary policy-making of the world’s second largest economy. (i.e. That means above all structural reforms”, the President remarked. Mit unserer Forward Guidance möchten wir Hinweise zur voraussichtlichen Leitzinsentwicklung geben und Unsicherheiten hinsichtlich des Zinsniveaus beseitigen, indem wir die Kommunikation zu unserer Reaktionsfunktion stärken. Mon 30 Nov 2020 07:41:22 GMT. Structural reforms need strong domestic ownership since they reach deeply into societal arrangements. This may then cause households and firms to defer expenditure in a classic deflationary cycle – especially when monetary policy is at the effective lower bound and so cannot steer the nominal rate down to compensate. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Global Economy Conference organised by the Economic Strategy Institute on 27 April 1999 in Washington D.C. The latest unconventional measures announced by the ECB (the targeted long term refinancing operations (TLTROs), and the covered bond and ABS purchase programmes) will have a sizeable impact on our balance sheet, which we expect to move towards its early 2012 dimension. That led to a situation where banks used short-term and debt-based funding to increase lending to favoured domestic sectors such as real estate. Debt service-to-income ratios tend to be higher in stressed countries. Fra queste figura, innanzitutto, un ingiustificato inasprimento delle condizioni di politica monetaria (derivante da andamenti nei mercati monetari a breve termine, nei mercati obbligazionari mondiali o in quelli valutari) che potrebbe essere affrontato con misure più convenzionali. Rahaliitosta on oltava jäsenilleen hyötyä. “Vi sono [...] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in maniera congiunta. Mario Draghi, die erkende dat "ondanks al haar schokbestendigheid onze unie nog lang niet is voltooid", zei dat de leden uiteindelijk "binnen de unie beter af [moeten] zijn dan erbuiten". Es la combinación de estas políticas de oferta y demanda lo que dará como resultado una estabilidad y una prosperidad duraderas. Het publiceren van een dergelijk verslag dient ter aanvulling van de real-time beleidsboodschappen die tijdens de persconferenties worden overgebracht, en zou aanvullende informatie moeten verschaffen om het inzicht in onze reactiefunctie te verbeteren. Acknowledging the downward path of inflation, the Governing Council would use also unconventional instruments to safeguard the firm anchoring of inflation expectations over the medium- to long -term. Even though inflation is expected to remain very low or negative in the months ahead mainly due to the sharp drop in oil prices, it is expected to move closer the ECB’s policy target over the coming years to reach 1.8 per cent in 2017 - conditional on the full implementation of all policy measures. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. Marrakech, 29 May 2009, Opening remarks by Jean-Claude Trichet, President of the European Central Bank Joint ECB/De Nederlandsche Bank conference on "Retail payments: integration and innovation" Frankfurt, 25 May 2009, Keynote address by Jean-Claude Trichet, President of the ECB, at the Chatham House Global Financial Forum New York, 27 April 2009, Speech by Jean-Claude Trichet, President of the ECB, at the Foreign Correspondents' Club of Japan, Tokyo, 18 April 2009, Speech by Jean-Claude Trichet, President of the ECB, at the annual meeting of the Research Institute of Japan, Tokyo, 17 April 2009, Introductory remarks by Jean-Claude Trichet, President of the ECB Brussels, 30 March 2009, Speech by Jean-Claude Trichet, President of the ECB at the “5e Rencontres de l'Entreprise Européenne” organised by La Tribune, Roland Berger and HEC Paris, 17 March 2009, Speech by Jean-Claude Trichet, President of the ECB CFS Presidential Lecture Center for Financial Studies Frankfurt, 16 March 2009, Speech by Jean-Claude Trichet, President of the ECB at the Institute of International and European Affairs Dublin, 26 February 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the Committee of European Securities Regulators (CESR) Paris, 23 February 2009, Statement by Jean-Claude Trichet, President of the ECB at the European American Press Club Paris, 20 February 2009, Address by Jean-Claude Trichet, President of the ECB Annual Joint Parliamentary Meeting European Parliament, Brussels, 16 February 2009, Speech by Jean-Claude Trichet, President of the ECB Osnabrück, 12 February 2009, Speech by Jean-Claude Trichet, President of the ECB Brussels, 21 January 2009, Speech by Jean-Claude Trichet, President of the ECB delivered at the Coface Country Risk Conference 2009 Carrousel du Louvre, Paris, 19 January 2009, Remarks by Jean-Claude Trichet President of the ECB at the ceremony of the European Parliament to mark the 10th anniversary of the euro Strasbourg, 13 January 2009, Remarks by Jean-Claude Trichet President of the European Central Bank, roundtable at the International Colloquium «Nouveau Monde, Nouveau Capitalisme», Paris, 9 January 2009, Statement by Jean-Claude Trichet President of the European Central Bank Bratislava, 8 January 2009, Intervention de Jean-Claude Trichet, Président de la BCE Institut Montaigne, Paris, 23 décembre 2008, Introductory Remarks by Jean-Claude Trichet, President of the ECB at a dinner with members of the Internationaler Club Frankfurter Wirtschaftsjournalisten Frankfurt am Main, 15 December 2008, Speech by Jean-Claude Trichet, President of the ECB at 23. Por último, un bajo crecimiento potencial puede afectar directamente a los instrumentos de política monetaria disponibles, ya que la probabilidad de que el banco central alcance el límite inferior, y tenga que recurrir repetidamente a políticas no convencionales para cumplir su mandato, es mayor. Em primeiro lugar, por que razão a inflação é tão baixa? Der Präsident hob das Risiko hervor, dass eine über einen zu langen Zeitraum niedrige Inflation sich in den Inflationserwartungen festsetzen könnte. Her comments may determine a short-term … The ECB’s monetary policy measures have clearly worked, in fact they are probably the dominant force spurring the recovery. Maar economische aanpassingen kunnen kortetermijnkosten met zich mee brengen. The President of the European regulatory body is the one who has the maximum influence on euro quotes among all other employees of the ECB and the EU supervisory bodies. Pero existen dos factores específicos de la zona del euro que contribuyen a la baja inflación: la apreciación del tipo de cambio del euro y el proceso de ajuste de los precios relativos en algunos países de la zona del euro. Everyone in society is affected by high unemployment. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 30th Economics Conference "Competition of Regions and Integration in EMU", Vienna, 13 June 2002. Si las reformas estructurales son creíbles, sus efectos positivos pueden apreciarse rápidamente, incluso en un entorno de contención de la demanda. EKP on toteuttanut useita epätavanomaisia toimia varmistaakseen rahapolitiikan välittymisen talouteen. Et l’hétérogénéité devient un facteur à prendre en compte dans l’évaluation de la faible inflation dans la zone euro. Jean-Claude Trichet: Some lessons from the financial market correction, Jean-Claude Trichet: The entry of Slovakia into the euro area, Jean-Claude Trichet: Inauguration of the “Euro exhibition” hosted by Národná banka Slovenska, Jean-Claude Trichet: Ehrenplaquette of the city of Frankfurt am Main - awarding ceremony, Jean-Claude Trichet: The European Regulatory and Supervisory Framework: The Views of the ECB, Jean-Claude Trichet: Risk and the Macro-economy, Jean-Claude Trichet: The current state of the euro area and its future, Jean-Claude Trichet: Introductory to the European Parliament, Jean-Claude Trichet: Fostering sound financial globalisation: the role of Europe, Jean-Claude Trichet: Discours délivré à l'occasion de la réception du prix ‘Vision for Europe', Jean-Claude Trichet: L'intégration économique et financière européenne dans un monde globalisé, Jean-Claude Trichet: Reflections on the current financial markets correction, Jean-Claude Trichet: Monetary policy in challenging times, Jean-Claude Trichet: Address at the ceremony to mark the 10th anniversary of the European Central Bank and the European System of Central Banks. Als het algemene publiek en de financiële markten inzicht kunnen hebben in hoe de ECB in een bepaalde situatie waarschijnlijk zal reageren – haar “reactiefunctie” – kunnen zij zich redelijke verwachtingen vormen omtrent het toekomstige monetair beleid. Un resoconto scritto fornirebbe spiegazioni più dettagliate circa le motivazioni alla base delle sue decisioni, oltre a dare un’idea del dibattito e delle principali argomentazioni. Ten tweede, wanneer we eenmaal de inflatie ontleed hebben, kunnen we vragen: hoe waarschijnlijk is het dat deze op de middellange termijn aanhoudt? In the context of a certain disconnect between economic performance and inflation the monetary policy response has to be carefully considered and precisely designed. The president herself has been prolific with media. “Se vi sono parti dell’area dell’euro che si trovano in condizioni peggiori partecipando all’unione, potrebbe sorgere il dubbio che alla fine si ritrovino a doverla lasciare”. It will also help to maximise the benefits of integration by creating a policy framework more conducive to cross-border banking. Markets have never been more integrated than they are today. A Division of NBCUniversal. Der Euroraum verfügt über ein erhebliches unausgeschöpftes Potenzial für einen deutlichen Produktions-, Beschäftigungs- und Wohlstandszuwachs. Neste momento, devemos estar particularmente vigilantes em relação ao potencial para a ocorrência de uma espiral negativa entre a inflação baixa, a descida das expectativas de inflação e o crédito, em especial nos países sob tensão. Against this background the ECB announced Outright Monetary Transactions (OMT). Mon 16 Nov 2020 07:13:19 GMT. «Por este motivo el Consejo de Gobierno ha manifestado su expectativa de que el conjunto de medidas de política monetaria adoptadas amplíe el balance del Eurosistema hasta los niveles de principios del 2012», señaló Mario Draghi. In einem solchen Papier könnten die Erwägungen, die den Beschlüssen des EZB-Rats zugrunde liegen, ausführlicher dargelegt und ein Eindruck von den Erörterungen und Hauptargumenten vermittelt werden. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 17 February 2003. START TODAY. Esto significaría que una parte considerable de las pérdidas económicas que se produjeron durante la crisis se convertirían en permanentes, y que el desempleo estructural se situaría por encima del 10 % y el paro juvenil en niveles elevados. Jean-Claude Trichet: English translation of a contribution by Jean-Claude Trichet, President of the European Central Bank, published in Le Monde, in the edition dated 16 June 2005. To ensure that countries are better off being in the Union when a shock hits than they would be outside, “we need other ways to help spread those costs…there is a particular onus on private risk-sharing to play this role”. Per questa ragione la BCE ha spesso invocato un rafforzamento della governance comune delle riforme strutturali che renderebbe la capacità di tenuta parte del nostro DNA. Si bien esta «gestión de las expectativas» funcionó relativamente bien en tiempos normales, la crisis ha hecho, inevitablemente, que nuestro proceso de adopción de decisiones sea más complicado y que nuestras políticas sean más difíciles de entender. Latest Live Videos ; Shows Schedule ... ECB's new President Lagarde to speak later today in Berlin ANALYSIS | 11/4/2019 8:13:09 AM. Trotz dieser Bemühungen um Erhöhung der Transparenz wird sich die in der Vergangenheit gekannte Berechenbarkeit nicht ohne Weiteres wiedereinstellen. Keynote speech by Jean-Claude Trichet, President of the European Central Bank, Vienna, 29 November 2004, Speech by Jean-Claude Trichet, President of the ECB at the Conference “Goodbye Lisbon” organised by the European Banking Congress Frankfurt am Main 19 November 2004, Keynote address delivered by Jean-Claude Trichet, President of the ECB, on the occasion of the OECD's World Forum on Key Indicators “Statistics, Knowledge and Policy” Palermo 11 November 2004, Keynote speech by Jean-Claude Trichet, President of the ECB held at the conference ‘Europe's frontiers: EU enlargement - its implications and consequences', organised by the Calouste Gulbenkian Foundation Lisbon, 27 October 2004. Ten eerste: waarom is de inflatie zo laag? To highlight three risks: global growth this year will be the weakest since 2009; this is the weakest euro area rebound since 1998; and the recovery remains very protracted in historical perspective. The ECB’s website lists 14 interviews by Lagarde in the last 12 months. The eyes will remain on the ECB Financial Stability Review, and President Lagarde Speaks on the news front. Niiden avulla varmistetaan, että rahapolitiikan mitoitus tukee kasvua ja edistää talouden vähittäistä elpymistä sekä paluuta lähemmäksi tavoitteen mukaista inflaatiovauhtia (hieman alle kahden prosentin). (t.ex. ett steg framåt från gemensamma regler till gemensamma institutioner. Detta kan ske genom ett starkt finanspolitiskt styrsystem. Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 3 July 2003. Lietuvai ir pačiai bus naudinga tai, kad ji kartu su kitomis šalimis dalyvaus formuojant antros pagal dydį pasaulio ekonomikos pinigų politiką. Ainsi, le recours aux mesures non conventionnelles a entraîné une diversification des réponses de politique monétaire possibles face à un choc donné. Browse the ECB’s reports, publications and research papers and filter them by date or activity. No contexto de uma certa dissociação entre o desempenho económico e a inflação, a resposta da política monetária tem de ser cuidadosamente ponderada e concebida com precisão. France Jobseekers Total. In this context, the inflation situation in the euro area has also become increasingly challenging. Opening remarks by Mr Jean-Claude Trichet President of the European Central Bank Frankfurt/Main, 20 October 2004. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 3 December 2002. Per continuare a orientare le aspettative in un simile contesto la BCE ha dovuto rendere più esplicita la propria comunicazione. These are, first, an unwarranted tightening of monetary policy stance (from developments in short-term money markets, global bond markets or foreign exchange markets) that could be tackled through more conventional measures. Außerdem haben wir unsere Reaktionsfunktion weiter vereinfacht, indem wir einige Eventualfälle beschrieben haben, die eine geldpolitische Reaktion erfordern würden: Erstens eine (aus Entwicklungen am kurzfristigen Geldmarkt, an den internationalen Anleihemärkten oder den Devisenmärkten herrührende) unerwünschte Anspannung der monetären Lage, die mit eher herkömmlichen Maßnahmen bewältigt werden könnte. Schokbestendigheid heeft daarom directe implicaties voor de prijsstabiliteit, en is niet minder belangrijk voor de integriteit van het eurogebied. Jean-Claude Trichet: What lessons can be learned from the economic and financial crisis? Draghi fügte hinzu, dass die EZB auch weiterhin ihre Pflicht erfüllen wird: „Wir werden tun, was wir tun müssen, damit die Inflation und die Inflationserwartungen so bald wie möglich steigen, wie es unser Preisstabilitätsmandat erfordert. See what has changed in our privacy policy, Keynote speech by Christine Lagarde, President of the ECB, at the European Banking Congress, Introductory statement by Christine Lagarde, President of the ECB, at the ECON Committee of the European Parliament (by videoconference), Keynote speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking, Contribution by Christine Lagarde, President of the ECB, during the session “Rebuilding and Sustaining Growth”, Statement by Christine Lagarde, President of the ECB, at the forty-second meeting of the International Monetary and Financial Committee, Speech by Christine Lagarde, President of the ECB, at the “ECB and Its Watchers XXI” conference, Introductory remarks by Christine Lagarde, President of the ECB, at the Franco-German Parliamentary Assembly, 21 September 2020, Contribution by Christine Lagarde, President of the ECB during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”, Speech by Christine Lagarde, President of the ECB, at the Deutsche Bundesbank online conference on banking and payments in the digital world, Remarks by Christine Lagarde, President of the ECB, via videoconference at the inaugural session of the Italian National Consultation, Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament (by videoconference), Opening remarks by Christine Lagarde, President of the ECB, at the Online Edition of The State of the Union conference organised by the European University Institute, Statement by Christine Lagarde, President of the ECB, at the forty-first meeting of the International Monetary and Financial Committee, Speech by Christine Lagarde, President of the ECB, at the launch of the COP 26 Private Finance Agenda, Introductory statement by Christine Lagarde, President of the ECB, on the occasion of the presentation of the ECB Annual Report 2018 at the European Parliament, Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament, Speech by Christine Lagarde, President of the ECB, at the "Grand Prix de l’Économie des Echos pour l’année 2019", Opening remarks by Christine Lagarde, President of the ECB, during a dinner on "Uniting Europe" at the World Economic Forum, Speech by Christine Lagarde, President of the ECB, at the New Year’s Reception of the City of Frankfurt, 16 January 2020, Welcome address by Christine Lagarde, President of the ECB, on signing the euro banknotes, Speech by Christine Lagarde, President of the ECB, at the Frankfurt European Banking Congress, Laudatory speech by Christine Lagarde, President of the ECB, for Dr Wolfgang Schäuble at the VdZ Publishers’ Night, Berlin, 4 November 2019, Remarks by Mario Draghi, President of the ECB, at the farewell event in his honour, Statement by Mario Draghi, President of the ECB, at the fortieth meeting of the International Monetary and Financial Committee, Acceptance speech by Mario Draghi, President of the ECB, for the Laurea Honoris Causa from the Università Cattolica, Speech by Mario Draghi, President of the ECB, at the Academy of Athens, Welcome remarks by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the fourth annual conference of the ESRB, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 23 September 2019, Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 18 June 2019, Speech by Mario Draghi, President of the ECB, at the 8th ECB conference on central, eastern and south-eastern European countries, Frankfurt, 12 June 2019, Statement by Mario Draghi, President of the ECB, at the thirty-ninth meeting of the International Monetary and Financial Committee, Washington, D.C., 12 April 2019, Speech by Mario Draghi, President of the ECB, at the conference 'The ECB and Its Watchers XX', Frankfurt am Main, 27 March 2019, Speech by Mario Draghi, President of the ECB, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 28 January 2019, Speech by Mario Draghi, President of the European Central Bank, at the plenary debate of the European Parliament on the ECB’s Annual Report 2017, Strasbourg, 15 January 2019, Speech by Mario Draghi, President of the European Central Bank, at the session of the plenary of the European Parliament to mark the anniversary of the euro in Strasbourg, 15 January 2019, Speech by Mario Draghi, President of the ECB, at Laurea Honoris Causa in Economics by University of Sant'Anna, Pisa, 15 December 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 26 November 2018, Speech by Mario Draghi, President of the ECB, Frankfurt European Banking Congress, Frankfurt am Main, 16 November 2018, Introductory statement by Mario Draghi, President of the ECB, during his exchange of views with the House of Representatives in Dublin, Ireland, 8 November 2018, First Lamfalussy Lecture by Mario Draghi, President of the ECB, at the Banque Nationale de Belgique, Brussels, 26 October 2018, Statement by Mario Draghi, President of the ECB, at the thirty-eighth meeting of the International Monetary and Financial Committee, Bali (Indonesia), 12 October 2018.

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