I know that the President of the Commission will be visiting the United States in February. Navigation Path: I just want to summarise what we do, because there are always questions and testing of her views versus the rest. It will really encompass the entire communication approach when it comes to decision-making, to publication, to the use of language that we have, to the outreach, to the engagement with all stakeholders. Transcript of a Press Conference on Ireland. But we have to look comprehensively at the effectiveness of our monetary policy. I know that some commentators would love me to disclose my principles, my views and my philosophy. I think the point of symmetry is very clearly referred to in the introductory statement. Then the financial crisis was the pivotal point at which eventually inflation was too low. Get an overview of what the European Central Bank does and how it operates. Then a question on the risks: you said that the risks remain tilted to the downside, but less so; was there some discussion about maybe saying that risks are now balanced? July 14, 2011. with Ajai Chopra, Deputy Director of the European Department, IMF István P. Székely, Director for Economies of the E.U. Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. The IMF Press Center is a password-protected site for working journalists. How can this strategic review address this fundamental shift? Weak modal words; Moderate modal words; Uncertainty words; Introductory statement. There is a lot going on and as you will see in the press release that you receive later on – in a very short while actually – you will see that environmental sustainability is captured very well in the description of our strategy review. I think one of the key considerations we had on our mind was indeed the change in the level of uncertainties about trade and trade relationships, and the expectations we have that those uncertainties will be dealt with, hopefully in the future with the same type of approach… negotiations rather than adversarial positioning. Question: So if the Greek Banks cover their shortfall around €of 14.4 billion Euros, do you think that they will be in need of the total amount of €25 billion and what will this depend on? INTRODUCTORY STATEMENT PRESS CONFERENCE Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 October 2019 Jump to the transcript of the questions and answers Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We published a study just before December that takes stock of the last 20 years of euro use and implementation and monetary policy delivery. All countries should intensify their efforts to achieve a more growth-friendly composition of public finances. PRESS CONFERENCE - Introductory statement by Willem F. Duisenberg, President of the European Central Bank, Lucas Papademos, Vice-President of the European Central Bank, with a transcript of the questions and answers, Frankfurt, 7 November 2002. The 2019 country-specific recommendations should serve as the relevant signpost. If you focus on certain signals, or if you focus on certain indicators or certain surveys, then you could have less downside. PRESS CONFERENCE Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 March 2020. That in and of itself has a variety of consequences. The Governing Council welcomes the ongoing work and urges further specific and decisive steps to complete the banking union and the capital markets union. The Governing Council takes its monetary policy decision every six weeks. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. If we believe that there is a clear miscalculation between what is there – which is roughly 6% of budget, if I recall – and what is the perception, we need to understand why. 10 6. I don’t think that applies at present. That framework normally should be completed at the end of 2020 at the latest. This is work that is internal to the ECB, and that is separate from what the SSM is doing as well separately. Look at press releases, speeches and interviews and filter them by date, speaker or activity. I am not a despotic President of the Governing Council; all views are welcome. On that word, I think in accordance with our mandate indeed we have to stop the exercise, it's perfect timing. Since then, technology, globalisation, even European integration have added an efficiency, but have undermined the inflationary pressures. As I said last time around, we are going to look at many issues. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. What consequences should we draw? It has proven to be effective, no question about it. Date: 2000-12-14. About the ECB; Meet our people; Life in Frankfurt; Why we value diversity. Let me tell you what we already do, because it's not as if it's a newborn baby because I arrive; quite a lot had already been undertaken. It's right in there; second bullet point. The second question was how you view negative rates compared with QE as a stimulus tool. President Lagarde: You know, it's one of the questions that I have asked the teams; what happens when Brexit happens? Discover euro banknotes and their security features and find out more about the euro. As you have noted, in my introductory statement – and I don't differ from my predecessor on that front – I think having amplifiers of our monetary policy by having the right fiscal policy, be it by way of additional spending or reduced taxation, for those countries that have the space to do that would certainly help in that regard. In that respect, I would just adhere to what that strategy was, what its developments were over the course of time. FIFA/COVID-19 virtual press conference – 23 March, 2020 Speaker key: MH Dr Margaret Harris TAG Dr Tedros Adhanom Ghebreyesus GI Gianni Infantino AB Alisson Becker AG Agnes MR Dr Michael Ryan MI Michael MA Bayram MK Dr Maria Van Kerkhove NO Nobu PR Pranai PA Pang GA Gabriela KA Kai HE Helen MH Good morning, good evening, good afternoon, everybody, and thank you for joining this press … Our hope is that we can agree on that new strategy of the European Central Bank around November/December. I don't think that it is sparing alternative views. The one announcement you are doing today is; yes, we will launch a new strategy. The first one is to underline that the comprehensive assessment has unique features. Altogether that's roughly – that's a little over €20 billion. If you are a journalist and wish to attend the ECB press conference, send an email to media@ecb.europa.eu at least 10 working days prior to the event. Transcript: Euro Area Press Conference. It will involve all the national central banks, which will be also active participants in the process. Weak modal words; Moderate modal words; Uncertainty words; Introductory statement. It certainly has slightly reduced, if not vanished, but it also has consequences in terms of international trade at large, and indirect consequences for those regions or countries around the world from which trade will be diverted in order to deliver on that phase one. To do this, we use the anonymous data provided by cookies. INTRODUCTORY STATEMENT. And drawing from that, given the economic circumstances and the inflation expectations, it was legitimate and their decision to actually return to the zero rate, where they are at the moment. Vítor Constâncio, Vice-President of the ECB Welcome to this press conference about the results of the comprehensive assessment. This pattern of moderate growth reflects the ongoing weakness of international trade in an environment of continued global uncertainties, which has particularly affected the euro area manufacturing sector and has also dampened investment growth. I have another climate change question. Now, the third step has to do with our monetary policy portfolio, which is much larger. Then one other aspect; you were saying as well that you want to bring the ECB closer to the people. I'm concerned about low rate, because low rate is predicated on low growth, and I would much rather have much higher growth, higher rates. Browse the ECB’s reports, publications and research papers and filter them by date or activity. Governments with fiscal space should be ready to act in an effective and timely manner. It has consequences in relation to uncertainty. Now you are flying to Davos after this press conference, but a bit at the end of the journey. Regarding fiscal policies, the euro area fiscal stance is expected to continue to provide some support to economic activity. I would be surprised if they were very much against that position. Sign in. PRESS CONFERENCE - Transcript of the questions asked and the answers given by Dr. Willem F. Duisenberg, President of the ECB, Dr. Lucas Papademos, Vice-President of the ECB and Yves Mersch, Governor of the Banque centrale du Luxembourg, 4 July. President Lagarde: That's three questions in a row. Press Center . President Lagarde, you've said before that the review will last until the end of the year. We have alerted and reminded the banks of all the necessary measures that they have to take in order to be in a good position to continue to operate irrespective of Brexit. At the same time, the services and construction sectors remain more resilient, despite some moderation in the latter half of 2019. Do you agree with your predecessor that the inflation target should be viewed as symmetric? We cannot operate as we did back in 2003 – which doesn't mean to say that we have to necessarily change this, that or the other. It seems that there's growing scepticism within the Governing Council about the side effects of having interest rates below zero for a long period of time. I'd like to know what the ECB has learned from its experiment with tiering so far since September, whether you're satisfied with the impact on bank profitability and lending and money market rates, and whether what you consider the costs and benefits to expanding the pool of exempted deposits or raising the rate on them. Key figures and latest releases at a glance. While the annual growth rate of loans to households remained unchanged from October, at 3.5% in November, the annual growth rate of loans to non-financial corporations moderated to 3.4% in November, from 3.8% in October, likely reflecting some lagged reaction to the past weakening in the economy. Webcasts of ECB press conferences. It's for the budget holders to decide. President Lagarde: On the inflation target, we have a policy by which we operate. Navigation Path: Home›Media›Press conferences›23 January 2020, Jump to the transcript of the questions and answers. They lost billions of euros. What would be your advice for German savers? Transcript Of Draghi's Press Conference Today For the convenience of readers, I have cleaned up the ECB's transcript of Draghi's press conference today, which followed the monthly meeting of the governing council. Home›Media› Press conferences. We still have uncertainties, let's face it. English. I think on that, the strategy is going to have to review what it can – what the Bank can do, should do, how much it collides with the mandate. We just need to all keep at it, not because I want to influence fiscal policy. Email notification sign-up. Here is the full transcript of Draghi's ECB press conference. Author: Eamonn Sheridan | Category: Central Banks. On fiscal expansion, I would first of all observe that at the euro area level, there is a very mild fiscal expansion as we speak. President Lagarde: I very strongly support the President of the Commission in that respect, and in many respects, for that matter. Over the medium term, inflation is expected to increase, supported by our monetary policy measures, the ongoing economic expansion and solid wage growth. What yardsticks do you think personally should be assessed first for their relevance in today's era? December, in my view, would be the probable date for the conclusion and the communication of our strategy. Our forward guidance will ensure that financial conditions adjust in accordance with changes to the inflation outlook. But since September or since it was decided and as of the effective date, as you know there was instant movement. Disclaimer Jump to the transcript of the questions and answers. Don't like this video? I was personally very pleased to see that the private sector is actually also taking action in that respect, and certainly would welcome the involvement of other operators including their accounting firms and those that are setting the international accounting standards as well as the large asset managers, as we've seen. But we need to look at it and we need to understand. June 25, 2020. Where does it impact the way in which we operate? I insist on the two components. I draw a line between consensus building and repressing alternative views, and I can assure you that we are not short of alternative views, right? You will see that as part of our strategy review, we are going to look at the potential side effects of the current circumstances, which are low rate – let alone negative – but we have had low rates for a period of time. Transcript of the Press Conference on the Release of the Global Financial Stability Report Update. PRESS CONFERENCE Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020. We will be different because 19 member states do not all speak the same language. That was a bit of a long-winded one but you had three questions in one, so it had to be long. 3,222 views. We replaced the previous benchmarks for the equity funds by their low carbon equivalents. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Introductory statement to the press conference and subsequent Q&A Mario Draghi, President of the ECB, Slovenia, 4 October 2012. ECB Press Statement Comparison between February 2014 and March 2014. Maybe more generally, do we need eight pressers per year, because a lot of analysts think, when you see the previews of the analysts, it is often no change, no change, no change for this year. Jump to the transcript of the questions and answers. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. I think it's intended to arrive at the best possible common understanding and a final decision. I do have my views, as have other members. Weak modal words; Moderate modal words; Uncertainty words; Introductory statement . That hampers our ability to respond in case of exogenous shock, as you know. What do you think about the prospects of a potential trade war between the US and the EU? While we all know that the results of those meetings are preliminary, the tone and the determination on both sides to draw positive conclusions from that meeting and to indicate determination to pursue the negotiations and the approach to the trade relationships between the EU and the US, I think, is to be taken as a positive signal. Like this video? My second question, a question on Davos. Improving the functioning of Economic and Monetary Union remains a priority. Weak modal words; Moderate modal words; Uncertainty words; Introductory statement. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. As you know, there is only a portion of that which is in corporate asset purchases. I'm going to refrain from that. That's what I mean by including, reaching out and addressing the concerns. Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will see whether next year or the year after and so on and so forth, whether we need to reorganise a timetable, but at this point in time, frankly I think it would've been unwarranted, to say the least, to change anything. In any case, the Governing Council continues to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry. Turning to the monetary analysis, broad money (M3) growth stood at 5.6% in November 2019, broadly unchanged since August. Weak modal words; Moderate modal words; Uncertainty words ; Introductory statement. In addition to that, there is work also that is ongoing in various departments at the ECB to make sure that the climate risk is actually embedded in the work that they do in terms of risk assessment, in terms of models, in terms of their forecast. We will look at that and see how we can play a role in accordance with our mandate, indeed. My understanding of this conclusion is that there had been a positive outcome of that period of negative interest rates. I gather from your earlier answer you do, but I would like perhaps your clear statement on that. Are we going to resolve the issues? The narrow monetary aggregate M1 continues to be the main contributor to broad money growth on the components side. To do this, we use the anonymous data provided by cookies. Point number two, on the scope of the strategy: we are going to review a whole host of issues so yes, it will have to do about how we deliver, how we measure, what tools we have, and how we communicate. Yes, there are very interesting phenomena going on in the world. If they do so, then yet again the legitimate authorities to implement climate change policies will feel that job is done, they don't have to worry. We are taking steps and we have taken steps already in order to play the role that we should play, concerning the fight against climate change. I think the overall view – I think it was unanimous, actually; I didn't hear anything to the contrary – the unanimous view is that the tiering system is operating extremely well. But it might also have some disadvantages like group think or the ECB might be vulnerable for mistakes. Browse the press releases, speeches, interviews, reports and publications related to banking supervision and filter them by date, speaker or activity. If ECB’s engagement with the green and sustainable financial sector were necessary for maintaining price stability in the euro area, it would fall within the remit of our primary objective. In order to reap the full benefits from our monetary policy measures, other policy areas must contribute more decisively to raising the longer-term growth potential, supporting aggregate demand at the current juncture and reducing vulnerabilities. Immediately after the meeting, the President and the Vice President of the ECB explain the decision at the press conference and answer questions from journalists. Browse the ECB’s reports, publications and research papers and filter them by date or activity. The Bank for Settlements has said it has the same view but we are against a green QE programme. Sign in. You can assess the value of collateral in order to determine what is the risk associated with collaterals and so on and so forth. We will continue to benefit from the work of the researchers, of the top-notch economists, of the academics and, yes, their views will be harnessed at various events that will take place in the course of 2020. Overall, our accommodative monetary policy stance will help to safeguard very favourable bank lending conditions and will continue to support access to financing across all economic sectors and in particular for small and medium-sized enterprises. Is there something more efficient, different that the ECB could do or influence in order to catalyse fiscal expansion? Does that seem more or less likely since the start of the year? I would expect continued work to be ongoing between the parties by then, and hopefully some positive developments out of that February visit. Reproduction is permitted provided that the source is acknowledged. Why should it be the role of central banks? We are taking climate change into account in order to improve the way in which we operate at the moment. This will sustain the euro area expansion, the build-up of domestic price pressures and, thus, the robust convergence of inflation to our medium-term aim. We have good reason to believe that this is so. How central do you expect this issue to be in this strategic review? November 30, 2020. Now, I take your point about the interest rates. Clearly, we're going to monitor that very carefully and see what the signals are with due consideration for the limitation of signals relative to what the outcome of final negotiations can be. One more question for the climate change in Davos. Things are actually happening. As usual, we conducted our regular examination of monetary and economic developments and analysed their implications for the maintenance of price stability in the euro area. My second question is about tiering, especially since the next reserve maintenance period is in six days. President Lagarde, a question about the inflation target. PRESS CONFERENCE - Transcript of the questions asked and the answers given by Dr. Willem F. Duisenberg, President of the ECB, and Christian Noyer, Vice-President of the ECB, 2 May. Further details about the scope and timetable of the review will be published in a press release today at 15:30 CET. Are they correct in that assumption? Today was the release of the interest rates for the EU and the Press Conference from the ECB. 5. We will look as part of the strategy review at what options we have to be even more intrusive, more active in relation to the corporate purchase plan that we have in place, and which continues to operate, as you know, because we are purchasers on a monthly basis of €20 billion. There are great conferences and great seminars to attend. It will be the same each year; the calendar is like it is. Are we all ready? Sign in to make your opinion count. In other words, we will have a new strategy when we have concluded the exercise. Are you concerned about the side – the impact of that on the economy? On the basis of our regular economic and monetary analyses, we decided at today 's meeting to leave the key ECB interest rates unchanged. In relation to the setting of rates, particularly by Sweden, I think I'll leave it to the Swedish central bank and to Stefan Ingves to actually indicate on what ground, for what reason there was a determination to actually return, for the moment at least, to a zero interest rate. One thing that I know is central and anchored in our considerations will be the mandate that we are given under the Treaty, which is that of price stability. The press conference can be watched live at 14:30 CET and on demand shortly after. I would refer you to an excellent speech that Benoît Cœuré had given back about six or eight months ago about these topics. Supervisory Board Chair Danièle Nouy and Vice-Chair Sabine Lautenschläger hold the annual press conference on ECB Banking Supervision to give an overview of progress and developments in … Is there going to be mandate creep? And at the start, let me make four points. First of all, we have as you know an ECB staff pension fund and I'm looking at my paper because I don't want to give you anything that is wrong. It's roughly, take it or leave it, €200 billion relative to over €2 trillion for the entire asset purchase programme. The growth of loans to firms and households remained solid, benefiting from the ongoing support provided by our accommodative monetary policy stance, which is reflected in very low bank lending rates. President Lagarde: You know, on climate change: I know that we will have a debate and I know that there will be discussions and it's already out there, that debate. When I was Finance Minister in France, we had our issues with the value of real estate and it took a lot of time. That's the primary one. The study and the work that has been done internally at the ECB demonstrates that because of the monetary policy, including very low rates and possibly negative rates, because of that monetary policy, millions of jobs were created throughout the euro area. That justifies fully the need for a strategy review. Sign in to make your opinion count. Don't like this video? We will, therefore, closely monitor inflation developments and the impact of the unfolding monetary policy measures on the economy. 2,093 views. Yesterday’s press conference of ECB president Mario Draghi was rich in messages, but the most important one was the following: the Governing Council is concerned that inflation will continue to fail to sufficiently converge to its target and hence will do whatever is necessary to achieve its objective. President Lagarde: You're completely right in that the situation has completely changed from 2003. There are multiple views around the table on multiple aspects of monetary policies. Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. When you were Managing Director of IMF, the world was waiting at your verdict on global growth at the opening of Davos. My assessment today is that, yes, we have. Okay, on the trade front, I think you're quite right in signalling that trade is actually an important element in our considerations and particularly in assessing the downside risks. While labour cost pressures have strengthened amid tighter labour markets, the weaker growth momentum is delaying their pass-through to inflation. Transcripts; Press Center. What is your view on this issue? Get an overview of what the European Central Bank does and how it operates. 12 4. Yes, we always have those discussions and that's, I think, completely justified because of the very mixed picture that we have of the economy. Let me first report that the Governing Council decided to reconfirm the existing reference value for monetary growth, namely an annual growth rate of 4 1/2% for the broad aggregate M3. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. In particular, easier borrowing conditions for firms and households are supporting consumer spending and business investment. I don't think I'm disclosing any secret, because at the time, some of you commented about it. Key figures and latest releases at a glance. In other words, would it wait to adjust the corporate bond purchase programme until the strategy review has reached some kind of conclusion? To do this, we use the anonymous data provided by cookies. One of the avenues for delivery of that price stability is to make sure that there is growth of our economies and that that growth is sustainable and solid. While indicators of inflation expectations remain at low levels, recently they have either stabilised or ticked up slightly. (Bloomberg) -- News that European Central Bank chief economist Philip Lane has been speaking to banks and investors immediately after policy decisions risks renewing unease about the institution’s communications strategy days before a crucial stimulus decision.Executive Board members’ diaries on the ECB website show Lane held 11 separate calls in the hours following a market-moving … If you focus on others, you could be a little bit more downside. I think it touches on your first point: my commitment was really to be able to listen to the expectations of the people, to better understand their economic concerns and their imperatives, and how we can deliver on them. I will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, … The Governing Council takes its monetary policy decision every six weeks. Learn more about how we use cookies, We are always working to improve this website for our users. Next week the United Kingdom will be formally out of the European Union and it starts a complex time to exit. Should they buy shares, real estate, or should they spend their money? Sustained rates of broad money growth reflect ongoing bank credit creation for the private sector and low opportunity costs of holding M3 relative to other financial instruments. I had a follow-up question on negative interest rates. Every region and every country has its idiosyncrasies and rationale. ECB press conference transcript with highlighted dictionary words. Two questions for you. To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is still necessary for the continued robust convergence of inflation to levels that are below, but close to, 2% over the medium term. Transcript; Add translations. If we have a unanimous decision it's satisfactory. Careers. The second deals with the ECB's own funds portfolio and that applies to the ECB paid-up capital and the general reserve funds. Andrea Enria: Transcript of the media briefing on June 9, 2020 (with Q&A) Andrea Enria, Chair of the Supervisory Board of the ECB, Frankfurt am Main, 9 June 2020. Assuming that that's still the valid assumption, how do you plan to mitigate risk in the interim about creating uncertainty over the ECB's policy, since the policy implications of the review are not yet clear? Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged, following the decrease of 25 basis points in July. English . If you are a journalist and wish to attend the ECB press conference, send an email to media@ecb.europa.eu at least 10 working days prior to the event. I doubt it. In terms of the trade relationship between the US and the EU, I took some comfort from the meeting that was concluded a couple of days ago between the President of the European Union Commission, Ursula von der Leyen, with the President of the United States. Modify your profile. President Lagarde: You know, I wish I was a financial adviser but in my position, I am not. You asked me another one? Global financial Stability report Update 4 October 2012 change the limit of six times, as you know, its! ’ s monetary policy portfolio, which will be different because 19 States. 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