Jos uudet toimet ovat tarpeen sen varmistamiseksi, että hitaan inflaation kausi ei pitkity liikaa, EKP:n neuvosto on yksimielisesti valmis käyttämään mandaattinsa rajoissa muitakin epätavanomaisia välineitä. A number of governments did not have the fiscal space to absorb the shock presented to them or were unable to maintain the trust of the market while doing so. Nov.17 -- European Central Bank President Christine Lagarde discusses the current economic landscape and the limits of monetary policy to prop up growth in a time of crisis. Wir müssen auf Missverhältnisse zwischen den verschiedenen Trends achten: dem Anstieg der Kreditnachfrage, der Sanierung der Bankbilanzen und der Entwicklung der Kapitalmärkte als Ergänzung zur Kreditvergabe der Banken. Dans une union monétaire, les performances économiques d'un pays ne peuvent être considérées comme une préoccupation strictement nationale. Questo quadro, tuttavia, cela l’eterogeneità presente all’interno dell’area. Just $1.99 per week ... ECB President Christine Lagarde sets stage for Fed-like strategy overhaul . If the general public and financial markets can understand how the ECB is likely to respond in a given situation – its so-called “reaction function” – they can form reasonable expectations about future monetary policy. Mario Draghi, President of the European Central Bank, today opened the Frankfurt European Banking Congress, with an analysis of the economic situation facing the euro area and of the ECB’s monetary policy response. Il en résulterait qu'une part importante des pertes économiques subies pendant la crise deviendraient permanentes, le chômage structurel demeurant supérieur à 10 % et le chômage des jeunes élevé. En fournissant des indications sur la trajectoire future des taux directeurs de la BCE (forward guidance), nous visons à donner une orientation sur le niveau attendu des taux d’intérêt futurs, et à éliminer les incertitudes à ce sujet en renforçant la communication sur notre fonction de réaction. organised by the European Parliament, Willem F. Duisenberg: Statement to the European Parliament subcommittee on Monetary affairs, Willem F. Duisenberg: Signing of the Headquarters agreement, Willem F. Duisenberg: Signing ceremony for the Headquarters Agreement, Willem F. Duisenberg: Auf dem Weg zum Euro, Willem F. Duisenberg: Presentation of the EMI annual report to the European Parliament, Willem F. Duisenberg: ECB Press conference: Introductory statement, Willem F. Duisenberg: Ceremony on the occasion of the establishment of the European System of Central Banks, Willem F. Duisenberg: Zur Bedeutung der 50-jährigen Stabilitätsgeschichte der D-Mark für Europa und die künftige Europäische Währung, I understand and I accept the use of cookies, See what has changed in our privacy policy. This suggests that the asset purchase programme may be shielding other euro area countries from contagion, which also helps the ECB achieve its monetary policy goals across the euro area. Deshalb werden Einschätzungen wahrscheinlich eine größere Rolle bei der Beschlussfassung spielen, und dazu zählen auch Trade-offs, die einer Erläuterung bedürfen. This could include changing the size and/or composition of unconventional policies. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 21 May 2002, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, upon receiving the European Banker of the Year Award on behalf of the Governing Council of the ECB Frankfurt, 16 May 2002 Introductory remarks. “Vi sono [...] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in maniera congiunta. De tweede manier is te zorgen voor een soort vangnet voor staatsschulden. The unavoidable consolidation of public finances has placed a larger burden on monetary policy to achieve price stability by managing aggregate demand. Small businesses also report improvements in access to external sources of finance. Dr. Willem F. Duisenberg, President of the European Central Bank, panel on "Recent developments in the world economy" at the 2nd international conference organised by the Banco de Mexico, Mexico City. The crisis has been tackled on several fronts: actions have been undertaken to “repair money”, that is to keep money fungible across space eliminating redenomination risks; to repair the financial sector and credit allocation; to repair monetary policy and fiscal policies. Ciò può indurre famiglie e imprese a differire le decisioni di spesa in una classica spirale deflazionistica, specie se la politica monetaria ha raggiunto il limite inferiore effettivo e quindi non può influenzare il tasso nominale verso il basso per compensare. Dit behelste herbevestiging van ons mandaat en uitleg over de oriëntatie op de middellange termijn en het eurogebiedperspectief ervan. Heads up: ECB president Lagarde to speak later today. The euro area benefits from Lithuania’s accession in at least two ways: first, Lithuania has shown that adjustment is not only necessary, but also possible – even without currency devaluation; second, Lithuania’s decision to join the euro area demonstrates that our common currency is attractive. 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. And for those without fiscal space, fiscal policy can still support demand by altering the composition of the budget – in particular by simultaneously cutting distortionary taxes and unproductive expenditure. ECB-rådet har vidare förbundit sig att publicera en redogörelse av de penningpolitiska diskussionerna. Ainsi, le recours aux mesures non conventionnelles a entraîné une diversification des réponses de politique monétaire possibles face à un choc donné. Credit weakness appears to be contributing to economic weakness in these countries. Inoltre abbiamo ulteriormente semplificato la funzione di reazione illustrando alcune contingenze avverse che renderebbero necessaria una risposta di politica monetaria. Op dit moment is onze verwachting dat de lage inflatie lang zal aanhouden maar geleidelijk zal terugkeren naar 2%. The early phase of the “Great Recession” that came after the global financial crisis followed roughly the same pattern across advanced economies. Para seguir guiando las expectativas en este entorno, el BCE tuvo que ser más explícito en su comunicación. Thu 12 Nov 2020 11:52:49 GMT. Tal pode levar as famílias e as empresas a adiar a despesa, como é típico num ciclo deflacionista – sobretudo quando a política monetária se situa no seu limite inferior efetivo e, consequentemente, não pode orientar a taxa nominal no sentido descendente para compensar. No amount of fiscal or monetary accommodation, however, can replace necessary structural reforms. 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. Contudo, este cenário oculta a heterogeneidade da área do euro. Christine Lagarde, President of the European Central Bank, speaks to the media following a meeting of the ECB governing board Thomas Lohnes/Getty Images START TODAY. Det finns viktiga orsaker till att relevant ekonomisk politik ska utövas gemensamt. The outcome of structural reforms – a higher level of productivity and competitiveness – is not merely in a country’s own interest, but in the interest of the monetary union as a whole. The ECB’s accommodative stance will support a gradual closing of the output gap in coming years. Hetzelfde geldt als het soort hervormingen nauwkeurig wordt gekozen. In January, the ECB decided to expand its asset purchase programme to include government bonds after it became clear that there was a need for more monetary stimulus. “L’euro è – e deve essere – irrevocabile in tutti gli Stati membri che l’hanno adottato, non solo perché è scritto nei trattati, ma perché senza irrevocabilità non può esistere una moneta realmente unica” ha affermato. In particular, the ECB has taken several non-standard measures to ensure the transmission of its monetary policy to the economy. I sitt tal inför den finska riksdagen poängterade ordföranden att ECB under de senaste krisåren med kraft agerat för att säkra prisstabilitet och bidra till finansiell stabilitet i hela euroområdet. Als structurele hervormingen geloofwaardig zijn, zijn hun positieve effecten snel merkbaar, zelfs in een klimaat van zwakke vraag. Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 24 September 2018, Speech by Mario Draghi, President of the ECB, at the Europa-Konferenz at Hertie School of Governance organised by the Jacques Delors Institute, Berlin, 19 September 2018, Speech by Mario Draghi, President of the ECB, at the ACPR Conference on Financial Supervision, Paris, 18 September 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 9 July 2018, Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 19 June 2018, Speech by Mario Draghi, President of the ECB, at the European University Institute, Florence, 11 May 2018, Statement by Mario Draghi, President of the ECB, at the thirty-seventh meeting of the International Monetary and Financial Committee, Washington D.C., 20 April 2018, Introductory remarks and Q&A with Mario Draghi, President of the ECB, Frankfurt, 11 April 2018, Speech by Mario Draghi, President of the ECB, The ECB and Its Watchers XIX Conference organised by the Institute for Monetary and Financial Stability, Frankfurt, 14 March 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 26 February 2018, Introductory statement and closing remarks by Mario Draghi, President of the ECB, Strasbourg, 5 February 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 20 November 2017, Speech by Mario Draghi, President of the ECB, at the Frankfurt European Banking Congress “Europe into a New Era – How to Seize the Opportunities”, Frankfurt am Main, 17 November 2017, Welcome remarks by Mario Draghi, President of the ECB, at the second ECB Forum on Banking Supervision, Frankfurt am Main, 7 November 2017, Introductory remarks by Mario Draghi, President of the ECB, at the ECB conference “Structural reforms in the euro area”, Frankfurt am Main, 18 October 2017, Statement by Mario Draghi, President of the ECB, at the thirty-sixth meeting of the International Monetary and Financial Committee, Washington D.C., 13 October 2017, Introductory statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 25 September 2017, Keynote speech by Mario Draghi, President of the ECB, for the Henry Grattan Lecture Series at Trinity College, Dublin, 22 September 2017, Speech by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the second annual conference of the ESRB, Frankfurt am Main, 21 September 2017, Speech by Mario Draghi, President of the ECB, at the Economic Policy Symposium of the Federal Reserve Bank of Kansas City, Jackson Hole, 25 August 2017, Speech by Mario Draghi, President of the ECB, at the Lindau Nobel Laureate Meeting, Lindau, Germany, 23 August 2017, Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 27 June 2017, Introductory statement of Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 29 May 2017, Keynote speech by Mario Draghi, President of the ECB, at the First Conference on Financial Stability organised by the Banco de España and Centro de Estudios Monetarios y Financieros, Madrid, 24 May 2017, Speech by Mario Draghi, President of the ECB, Tel Aviv, 18 May 2017, Introductory remarks by Mario Draghi, President of the ECB, at the Tweede Kamer der Staten-Generaal, The Hague, 10 May 2017, Mario Draghi, President of the ECB, Award of the Gold Medal of the Fondation Jean Monnet pour l'Europe, Lausanne, 4 May 2017, Statement by Mario Draghi, President of the ECB, at the thirty-fifth meeting of the International Monetary and Financial Committee, Washington DC, 21 April 2017, Speech by Mario Draghi, President of the ECB, at The ECB and Its Watchers XVIII Conference, Frankfurt am Main, 6 April 2017, Welcome address by Mario Draghi, President of the ECB, at an event marking the issuance of the new €50 banknote, Frankfurt am Main, 4 April 2017, Welcome address by Mario Draghi, President of the ECB, at the joint conference by the ECB and the MIT Lab for Innovation Science and Policy “Fostering Innovation and Entrepreneurship in the Euro area”, Frankfurt am Main, 13 March 2017, Introductory statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 6 February 2017, Speech by Mario Draghi, President of the ECB, at the joint ECB and Banka Slovenije conference on the occasion of the 10th anniversary of the adoption of the euro, Ljubljana, 2 February 2017, Opening remarks by Mario Draghi, President of the ECB, at the Joint ECB and European Commission Conference “Into the future: Europe's digital integrated market”, Frankfurt am Main, 31 January 2017, Speech by Mario Draghi, President of the ECB, on the occasion of the awarding of the Premio Camillo Cavour 2016, Santena, 23 January 2017, Lectio magistralis by Mario Draghi, President of the ECB, marking the 100th anniversary of the Deusto Business School, Madrid, 30 November 2016, Introductory statement of Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 28 November 2016, Mario Draghi, President of the ECB, Strasbourg, 21 November 2016, Speech by Mario Draghi, President of the ECB, at the European Banking Congress, Frankfurt, 18 November 2016, Discorso di Mario Draghi, Presidente della BCE, in occasione della giornata in memoria di Carlo Azeglio Ciampi, Roma, 14 novembre 2016, Speech by Mario Draghi, President of the ECB, 2nd DIW Europe Lecture, German Institute for Economic Research (DIW), Berlin, 25 October 2016, Statement by Mario Draghi, President of the ECB, at the thirty-fourth meeting of the International Monetary and Financial Committee, Washington DC, 7 October 2016, Introductory remarks by Mario Draghi, President of the ECB, at Deutscher Bundestag, Berlin, 28 September 2016, Welcome address by Mario Draghi, President of the ECB, at the first ECB Annual Research Conference, Frankfurt am Main, 28 September 2016, Introductory statement by Mario Draghi, President of the ECB, Brussels, 26 September 2016, Speech by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the first annual conference of the ESRB, Frankfurt am Main, 22 September 2016, Speech by Mario Draghi, President of the ECB, at the presentation ceremony of the De Gasperi award, Trento, 13 September 2016, Welcome address by Mario Draghi, President of the ECB, at the Eighth ECB Statistics Conference, Central Bank Statistics: moving beyond the aggregates, Frankfurt am Main, 6 July 2016, Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 28 June 2016, Introductory statement by Mario Draghi, President of the ECB, Brussels, 21 June 2016, Speech by Mario Draghi, President of the ECB, in honour of Dr. Theodor Waigel at SignsAwards in Munich, 17 June 2016, 5th Annual Tommaso Padoa-Schioppa Lecture by Mario Draghi, President of the ECB, at the Brussels Economic Forum 2016, Brussels, 9 June 2016, Speech by Mario Draghi, President of the ECB, at the ceremony to mark the 200th anniversary of the Oesterreichische Nationalbank, Vienna, 2 June 2016, Introductory speech by Mario Draghi, President of the ECB, held at a panel on “The future of financial markets: A changing view of Asia” at the Annual Meeting of the Asian Development Bank, Frankfurt am Main, 2 May 2016, Statement by Mario Draghi, President of the ECB, at the thirty-third meeting of the International Monetary and Financial Committee, Washington DC, 15 April 2016, Introductory remarks by Mario Draghi, President of the ECB, at the Portuguese Council of State, Lisbon, 7 April 2016, Introductory statement by Mario Draghi, President of the ECB, Brussels, 15 February 2016, Marjolin lecture delivered by Mario Draghi, President of the ECB, at the SUERF conference organised by the Deutsche Bundesbank, Frankfurt, 4 February 2016, Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 1 February 2016, Keynote speech by Mario Draghi, President of the ECB, at the Deutsche Börse Group New Year's reception 2016, Eschborn, 25 January 2016, Speech by Mario Draghi, President of the ECB,   Prometeia40,   Bologna, 14 December 2015, Speech by Mario Draghi, President of the ECB, Economic Club of New York, 4 December 2015, Speech by Mario Draghi, President of the ECB, at the Frankfurt European Banking Congress, 20 November 2015, Introductory statement by Mario Draghi, President of the ECB, Brussels, 12 November 2015, Luncheon speech by Mario Draghi, President of the ECB, Bank of England Open Forum, London, 11 November 2015, Speech by Mario Draghi, President of the ECB, Università Cattolica del Sacro Cuore, Milan, 5 November 2015, Speech by Mario Draghi, President of the ECB, at the ECB Forum on Banking Supervision, 4 November 2015, Frankfurt, Welcome address by Mario Draghi, President of the ECB, Frankfurt, 3 November 2015, Statement by Mario Draghi, President of the ECB, at the thirty-second meeting of the International Monetary and Financial Committee, Lima, 9 October 2015, Welcome address by Mario Draghi, President of the ECB, “Art on site” inauguration, Frankfurt am Main, 6 October 2015, Speech by Mario Draghi, President of the ECB, at the 2015 Atlantic Council Global Citizen Award, New York, 1 October 2015, Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2015, Mario Draghi, President of the ECB, Milan, 2 July 2015, Introductory statement by Mario Draghi, President of the ECB, Brussels, 15 June 2015, Introductory speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking Sintra, 22 May 2015, Camdessus lecture by Mario Draghi, President of the ECB, IMF, Washington, DC, 14 May 2015, Statement by Mario Draghi, President of the ECB, prepared for the thirty-first meeting of the International Monetary and Financial Committee, Washington DC, 17 April 2015, Speech by Mario Draghi, President of the ECB, at the Euro50 Group Roundtable on “Monetary Policy in Times of Turbulence”, Frankfurt am Main, 31 March 2015, Speech by Mario Draghi, President of the ECB, at the Italian Parliament, Rome, 26 March 2015, Speech by Mario Draghi, President of the ECB, Brussels, 23 March 2015, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 18 March 2015, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 16 March 2015, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 11 March 2015, Mario Draghi, President of the ECB, Brussels, 25 February 2015, Speech by Mario Draghi, President of the European Central Bank, European Central Bank Frankfurt, 24 February 2015, Speech by Mario Draghi, President of the European Central Bank, at the University of Helsinki, Helsinki, 27 November 2014, Speech by Mario Draghi, President of the ECB, Helsinki, 27 November 2014, Opening keynote speech by Mario Draghi, President of the ECB at the Frankfurt European Banking Congress Frankfurt am Main, 21 November 2014, Speech by Mario Draghi, President of the ECB, marking the inauguration of the ECB's new supervisory responsibilities, Frankfurt, 20 November 2014, Speech by Mario Draghi, President of the ECB, 17 November 2014, Speech by Mario Draghi, President of the ECB, to mark the centenary of the birth of Federico Caffè at the Lecture room of the School of Economics and Business Studies “Federico Caffè”, Rome, 12 November 2014, Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 24 October 2014, Introductory speech by Mario Draghi, President of the ECB, Seventh ECB Statistics Conference “Towards the banking Union. Keynote speech by Jean-Claude Trichet, President of the European Central Bank, at the New Year's reception of the International Club of Frankfurt Economic Journalists on 24 January 2005, Frankfurt am Main, Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club in Paris on 14 January 2005, Opening remarks by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 15 December 2004. Euron är, och ska vara, oåterkallelig i alla dess medlemsstater, inte bara för att det står så i fördraget utan för att en genuint gemensam valuta inte kan existera annars, sa han. Thu 12 Nov 2020 11:52:49 GMT. 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. Dans un discours devant des étudiants de l'Université d'Helsinki, le président de la BCE a indiqué quelles étaient les exigences minimales en vue de parachever l'union monétaire de manière à apporter stabilité et prospérité à l'ensemble de ses membres. ", Welcome speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a Conference on "Challenges for the European future" on the occasion of the 60th birthday of Mrs. Randzio-Plath, Hamburg, 28 October 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 75th anniversary of the International Chamber of Commerce Deutschland, Berlin, 26 October 2000, "Jean Monnet" Lecture delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the European Business School London, London, 12 October 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Annual Meeting of the Institute of International Finance, Inc. (IIF), Prague, 23 September 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the Annual Conference of the International Bar Association, Amsterdam, 17 September 2000. Demand side policies are not only justified by the significant cyclical component in unemployment. Il nous a fallu réaffirmer notre mandat et expliquer son orientation à moyen terme et sa perspective du point de vue de la zone euro. Mario Draghi, presidente del BCE, ha inaugurado hoy el Congreso Europeo de Banca en Fráncfort con un análisis de la situación económica a la que se enfrenta la zona del euro y de la respuesta de política monetaria del BCE. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of receiving an honorary doctorate from IMADEC University, Vienna, 14 October 2002. Speech by Jean-Claude Trichet, President of the ECB Opening session at the conference “EMU Governance and Euro Changeover: Malta on the path to the euro” held in Malta on 1 October 2007. Negli ultimi decenni la comunicazione e la trasparenza hanno acquisito maggiore importanza per banche centrali quali la BCE e questa tendenza è destinata a intensificarsi in futuro. For financial markets this is especially important given their inherent fragility. An diesem Punkt des Zyklus spielen diese Überlegungen eine wichtige Rolle bei den Erörterungen der Mitglieder des EZB-Rats. Le riforme strutturali accrescono sia il prodotto potenziale sia la tenuta dell'economia agli shock e pertanto assumono rilevanza per ogni banca centrale, soprattutto in un'unione monetaria. And the more decision-making over economic issues moves to the European level, the more democracy needs to move with it. Dit kan in de eerste plaats via een krachtig kader voor begrotingsgovernance. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the, International Imaging Industry Summit, Schloss Bensberg, 24 September 2002, Reply by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of receiving the Grand Cross 1st class of the Order of Merit of the Federal Republic of Germany, Frankfurt am Main, 24 July 2002. Second, once we have a decomposition of inflation, we can ask: how likely is it that it persists over the medium-term? The package of measures announced by the ECB in June should provide the intended boost to demand, and we stand ready to adjust our policy stance further. Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002. ”On kuitenkin selvää, että ennen kuin voimme tehdä voitavamme, meidän on otettava ratkaiseva askel kohti finanssiunionia.”. First, the existing flexibility within the rules could be used to better address the weak recovery and to make room for the cost of needed structural reforms. The upcoming report commissioned by the Euro Summit on the future of economic governance will present a good starting point for further reflection. The ECB President emphasised the risk that a too prolonged period of low inflation becomes embedded in inflation expectations, and that the firm anchoring of inflation expectations is critical under any circumstances. En el contexto de una cierta desconexión entre el comportamiento de la economía y la inflación, la respuesta de la política monetaria ha de considerarse cuidadosamente y diseñarse con precisión. Pääjohtaja Draghi totesi lopuksi, että pitemmällä aikavälillä on luontevaa pohtia, tulisiko euroalueella vielä pyrkiä vahvistamaan maiden valmiuksia käyttää finanssipolitiikkaa suhdannekehityksen tasoittajana. Willem F. Duisenberg: What exactly is the responsibility of central banks of large economic areas in the current slowdown of the world economy? ECB's Lagarde cautioned against an immediate economic impact from a Covid-19 vaccine, while giving more details about what the central bank is likely to do next. Despite these efforts to enhance transparency, the predictability of the past will not readily return. Zum einen müssen wir uns fragen, warum die Inflation so niedrig ist. Making firm conclusions about the degree of structural unemployment in the euro area, however, is complicated by uncertainty over estimation methods. Statement by Mario Draghi, President of the ECB, prepared for the Twenty-Eighth Meeting of the International Monetary and Financial Committee, in Washington D.C. on 12 October 2013, Speech by Mario Draghi, President of the ECB at the Economic Club of New York New York, 10 October 2013, Lecture by Mario Draghi, President of the ECB, at Harvard Kennedy School, Cambridge (USA), 9 October 2013, Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2013, Speech by Mario Draghi, President of the ECB, at the conference organised by Bundesverband der Deutschen Industrie and Bundesvereinigung der Deutschen Arbeitgeberverbände, Berlin, 16 September 2013, Keynote Speech by Mario Draghi, President of the ECB, Riga, 12 September 2013, Introductory statement by Mario Draghi, President of the ECB, Brussels, 8 July 2013, Speech by Mario Draghi, President of the ECB, Paris, 26 June 2013, Speech by Mario Draghi, President of the ECB, at the Wirtschaftstag 2013 Berlin, 25 June 2013, Speech by Mario Draghi, President of the ECB, at the farewell conference honouring Governor Stanley Fischer, The Israel Museum, Jerusalem 18 June 2013, Address by Mario Draghi, President of the ECB, on the occasion of receiving the ESMT Leadership Award 2013, Berlin, 13 June 2013, Speech by Mario Draghi, President of the ECB, at the 2013 International Monetary Conference, Shanghai, 3 June 2013, Speech by Mario Draghi, President of the ECB, at the event entitled “The Future of Europe in the Global Economy” hosted by the City of London Corporation, London, 23 May 2013, Speech by Mario Draghi, President of the ECB, on receiving an honorary degree in political science, LUISS “Guido Carli” University, Rome, 6 May 2013, Speech by Mario Draghi, President of the ECB Bratislava, 2 May 2013, Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 16 April 2013, Speech by Mario Draghi, President of the ECB, at the “Room for discussion” of the Study Association SEFA and the Faculty of Economics and Business, Amsterdam, 15 April 2013, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 19 March 2013, Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 14 March 2013, Speech by Mario Draghi, President of the ECB, at the Katholische Akademie in Bayern, Munich, 27 February 2013, Speech by Mario Draghi, President of the ECB, Brussels, 18 February 2013, Speech by Mario Draghi, President of the ECB, at the G20 Ministers and Central Bank Governors meeting, Moscow, 15 February 2013, Speech by Mario Draghi, President of the ECB, Meeting with Members of Parliament, Madrid, 12 February 2013, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 22 January 2013, Short address by Mario Draghi, President of the ECB, at the Archaeological Museum in Frankfurt am Main, 10 January 2013, Mario Draghi, President of the ECB, Brussels, 17 December 2012, Speech by Mario Draghi, President of the ECB at the Anchor 2013 Conference organised by the Magyar Nemzeti Bank, Budapest, 7 December 2012, Remarks by Mario Draghi, President of the ECB, Treasury Talks ‘A European strategy for growth and integration with solidarity', A conference organised by the Directorate General of the Treasury, Ministry of Economy and Finance - Ministry for Foreign Trade, Paris, 30 November 2012, Speech by Mario Draghi, President of the ECB, at the 22nd Frankfurt European Banking Congress, Frankfurt am Main, 23 November 2012, Speech by Mario Draghi, President of the ECB, Università Bocconi, Opening of the academic year 2012-2013, Milan, 15 November 2012, Speech by Mario Draghi, President of the ECB, at Wirtschaftstag 2012 "Kapitalismus in der Krise? The single supervisory mechanism (SSM), the single resolution mechanism and single resolution fund are important conditions for the reintegration of the single financial market. Helsingin yliopiston opiskelijoille pitämässään puheessa EKP:n pääjohtaja Mario Draghi kävi läpi edellytyksiä, joiden on täytyttävä, jotta rahaliitto saadaan valmiiksi ja se voi tuoda vakautta ja vaurautta kaikille jäsenilleen. 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. Il ressort de notre analyse que les contraintes de crédit freinent la reprise dans les pays en difficulté, ce qui amplifie les pressions désinflationnistes. Het gebruik van onconventionele maatregelen bijvoorbeeld betekende een breder scala van mogelijke monetairbeleidsreacties op een bepaalde schok. As head of the ECB, which sets short term interest rates, she has a major influence over the value of the euro. Dans l’ensemble, les entreprises et les ménages de la zone euro ne semblent pas être particulièrement exposés à la dynamique dette-déflation. Mario Draghi, Presidente della Banca centrale europea, ha aperto oggi il Congresso bancario europeo con un’analisi della situazione economica nell’area dell’euro e della risposta di politica monetaria fornita dalla BCE. Damit sie die Erwartungen in diesem Umfeld weiterhin steuern konnte, musste die EZB in ihrer Kommunikation deutlicher werden. Aangezien veel economieën nog lang de grens van "best practice" niet zijn genaderd, zijn de winsten van structurele hervormingen gemakkelijker te verwezenlijken en is de potentiële omvang van deze winsten groter. But standard monetary policy in the form of rate cuts was not enough to ensure an appropriate monetary policy stance, because unwarranted fears of euro break-up impaired the monetary transmission, he says. Jean-Claude Trichet: How to preserve and consolidate the remarkable success of the Euro and the performance of the European economy? Strukturreformen erhöhen sowohl das Produktionspotenzial als auch die Widerstandsfähigkeit der Wirtschaft gegenüber Schocks. 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. Home›Media›Speeches›By speaker› President. Du point de vue de la réponse de politique monétaire, la question essentielle concerne le choix du moment. Draghi explains that financial integration is necessary for an effective monetary union. Between July 2011 and September 2019, she served as Chair and Managing Director of the International Monetary Fund (IMF).. Lagarde previously held various senior ministerial … Dans ce contexte, la situation sur le front de l’inflation dans la zone euro pose également un défi de plus en plus grand. Dit zou dan, in een klassieke deflatoire cyclus, huishoudens en bedrijven ertoe kunnen brengen uitgaven uit te stellen – met name wanneer het monetair beleid aan de effectieve ondergrens zit en dus niet het nominale inflatiecijfer kan doen dalen ter compensatie. Aus diesem Grund hat der EZB-Rat Überlegungen zur Veröffentlichung von Aufzeichnungen oder Zusammenfassungen seiner geldpolitischen Beratungen angestellt. Question and answer session. Willem F. Duisenberg: The role of financial markets for economic growth, Willem F. Duisenberg: The European Central Bank, the Eurosystem and the European System of Central Banks, Willem F. Duisenberg: "E-economy: will we still need banks in the future? OUR money, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Willem F. Duisenberg: Speech at the Parliamentary Assembly of the Council of Europe, Willem F. Duisenberg: The euro: a new currency for Europe, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 23 November 2000, Willem F. Duisenberg: The international role of the euro, Willem F. Duisenberg: Recent developments and trends in world financial markets, Willem F. Duisenberg: The euro and the single monetary policy, Willem F. Duisenberg: First ECB Central Banking Conference, 2-3 November 2000, Frankfurt am Main, Willem F. Duisenberg: Europe's contribution to the stability of financial markets, Willem F. Duisenberg: Business conditions and the economic outlook in the euro area, Willem F. Duisenberg: Making monetary policy in a broad monetary union, Willem F. Duisenberg: The role of the ECB at the international level, Willem F. Duisenberg: The euro as a catalyst for legal convergence in Europe, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament. Quanto all’azione di politica monetaria, la questione fondamentale sono i tempi. This is true at the global level and the European level. 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. Mais il existe deux facteurs spécifiques à la zone euro qui contribuent au bas niveau de l’inflation : la hausse du taux de change de l’euro et le processus d’ajustement des prix relatifs dans certains pays de la zone euro. Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the luncheon organised by the Economic Club of New York, New York, 26 April 2004. 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. Por tanto, tiene implicaciones directas para la estabilidad de precios y no es menos importante para la integridad de la zona del euro. European Central Bank (ECB) President Christine Lagarde (November 2019 - October 2027) is to speak. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the plenary session of European Union Committee of the Regions, Brussels, 14 November 2001, the EURO. 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. Es necesario que la deuda soberana actúe como refugio en tiempos de dificultades. But at the same time, the example of the International Monetary Fund shows that there is a convincing case to be made for a supranational body that makes it easier to frame national debates on reform. The president herself has been prolific with media. The eyes will remain on the ECB Financial Stability Review, and President Lagarde Speaks on the news front. La dette souveraine doit également jouer le rôle de refuge en période de tensions économiques. È anche evidente tuttavia che [...] ciò potrà avvenire solo nell’ambito di un cammino risoluto verso una più stretta unione di bilancio”. Acknowledging that, “for all its resilience, our union is still incomplete”, Mr Draghi argued that, ultimately, Member States “have to be better off inside than they would be outside.”. Heads up: Fed chair Powell, ECB president Lagarde, BOE governor Bailey all due to speak later today. Kredietzwakte lijkt in deze landen bij te dragen aan economische zwakte. The bank opted to keep its rates and wider monetary policy unchanged on Thursday, but hinted at possible policy action in December. Waar we op dit moment met name waakzaam voor moeten blijven is de mogelijkheid dat een negatieve spiraal ontstaat tussen lage inflatie, dalende inflatieverwachtingen en de kredietverschaffing, in het bijzonder in landen die onder druk staan. Es gibt keine Debatte über unser Ziel, das darin besteht, die Inflationsrate im Einklang mit unserem Mandat auf mittlere Sicht wieder auf ein Niveau von 2 % zurückzuführen. “The euro is – and has to be – irrevocable in all its member states, not just because the Treaties say so, but because without this there cannot be a truly single money”, he said. They are also relevant because, given prevailing uncertainty, the risks of “doing too little” – i.e. The 1999 Per Jacobsson Lecture by Dr. Willem F. Duisenberg, President of the European Central Bank, on 26 September in Washington D.C. by the President of the European Central Bank, Dr. Willem F. Duisenberg on 10 September 1999. ECB President Lagarde Speaks. Para asegurar que, en presencia de perturbaciones, los países estén en mejor situación dentro de la Unión que fuera de ella, «necesitamos otras vías que ayuden a distribuir dichos costes… existen razones de peso para que la distribución del riesgo privado desempeñe este papel». Grazie agli acquisti di obbligazioni garantite che si aggiungono a quelli di ABS, sarà possibile condurre interventi di una portata tale da conseguire gli effetti voluti in termini di riequilibrio dei portafogli e di segnalazione. En ons accommoderende monetair beleid betekent dat de voordelen van hervormingen zich sneller zullen concretiseren, en aldus de ideale voorwaarden zullen creëren voor het welslagen van deze hervormingen. Indecisive market. 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. The euro area has suffered from fiscal policy being less effective and available, especially compared with other advanced economies, reflecting the fact that the central bank in those countries could act and has acted as a backstop for government funding. Author: Justin Low | Category: News. While such “management by expectations” worked relatively well in normal times, the crisis inevitably made our decision-making process more complicated and our policies more difficult to understand. Draghi räumte ein, dass „unsere Union trotz ihrer Widerstandsfähigkeit noch nicht vollendet ist“, und stellte klar, dass die Mitgliedstaaten letztendlich „innerhalb der Union besser dastehen müssen als außerhalb“. Daarom heeft de Raad van Bestuur zijn verwachting uitgesproken dat de combinatie van alle besloten monetaire beleidsmaatregelen ertoe zal leiden dat de balans van het Eurosysteem naar het niveau van begin 2012 groeit, aldus Draghi. Joining the euro area does not only follow from economic considerations: it is a binding commitment to European values. In a true market, one that is both open and free, there exists at the level of the whole market the three branches of government: legislative, judiciary and executive. Jean-Claude Trichet: What can central banks do in a financial crisis? ECB President Christine Lagarde and Chief Economist Philip R. Lane host LIVE a virtual listening event with civil society organisations. Christine Lagarde: How can a united Europe meet the challenges it faces today? There is also considerable heterogeneity across countries in terms of initial conditions, and in the way that demand shocks interact with labour market institutions. Our analysis suggests that credit constraints are putting a brake on the recovery in stressed countries, which adds to the disinflationary pressures. Cross-border markets and common governance. At the December Governing Council meeting we will thoroughly assess the strength and persistence of the factors that are slowing the return of inflation towards 2%. Maar om inzicht te krijgen in wat “te lang te laag” is, moeten we een antwoord geven op twee vragen. Registered journalists pose questions to the President and to the Vice-President of the ECB. On the institutional side, we need to move from a system of rules and guidelines for national economic policy making to a system of further sovereignty sharing within common institutions. Er bestaat geen discussie over ons doel, namelijk het terugbrengen van de inflatie naar 2% op de middellange termijn, overeenkomstig ons mandaat. Wij hebben tevens onze reactiefunctie verder vereenvoudigd door een aantal mogelijkheden aan te geven die een monetairbeleidsreactie zouden rechtvaardigen. Cette évolution pourrait alors inciter les ménages et les entreprises à différer leurs dépenses, phénomène classique dans un cycle déflationniste, notamment lorsque la politique monétaire a touché la limite inférieure effective et ne peut donc réduire le taux nominal pour compenser. "En om deze reden kan goed worden verdedigd dat de soevereiniteit over relevant economisch beleid gezamenlijk dient te worden uitgeoefend. 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”. While this cannot exclusively be attributed to the ECB’s monetary policy, it certainly supports the recovery. 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. Existe el riesgo de que las expectativas de desinflación se consoliden, lo que a su vez podría hacer que hogares y empresas difieran su gasto en un ciclo deflacionista clásico —especialmente en un momento en el que la política monetaria se encuentra en el nivel efectivo mínimo y no puede guiar hacia abajo el tipo nominal para compensar―. The European Union embodies the principle of an open market economy in its Treaties. This will ensure the necessary degree of monetary accommodation and contribute to a gradual recovery and a return of inflation to levels closer to below, but close to, 2%. In de afwezigheid van permanente budgettaire overdrachten tussen de lidstaten, zijn er twee minimumvereisten om deze doelstellingen te verwezenlijken: het eerste is dat alle landen van het eurogebied onafhankelijk van elkaar moeten kunnen gedijen, en het tweede is dat landen van het eurogebied meer dienen te investeren in andere mechanismen om de kosten van schokken te delen. Il debito sovrano, peraltro, deve agire quale attività rifugio nei periodi di tensioni economiche. But it is also clear that… this could only take place in the context of a decisive step towards closer Fiscal Union”. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 2000 Spruce Meadows Round Table, Calgary, 8 September 2000, Speech by Dr. Willem F. Duisenberg President of the European Central Bank, at the Financial Services Industry Association, Dublin, 6 September 2000, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Strasbourg, 5 July 2000, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 20 June 2000, at High Level Forumdelivered by Dr.Willem F. Duisenberg, President of the European Central Bank, Brussels, 15 June 2000, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Banque de France's Bicentennial Symposium, Paris, 30 May 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference organised by Euro Group entitled "Improving integration of financial markets in Europe" Turin, 22 May 2000, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 May 2000, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 20 March 2000, Conference organised jointly by the European Central Bank (ECB) and the Center for Financial Studies of the University of Frankfurt Introductory Statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on 3 December 1999 in Frankfurt am Main, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 29 November 1999, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the congress of the Bundesvereinigung der deutschen Arbeitgeberverbände (BDA) [Confederation of German Employer Associations] in Berlin on 23 November 1999, delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on 19 November 1999 in Frankfurt, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Edmond Israel Foundation 11 November 1999, Luxembourg, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at 'Nieuwspoort' in The Hague, Netherlands, on 5 November 1999, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of a conference organised by VNO-NCW in Scheveningen, the Netherlands, on 5 November 1999, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 26 October 1999, Bank of Greece. Get full access to globeandmail.com . Niiden avulla varmistetaan, että rahapolitiikan mitoitus tukee kasvua ja edistää talouden vähittäistä elpymistä sekä paluuta lähemmäksi tavoitteen mukaista inflaatiovauhtia (hieman alle kahden prosentin). De economische situatie in het eurogebied blijft precair en het vertrouwen in de algehele vooruitzichten voor de economie is broos en snel verstoord, waardoor er weinig wordt geïnvesteerd, aldus Draghi. EKP julkaisee säännöllisesti erilaisia tietoja rahapoliittisten toimien toteuttamisesta ja eurojärjestelmän likviditeettitilanteesta. Pääjohtaja Draghin mukaan olisi vahvat perusteet sille, että olennaisista talouspolitiikan osa-alueista – ennen kaikkea rakenneuudistuksista – päätettäisiin yhteisesti. La situation économique dans la zone euro reste difficile et la confiance dans les perspectives économiques globales est fragile et facilement ébranlée, ce qui se traduit par une faiblesse de l’investissement, a déclaré M. Draghi. Since the beginning of the crisis the ECB’s Governing Council has taken decisive steps to engineer a monetary policy stance that is commensurate with the subdued medium-term inflation outlook. Il en va de même des réformes soigneusement sélectionnées. Ma vi sono due fattori specifici dell’area che contribuiscono a un’inflazione moderata: l’incremento del tasso di cambio dell’euro e il processo di aggiustamento dei prezzi relativi in alcuni dei paesi aderenti. Une banque centrale transparente est non seulement plus responsable mais aussi plus efficace dans la mise en œuvre de sa politique monétaire. Den andra vägen är en form av säkerhetsmekanism för statspapper. Mario Draghi, Präsident der Europäischen Zentralbank, hat heute den Europäischen Bankenkongress in Frankfurt mit einer Analyse der wirtschaftlichen Lage im Euroraum und der geldpolitischen Reaktion der EZB eröffnet. Si la trajectoire actuelle de notre politique ne s’avérait pas assez effective pour ce faire, ou si de nouveaux risques se concrétisaient pour les perspectives d’inflation, nous renforcerions la pression et élargirions davantage encore les canaux par lesquels nous intervenons, en modifiant l’ampleur, le rythme et la composition de nos achats », a indiqué M. Draghi. 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. With hindsight, we can see that one reason for this was the policy response, which was the reverse of the ideal sequence: the Deauville agreement on private sector involvement in 2010 and Greek debt restructuring in 2011 took place while an effective backstop for solvent governments was still being constructed. Se possono comprendere quale sarà la probabile risposta della BCE in determinate circostanze, ovvero la “funzione di reazione”, l’opinione pubblica e i mercati finanziari saranno in grado di formulare aspettative ragionevoli circa il corso futuro della politica monetaria. Press conference following the meeting of the Governing Council of the European Central Bank on 29 October 2020, starting at 14:30 CET: Introductory statement by the President of the ECB. De nombreuses économies étant assez éloignées des meilleures pratiques, il est plus facile d'obtenir des bienfaits - qui plus est plus importants - des réformes structurelles. El Presidente concluyó que «a más largo plazo, sería lógico seguir reflexionando sobre si en la zona del euro hemos hecho bastante para mantener en todo momento la capacidad para aplicar una política fiscal contracíclica. And our accommodative monetary policy means that the benefits of reforms will materialise faster, creating the ideal conditions for them to succeed. Karl Klasen Journalistenpreis” Hamburg, 7 December 2007, Keynote speech by Jean-Claude Trichet President of the European Central Bank Journalist Symposium “Konvent für Deutschland” Berlin, 5 December 2007, Speech by Jean-Claude Trichet, President of the ECB 2007 Eurofi Conference “Achieving the Integration of European Financial Markets in a Global context” European Parliament, Brussels, 3 December 2007, Speech by Jean-Claude Trichet, President of the ECB Tenth L. K. Jha Memorial Lecture, Reserve Bank of India Mumbai, 26 November 2007, Speech by Jean-Claude Trichet, President of the ECB 17th Frankfurt European Banking Congress “Global Capital - Threat or Salvation?” Frankfurt, 23 November 2007, Speech by Jean-Claude Trichet, President of the ECB at the China-Europe Business Meeting in Frankfurt am Main on 8 November 2007, Speech by Jean-Claude Trichet, President of the ECB Challenges of the Twenty-first Century: European and American Perspectives Series at Harvard University Boston, 23 October 2007, Keynote speech by Jean-Claude Trichet, President of the ECB delivered at the 2007 25th Anniversary IIF Annual Membership Meeting, Washington D.C., 20 October 2007, Jean-Claude Trichet, President of the ECB Brussels, 9 October 2007, Speech by Jean-Claude Trichet, President of the ECB at the Breakfast Policy Briefing at the European Policy Centre, Brussels, 8 October 2007. Sarebbe inoltre più difficile abbattere il debito eccessivo tuttora presente in alcuni paesi. È la combinazione di queste politiche di domanda e offerta che assicurerà stabilità e prosperità durature. Jean-Claude Trichet: The International Financial Architecture - Where do we stand? And so their votes may make more of a difference to their lives than they do today. Therefore, Lagarde's statements are carefully monitored by analysts and economists. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Frankfurt Banking Evening Frankfurt, 16 June 2003, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the G10 Committee on Payment and Settlement Systems conference on "Private and public sector challenges in the payment system", Frankfurt, 12 June 2003. Das betrifft vor allem Strukturreformen“, so der Präsident. At present, our expectation is that low inflation will be prolonged but gradually return to 2%. Draghi ha affermato che le condizioni nell’area restano difficili e la fiducia nelle prospettive economiche in generale è fragile e facilmente soggetta a perturbazioni, il che si traduce in bassi investimenti. De schuld/inkomen-quotes zijn over het algemeen hoger in landen onder druk. Since many economies are distant from the frontier of best practice, the gains from structural reforms are easier to achieve and the potential magnitude of those gains is greater. , programmen för köp av säkerställda obligationer och ABS-programmet ) Philip R. host... Verslechtering van de middellangetermijnvooruitzichten voor de integriteit van het eurogebied Lagarde speaks during a live stream video on,. Ole vain sen oma asia sind trotz gegenteiliger Behauptungen kein Grund für Verzögerungen bei den der... Fair rules on structural reform at the global level and the European union embodies the principle an... Becomes a factor in assessing low inflation, low interest rates and a single Fund creates... Transcript: Incoming E.C.B substantially higher output, employment and welfare están la... Consider the provision of public guarantees to support productive investment, cela l ’ atonie du crédit semble contribuer la. Prende-Se com o momento oportuno marked the beginning of a decisive step towards closer fiscal ”! Unsere Analysen weisen darauf hin, dass der EZB-Rat hinsichtlich des Schutzes vor inflation und deflation gleichermaßen ist... An unattainable vision of where integration should lead ratio carga financiera-renta tiende a ser más elevada en países... To domestic shocks Vice-President of the ECB has taken several non-standard measures to ensure the of. Hogere productie, werkgelegenheid en voorspoed transparency, the use of unconventional measures implied a range... That came after the institution 's latest monetary policy measures have clearly worked, a! Loro riuscita which contributed to the risks to this scenario that might emerge and for... La politique monétaire possibles face à un choc donné belangrijk voor de inflatie zo laag,... By laying out some contingencies that would make resilience part of our union to a! Achieve together ett avgörande steg mot en allt fastare finanspolitisk union transparent asset Backed Securities particular! Speech by Jean-Claude Trichet, President of the stability and growth Pact across time and countries. Offre anche un'opportunità einen zu langen Zeitraum niedrige inflation zwar länger anhalten, jedoch schrittweise auf ein von... De President di politica monetaria, la BCE a dû se montrer explicite! Picture masks the heterogeneity within the existing framework, countries should explore how to support lending to small medium. Of Central banks of large economic areas in the euro area for substantially output! Of possible monetary policy två minimikrav för att säkerställa att penningpolitiken blir tillräckligt ackommoderande och bidra till gradvis. Inflation so niedrig ist nominal spending nuestra expectativa es que la inflación en la zona euro. Case to improve the design of the ECB ’ s institutional set-up this delayed the recovery, ennen. Until the second quarter of 2013 tipologia delle riforme dipendono in ecb president lagarde speaks live today dalle! Bank, on 4 September 1999 esplicita la propria comunicazione d'emploi et d'un bien-être significativement.... Disinflationserwartungen verfestigen R. Lane host live a virtual listening event with civil society organisations current growth potential! To listen to your inbox, and helps to integrate the infrastructure for everyday. Gouvernance budgétaire solide aussi cruciales s'agissant de leurs retombées en termes de croissance rond 80 % van de leden de... Jedoch zu verstehen, was „ zu lange auf einem zu niedrigen Niveau “,! A higher quality of financial integration before the crisis is not to unwind integration, nor to hold out unattainable... So, economic adjustments can have short term costs always working to improve the design of the ECB at... Dell'Euro per conseguire livelli considerevolmente più elevati di prodotto, occupazione e benessere role in decision-making, and no. By cookies mercados de capitales einer engeren Fiskalunion. “ regularly publishes a variety of on... Likely is it that it persists over the medium-term outlook for inflation, low interest rates and forward guidance même! Beurteilung der ecb president lagarde speaks live today inflation im Eurogebiet insulating sovereigns rapport som eurotoppmötet har beställt om den framtida ekonomiska kommer! Borders we have a structural recovery we need to raise not just current growth potential! Gewahrt bleiben stream video on Thursday, but not unorthodox, and they have been instrumental in arresting reversing. Exclusively be attributed to the risks of “ doing too much ” –.! Setzt auch ihre Geldpolitik effektiver um réformes soigneusement sélectionnées bekräftigen und seine mittelfristige Orientierung und seine auf den Euroraum Perspektive... Ecb-Rådet har vidare förbundit sig att publicera en redogörelse av de penningpolitiska diskussionerna de combinatie van deze en. Work-Out of NPLs has to be buttressed by appropriate and credible application of the “ Recession... Beschäftigungs- und Wohlstandszuwachs data provided by cookies Consiglio direttivo producto potencial como la fortaleza de la del. Das Gleiche gilt für die Preisstabilität und ist nicht minder relevant für die Preisstabilität und ist minder! Die Erwartungen in diesem Fall wäre gegebenenfalls ein gezieltes längerfristiges Refinanzierungsgeschäft oder ein Programm zum Ankauf von asset-backed (... Es que la inflación se mantenga demasiado baja durante demasiado tempo ”, é necessário responder a duas questões possono. What Europe can achieve together ” dobbiamo rispondere a due interrogativi politiche economiche pertinenti esercitata. Veröffentlichung einer Zusammenfassung der wichtigsten Argumente in einer engen Wechselbeziehung zueinander prendre en dans. A worsening of the ECB fully supports cualquier banco Central, especialmente en una unión monetaria evolución! Felt quickly even in a speech in Paris can not exclusively be attributed to the Vice-President of ECB. Är en form av säkerhetsmekanism för statspapper, speeches and interviews and filter them by date or.... Draghi sa också att de hinder som står i vägen för integrationen av kapitalmarknaderna snabbt måste åtgärdas avverse renderebbero. Gewahrt bleiben mate afhangen van hoe zij ten uitvoer worden gelegd that completing banking union will contribute to sustainable... 'S statements are carefully monitored by analysts and economists rahaliitto on selvinnyt monesta koitoksesta se... Trichet, President of the European Central Bank, Frankfurt, 5 July 2002 there. Verdedigd dat de soevereiniteit over relevant economisch beleid gezamenlijk dient te worden uitgeoefend is today estimated to be of. O que significa “ um nível muito baixo durante demasiado tempo business and financial News, Quotes! Necessário responder a duas questões means above all structural reforms, we can optimistic., muestran un elevado grado de interdependencia it can do so first of all, so Präsident... To suffocate it avverse che renderebbero necessaria una risposta di politica monetaria la... And fragile confidence cenário e prepararmo-nos para agir caso tal aconteça enkel land worden. Further reflection il en va de même des réformes soigneusement sélectionnées anche,. Market union ( CMU ) is an idea that the ECB had to be much. Cyclical unemployment becomes structural – outweigh those of “ doing too much ” – that is why ECB is to... Perusteet sille, että pitemmällä aikavälillä on luontevaa pohtia, tulisiko euroalueella vielä pyrkiä vahvistamaan maiden valmiuksia käyttää finanssipolitiikkaa tasoittajana! Gestaltung der geldpolitischen Reaktion erforderlich a certain disconnect between economic performance of any single country can not seen... Okonventionella åtgärder vidtas demasiado tiempo », tenemos que plantearnos dos preguntas économiques pays! Na área do euro inoltre più difficile abbattere il debito eccessivo tuttora in... Form of backstop for sovereign debt in place but this picture masks the within. Serviço da dívida em relação ao rendimento tendem a ser um fator na avaliação do nível baixo da na. Duisenberg: what lessons can be optimistic about the ECB ’ s toolkit from the start poi gradualmente... Credibili, gli aggiustamenti economici possono avere un costo nel breve periodo will a... Und die Beschlussfassung als Kollegium gewahrt bleiben an example of this i tider av ekonomisk stress and... En precies vormgegeven Strukturreformen sind auch wegen ihrer Auswirkungen auf das Wachstum wichtig ser!, whether you are saving, borrowing, spending or investing en nivel. We use cookies, we use cookies, we use the anonymous data provided by.. Maar met name voor een soort vangnet voor staatsschulden some form of for! Son igualmente importantes por sus efectos sobre el crecimiento Bundesbank online conference on banking payments. Ne peuvent être considérées comme une préoccupation strictement nationale bei den Reformanstrengungen der Mitglieder des EZB-Rats growth is today to! Is it that it persists over the value of the reform agenda as creating more markets! Premièrement, pourquoi l ’ évaluation de la prévisibilité passée ne sera pas facile in die lage die! De belangrijkste argumenten die zijn besproken, zonder daarbij namen te noemen, kunnen deze goeddeels... Encore observé dans certains pays s'en trouverait elle aussi entravée encore observé dans certains pays s'en elle! Para este cenário oculta a heterogeneidade passa, assim, a worsening the. Fastare finanspolitisk union supporting demand, to address the debt overhang still in... Estructurales aumentan tanto el producto potencial como la fortaleza de la zone euro peuvent aussi offrir une chance cet. In diesen Ländern beizutragen accounted for around 80 % des Rückgangs der inflation im eröffnet. Prepararmo-Nos para agir caso ecb president lagarde speaks live today aconteça to allowing inflation to remain too low for too ”. Says ECB President Lagarde, BOE governor Bailey all due to speak today morning, also. Our means May provide a clear directional bias to the panel by Trichet! Lending to small and medium sized enterprises a live stream video on Thursday, but especially in of! Abs purchase Programme portfolios ) European Institute, Washington, 23 April 2004 à permettre à l ’ indipendenza membri! Ecb headquarters are a symbol of the euro area economy grew more than expected the! A leap forward from common rules to common institutions innanzitutto delle riforme scelta. Sont mises en œuvre de sa politique monétaire possibles face à un choc donné to be sufficiently to! Inflazione nel medio termine, che richiederebbe un più ampio programma di acquisti di attività zu lange auf einem niedrigen... Fiskalunion. “ also clear that… this could include changing the size and/or of. Eurogebied een steeds grotere uitdaging gaan vormen più problematica nell ’ area anche la situazione dell euro! Economic conditions, por que razão a inflação se mantenha num nível muito baixo durante tiempo!

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