The euro family is growing. Bulgaria is gearing up to adopt the euro. But what hopes and fears come with the transition? And were there similar feelings in other countries?

To explore these questions, our podcast team spoke with content creators Mihaela, Elena and Stefan (also known as Chefo) to hear their perspectives on the transition.

Meanwhile, in the podcast studio, our host Stefania Secola explored the topic with ECB researcher Ferdinand Dreher, who shed light on why public sentiment towards the euro tends to improve once people start using it in their everyday lives.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Recorded on 11 and 16 December. Published on 22 December 2025.

In this episode:

00:53 Looking back at Germany’s adoption of the euro

Ferdinand shares his personal memories of Germany’s transition to the euro.

04:46 What are the biggest concerns around Bulgaria’s euro adoption?

Concerns arise with every major change. We asked three Bulgarian content creators – Mihaela, Elena and Stefan (also known as Chefo) – about their biggest concerns regarding euro adoption.

08:00 What does the research show?

What do surveys reveal about people’s concerns? What are the biggest concerns, and what are the initial inconveniences of the transition?

13:07 What are the biggest hopes around Bulgaria’s euro adoption?

Alongside fears, there are also hopes. Mihaela, Elena and Stefan share their perspectives on the positive aspects of euro adoption.

15:55 How do people’s feelings evolve after adoption?

Surveys show a significant shift in sentiment from the last survey before adoption to the first survey after adoption. What drives this change? Does clear communication play a key role?

20:13 What about Eurosceptics?

Does Euroscepticism persist after adoption?

21:30 What about concerns around national identity?

Do people feel that their national identity is under threat? Euro coins have a European side and a national side – does this help? Can European and national identities coexist?

23:53 Concerns are normal, but benefits will come

What is the message for countries who may adopt the euro in the future?

25:26 Our guest’s hot tip

Ferdinand shares his hot tip with listeners.

Blog post by Ferdinand Dreher and Nils Hernborg “Love at second sight: support for the euro before and after adoption”

https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20251104~cf577c8f68.en.html

Design of the euro coins – Bulgaria

https://www.ecb.europa.eu/euro/coins/html/bg.en.html

Bulgaria on the doorstep of the euro area

https://www.ecb.europa.eu/euro/changeover/bulgaria/html/index.en.html

ECB Instagram

https://www.instagram.com/europeancentralbank/

Today our Governing Council decided on monetary policy.

Listen to President Christine Lagarde present today’s decisions. The statement also covers:

• how the economy is performing

• how we expect prices to develop

• the risks to the economic outlook

• the dynamics behind financial and monetary conditions

Published and recorded during our press conference on 18 December 2025.

Our monetary policy statement at a glance, 18 December 2025

https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_december.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 18 December 2025

https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is251218~3a10402adb.en.html

Monetary policy decisions, 18 December 2025

https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp251218~58b0e415a6.en.html

Combined monetary policy decisions and statement, 18 December 2025

https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds251218~f264376788.en.pdf

Macroeconomic projections, 18 December 2025

https://www.ecb.europa.eu/press/projections/html/index.en.html

European Central Bank

https://www.ecb.europa.eu/home/html/index.en.html

When it comes to the risks to financial stability, things seem to have settled down a bit. But with trade tensions, an unpredictable US economic policy, geopolitical issues, a potential AI bubble and the rise of stablecoins, there is plenty to keep an eye on.

Has the global environment really become less uncertain? And how do all these factors impact financial stability?

To explore these questions and more, our host Paul Gordon speaks with financial stability expert John Fell.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Recorded on 24 November 2025 and published on 27 November 2025.

In this episode:

01:25 How stable is the financial system?

The EU and the United States reached a trade agreement, and the economic impact of trade uncertainty has been milder than expected. But the full effects of the policy changes are yet to be seen. So, what does this mean for financial stability?

04:14 Is there an AI bubble?

The term “AI bubble” is on everyone’s lips right now . But bubbles are hard to identify and even harder to differentiate from legitimate growth. So, are valuations stretched? What about market concentration and circular funding in the AI industry? And how exactly are companies funding investment in AI?

06:15 If there is a bubble, what could cause it to burst?

There is significant leverage behind AI investments. Returns will largely depend on how widely AI is adopted. Could AI become a general-purpose technology, like the railways did?

08:15 What about the rise of private credit?

How do private credit markets differ from equity financing? Why are risks to euro area financial stability increasing as private markets expand? And how does all this relate to systemic risk in the banking sector and the build-up of AI infrastructure?

11:23 Are stablecoins really stable?

Despite what the name suggests, stablecoins carry liquidity run risks that could affect financial stability. With rapid growth and increasing links to traditional finance, what risks does this innovation create?

15:11 What’s the situation for government financing?

Governments have made progress in reducing debt levels since the pandemic. But in some euro area countries, debt remains too high and pressures to increase spending – for instance on defence – are rising. While this poses one of the biggest risks to financial stability, it could also be an opportunity for long-term growth if properly managed.

18:07 What about banks?

Given the potential AI bubble, questions around the sustainability of government budgets and the rise in stablecoins, where does this leave euro area banks? Profitability is strong and non-performing loan ratios are historically low. So, how is the banking sector doing overall?

20:13 Our guest’s hot tip

John Fell shares his hot tip with listeners.

Financial Stability Review at a glance https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html

Financial Stability Review, November 2025 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html

Chip War, Chris Miller https://www.amazon.de/-/en/Chip-War-Worlds-Critical-Technology/dp/1982172002

Our payment habits are changing. With digital payments on the rise, we need to preserve people’s freedom to choose how to pay: there’s cash, card, online transfers – and soon, we could have a digital euro.

But what is the digital euro, and how will it work? Will it replace cash? Concerns about data security and government control have sparked debate around the digital euro, often fuelled by disinformation.

We separate fact from fiction as our host Stefania Secola teams up with Aidas Palubinskas from EU Finance Podcast to speak to Executive Board member Piero Cipollone about modernising our money.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Recorded on 4 November 2025 and published on 13 November 2025.

In this episode:

02:18 The digital what?

What is the digital euro, and how will it work in practice? Don’t we already pay digitally?

13:48 What will happen to cash?

Would introducing the digital euro mean the end of cash? And could it take away business from banks and other financial service providers?

16:25 How secure would the digital euro be really?

What about hackers? Will our money be safe, and will the digital euro affect the integrity of the payments system?

19:31 Did someone say Big Brother?

Will central banks, governments and other authorities have access to our data ? How private will our payments really be?

24:52 When will we have a digital euro?

Where are we in the process and what are the next steps? How are EU institutions like the European Commission and the European Parliament involved in the digital euro project?

29:17 Our guests’ hot tips

Piero Cipollone shares his hot tip.

EU Finance Podcast – the future of finance

https://finance.ec.europa.eu/eu-finance-podcast-future-finance_en

Digital euro

https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html

President Lagarde explains the next digital euro phase

https://www.instagram.com/reel/DQd60z9jfjV/?igsh=MTV2OW4zNXp5cHJvNA==

The ECB Podcast: The digital euro, demystified https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod231024_episode71.en.html

Press release: Eurosystem moving to next phase of digital euro project, 30 October 2025

https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html

The ECB Blog: Making euro cash fit for the future https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250804~9d3993abe0.en.html

Fit of the digital euro in the payment ecosystem https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep251030_digital_euro_fit_payment_ecosystem_report.en.pdf

Today our Governing Council decided on monetary policy.

Listen to President Christine Lagarde present today’s decisions. The statement also covers:

• how the economy is performing

• how we expect prices to develop

• the risks to the economic outlook

• the dynamics behind financial and monetary conditions

Published and recorded during our press conference on 30 October 2025.

Our monetary policy statement at a glance, 30 October 2025

https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_october.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 October 2025

https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is251030~4f74dde15e.en.html

Monetary policy decisions, 30 October 2025

https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp251030~cf0540b5c0.en.html

Combined monetary policy decisions and statement, 30 October 2025

https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds251030~25d99d5b1c.en.pdf

European Central Bank

https://www.ecb.europa.eu/home/html/index.en.html

The verdict on climate change is bleaker than ever before.

The remaining carbon budget to limit global warming to 1.5°C is rapidly shrinking – equivalent to just three years of emissions at current rates.

What is the scientific framework known as planetary boundaries? What’s science telling us about the economic impact of climate change? And how is the ECB addressing climate and nature-related risks?

Our host Paul Gordon speaks to Johan Rockström, Director of the Potsdam Institute for Climate Impact Research, and Irene Heemskerk, head of the ECB’s climate change centre, to find out why.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Recorded on 8 October 2025 and published on 14 October 2025.

In this episode:

01:48 Where do we stand in the fight against climate change?

What is science telling us? What could get us back on track?

05:58 Is climate change attracting enough attention?

Is it being overshadowed by other challenges, like the war in Ukraine or geopolitical fragmentation? How is climate change connected to the economy? And what level of risk are we facing?

10:30 What are planetary boundaries?

What is the planetary boundaries framework?

14:50 The phases of climate change

How has global warming evolved over time? Are we heading for disaster? Is the 1.5°C threshold a goal or a limit?

19:15 Why is our economy dependent on climate change?

Why do climate insights matter to the work of a central bank? How does the ECB take climate change into account? What risks does climate change pose to our primary mandate, price stability? And is it too late for us to take action?

23:03 What is the “right pace” for transitioning to a carbon-neutral economy?

How can we balance the need for rapid change with economic interests ?

26:15 Does every step matter?

What’s needed for an orderly transition? What progress has been made in recent years, and what decisions could accelerate it further?

31:55 Our guests’ hot tips

Johan and Irene share their hot tips.

Johan’s hot tip: The EAT-Lancet Commission on healthy, sustainable, and just food systems (published on 2 October 2025)

https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(25)01201-2/abstract

TED Talks by Johan Rockström

https://www.youtube.com/watch?v=RgqtrlixYR4 (2010)

https://www.youtube.com/watch?v=Rv-tDrv__mc (2018)

https://www.youtube.com/watch?v=8Sl28fkrozE (2020)

https://www.youtube.com/watch?v=Vl6VhCAeEfQ (2024)

Climate change and the ECB

https://www.ecb.europa.eu/ecb/climate/html/index.en.html

The ECB Podcast: The ECB’s climate and nature plan: our path to a greener future

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240125_episode78.en.html

The tipping points of climate change – and where we stand https://www.ted.com/talks/johan_rockstrom_the_tipping_points_of_climate_change_and_where_we_stand?subtitle=en&geo=de

ECB Instagram

https://www.instagram.com/europeancentralbank/

Banks are the backbone of our economy.

In a rapidly changing environment, they need to adapt and stay competitive to keep providing funding to people and businesses.

But so does ECB Banking Supervision. What are we doing to become more efficient, effective and risk-focused? And how are we simplifying supervision while safeguarding resilience? Our host Stefania Secola speaks to Supervisory Board member Sharon Donnery to find out.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 1 October 2025 and recorded on 24 September 2025.

In this episode:

01:10 How are Europe’s banks doing?

What is going well? What about the challenges banks face, like those coming from geopolitical tensions, digitalisation and the climate crisis? And are we seeing signs of deterioration in banks’ asset quality?

04:12 Are the current rules too complex?

Are Europe’s banks over-regulated? Why does a complex business like banking need sufficiently developed rules? And is there room to make things simpler for both supervisors and banks?

05:34 Does simplification mean deregulation?

How do they differ from one another? And how will we put guardrails in place to safeguard the resilience we have worked so hard to build in the banking sector?

08:33 How are we simplifying how we supervise banks?

What concrete steps have we taken? How will these change our regular health check for banks and the way we conduct stress tests?

11:22 Who is involved in simplifying supervision?

How do we make sure that the right people are involved? And how are banks, banking federations, academics and others involved in the work that’s being done?

13:04 What does simplification mean for banks, supervisors and customers?

More efficiency, shorter timelines and better use of limited resources? And how can banking union give customers more options when it comes to products and services?

15:53 What about simplifying regulation?

Beyond how we supervise banks, what steps are being taken to simplify the rules? What is being done at the European level, and how is our work on supervision feeding into that?

18:22 Our guest’s hot tip

Sharon shares her hot tip with our listeners.

Further reading:

As simple as possible, but not simpler

https://www.bankingsupervision.europa...

Sharon’s hot tip: Making European supervision more efficient, effective and risk-focused

https://www.bankingsupervision.europa...

ECB Instagram

/ europeancentralbank

Today our Governing Council decided on monetary policy.

Listen to President Christine Lagarde present today’s decisions. The statement also covers:

• how the economy is performing

• how we expect prices to develop

• the risks to the economic outlook

• the dynamics behind financial and monetary conditions

Published and recorded during our press conference on 11 September 2025.

Our monetary policy statement at a glance, 11 September 2025

https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_september.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 11 September 2025

https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250911~a13675b834.en.html

Monetary policy decisions, 11 September 2025

https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250911~6afb7a9490.en.html

Combined monetary policy decisions and statement, 11 September 2025

https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250911~df624f06ba.en.pdf

Macroeconomic projections, 11 September 2025

https://www.ecb.europa.eu/press/projections/html/ecb.projections202509_ecbstaff~c0da697d54.en.html

European Central Bank

https://www.ecb.europa.eu/home/html/index.en.html

Our monetary policy statement at a glance, 24 July 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_july.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 24 July 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250724~a66e730494.en.html

Monetary policy decisions, 24 July 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250724~50bc70e13f.en.html

Combined monetary policy decisions and statement, 24 July 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250724~8cbca58e07.en.pdf?df0653cc32352ba804c7d1262686b588

European Central Bank

https://www.ecb.europa.eu/home/html/index.en.html

Published and recorded during our press conference on 24 July 2025

#MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

Can an increase in defence spending affect investments in green energy and digital infrastructure? What do US tariff threats mean for the ECB? How does the ECB support smaller countries in the Eurosystem? And is AI an opportunity or a risk for the financial future?

In the last episode of our Sintra series, our host Stefania Secola takes us on a walk around the ECB Forum and gets top experts to answer your questions.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 9 July 2025 and recorded during the ECB Forum on Central Banking in Sintra between 30 June and 2 July 2025.

In this episode:

02:05 Defence spending

Can an increase in defence spending affect investments in green energy and digital infrastructure?

08:08 Tariffs

How do US tariff threats affect the economy? What do they mean for the ECB? And what are the opportunities for Europe?

14:14 Smaller vs. bigger economies in the Eurosystem

Does the ECB prioritise bigger economies over smaller ones? Do smaller countries, such as Slovenia, benefit from the ECB’s monetary policy?

18:55 Artificial intelligence

Is AI an opportunity or a risk for the financial future?

Further readings:

Gensler, G., Johnson, S., Panizza, U. and Weder di Mauro, B.: The Economic Consequences of The Second Trump Administration: A Preliminary Assessment

https://cepr.org/publications/books-and-reports/economic-consequences-second-trump-administration-preliminary

The ECB Podcast: AI: economic game changer or job taker?

https://soundcloud.com/europeancentralbank/ai-economic-game-changer-or-job-taker

ECB Instagram

https://www.instagram.com/europeancentralbank/