How are financial markets reacting to higher rates, a sluggish economy and geopolitical tensions? Should we worry about property markets?

Our host Stefania Secola puts these questions to financial stability expert John Fell on The ECB Podcast.

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

Published on 2 December 2023 and recorded on 27 November 2023.

In this episode:

01:08 – Financial markets’ optimism is put to the test

How are financial markets reacting to the new environment of high interest rates, a sluggish economy and rising geopolitical tensions?

06:00 – The conundrum of banks’ increasing profits and stagnant valuations

Banks’ profits are at multi-year highs, yet their valuations haven’t changed much. What factors explain this?

10:31 – Real estate markets are a source of concern

Residential and commercial property markets are feeling the impact of higher interest rates. What are the implications for banks and financial stability?

16:06 – The yin and the yang of financial stability

As the credit cycle turns, and with several vulnerabilities unravelling, can resilience compensate?

18:22 – Conclusion

Additional material:

Financial Stability Review, November 2023 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html

FSR Box 5 on Euro area bank fundamentals, valuations and cost of equity

https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc27

Special feature B on Real estate markets in an environment of high financing costs

https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc40

The ECB Podcast: Financial stability and bank runs, June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230607_episode60.en.html

European Central Bank www.ecb.europa.eu

Nature is in danger. This affects us all, including businesses and banks. Why is this relevant for the ECB’s mandate?

Join our host Stefania Secola and her guest Frank Elderson, Executive Board member and Supervisory Board Vice-Chair, as they discuss nature loss, its impact on our economy and what we’re doing about it.

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

Published on 25 November 2023 and recorded on 17 November 2023.

In this episode:

00:05 – Nature is in danger

Habitats and species are in decline. How does this affect our economies? And if our mandate is to maintain price stability and keep euro area banks safe and sound, why does the ECB care about biodiversity loss?

02:01 – The economic impact of biodiversity loss

How big is the impact of biodiversity loss on people and businesses? How much are banks, and the wider economy, affected? And what’s the ECB’s role in this?

08:38 – What’s the ECB doing about nature loss?

Knowledge is the first step. Quantifying the impact that nature loss has on our economies and banks is important. But what can the ECB do with these findings?

15:51 – Are banks doing enough?

We’ve asked banks to come up with action plans to assess their climate and environmental risks. But they need to make more progress.

17:45 – Our guest’s hot tip

Executive Board member and Supervisory Board Vice-Chair, Frank Elderson, shares his hot tip with our listeners.

Additional material:

Occasional Paper: Living in a world of disappearing nature: physical risk and the implications for financial stability

https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op333~1b97e436be.en.pdf?90e7aaae4ef927f887a787587a22adba

The ECB Blog by Frank Elderson: The economy and banks need nature to survive

https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230608~5cffb7c349.en.html

The ECB Podcast: Are banks walking the talk on climate?

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221102_episode44.en.html

The ECB Podcast: Being transparent about climate risks

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230513_episode58.en.html

“Addressing tipping points for a precarious future” by Timothy O’Riordan and Timothy Lenton

European Central Bank

http://www.ecb.europa.eu/

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.

Listen to President Christine Lagarde present today’s decisions.

The statement also covers:

- how the economy is performing

- how we expect prices to develop

- the risks to the economic outlook

- the dynamics behind financial and monetary conditions

Published and recorded during our press conference on 26 October 2023 in Athens, Greece.

Additional material:

Our monetary policy statement at a glance, 26 October 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_october.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 26 October 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is231026~c23b4eb5f0.en.html

Monetary policy decisions, 26 October 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp231026~6028cea576.en.html

Combined monetary policy decisions and statement, 26 October 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds231026~3af2df9818.en.pdf

European Central Bank

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

You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Will we soon pay with a digital euro? Would it replace cash? And who is it for? Although no decision has been made on issuance, we are preparing for a possible digital euro. This is fuelling a lot of interest − and quite a few misconceptions.

Join our host Stefania Secola and her guest Evelien Witlox, head of the ECB’s digital euro project, as they set the record straight by busting some myths on the topic.

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

Published on 24 October 2023 and recorded on 19 October 2023.

In this episode:

00:20 – Digitalisation in payments

The world is becoming increasingly digital, and the way we pay is no exception. To ensure our euro is future-proof, the ECB has decided to proceed with a digital euro preparation phase.

01:28 – The project moves ahead

What does the decision to move to the next phase mean? Will we soon be able to pay with a digital euro?

04:01 – The need for a digital euro

I can already pay digitally with my bank card, my phone or even my watch. What’s the difference between doing this and paying with a digital euro?

06:25 – Digital euro and cash

What about euro cash? Will a digital euro replace banknotes and coins?

09:35 – Who will use it?

Is a digital euro only for young people in big cities? Will it exclude people who don’t have a phone?

10:34 – Data and the digital euro

Will the ECB collect personal data when you pay with the digital euro and if so, for what purpose?

12:51 – The project team

Who’s involved in the digital euro project? Is the ECB doing all this alone?

15:20 – Our guest’s hot tip

Additional material:

Press release: Eurosystem proceeds to next phase of digital euro project

https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231018~111a014ae7.en.html

Digital euro hub page

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

Webpage: Why do we need a digital euro

https://www.ecb.europa.eu/paym/digital_euro/why-we-need-it/html/index.en.html

The ECB Podcast: A digital euro: what, why, when? (part 1)

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221015_episode41.en.html

The ECB Podcast: A digital euro: what, why, when? (part 2)

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221019_episode42.en.html'

European Central Bank

http://www.ecb.europa.eu/

How can new technologies improve banking supervision? What challenges do they bring for supervisors? And how will artificial intelligence make Europe’s banks safer?

Our new host Stefania Secola explores this topic with Supervisory Board member Elizabeth McCaul.

A warm welcome to Stefania and a big thanks for standing in for Katie Ranger, who is away for a while.

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

Published on 28 September 2023 and recorded on 22 September 2023.

In this episode:

01:25 – Digitalisation in banking supervision

How are technological changes affecting supervision? What kinds of supervisory technology – also known as suptech – are we using? And will robots end up supervising banks?

5:07 – Using suptech to sort data

How do supervisors use technology to analyse big amounts of data? Why is this important? And how does this help bank customers?

10:20 – Artificial intelligence (AI)

How do we use technology to make sure banks are run by the right people? Is human judgment still important when using artificial intelligence?

12:07 – The people behind new technologies

How do different supervisory teams cooperate? And how does technology help fight financial crime?

15:15 – Our guest’s hot tip

Supervisory Board member, Elizabeth McCaul, shares her hot tips with our listeners.

Additional material:

Technology, data and innovation – shaping the future of supervision. Keynote speech by Elizabeth McCaul

https://www.bankingsupervision.europa.eu/press/speeches/date/2023/html/ssm.sp230920_1~9315562707.en.html

Supervision Newsletter – Digital transformation requires strong governance and steering

https://www.bankingsupervision.europa.eu/press/publications/newsletter/2023/html/ssm.nl230517_3.en.html

The ECB Podcast: Let's get digital on inflation, climate and the euro

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220811_episode39.en.html

The ECB Blog by Myriam Moufakkir: Machines help to crunch the numbers, 28 September 2023

https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230928~3f76d57cce.en.html

European Central Bank

www.ecb.europa.eu

European Banking Supervision

www.bankingsupervision.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area.

Listen to President Christine Lagarde present today’s decisions.

The statement also covers:

- how the economy is performing

- how we expect prices to develop

- the risks to the economic outlook

- the dynamics behind financial and monetary conditions

Published and recorded during our press conference on 14 September 2023.

Additional material:

Our monetary policy statement at a glance, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_september.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230914~686786984a.en.html

Monetary policy decisions, 14 September 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230914~aab39f8c21.en.html

Combined monetary policy decisions and statement, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230914~bfc89c4456.en.pdf

Macroeconomic projections, 14 September 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.html

European Central Bank

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

You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more on pod.link/ecbpodcast

Banks are one of the main channels through which our monetary policy decisions reach the economy. How have they passed on our recent interest rate hikes? Has it been the same for loans as for savings? And what is the impact on people and firms?

Our host Katie Ranger and Chief Economist Philip R. Lane unpick these questions in the third and final episode of our Summer School mini-series.

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

Published on 18 August 2023 and recorded on 27 July 2023.

Additional material [to be added as a heading in SoundCloud]

The ECB Podcast Summer School #1: a deep dive into inflation – August 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230804_episode66.en.html

The ECB Podcast Summer School #2: the nuts and bolts of interest rates – August 2023

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230811_episode67.en.html

The ECB Podcast: are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html

Our monetary policy statement at a glance – July 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_july.en.html

European Central Bank www.ecb.europa.eu

We’ve been raising interest rates to bring down inflation. How does that work? Are we already seeing the impact on prices? And is this the end of super-low rates?

Our host Katie Ranger puts these questions to Chief Economist Philip R. Lane in the second episode of our Summer School mini-series.

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

Published on 11 August 2023 and recorded on 27 July 2023.

Additional material [pls add this as a headline on soundcloud too]

The ECB Podcast Summer School #1: a deep dive into inflation https://soundcloud.com/europeancentralbank/the-ecb-podcast-summer-school-a-deep-dive-into-inflation

The ECB Podcast: are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html

Our monetary policy statement at a glance – July 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_july.en.html

European Central Bank www.ecb.europa.eu

Inflation is falling, but it’s still higher than we want it to be. What’s making it hard to tackle? And what will determine how prices and wages develop?

Our host Katie Ranger gets to the bottom of this with our Chief Economist Philip R. Lane in our new Summer School mini-series.

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

Published on 4 August 2023 and recorded on 27 July 2023.

Additional material

Consumer Expectations Survey https://www.ecb.europa.eu/stats/ecb_surveys/consumer_exp_survey/html/index.en.html

Economic Bulletin: Underlying inflation measures: an analytical guide for the euro area https://www.ecb.europa.eu/pub/economic-bulletin/focus/2023/html/ecb.ebbox202305_05~84e89bcb5d.en.html

The ECB Podcast: are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html

Our monetary policy statement at a glance – July 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_july.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area.

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

- how the economy is performing

- how we expect prices to develop

- the risks to the economic outlook

- the dynamics behind financial and monetary conditions

Published and recorded during our press conference on 27 July 2023.

European Central Bank

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

You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Additional material:

Our monetary policy statement at a glance, 27 July 2023 [link to visual monetary policy statement]

Christine Lagarde, Luis de Guindos: Monetary policy statement, 27 July 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230727~e0a11feb2e.en.html

Monetary policy decisions, 27 July 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230727~da80cfcf24.en.html

Combined monetary policy decisions and statement, 27 July 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230727~9e147b657d.en.pdf