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 21 July 2022.

Additional material:

Our monetary policy statement at a glance, 21 July 2022

https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_july.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 21 July 2022

https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220721~51ef267c68.en.html

Monetary policy decisions, 21 July 2022

https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220721~53e5bdd317.en.html

Combined monetary policy decisions and statement, 21 July 2022

https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220721~de2b7f0639.en.pdf

Press release: The Transmission Protection Instrument, 21 July 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220721~973e6e7273.en.html

Explainer: We have raised interest rates. What does that mean for you?

https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/interest_rates.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 pod.link/ecbpodcast

What did our climate stress test show? How will we integrate climate change into monetary policy?

Our host Katie Ranger puts these and other questions to Executive Board member Frank Elderson on the ECB Podcast.

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

Published on 9 July 2022 and recorded on 7 July 2022.

In this episode:

01:09 – Our first ever banking supervision climate stress test

What we looked at in our supervisory climate stress test and an overview of the transition risks and physical risks facing banks.

05:32 – Results of the climate stress test for banks

How prepared banks are to tackle climate-related and environmental risks and what we learnt while performing the stress test.

18:58 – What are our next steps?

How the results of the climate stress test will feed into other banking supervision activities and how this will help banks integrate climate-related risks into their businesses.

20:32 – Incorporating climate change into our monetary policy

How we are turning our commitment to fighting climate change into real action and how we intend to move from being market-neutral to carbon-neutral.

25:11 – Why do we, as a central bank, need to play a role in tackling climate change?

How we can contribute within our mandate to the fight against climate change.

30:50 – Our guest’s hot tip

Additional material:

Press release: ECB takes further steps to incorporate climate change into its monetary policy operations, 4 July 2022

https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220704~4f48a72462.en.html

ECB climate agenda 2022, 4 July 2022

https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220704_annex~cb39c2dcbb.en.pdf

Press release: Banks must sharpen their focus on climate risk, ECB supervisory stress test shows, 8 July 2022

https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220708~565c38d18a.en.html

Climate risk stress tests – Final results, 8 July 2022

https://www.bankingsupervision.europa.eu/ecb/pub/pdf/annex/ssm.pr220708_annex2.en.pdf

The ECB Podcast: Time to act now: results of the economy-wide climate stress test, 22 September 2021

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210922_episode20.en.html

The ECB Podcast: Tackling climate change as a central bank: Between motivation, obligation and limitation, 12 May 2021

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210512_episode16.en.html

The ECB Podcast: Climate change and the role of central banks, 3 March 2020

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod200303_episode5.en.html

Climate change and the ECB

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

Climate change and banking supervision

https://www.bankingsupervision.europa.eu/about/climate/html/index.en.html

European Central Bank

www.ecb.europa.eu

European Banking Supervision

www.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 9 June 2022.

Additional material:

Our monetary policy statement at a glance, 9 June 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_june.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 9 June 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220609~abe7c95b19.en.html

Monetary policy decisions, 9 June 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220609~122666c272.en.html

Combined monetary policy decisions and statement, 9 June 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220609~7434064bed.en.pdf

Macroeconomic projections, 9 June 2022 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 pod.link/ecbpodcast

How is financial stability doing in the wake of Russia’s invasion of Ukraine? What risks are we keeping an eye on, for instance in the crypto-asset and housing markets?

Our host Katie Ranger puts these and other questions to our financial stability experts Tamarah Shakir and 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 1 June 2022 and recorded on 27 May 2022.

In this episode:

05:55 – How is financial stability faring in the current uncertain environment?

Why financial stability conditions have worsened, what the main causes of this are and how the war is affecting the financial system.

13:54 – How is high inflation affecting financial stability?

What impact higher prices are having on the financial system, and how inflation affects both people’s ability to repay debts and the financing role of markets.

20:10 – What’s going on in the housing market?

Why house prices have been rising and what risks might emerge as a result.

24:05 – Why are crypto-assets a risk to financial stability?

The current state of crypto-assets, and how other developments might increase the risks they pose to the financial system.

30:02 – Our guests’ hot tips

Our financial experts John Fell and Tamarah Shakir share their book and podcast recommendations.

Additional material:

Financial Stability Review, May 2022

https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html

The ECB Podcast: Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave, June 2021

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210616_episode17.en.html

The ECB Podcast: A cyclist’s guide to financial stability amid a pandemic, November 2020

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201125_episode12.en.html

European Central Bank

www.ecb.europa.eu

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

How has central bank communication evolved over the years? Why is it important for us to be transparent? How can increased transparency increase trust?

Communications experts Gabriel Glöckler and Siria Angino sit down with our host Katie Ranger to discuss these questions, and also share related music and movie recommendations in this episode of The ECB Podcast.

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

Published on 14 May 2022 and recorded on 11 May 2022.

In this episode:

00:26 – How central bank communication has evolved over the years

The shift from secrecy to transparency, and why we looked at communication in our recent monetary policy strategy review.

08:44 – Why central banks need to communicate in the first place

How good communication can make central bank policies more effective, and why transparency is an essential part of being accountable and building trust.

18:00 – Is more communication always better?

Will this path towards more transparency lead to full openness for central banks?

19:30 – Trust in central banks as institutions

The notion of institutional trust, the ingredients needed to build it, and the level of trust Europeans have in the ECB.

23:44 – Different types of trust

The differences between reflective and instinctive trust and how each applies to the ECB.

29:35 – Our guests’ hot tips

Our guests Gabriel Glöckler and Siria Angino share their related song and movie recommendations.

Additional material:

ECB official social media channels

https://www.ecb.europa.eu/services/socialmedia/html/index.en.html

Bank of Jamaica, reggae song about inflation

ECB official social media channels

https://www.ecb.europa.eu/services/socialmedia/html/index.en.html

Occasional paper: Clear, consistent and engaging: ECB monetary policy communication in a changing world, December 2021

https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op274~9aca14e6f6.en.pdf?63436ac843159bdf4afcf0115e7f146f

Working paper: Central bank communication with non-experts: a road to nowhere? October 2021

https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2594~9fc2f0035d.en.pdf

Economic bulletin: ECB communication to the wider public, 2021

https://www.ecb.europa.eu/pub/economic-bulletin/articles/2022/html/ecb.ebart202108_02~5c1e5a116d.en.html

Monetary policy communication and the strategy review

https://www.ecb.europa.eu/home/search/review/html/monpol-communication.en.html

Working paper: Instinctive versus reflective trust in the European Central Bank, May 2022

https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2660~e228b93d53.en.pdf?8a6fb1b47fc36f668234d96a3fab5292

European Central Bank website

www.ecb.europa.eu

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

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 April 2022.

Additional material:

Our monetary policy statement at a glance, 14 April 2022

https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_april.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 14 April 2022

https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220414~fa5c8fe142.en.html

Monetary policy decisions, 14 April 2022

https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220414~d1b76520c6.en.html

Combined monetary policy decisions and statement, 14 April 2022

https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220414~2d6ffb3a83.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

The Russian invasion of Ukraine is first and foremost a human tragedy, but it is also having an economic impact. What effect is the conflict having on the euro area? And how might the economic situation develop?

Our host Katie Ranger discussed these questions with economist João Sousa in this episode of The ECB Podcast.

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

Recorded on 22 March 2022 and published on 26 March 2022.

In this episode:

1:30 – The euro area economy before the war

The state of the euro area before the outbreak of the war in Ukraine, and how it was recovering from the pandemic.

04:32 – The war’s impact on trade

How bans on Russian imports and exports affect trade, and the potential impact of supply chain disruptions caused by the conflict.

08:50 – The war’s impact on commodities

Why the war is affecting the prices of commodities such as oil, gas and food.

10:14 – The war’s impact on global confidence

How the fear and uncertainty brought about by the war in Ukraine are dampening confidence and affecting our economy.

12:51 – The war and inflation

What is behind the current rise in inflation, including the role of energy and food prices.

18:33 – Our projections for the euro area economy

How we see our economy faring in the future and what the different scenarios we looked at are.

25:34 – Our guest’s tip for further reading on the topic

Additional material:

Macroeconomic projections, March 2022

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

ECB staff macroeconomic projections for the euro area – full report, March 2022

https://www.ecb.europa.eu/pub/projections/html/ecb.projections202203_ecbstaff~44f998dfd7.en.html

ECB Monetary policy statement, 10 March 2022

https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220310~1bc8c1b1ca.en.html

Speech delivered by Ben S. Bernanke at the 32nd Annual Economic Policy Conference, Federal Reserve Bank of St. Louis, 19 October 2007

https://www.federalreserve.gov/newsevents/speech/bernanke20071019a.htm

European Central Bank website

www.ecb.europa.eu

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

The Russian invasion of Ukraine is a watershed for Europe. Today our Governing Council expressed its full support to the people of Ukraine.

It also 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 10 March 2022.

Additional material:

Our monetary policy statement at a glance, 10 March 2022

https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_march.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 10 March 2022

https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220310~1bc8c1b1ca.en.html

Monetary policy decisions, 10 March 2022

https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220310~2d19f8ba60.en.html

Combined monetary policy decisions and statement, 10 March 2022

https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220310~c4c5a52570.en.pdf

Macroeconomic projections, March 2022

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 pod.link/ecbpodcast

How can we break biases in different aspects of our lives? What do we need to create a more equal world for all?

Our President Christine Lagarde and LSE Director Minouche Shafik share their experiences and discuss the impact gender bias has on education, home life, the workplace and leadership in this episode of The ECB Podcast.

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

Recorded on 23 February 2022 and published on 5 March 2022.

In this episode:

2:12 - #BreakTheBias in education

Why there is still a lack of gender equality in economics, and what needs to be done to foster women’s access to certain professions.

13:53 - #BreakTheBias at home

How the pandemic has affected women at home, the threat it poses to gender equality in the future, and what we can do to ensure a more inclusive society.

25:36 - #BreakTheBias in the workplace

What the pros and cons are when it comes to flexible working arrangements for women, and why gender parity at work is important.

36:04 - #BreakTheBias in leadership

President Lagarde and LSE Director Minouche Shafik share their advice for aspiring female leaders on dealing with obstacles and overcoming hurdles.

Additional material:

Women in Economics Scholarship

https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html

World Economic Forum: Women are “hardworking”, men are “brilliant”: Economics job market, 14 February 2022

https://www.weforum.org/agenda/2022/02/women-gender-men-bias-stereotyping-economics-job-market

Working paper: Does gender diversity in the workplace mitigate climate change? 28 February 2022

https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2650~3b693e6009.en.pdf?fcb9592f3295d9172f178e0340842970

The ECB Podcast: A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation, 15 July 2021

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210715_episode18.en.html

The ECB Podcast: Fighting biases and empowering women: A conversation on female leadership and gender equality, 8 March 2021

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210308_episode15.en.html

European Central Bank website

www.ecb.europa.eu

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

Each year we look at the risks banks face and how well-equipped they are to deal with them. What are our latest findings? And what are supervisors most concerned about?

In this episode of The ECB Podcast, our host Katie Ranger explores these questions with Supervisory Board Chair Andrea Enria and Vice-Chair Frank Elderson.

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

Published on 12 February 2022 and recorded on 10 February 2022.

In this episode:

00:58 - What are the results of our latest assessment of banks?

How Europe’s banks are faring two years into the pandemic and whether the crisis phase is over for them.

07:18 – How are banks doing on credit risk?

How prepared banks are to manage credit risk and the issues our supervisors ask them to fix.

11:21 – The big risk on the horizon: the climate crisis

How 2022 will be a big year for our work supervising climate risks and the extent to which banks are taking them into account.

15:30– Are banks’ business models sustainable?

How the digital transformation can make banks’ business models more sustainable.

18:34 – Improving banks’ internal governance

Internal governance is a weak spot for banks and the role diversity can play in ensuring sound decision-making.

23:06 – Our guest's “hot tip” for our listeners

A book recommendation related to the challenges banks are currently facing.

Additional material:

Press release: ECB requires banks to hold marginally more capital in 2022, 10 February 2022

https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220210~6455538b07.en.html

Press release: ECB will not extend capital and leverage relief for banks, 10 February 2022

https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220210_1~ea3dd0cd51.en.html

Aggregated results of SREP 2021, 10 February 2022

https://www.bankingsupervision.europa.eu/banking/srep/2022/html/ssm.srepaggregateresults2022.en.html

Speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the press conference on the results of the 2021 SREP cycle, 10 February 2022

https://www.bankingsupervision.europa.eu/press/speeches/date/2022/html/ssm.sp220210~b95041902b.en.html

The ECB Podcast: Making sure banks are run by the right people

https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211210_episode24.en.html

The ECB Podcast: What lies on the horizon for Europe’s bank? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211116_episode23.en.html

Banking Supervision website

www.bankingsupervision.europa.eu

European Central Bank website

www.ecb.europa.eu