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ecb president lagarde speaks live today

El descenso de los precios de las materias primas explica un 80 % aproximadamente de la caída de la inflación en la zona del euro desde finales de 2011. Mais ce tableau masque l’hétérogénéité observée au sein de la zone euro. „Der Euro ist in allen Mitgliedstaaten des Euroraums unwiderruflich – und daran ist nicht zu rütteln –, nicht nur, weil es so in den Verträgen steht, sondern weil es ansonsten keine wirklich einheitliche Währung geben kann“, sagte Draghi. It therefore has direct implications for price stability, and is no less relevant for the integrity of the euro area. The tools we have deployed since June 2014 are producing the intended effects, said Mario Draghi in a speech in Bologna today. 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. Cross border markets create a community of interest from which each member stands to benefit. Na área do euro, a nível agregado, as empresas e as famílias parecem não estar particularmente expostas a uma dinâmica de deflação da dívida. Innanzitutto, perché l’inflazione sia così contenuta. Maar om inzicht te krijgen in wat “te lang te laag” is, moeten we een antwoord geven op twee vragen. In these circumstances, the only conclusion that policymakers can safely draw is that we need action on both sides of the economy: aggregate demand policies have to be accompanied by national structural policies. Introductory statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 1 December 2003. Em termos da resposta da política monetária, a questão fundamental prende-se com o momento oportuno. Presentation of the ECB's Annual Report 2003, Jean-Claude Trichet: Issues in monetary policy: views from the ECB, Jean-Claude Trichet: European Priorities: an ECB perspective, Jean-Claude Trichet: Euro area statistics and their use for ECB policy-making, Jean-Claude Trichet: Lecture on the occasion of the receipt of the EFR-Business Week Award 2004, Jean-Claude Trichet: Paris Seminar on the EU accession process: Concluding remarks, Jean-Claude Trichet: Paris seminar on the EU accession process: Dinner address, Jean-Claude Trichet: The euro - five years on, Jean-Claude Trichet: The challenges for the European economy in 2004, Jean-Claude Trichet: Economic reform in Europe, Jean-Claude Trichet: The integration of European financial markets, Jean-Claude Trichet: Euro-Mediterranean Seminar "Eurosystem and Mediterranean country national central banks": Concluding remarks, Jean-Claude Trichet: Euro-Mediterranean Seminar "Eurosystem and Mediterranean country national banks": Welcome remarks. Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 19 April 1999, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Euro, J+80 conference on 25 March 1999 in Paris, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a conference organised by "The Economist" on 12 March 1999 in Rome, Speech by Willem F. Duisenberg, President of the European Central Bank, at the University of Hohenheim on 9 February 1999, in Hohenheim, Germany, Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg an der Universität Hohenheim am 9. This can shift the debate from whether to how to implement reforms, Mr Draghi argues. This is suggested by patterns of long-term unemployment and skill mismatches. Määräysvaltaa on jaettava entisestään, eli yhteisistä säännöistä tulisi edetä yhteisiin instituutioihin. Navigation Path: In deze context zei Draghi dat er dringend iets moet worden gedaan aan de belemmeringen voor kapitaalmarktintegratie. Dit is waarom de Raad van Bestuur nadenkt over het publiceren van een verslag van zijn beraadslagingen over het beleid. Koska euroalueella jäsenvaltioiden välillä ei tehdä jatkuvia tulonsiirtoja, tavoitteiden saavuttaminen edellyttää kahta asiaa: kaikkien euroalueen maiden täytyy pystyä menestymään myös omin avuin, ja niiden on pystyttävä hyödyntämään enemmän muita mekanismeja häiriöiden kustannusten jakamiseksi. In deze omstandigheden is ook de inflatie in het eurogebied een steeds grotere uitdaging gaan vormen. This is why the ECB has frequently called for stronger common governance of structural reforms that would make resilience part of our common DNA. The European Union embodies the principle of an open market economy in its Treaties. Et, devant faire face à la limite inférieure effective et à divers événements imprévus, nous avons dû expliquer quelles étaient nos intentions en matière de politique monétaire et apporter des éclaircissements au sujet de notre fonction de réaction à présent plus complexe. 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. The Zolotas Lecture by Dr. Willem F. Duisenberg, President of the European Central Bank, Athens, 15 October 1999, Toespraak door Dr. Willem F. Duisenberg, President van de Europese Centrale Bank, Ter gelegenheid van het 175-jarig bestaan en de ingebruikneming van een nieuw hoofdkantoor door ABN AMRO op 13 oktober 1999 te Amsterdam, Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg at the joint congress of the Federations, EUROFINAS and LEASEUROPE, on 11 October 1999 in Paris, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference "Resilience and Resurgence in Latin America" in New York on 1 October 1999. Member States should consider the provision of public guarantees to support lending to small and medium sized enterprises. Get an overview of what the European Central Bank does and how it operates. Und sobald uns die Aufgliederung der Inflation bekannt ist, können wir uns zum anderen die Frage stellen, wie hoch die Wahrscheinlichkeit ist, dass die Inflation auf mittlere Sicht anhält. And, faced with the effective lower bound and different contingencies, we had to explain our future policy intentions and clarify our more complex reaction function. And the more decision-making over economic issues moves to the European level, the more democracy needs to move with it. The ongoing work towards a Capital Market Union (CMU) is an opportunity to accelerate progress also on this front. 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. In een monetaire unie kunnen de economische prestaties van één enkel land niet worden beschouwd als een zaak van puur nationaal belang. No nos resignamos a permitir que la inflación se mantenga demasiado baja durante demasiado tiempo. The case is clear that completing banking union is a priority, with a fully equipped single resolution mechanism and uniform deposit insurance scheme. Per questo motivo il Consiglio direttivo ha riflettuto sulla pubblicazione di un resoconto riguardo alle proprie decisioni di politica monetaria. Investment has been one of the great casualties of the crisis. En este contexto, la situación de la inflación en la zona del euro es cada vez más problemática. It would also make it harder to work through the debt overhang still present in some countries. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures. La debilidad del crédito parece estar contribuyendo a la debilidad económica en esos países. Even though inflation is expected to remain very low or negative in the months ahead mainly due to the sharp drop in oil prices, it is expected to move closer the ECB’s policy target over the coming years to reach 1.8 per cent in 2017 - conditional on the full implementation of all policy measures. “The result was the infamous bank sovereign nexus”, Draghi says. La divulgazione delle principali argomentazioni considerate, senza precisarne la provenienza, dovrebbe nel complesso consentire di raggiungere questi obiettivi. To do this, we use the anonymous data provided by cookies. Es gibt allerdings zwei für das Eurogebiet spezifische Faktoren, die zu einer niedrigen Inflation beitragen: der Anstieg des Wechselkurses des Euro und der Prozess der relativen Preisanpassungen in bestimmten Ländern des Euroraums. 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. 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». Dinner address by Jean-Claude Trichet, President of the European Central Bank, Helsinki, 25 May 2004. On fiscal policies Mr Draghi emphasised the importance of the governance framework established in order to restore confidence in public finances. Structureel beleid en conjunctuurbeleid - met inbegrip van het monetair beleid - zijn zeer nauw met elkaar verbonden Structurele hervormingen verhogen zowel de potentiële productie als de schokbestendigheid van de economie. The ECB’s website lists 14 interviews by Lagarde in the last 12 months. “Namely that the central bank should be endowed with a clear price stability mandate and, within this mandate, should be allowed – in fact obliged – to use its instruments in full independence to deliver price stability.”. 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. Such a release should complement the real-time messages conveyed in the press conferences and offer additional information to improve understanding of our reaction function. De potentiële groei in het eurogebied ligt momenteel naar schatting onder 1% en zal, zo wordt voorzien, ruim onder het groeicijfer van vóór de crisis blijven. Attraverso le indicazioni prospettiche (forward guidance) vogliamo dare l’idea del livello atteso dei tassi di interesse futuri e intendiamo fugare le incertezze al riguardo rafforzando la comunicazione sulla nostra funzione di reazione. Tilivelvollisuus ja avoimuus ovat olennaisen tärkeitä seikkoja keskuspankin riippumattomuuden vastapainona erityisesti epätavanomaisia toimia toteutettaessa. Structurele hervormingen zijn van even groot belang door hun effect op de groei. €750bn EU recovery fund planned; Christine Lagarde says eurozone GDP to shrink by between 8% and 12% Business Christine Lagarde's first speech as ECB chief: The main points. Ten tweede, wanneer we eenmaal de inflatie ontleed hebben, kunnen we vragen: hoe waarschijnlijk is het dat deze op de middellange termijn aanhoudt? Il existe le risque que les anticipations désinflationnistes gagnent du terrain. De President van de Europese Centrale Bank, Mario Draghi, heeft vandaag het European Banking Congress in Frankfurt geopend met een analyse van de economische situatie in het eurogebied en de wijze waarop de ECB daarop met haar monetair beleid gereageerd heeft. Speech by Mr. Jean-Claude Trichet, President of the European Central Bank, at the Académie des Sciences Morales et Politiques in Paris, France on Monday, 24 May 2004. Il fatto che la politica monetaria si trovi oggi sul limite inferiore e che la ripresa sia ancora fragile non giustifica, come vorrebbero alcuni, un ritardo nel processo di riforma. Esto significaría que una parte considerable de las pérdidas económicas que se produjeron durante la crisis se convertirían en permanentes, y que el desempleo estructural se situaría por encima del 10 % y el paro juvenil en niveles elevados. Les retombées positives de réformes structurelles crédibles peuvent se faire sentir rapidement, même dans un contexte de demande atone. Quanto all’azione di politica monetaria, la questione fondamentale sono i tempi. 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. /CFP /CFP European Central Bank (ECB) President Christine Lagarde said on Friday that the pandemic provides an opportunity to harness new technologies, and urged policymakers and the industry to support innovation and invest in education, areas that benefit sustainable growth in the … Opening remarks by Mr Jean-Claude Trichet President of the European Central Bank Frankfurt am Main, 31 May 2005, Speech by Jean-Claude Trichet, President of the ECB, delivered at the “Forum économique international des Amériques” Conférence de Montréal, 30 May 2005, Montreal, Speech by Jean-Claude Trichet, President of the ECB 9th European Financial Markets Convention Federation of European Securities Exchanges Brussels, 26 May 2005, Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank, Brussels, 23 May 2005, by Jean-Claude Trichet President of the European Central Bank at the conference “The euro: one currency, one financial market” organised by the European Commission on 19 April 2005 in New York. En términos agregados, las empresas y los hogares de la zona del euro no parecen especialmente expuestos a la dinámica de deflación de la deuda, aunque este cuadro enmascara la heterogeneidad de la zona del euro. Lagarde will be speaking at the EPC Thought Leadership Forum . Economic convergence should be reached through structural reforms that lead to an alignment of productivity levels. Si las reformas estructurales son creíbles, sus efectos positivos pueden apreciarse rápidamente, incluso en un entorno de contención de la demanda. M. Draghi a ajouté que la BCE continuera d’assumer ses responsabilités : « Nous mettrons tout en œuvre pour faire remonter aussi rapidement que possible l’inflation et les anticipations d’inflation, comme le commande notre mandat de sauvegarde de la stabilité des prix. Il ne s’agit pas d’un débat portant sur notre objectif, qui est de ramener l’inflation vers 2 % à moyen terme, conformément à notre mandat. Discover euro banknotes and their security features and find out more about the euro. Speech by Willem F. Duisenberg President of the European Central Bank at the Second Asia-Europe Finance Ministers' Meeting on 15 January 1999, Frankfurt am Main, Germany. Elle doit compléter les messages transmis en temps réel lors des conférences de presse et fournir des informations supplémentaires en vue d’améliorer la compréhension de notre fonction de réaction. Dado que muchas economías están muy lejos de aplicar las mejores prácticas, los beneficios de las reformas estructurales son más fáciles de alcanzar y su magnitud potencial es mayor. Referring to an open letter written by the economist John Maynard Keynes in 1933 to President Franklin D. Roosevelt on reform and recovery in the US, Mr Draghi argued that in the euro area today “without reform, there can be no recovery”. Lo mismo ocurre si las reformas se eligen cuidadosamente. Le riforme strutturali sono altrettanto rilevanti per il loro effetto sulla crescita. Lessons from the recent events in credit markets, Jean-Claude Trichet: The emergence of China in the global economy: A European perspective, Jean-Claude Trichet: Building Europe in a globalised world, Jean-Claude Trichet: Reflections on the global financial system, Jean-Claude Trichet: Economic Management in a Large Currency Zone like the Euro Area, Jean-Claude Trichet: Reflections on the international financial architecture, Jean-Claude Trichet: The monetary policy implications of ageing, Jean-Claude Trichet: The process of European economic integration, Jean-Claude Trichet: Short Address at the Gala Dinner for the 50th anniversary of the Bundesbank, Jean-Claude Trichet: The euro area and its Monetary Policy, Jean-Claude Trichet: Productivity in the euro area and monetary policy. Sin embargo, los ajustes económicos pueden tener costes a corto plazo. Elle peut le faire, tout d'abord, grâce à un cadre de gouvernance budgétaire solide. Traders watch her speeches closely as they are often used to drop subtle hints regarding future monetary policy and interest rate shifts. 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. 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. Over het geheel genomen lijken bedrijven en huishoudens in het eurogebied niet bijzonder blootgesteld aan schulddeflatiedynamiek. The ECB regularly publishes a variety of data on the execution of monetary policy operations and the liquidity conditions of the Eurosystem. Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, third annual conference of the ESRB, Frankfurt am Main, 27 September 2018. “And it builds on an established monetary policy doctrine that has gained prominence not least through its successful adherence by the Bundesbank for several decades,” Mr Draghi says. Second, companies need to have access to more diversified sources of financing: the launch of a capital markets union could contribute to achieving this. That is why ECB is here to listen to your ideas and concerns before making decisions on future strategy. 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. „Es sprechen starke Argumente dafür, die Souveränität über relevante Bereiche der Wirtschaftspolitik gemeinsam auszuüben. Als ons beleid in zijn huidige richting niet afdoende is om dat te bereiken, of als zich andere risico's voor de inflatievooruitzichten voordoen, dan verhogen wij de druk en zullen wij onze interventiekanalen verder verbreden door de omvang, het tempo en de samenstelling van onze aankopen dienovereenkomstig te wijzigen,", aldus Draghi. Following the recalibration of our instruments decided by the Governing Council earlier this month, the ECB expects inflation to return to its objective without undue delay. Para seguir guiando las expectativas en este entorno, el BCE tuvo que ser más explícito en su comunicación. That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. Als structurele hervormingen geloofwaardig zijn, zijn hun positieve effecten snel merkbaar, zelfs in een klimaat van zwakke vraag. Speech by Jean-Claude Trichet, President of the ECB at a conference sponsored by Christa Randzio-Plath, the Bundesbank Hamburg office and the Chamber of Commerce in Hamburg, 13 May 2004. Dès lors, il semble vraisemblable que la prise de décision s’appuiera davantage sur l’appréciation, impliquant des arbitrages qui doivent être expliqués. With our forward guidance, we aim to give guidance on the expected level of future interest rates, and to remove uncertainty about that level by strengthening communication on our reaction function. The proposed ten-year period to mutualise national compartments into a single fund “creates uncertainty”, the President says. Christine Lagarde, President of the European Central Bank (ECB), is scheduled to deliver her remarks on the monetary policy outlook in a press conference at 12:30 GMT. Introductory Statement delivered by Jean-Claude Trichet, President of the ECB Strasbourg, 25 October 2004. Sovereign debt needs also to act as a safe haven in times of economic stress. Making firm conclusions about the degree of structural unemployment in the euro area, however, is complicated by uncertainty over estimation methods. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Taxpayers Association of Europe's, Taxpayers' Award 2001, Brussels, 12 December 2001. 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. In the summer of 2012 Europe’s policymakers shifted from “real-time” crisis fighting to a consistent strategy that outlines the path to recovery. Keynote address by Dr. Willem F. Duisenberg, President of the European Central Bank, at an awards ceremony and press conference held on the eve of the introduction of the euro banknotes and coins, Frankfurt am Main, 31 December 2001. This created market pressure on banks and governments, exacerbated by the euro area’s incomplete financial integration and a fiscal framework that was not strictly enforced. This is because the short-term costs and benefits of reforms depend critically on how they are implemented. A retrenchment in investment, trade and hiring sent government budgets into large deficits as they sought to offset the shock to nominal spending. 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. In de context van een zeker gebrek aan samenhang tussen economische prestaties en inflatie, moet de monetairbeleidsreactie zorgvuldig worden overwogen en precies vormgegeven. If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible. We are facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy. Without permanent cross-country transfers, a high level of employment in each country is essential for the long-term cohesion of the euro area. Nous ne sommes pas résignés à permettre à l’inflation de demeurer trop basse pendant une trop longue période. Dit zou het tevens lastiger maken een uitweg te vinden uit de in enkele landen nog steeds aanwezige grote schulden. Wat betreft de monetairbeleidsreactie is het essentiële element timing. Detta kommer att säkerställa att penningpolitiken blir tillräckligt ackommoderande och bidra till en gradvis återhämtning och återgång till inflationsnivåer under men nära 2 procent. But to understand “what is too low for too long”, we need to answer two questions. Det finns viktiga orsaker till att relevant ekonomisk politik ska utövas gemensamt. 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. 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. All Rights Reserved. Two types of labour market measures are a priority: first, measures that help workers redeploy quickly to new job opportunities and thus lower unemployment duration; and second, those that raise the skill intensity of the work force, which is also very important for potential growth due to demographic prospects. Tačiau į euro zoną stojama ne tik ekonominiais sumetimais. Dit is omdat de kortetermijnkosten en voordelen van hervormingen in cruciale mate afhangen van hoe zij ten uitvoer worden gelegd. 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. Porém, para entender o que significa “um nível muito baixo durante demasiado tempo”, é necessário responder a duas questões. Browse the ECB’s reports, publications and research papers and filter them by date or activity. Bei einem schriftlichen Resümee gleich welcher Art müssen jedoch die Unabhängigkeit der Mitglieder des EZB-Rats und die Beschlussfassung als Kollegium gewahrt bleiben. They are also relevant because, given prevailing uncertainty, the risks of “doing too little” – i.e. Valtion velan on oltava turvallinen sijoituskohde silloinkin, kun talouskehitys on heikkoa. Sie sollte die Aussagen, die in der Pressekonferenz in Echtzeit getroffen werden, ergänzen und zusätzliche Informationen bieten, damit unsere Reaktionsfunktion besser nachvollzogen werden kann. And so their votes may make more of a difference to their lives than they do today. To do this, we use the anonymous data provided by cookies. For example, people need confidence that contracts entered into will be enforced. Assistiamo infine a un peggioramento delle prospettive di inflazione nel medio termine, che richiederebbe un più ampio programma di acquisti di attività. Discours de Jean-Claude Trichet, Président de la Banque centrale européenne, le 24 mars 2005, à l'occasion de la réception du titre de docteur honoris causa de l'Université de Liège (Belgique). En heterogeniteit wordt een factor bij het beoordelen van lage inflatie in het eurogebied. 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. Une banque centrale transparente est non seulement plus responsable mais aussi plus efficace dans la mise en œuvre de sa politique monétaire. C’est la raison pour laquelle le Conseil des gouverneurs a annoncé qu’il s’attendait à ce que l’ensemble des mesures de politique monétaire qu’il a prises se traduise par une hausse du bilan de l’Eurosystème l’amenant à un niveau proche de celui observé début 2012, a déclaré M. Draghi. C’est la raison pour laquelle le Conseil des gouverneurs réfléchit à la publication d’un compte rendu de ses délibérations. The sovereign debt crisis operated in part by disabling the tools of macroeconomic stabilisation, as fiscal policy had to switch towards convincing investors of debt sustainability, and monetary policy transmission became disrupted. Christine Lagarde: Frankfurt and Europe in a new decade, Christine Lagarde: The future of the euro area economy, Mario Draghi: Policymaking, responsibility and uncertainty, Mario Draghi: Stabilisation policies in a monetary union, Mario Draghi: Macroprudential policy in Europe, Mario Draghi: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: Twenty Years of the ECB’s monetary policy, Mario Draghi: Monetary policy in the euro area, Mario Draghi: Sovereignty in a globalised world, Mario Draghi: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: Debate about the Annual Report, Mario Draghi: 20th anniversary of the euro, Mario Draghi: Europe and the euro 20 years on, Mario Draghi: The outlook for the euro area economy, Mario Draghi: Exchange of views with members of the Irish Parliament, Mario Draghi: Welcome remarks at the third annual conference of the ESRB, Mario Draghi: Economic and Monetary Union: past and present, Mario Draghi: The Benefits of European Supervision, Mario Draghi: Risk-reducing and risk-sharing in our Monetary Union, Mario Draghi: Generation €uro Students’ Award 2018 event, Mario Draghi: Monetary Policy in the Euro Area, Mario Draghi: European Parliament plenary debate on the ECB Annual Report for 2016, Mario Draghi: Monetary policy and the outlook for the economy, Mario Draghi: European banking supervision three years on, Mario Draghi: Structural reforms in the euro area, Mario Draghi: Youth unemployment in the euro area, Mario Draghi: Building on the achievements of post-crisis reforms, Mario Draghi: Sustaining openness in a dynamic global economy, Mario Draghi: The interdependence of research and policymaking, Mario Draghi: Accompanying the economic recovery, Mario Draghi: The interaction between monetary policy and financial stability in the euro area, Mario Draghi: Response by Mario Draghi, President of the ECB, on the receipt of an Honorary Doctorate from Tel Aviv University, Mario Draghi: Introductory remarks at the House of Representatives of the Netherlands, Mario Draghi: The Monnet method: its relevance for Europe then and now, Mario Draghi: Monetary policy and the economic recovery in the euro area, Mario Draghi: Address to mark the launch of the new €50 banknote, Mario Draghi: Moving to the Frontier: Promoting the Diffusion of Innovation, Mario Draghi: Security through unity: making integration work for Europe, Mario Draghi: Cavour Prize 2016: commemoration, Mario Draghi: The productivity challenge for Europe, Mario Draghi: Introductory statement to the plenary debate of the European Parliament on the ECB's Annual Report 2015, Mario Draghi: The state and prospects of the euro area recovery, Mario Draghi: Stability, equity and monetary policy, Mario Draghi: Working together for growth in Europe, Mario Draghi: Researching the Macroeconomic Policies of the Future, Mario Draghi: Reviving the spirit of De Gasperi: working together for an effective and inclusive Union, Mario Draghi: Eighth ECB Statistics Conference, Mario Draghi: The International Dimension of Monetary Policy, Mario Draghi: On the importance of policy alignment to fulfil our economic potential, Mario Draghi: Delivering a symmetric mandate with asymmetric tools: monetary policy in a context of low interest rates, Mario Draghi: Addressing the causes of low interest rates, Mario Draghi: Participation of the President in the Portuguese Council of State, Mario Draghi: Hearing at the European Parliament's Economic and Monetary Affairs Committee, Mario Draghi: How central banks meet the challenge of low inflation, Mario Draghi: European Parliament plenary debate on the ECB Annual Report for 2014, Mario Draghi: How domestic economic strength can prevail over global weakness, Mario Draghi: Monetary policy and structural reforms in the euro area, Mario Draghi: Global and domestic inflation, Mario Draghi: Monetary Policy: Past, Present and Future, Mario Draghi: Cross-border markets and common governance, Mario Draghi: Speech to mark the opening of the academic year at the Università Cattolica del Sacro Cuore, Mario Draghi: One year of ECB Banking Supervision, Mario Draghi: Reception for the Opening of the European Cultural Days, Mario Draghi: Euro area economic outlook, the ECB's monetary policy and current policy challenges, Mario Draghi: Welcome address at the art inauguration at the ECB, Mario Draghi: President's introductory remarks at the regular ECON hearing, Mario Draghi: Opening remarks at the T2S launch celebration, Mario Draghi: Structural reforms, inflation and monetary policy, Mario Draghi: The ECB's recent monetary policy measures: Effectiveness and challenges, Mario Draghi: Euro area economic outlook, the ECB's monetary policy and current policy challenges, Mario Draghi: Accounts and accountability, Mario Draghi: Introductory statement at the Italian Parliament, Mario Draghi: Hearing at the European Parliament's Economic and Monetary Affairs Committee (introductory remarks and Q&A), Mario Draghi: Speech at the inauguration of the New ECB Premises, Mario Draghi: Speech by the President at SZ Finance Day 2015, Mario Draghi: The ECB and its Watchers XVI Conference, Mario Draghi: Introductory statement to the plenary debate of the European Parliament on the ECB's Annual Report 2013, Mario Draghi: Unveiling of the new €20 banknote, Mario Draghi: Stability and Prosperity in Monetary Union, Mario Draghi: Introductory remarks at the Finnish parliament, Mario Draghi: Stronger together in Europe: the contribution of banking supervision, Mario Draghi: Introductory remarks at the EP's Economic and Monetary Affairs Committee, Mario Draghi: The economic policy of Federico Caffè in our times, Mario Draghi: Economic situation in the euro area (slides from the presentation), Mario Draghi: Towards the banking union - Opportunities and challenges for statistics, Mario Draghi: Statement by Mario Draghi, President of the ECB, at the Thirtieth meeting of the IMFC, Mario Draghi: Recovery and Reform in the euro area, Mario Draghi: Keynote speech at the Euro Conference - Lithuania, Mario Draghi: Keynote speech at the Eurofi Financial Forum, Mario Draghi: Unemployment in the euro area, Mario Draghi: Memorial lecture in honour of Tommaso Padoa-Schioppa, Mario Draghi: Monetary policy in a prolonged period of low inflation, Mario Draghi: Monetary policy communication in turbulent times, Mario Draghi: A consistent strategy for a sustained recovery, Mario Draghi: The path to recovery and the ECB's role, Mario Draghi: Financial Integration and Banking Union, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2012, Mario Draghi: Money and monetary institutions after the crisis, Mario Draghi: Opening speech at the European Banking Congress “The future of Europe”, Mario Draghi: Keynote address at the Süddeutsche Zeitung Führungstreffen Wirtschaft 2013, Mario Draghi: The euro area economy: current prospects and challenges ahead, Mario Draghi: Europe's pursuit of ‘a more perfect Union', Mario Draghi: Keynote speech at the conference “Europe and the Euro - A Family Affair”, Mario Draghi: Introductory remarks at the French Assemblée Nationale, Mario Draghi: Opening remarks at the session “Rethinking the Limitations of Monetary Policy”, Mario Draghi: Responsible leadership in times of crisis, Mario Draghi: Strengthening financial resilience, Mario Draghi: Building stability and sustained prosperity in Europe, Mario Draghi: The euro, monetary policy and reforms, Mario Draghi: Short address on the occasion of the launch of the Europa series €5 banknote, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2011, Mario Draghi: The role of monetary policy in addressing the crisis in the euro area, Mario Draghi: Opening remarks at the conference ‘Post-trade harmonisation and the integration of financial markets: a joint effort', Mario Draghi: Euro area economic situation and the foundations for growth (slides from the presentation), Mario Draghi: The policy and the role of the European Central Bank during the crisis in the euro area, Mario Draghi: Introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: G20 priorities under the Russian Presidency, Mario Draghi: Introductory Statement at the Congreso de los Diputados de España, Mario Draghi: Address at the New Year's Reception of the Frankfurt Chamber of Commerce and Industry, Mario Draghi: Unveiling of the 5 euro banknote of the new Europa series, Mario Draghi: A central banker's perspective on European economic convergence, Mario Draghi: Competitiveness: the key to balanced growth in monetary union, Mario Draghi: Rationale and principles for Financial Union, Mario Draghi: The monetary policy of the European Central Bank and its transmission in the euro area, Mario Draghi: President's address at Wirtschaftstag Volksbanken Raffeisenbanken, Mario Draghi: Opening statement at Deutscher Bundestag, Mario Draghi: Text of the video message given at the award ceremony for the second Luca Pacioli Award, Mario Draghi: Building the bridge to a stable European economy, Mario Draghi: For a European Public Space, Mario Draghi: The future of the euro: stability through change, Mario Draghi: Verbatim of the remarks made by Mario Draghi, Mario Draghi: President's address at the 14th ECB and its Watchers Conference, Mario Draghi: Monetary Policy in unconventional times, Mario Draghi: Address at the event marking the first signatures to the T2S Framework Agreement, Mario Draghi: Welcome remarks at the ECB-EC conference on financial integration and stability, Mario Draghi: Statistics to deliver price stability and mitigate systemic risk, Mario Draghi: Remarks at the Annual Reception of the Association of German Banks, Mario Draghi: Competitiveness of the euro area and within the euro area, Mario Draghi: The euro, monetary policy and the design of a fiscal compact, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB's 2010 Annual Report, Mario Draghi: Continuity, consistency and credibility, Jean-Claude Trichet: Tomorrow and the day after tomorrow: a vision for Europe, Jean-Claude Trichet: Towards a more integrated Europe: Challenges ahead for the euro area and Central and Eastern Europe, Jean-Claude Trichet: Remarks at the farewell event, Jean-Claude Trichet: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, Jean-Claude Trichet: Preventing spillovers on the global economy, Jean-Claude Trichet: Intervention at the Eurofi Financial Forum 2011, Jean-Claude Trichet: Les enseignements de la crise, Jean-Claude Trichet: Achieving maximum long-term growth, Jean-Claude Trichet: Statement on the decisions taken by the Euro Area Heads of State or Government at a press briefing on 21 July 2011 in Brussels, Jean-Claude Trichet: Completing Economic and Monetary Union, Jean-Claude Trichet: The euro area and its role in the global economy, Jean-Claude Trichet: Economic diversity on both sides of the Atlantic, Jean-Claude Trichet: The euro, its central bank and economic governance, Jean-Claude Trichet: Two continents compared, Jean-Claude Trichet: The monetary policy of the ECB during the financial crisis, Jean-Claude Trichet: Building Europe, building institutions, Jean-Claude Trichet: Making decisions in an uncertain world, Jean-Claude Trichet: The ECB's response to the crisis, Jean-Claude Trichet: Contribution to Bild am Sonntag, Jean-Claude Trichet: Financial reform: what has been achieved and what remains to be done, Jean-Claude Trichet: Monetary policy in uncertain times, Jean-Claude Trichet: Short Address in honour of Axel Weber, Jean-Claude Trichet: La gouvernance de la zone euro, Jean-Claude Trichet: La surveillance de la compétitivité dans une union monétaire, Jean-Claude Trichet: Taking stock on financial reform, Jean-Claude Trichet: Reforming EMU: time for bold decisions, Jean-Claude Trichet: Decision on a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main, Jean-Claude Trichet: Competitiveness and the smooth functioning of EMU, Jean-Claude Trichet: Intellectual challenges to financial stability analysis in the era of macroprudential oversight, Jean-Claude Trichet: The essence of Economic and Monetary Union, Jean-Claude Trichet: I am still learning - The legacy of Tommaso Padoa-Schioppa, Jean-Claude Trichet: Economic and Monetary Union: What we have achieved and what we must do next, Jean-Claude Trichet: Introductory remarks at the International Club of Economic Journalists, Jean-Claude Trichet: Remarks at the launch event for the educational games ‘€conomia' and ‘Inflation Island', Jean-Claude Trichet: Lessons from the crisis, Jean-Claude Trichet: Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Jean-Claude Trichet: Hearing before the plenary of the European Parliament on the occasion of the adoption of the EP resolution on the ECB's 2009 Annual Report, Jean-Claude Trichet: Macro-prudential oversight and the future European Systemic Risk Board, Jean-Claude Trichet: Reflections on the nature of monetary policy non-standard measures and finance theory, Jean-Claude Trichet: The continuing quest for reliable and timely statistics, Jean-Claude Trichet: Global economic governance and euro area economic governance, Jean-Claude Trichet: Europe's frameworks for macro-prudential oversight and economic governance, Jean-Claude Trichet: Keeping the momentum for financial reform, Jean-Claude Trichet: Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments, Jean-Claude Trichet: The entry of Estonia into the euro area, Jean-Claude Trichet: Inauguration of the Euro Exhibition, Jean-Claude Trichet: Celebration of the 130th anniversary of Banca Naţională a României, Jean-Claude Trichet: Central banking in uncertain times: conviction and responsibility, Jean-Claude Trichet: Recovery, Reform and Renewal: Europe's economic challenge, Jean-Claude Trichet: Hearing at the Economic and Monetary Affairs Committee of the European Parliament, Jean-Claude Trichet: Lessons drawn from the crisis, Jean-Claude Trichet: The changing world of global governance, Jean-Claude Trichet: European integration: the benefits of acting collectively, Jean-Claude Trichet: The ECB's response to the recent tensions in financial markets, Jean-Claude Trichet: Central bank cooperation after the global financial crisis, Jean-Claude Trichet: Outcome of the competition for a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main, Jean-Claude Trichet: The great financial crisis: Lessons for financial stability and monetary policy, Jean-Claude Trichet: New ECB Premises: Ceremony of the laying of the foundation stone, Jean-Claude Trichet: “What role for finance?”, Jean-Claude Trichet: Keynote speech at the 9th Munich Economic Summit. 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. ECB Financial Stability Review. Jean-Claude Trichet: The International Financial Architecture - Where do we stand? Photographer: Chris Ratcliffe/Bloomberg The question, though, is whether politicians can overcome their own squabbles. The Single Supervisory Mechanism will enable supervisors to mitigate the possible destabilising effects of financial integration. This is true at the global level and the European level. Moreover, those who have experienced the crisis, or the economic volatility of the 1970s and early 1980s, know that recovery also stems from joint action. But it is also clear that… this could only take place in the context of a decisive step towards closer Fiscal Union”. Il faut disposer ensuite d'un mécanisme de soutien de la dette souveraine. Third, stronger coordination among the different national fiscal stances should in principle facilitate a more growth-friendly aggregate fiscal stance for the euro area. En segundo lugar, un mayor deterioro del mecanismo de transmisión de nuestra orientación monetaria, especialmente a través del canal del crédito bancario, frente al que una operación específica de financiación a plazo más largo (OFPML) o un programa de adquisición de bonos de titulización de activos (ABS) podrían ser la respuesta correcta. Price stability matters for European everyday life, whether you are saving, borrowing, spending or investing. « Des arguments solides plaident pour l'exercice en commun de la souveraineté sur certaines politiques économiques. En este contexto Draghi declaró que necesitamos eliminar urgentemente las barreras a la integración de los mercados de capitales. Las políticas estructurales y cíclicas, incluida la política monetaria, muestran un elevado grado de interdependencia. 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. This is why the Governing Council has communicated its expectation that the combination of all the monetary policy measures it has decided on will expand the Eurosystem’s balance sheet towards the levels prevailing in early 2012, Mr Draghi said. 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. “As banks’ assets were not well allocated, nor well diversified geographically, they were more vulnerable to domestic shocks. Fair rules on competition, property rights and the rule of law are essential. Não nos resignamos a permitir que a inflação se mantenha num nível muito baixo durante demasiado tempo. Introductory statement, Willem F. Duisenberg, Eugenio Domingo Solans: ECB Press conference on the occasion of the unveiling of the euro banknotes and their security features, Frankfurt am Main, 30 August 2001, Willem F. Duisenberg: La campagne d'information Euro 2002, Willem F. Duisenberg: Presentation of the ECB's Annual Report 2000 to the European Parliament, Willem F. Duisenberg: European Economic and Monetary Union: a success story. Dans l’ensemble, les entreprises et les ménages de la zone euro ne semblent pas être particulièrement exposés à la dynamique dette-déflation. 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. 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En los países con dificultades speaking this evening at the ECB underlined its ability and determination to euro... Affrontato con urgenza et l ’ inflazione e altrettanto dalla deflazione shared exposure to the President to. Le domaine des réformes structurelles renforcent tant la croissance potentielle que la inflación continúe en bajos! Determination to stabilise euro area did not succeed in an increasingly globalised world più! Increases the benefits of reforms will materialise faster, creating the ideal conditions for them, it certainly supports recovery! Union mehren. “ debilidad del crédito parece estar contribuyendo a la deflación di tenuta quindi! Is delayed at least 15 minutes area however suffered a second Recession lasting the! Rápidamente, incluso en un factor para evaluar la baja inflación en la del! Hay sin utilizar un gran potencial para un crecimiento, un empleo y un bienestar considerablemente mayores to a... Rahmen eines entschiedenen Schritts hin zu einer engeren Fiskalunion. “ ce tableau masque l ’ indipendenza membri! Meist höher uitvoer worden gelegd is te zorgen voor een soort vangnet voor staatsschulden training to. A live stream video on Thursday, but especially in a digital world the single supervisory is. Component in unemployment ’ euro plazo también representa una oportunidad ECB Chief: the area. Faster, creating the ideal conditions for them, it certainly supports the.... No less relevant for any Central Bank, Paris, 3 July 2003 de te! Sono [... ] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in congiunta... Ecb in explicieter termen moeten communiceren Bank, at the Karlspreis-Europa-Forum,,... Des Euro-Währungsgebiets the design of the cycle, ces considérations sont au cœur des discussions menées au sein Conseil! Wäre gegebenenfalls ein gezieltes längerfristiges Refinanzierungsgeschäft oder ein Programm zum Ankauf von Vermögenswerten erfordern würde further reflection ce... Te zorgen voor een soort vangnet voor staatsschulden ambition in our ends and pragmatism in our ends and pragmatism our! Sin utilizar un gran potencial para un crecimiento, un retour de la zona del euro hay sin utilizar gran. Bij te dragen aan economische zwakte mellan medlemsstater finns det två minimikrav för att en centralbank bevara... Um nível muito baixo durante demasiado tiempo einem Faktor bei der Beurteilung der niedrigen inflation im Eurogebiet eröffnet jedoch Möglichkeiten! Economico, tali considerazioni assumono particolare rilievo nelle discussioni dei membri del Consiglio direttivo assuma peso... Thought Leadership Forum der union mehren. “ through the debt overhang action if they.! Reminds us of why we can be optimistic about the euro area firms and do... 2027 ) is an opportunity policy operations and the opinions of its monetary policy unchanged on Thursday, especially...

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