Lecture by Piero Cipollone, Member of the Executive Board of the ECB, at the Annual Meeting of the Federation of Italian Cooperative Credit Banks (Federcasse)Rome, 17 July 2026Long ago, Aristotle himself noted[1] how money played an essential role in society as an instrument that made it possible to establish a relationship between all things and make them...
Global trade tensions have become a significant source of risk for firms with cross-border business. This post looks at corporate loans and survey data on bank lending conditions to examine how banks have adjusted their lending policies in response.Changes in global trade policies and heightened trade tensions pose a challenge for euro area firms, particul...
Pilot to take place at the ECB and several Eurosystem national central banks to test digital euro functionalitiesOver 50 applications received, reflecting strong market interest and engagementSelected participants span a broad range of business models and sizes and offer broad geographical coverageThe European Central Bank (ECB) has selected 36 payment ser...
The ECB is now addressing potential financial losses linked to climate change in its collateral framework. Its new climate factors ensure that firms’ vulnerability to transition shocks are considered when assessing the value of corporate bonds used as collateral in lending to banks.On 15 June 2026 the ECB introduced climate factors into its collateral fra...
Dinner speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Closing Conference of the European System of Central Banks Research Network on Challenges for Monetary Policy Transmission in a Changing World (ChaMP)Rome, 6 July 2026Let me begin by congratulating everyone involved in the ChaMP research network on a remarkably successful res...
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Schieritz and Kolja Rudzio on 19 June 2026There is now a ceasefire in the Middle East, and oil prices have fallen. What does this mean for the economy in Europe, and in Germany in particular?This is good news for Europe and the global economy. The war has weighed on...
It is a pleasure to be here for this timely exchange of views on the economic and fiscal implications for Europe of the situation in the Middle East.I will focus my remarks today on the implications for euro area economic activity and inflation, and for our monetary policy response.Implications for euro area economic activity and inflationThe peace agreeme...
9:00Registration9:30Opening keynoteChristine Lagarde, President, European Central Bank 9:50Keynote speechMarkus Brunnermeier, Edwards S. Sanford Professor of Economics, Princeton University10:20Session 1Fostering digital finance in EuropeHow can public and private institutions embrace digital finance innovations and the opportunities this will b...
Jump to the transcript of the questions and answersGood afternoon, the Vice-President and I welcome you to our press conference.The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at our two per cent target in the medium term. In line with this commitment, we today decided to raise the three key ECB interest ra...
The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term. In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points. The war in the Middle East is generating inflation pressures, and the decision to raise rates is robust across a r...
