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PODCAST

Tackling climate change as a central bank

How can we as a central bank contribute to tackling climate change? What's our role as a central bank and supervisor? Our new host Katie Ranger discusses these questions with Executive Board members Isabel Schnabel and Frank Elderson in the latest episode of The ECB Podcast.

The ECB Podcast

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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more

THE ECB BLOG 11 May 2021

A global solution for sustainable finance

Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member Fabio Panetta. We need international disclosure standards and principles to categorise sustainable activities.

Blog post
INTERVIEW 10 May 2021

A long journey

The journey to recovery is a long one and will require sustained fiscal and monetary support, Chief Economist Philip R. Lane tells Le Monde. He also discusses structural changes arising from the pandemic and the strong recovery in global trade.

Interview
YOUTH INITIATIVES 29 April 2021

Join our #EuropeDay quiz competition!

Test your knowledge of European topics in our #EuropeDay competition and win an iPad. Just download the QuizDuel app and complete the quiz – the contest runs from 3 May to 23 May.

More on the quiz
6 May 2021
Speech by Christine Lagarde, President of the ECB, at the European Commission’s high-level conference on the proposal for a Corporate Sustainability Reporting Directive, 6 May 2021
5 May 2021
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the OMFIF virtual panel
29 April 2021
Keynote speech by Frank Elderson, Vice-Chair of the Supervisory Board and Member of the Executive Board of the ECB, at the conference on “The Role of Banks in Greening Our Economies” organised by the European Bank for Reconstruction and Development and Hrvatska narodna banka
26 April 2021
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the European Statistical Forum (virtual)
26 April 2021
Welcome address by Fabio Panetta, Member of the Executive Board of the ECB, at the joint BIS, BoE, ECB and IMF conference on “Spillovers in a “post-pandemic, low-for-long” world”
10 May 2021
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Eric Albert and Marie Charrel
English
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8 May 2021
Interview with Frank Elderson, Member of the Executive Board of the ECB, conducted by Annemiek Leclaire
English
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3 May 2021
Interview with Luis de Guindos, conducted by Tonia Mastrobuoni on 27 April 2021
English
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29 April 2021
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Gabriel Mellqvist on 29 April 2021
28 April 2021
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 28 April 2021
11 May 2021
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
Details
Summary
Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member Fabio Panetta. We need international disclosure standards and principles to categorise sustainable activities.
1 April 2021
Blog post by Philip R. Lane, Member of the Executive Board of the ECB
Details
Summary
The recent volatility of inflation can largely be attributed to the nature of the pandemic shock, writes Chief Economist Philip R. Lane. The increase in inflation during early 2021 does not constitute the basis for a sustained shift in inflation dynamics.
25 March 2021
Blog post by Fabio Panetta, Member of the Executive Board of the ECB, and Ulrich Bindseil, ECB Director General Market Infrastructure and Payments
English
OTHER LANGUAGES (3) +
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Summary
At the ECB we are committed to understanding people’s needs and ensuring the digital euro would be widely accepted, writes Executive Board member Fabio Panetta with Ulrich Bindseil in The ECB Blog.
22 March 2021
Blog post by Christine Lagarde, President of the ECB
Details
Summary
Our pandemic emergency purchase programme (PEPP) has provided crucial support to euro area citizens since its launch a year ago, writes President Christine Lagarde in The ECB Blog. The PEPP has been, and remains, at the core of our pandemic policy response.
18 March 2021
Blog post by Luis de Guindos, Vice-President of the ECB
Details
Summary
The damage caused by more frequent and severe natural disasters far exceeds the costs of transitioning to a greener economy, writes Vice-President Luis de Guindos in his ECB Blog post on our first climate stress test for banks and companies.
12 May 2021
FORUM ON CENTRAL BANKING
ECB Forum on Central Banking 2020
12 May 2021
FORUM ON CENTRAL BANKING
ECB Forum on Central Banking 2020
11 May 2021
OTHER PUBLICATION
10 May 2021
WORKING PAPER SERIES - No. 2547
Details
Abstract
This paper examines whether central bank communication stabilises euro area inflation expectations through the information and news channel. A novelty of the study is its use of data from Google Analytics on ECB website traffic as proxy for visitors’ attention to its communication. We conduct several econometric tests with daily data to measure the impact of ECB communication on the information demand of the public and ultimately on inflation expectations. Overall, this study shows that website attention, as captured by search volumes of visitors, influences euro area inflation expectations. We find that increased website attention contributes to narrowing the gap between market-based forecasts and (the mean of) longer-term professional inflation expectations. Our findings add to the theoretical evidence on the existence of an information and news channel.
JEL Code
C20 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→General
D80 : Microeconomics→Information, Knowledge, and Uncertainty→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
7 May 2021
WORKING PAPER SERIES - No. 2546
Details
Abstract
We revisit the effects of globalisation over the past 50 years in a large sample of advanced and emerging countries. We use accessions to \Globalisation Clubs" (WTO, OECD, EU), financial liberalisation and an instrument for trade openness to study the trade-off between efficiency (proxied by real GDP per capita and TFP) and equity (proxied by the labour share of income and the Gini index of inequality). We find that (i) most of our episodes lead to an increase in trade openness (ii) effects on GDP per capita are mostly positive with some interesting exceptions and (iii) there is little evidence that globalisation shocks lead to more inequality.
JEL Code
F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
7 May 2021
WORKING PAPER SERIES - No. 2545
Details
Abstract
We build a three-period model to investigate market failures in the market-based financial system. Institutional investors (IIs), such as insurance companies and pension funds, have liabilities offering guaranteed returns and operate under a risk-sensitive solvency constraint. They seek to allocate funds to asset managers (AMs) that provide diversification when investing in risky assets. At the interim date, AMs that run investment funds face investor redemptions and liquidate risky assets and/or deplete cash holdings, if available. Dealer banks can purchase risky assets, thus providing market liquidity. The latter ultimately determines equilibrium allocations. In the competitive equilibrium, AMs suffer from a pecuniary externality and hold inefficiently low amounts of cash. Asset fire sales increase the overall cost of meeting redemptions and depress risk-adjusted returns delivered by AMs to IIs, forcing the latter to de-risk. We show that a macroprudential approach to (i) the liquidity regulation of AMs and (ii) the solvency regulation of IIs can improve upon the competitive equilibrium allocations.
JEL Code
D62 : Microeconomics→Welfare Economics→Externalities
G01 : Financial Economics→General→Financial Crises
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation
6 May 2021
ECONOMIC BULLETIN
6 May 2021
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 3, 2021
Details
Abstract
This box reviews the factors behind the 11-percentage point swing in energy inflation between December 2020 and March 2021, with a particular focus on oil prices, base effects and the impact of indirect taxation. Base effects linked to the collapse of oil prices at the beginning of 2020 pushed up energy inflation by around 5 percentage points between December 2020 and March 2021, and this contribution can be expected to increase substantially further in April. The impact of the marked increase in oil prices since November 2020 has come on top of this. However, the strengthening of energy inflation in early 2021 has reflected not only oil price developments but also changes in taxes and other surcharges – including environmentally motivated measures such as the introduction of carbon emission certificates. Overall, energy inflation plays a prominent role in the temporary rise in overall HICP inflation projected for 2021 and its reduction in early 2022.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
Q4 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
H2 : Public Economics→Taxation, Subsidies, and Revenue
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
6 May 2021
OTHER PUBLICATION
5 May 2021
OTHER PUBLICATION

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