The ECB Podcast European Central Bank

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