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The European Central Bank Podcast – bringing you insights into the world of economics and central banking. Our host, Michael Steen, talks to experts about the topics and trends that matter to the eurozone economy today.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.

The ECB Podcast European Central Bank

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The European Central Bank Podcast – bringing you insights into the world of economics and central banking. Our host, Michael Steen, talks to experts about the topics and trends that matter to the eurozone economy today.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.

    Virtually everywhere? Digitalisation and jobs in the euro area (Part 2)

    Virtually everywhere? Digitalisation and jobs in the euro area (Part 2)

    How is AI changing what we do? What does a job in the platform economy look like? How will the coronavirus pandemic affect the way we work? Our host Michael Steen discusses these questions and more with economists Robert Anderton and Lara Vivian.

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

    Published on 29 September 2020 and recorded on 13 August 2020.

    In this episode:

    01:04 – Digitalisation and job polarisation
    How digitalisation is changing our roles and how job polarisation is affecting different euro area countries.

    04:47 – Zooming in on artificial intelligence
    What the impact of AI is on jobs, what it means for the future of the job market and how AI is affecting different sectors.

    06:57 – The platform economy
    What the characteristics of the platform economy are, how it has increased in size over the past years and possible policy implications.

    14:25 – Labour markets after coronavirus- the new normal?
    How the pandemic could result in a permanent acceleration and take-up of digitalisation. Why this can pose challenges and provide new opportunities.

    Further reading:

    Virtually everywhere? Digitalisation and the euro area and EU economies
    https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op244~2acc4f0b4e.en.pdf

    Digitalisation and its impact on the economy: insights from a survey of large companies
    https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_04.en.html

    Study to monitor the economic development of the collaborative economy at sector level in the 28 EU Member States
    https://op.europa.eu/en/publication-detail/-/publication/0cc9aab6-7501-11e8-9483-01aa75ed71a1

    New evidence on platform workers in Europe
    https://ec.europa.eu/jrc/en/publication/eur-scientific-and-technical-research-reports/new-evidence-platform-workers-europe

    Hours of work polarisation?
    https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2324~3a8fca82b4.en.pdf

    European Central Bank
    https://www.ecb.europa.eu/home/html/index.en.html

    • 18 Min.
    Virtually everywhere? Digitalisation and jobs in the euro area (Part 1)

    Virtually everywhere? Digitalisation and jobs in the euro area (Part 1)

    How does the increased use of digital technologies change the way we work? Is the fear of automation taking away our jobs justified? Or do our tasks and skills evolve to meet the new conditions? Our host Michael Steen discusses these questions and more with economists Valerie Jarvis and Robert Anderton in this episode.

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

    Published on 2 September 2020 and recorded on 13 August 2020.

    In this episode:

    01:11 – Digitalisation: what it is and its presence across the euro area
    How to measure digitalisation, how it affects our economies and what explains the differences in digitalisation levels across euro area countries.

    05:24 – Digitalisation and labour markets
    What is the impact of digital technologies on labour markets, how robots are affecting the way we work and the important role of institutions and governance in reaping the benefits of digitalisation.

    09:27 – Digitalisation and employment growth
    Why machines are not replacing humans and how the digital revolution can bring about large improvements in productivity and living standards.

    12:40 – Zooming in on digital jobs
    How the proportions of digitally dependent employment differ across Europe, why the role of each country’s characteristics is important and why countries with higher digital employment growth are also those with lower unemployment.

    Further reading:

    Virtually everywhere? Digitalisation and the euro area and EU economies
    https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op244~2acc4f0b4e.en.pdf

    Digitalisation and its impact on the economy: insights from a survey of large companies
    https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_04.en.html


    European Central Bank
    https://www.ecb.europa.eu/home/html/index.en.html

    • 17 Min.
    Banks in the coronavirus crisis

    Banks in the coronavirus crisis

    What challenges does the coronavirus pandemic pose for banks? And what role can they play in helping the real economy deal with the crisis? Our host Michael Steen discusses these questions and more with ECB Supervisory Board Chair Andrea Enria in this episode.

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

    Published on 10 June 2020 and recorded on 29 May 2020.

    In this episode:

    (02:38) Coronavirus and the banks
    How the pandemic is posing challenges for banks, their response to the crisis and what banks can do to support the economy by lending to people and businesses.

    (07:42) The ECB’s measures to boost lending
    How the ECB has supported bank lending in the euro area.

    (11:25) The advantages of supervision at European level
    How European supervision enabled banks to enter this crisis in a much stronger position than in 2008, and how it has allowed for a unified and fast response to increase the safety of banks.

    (14:57) The coronavirus and digitalisation in the banking sector
    The opportunities for banks that come with digitalisation and how to mitigate the new risks increased digitalisation introduces.

    Further reading:

    The ECB’s response to the coronavirus pandemic
    https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html
    https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html

    Supervision.Explained.: Why do banks need to hold capital?
    https://www.bankingsupervision.europa.eu/about/ssmexplained/html/hold_capital.en.html

    Press release: ECB Banking Supervision provides temporary relief from capital requirements for market risk
    https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200416~ecf270bca8.en.html

    Press release: ECB asks banks not to pay dividends until at least October 2020
    https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200327~d4d8f81a53.en.html

    Banking supervision website
    http://www.bankingsupervision.europa.eu/

    • 19 Min.
    Coronavirus: zooming in on financial markets

    Coronavirus: zooming in on financial markets

    What is the role of financial markets in the economy? How does the coronavirus pandemic affect markets? Is the current crisis also a financial crisis? Our host Michael Steen discusses these questions with ECB Executive Board member Isabel Schnabel.

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

    Published on 25 May 2020 and recorded on 15 May 2020.


    In this episode:

    (01:57) The role of financial markets in the economy
    How they act as intermediaries between savers and borrowers, how they react in case of a shock and why their stability is key to ensuring a well-functioning economy.

    (05:14) The coronavirus and financial markets
    How financial markets have responded to the coronavirus shock and why this is different from the 2008 financial crisis.

    (10:26) The ECB’s measures to ease lending
    How our targeted lending measures aim to help people and businesses, the particular role of the Pandemic Emergency Purchase Programme and how the ECB works with other central banks to keep financial systems working smoothly.

    (17:03) International cooperation in times of crisis: swap lines
    How swap lines between central banks work and how these agreements help keep financial systems around the world working smoothly.


    Further reading:

    The ECB’s response to the coronavirus pandemic
    https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html
    https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html

    Explainer: Tell me more: What are currency swap lines?
    https://www.ecb.europa.eu/explainers/tell-me-more/html/currency_swap_lines.en.html

    European Central Bank website
    www.ecb.europa.eu

    • 21 Min.
    Coronavirus: from health crisis to economic crisis

    Coronavirus: from health crisis to economic crisis

    How is the coronavirus pandemic affecting the economy? Which sectors have been hit hardest? What is the ECB doing to limit the economic impact of the crisis? Our host Michael Steen discusses these questions with ECB Chief Economist Philip R. Lane.
    The views expressed are those of the speakers and not necessarily those of the European Central Bank.
    Published on 18 May 2020; recorded on 11 May 2020.

    In this episode:

    (02:30) Coronavirus and the economy
    The economic impact of the coronavirus pandemic, the characteristics of the shock on the supply and demand sides and which sectors have been hit the hardest by the crisis.

    (08:11) Coronavirus and the policy response
    The need to address the dramatic downturn in the economy that is threatening price stability, how we are supporting households and firms and why fiscal policy has to play a central role.

    (15:18) The risk of falling prices and targeted lending
    How the pandemic pushes prices down in the short and medium-term and how our targeted measures incentivise banks to continue lending to small and medium-sized businesses and households in these uncertain times.

    The ECB’s response to the coronavirus pandemic
    https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html
    https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html

    Philip R. Lane: Interview with the Telegraaf
    https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200512~13fcf73079.en.html

    Philip R. Lane: The monetary policy response to the pandemic emergency
    https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200501~a2d8f514a0.en.html

    ECB announces new pandemic emergency longer-term refinancing operations
    https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html

    ECB recalibrates targeted lending operations to further support real economy
    https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430~fa46f38486.en.html

    Luis de Guindos, Isabel Schnabel: Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures
    https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200422~244d933f86.en.html

    Fabio Panetta: Why we all need a joint European fiscal response
    https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200421~a7f2ec5159.en.html

    Christine Lagarde: How the ECB is helping firms and households
    https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html

    Luis de Guindos, Isabel Schnabel: The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19
    https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200403~54ecc5988b.en.html

    Christine Lagarde: Our response to the coronavirus emergency
    https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html

    ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)
    https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318_1~3949d6f266.en.html

    ECB statement
    https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318~152e1c740f.en.html

    Philip R. Lane: The Monetary Policy Package: An Analytical Framework
    https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200313~9e783ea567.en.html

    ECB announces easing of conditions for targeted longer-term refinancing operations (TLTRO III)
    https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200312_1~39db50b717.en.html

    ECB announces measures to support bank liquidity conditions and money market activity
    https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200312_2~06c32dabd1.en.html

    European Central Bank website
    https://www.ecb.europa.eu/

    • 22 Min.
    Climate change and the role of central banks

    Climate change and the role of central banks

    How does climate change affect financial stability? Why isn’t the ECB buying more green bonds? How can banks better prepare for climate-related risks? Our host Michael Steen discusses these questions with expert guests Fatima Pires, Madelaine Roos and Patrick Amis.

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

    Published on 3 March 2020; recorded on 5, 6 and 13 February 2020.

    In this episode:

    (02:08) Climate change and financial stability
    The risks emerging from climate change (physical and transition risks), their effects on financial stability, how stress tests help spot these risks and why international cooperation is key.

    (13:22) Climate change and the green market
    Why we don’t just buy more green bonds, how a taxonomy can help identify green assets and what the ECB is doing to make its own funds more sustainable.

    (20:47) Climate change and banks
    The role of banks in the shift to a more sustainable economy, how supervisors can help banks prepare for risks stemming from climate change and why transparency is important to better understand climate risks.

    Climate change and the ECB
    https://www.ecb.europa.eu/ecb/orga/climate/html/index.en.html

    Speech (27 February 2020): C Lagarde, President of the ECB: Climate change and the financial sector
    https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200227_1~5eac0ce39a.en.html

    Research Bulletin: Finance and decarbonisation: why equity markets do it better
    https://www.ecb.europa.eu/pub/economic-research/resbull/2019/html/ecb.rb191127~79fa1d3b70.en.html

    Working Paper: Finance and carbon emissions
    \https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2318~44719344e8.en.pdf

    Financial Stability Review: Climate change and financial stability
    https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart201905_1~47cf778cc1.en.html

    Working Paper: The Green Golden Rule: habit and anticipation of future consumption
    https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2247~72dc51ddd8.en.pdf

    Economic Bulletin: Purchases of green bonds under the Eurosystem’s asset purchase programme
    https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_01.en.html

    Working Paper: The impact of disasters on inflation
    https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1982.en.pdf

    Speech (2018): B Cœuré, Member of the Executive Board of the ECB: Monetary policy and climate change
    https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp181108.en.html

    ECB Press Conference Q&A (23 January 2020)
    https://www.ecb.europa.eu/press/pressconf/2020/html/ecb.is200123~0bc778277b.en.html

    European Central Bank website
    https://www.ecb.europa.eu/home/html/index.en.html

    • 31 Min.

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