13 episodios

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.

    Building a bridge towards economic recovery

    Building a bridge towards economic recovery

    How will the coronavirus vaccine affect economic recovery in 2021? Where do we stand after nine months of fighting the crisis? And what is the role of the ECB’s monetary policy? Our host Michael Steen discusses these questions with our 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 December 2020 and recorded on 11 December 2020.

    In this episode:

    00:23 – What is the assessment of the economic response to the first wave?
    What the experience was during the first wave, how policy makers have adapted to the new challenges, how monetary and fiscal policy worked hand in hand to mitigate the economic shortfall.

    05:53 – How is the ECB building a bridge towards economic recovery?
    Why the ECB recalibrated its monetary policy in December, what the economic forecasts say about the recovery, how the PEPP and TLTROs work to support economic recovery.

    14:08 – What are the challenges that lie ahead in 2021?
    What the basis for our economic projections is, what difficulties and hopes there are on the path to economic recovery.

    19:58 – What else is on the ECB’s agenda?
    What the strategy review is about, what exactly we’re looking at and how we’re listening to Europeans and gathering their input.

    Further reading:

    Overview: 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

    Press release: ECB prolongs support via targeted lending operations for banks that lend to the real economy
    https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210_1~e8e95af01c.en.html

    Speech by Philip R. Lane: Monetary policy in a pandemic: ensuring favourable financing conditions
    https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201126~c5c1036327.en.html

    Macroeconomic projections
    https://www.ecb.europa.eu/pub/projections/html/index.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: pod.link/ecbpodcast15:

    • 21 min
    A cyclist’s guide to financial stability amid a pandemic

    A cyclist’s guide to financial stability amid a pandemic

    What do cycling and financial stability have in common? How has the pandemic affected the financial system and the economy? What risks lie ahead? Our host Michael Steen discusses these questions and more with economists John Fell and Tamarah Shakir, who analyse financial stability at the ECB.

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

    Published on 25 November 2020 and recorded on 13 November 2020.


    In this episode:

    00:46 – What is financial stability?
    What financial stability is, what it has in common with cycling, financial instability during the global financial crisis.

    05:59 – How has the pandemic affected financial stability?
    How the coronavirus crisis affected financial stability in March, how the reaction by EU and national policymakers prevented a financial crisis and why financial stability could largely be preserved.

    12:05 – How has the coronavirus crisis affected businesses?
    What the measures taken to protect businesses and households are, how the measures have worked and helped to preserve financial stability.

    17:26 – What are the challenges that lie ahead?
    What the risks for businesses, households and the financial system are, what we need to look out for in the future and what is being done to prevent the risks from materialising.

    Further reading:

    Financial Stability Review, November 2020
    https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202011~b7be9ae1f1.en.html

    Special Feature by John Fell and Garry Schinasi in the Financial Stability Review, June 2005, pp. 117-125
    https://www.ecb.europa.eu/pub/pdf/fsr/financialstabilityreview200506en.pdf

    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

    • 26 min
    Is it time for a digital euro?

    Is it time for a digital euro?

    What is a digital euro? What would its benefits be and how would it affect the way we make payments? When could it be ready?

    Our host Michael Steen discusses these questions and more with Ulrich Bindseil, who is responsible for market infrastructures and payments at the ECB.

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

    Published on 6 November 2020 and recorded on 26 October 2020.

    In this episode:

    01:10 – What is money?
    What money is, what the differences between central bank money and commercial bank money are, and where a digital euro comes in.

    05:23 – The development of digital payments and the benefits of a digital euro.
    How digital payments have developed over the last few years, what different kinds of digital payments already exist and how they differ, and what the benefits of a digital euro might be.

    12:12 – The impact on digital payments and design options
    How I will be able to pay in the future? What could a digital euro technically look like.

    18:17 – The way forward and next steps
    When a digital euro will be ready and how and why to have your say on its design.




    Further reading:

    Report on a digital euro
    https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf

    Public consultation on a digital euro
    https://epsilon.escb.eu/limesurvey3/434111?lang=en

    Tiered CBDC and the financial system
    https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2351~c8c18bbd60.en.pdf

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

    • 23 min
    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

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