The ECB Podcast

Christine Lagarde, President of the European Central Bank and a key figure in global monetary policy, discusses crucial updates on the ECB's recent decisions. She highlights the strategy to curb inflation and achieve the 2% target. The conversation dives into the current economic performance and the anticipated developments in prices. Lagarde also addresses the risks facing the economic outlook and shares insights into maintaining stability in the euro area amidst high inflation and challenging lending conditions.

Your questions answered: whether it’s about careers at the ECB, how our work affects people and businesses, or how we plan to tackle global challenges, we tackle listeners’ questions in this #AskECB episode of The ECB Podcast. Join our host Stefania Secola as she talks to colleagues Eglantine Devaux and Gabriel Glöckler. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 February 2025 and recorded on 20 February 2025. In this episode: 00:36 Your questions answered You, our listeners, sent us your burning questions on social media. What did you want to know? And who do we have onboard to answer your questions? 01:54 Working at the European Central Bank What does it take to join the team? How do we nurture and grow talent? And what are the advantages of working in such a diverse environment? 08:34 Small businesses and consumers How do our monetary policy decisions affect small businesses and consumers? How does this relate to our mission? We tackle these questions by looking at the example of a garden centre. 08:54 Stable, predictable changes in prices How do we keep prices stable? What tools do we have available? And how does our price stability objective help motivate us? 14:47 Facing global economic challenges What challenges lie ahead? How can we respond to uncertainty, geopolitical tensions and a changing climate? 16:19 The challenge posed by tariffs How will tariffs impact our economies, and what about inflation? 18:27 Europe’s potential What opportunities can we harness as Europeans? And what could they mean for our economy? 22:43 Communication among central banks worldwide How do we work together? Are there particular structures in place? And what topics do we discuss? 27:49 Our guests’ hot tips Eglantine and Gabriel share their hot tips with our listeners. Further readings: ECB vacancies https://talent.ecb.europa.eu/careers Graduate programme https://www.ecb.europa.eu/careers/what-we-offer/graduate/html/index.en.html Traineeship https://www.ecb.europa.eu/careers/what-we-offer/traineeship/html/index.en.html What we offer https://www.ecb.europa.eu/careers/what-we-offer/benefits/html/index.en.html IMF - Ask an Economist https://m.youtube.com/playlist?list=PLmYAE4wV1YQzDbnDZlNJoqMhIDUQpEPTZ IMF - Back to Basics https://m.youtube.com/playlist?list=PLmYAE4wV1YQyRb6H1_XJWY73HJVdR6oBX IMF- Analyze This! https://m.youtube.com/playlist?list=PLmYAE4wV1YQz_LzOLaKTpDWyH93SNuF7x IMF - Charts in Motion https://m.youtube.com/playlist?list=PLmYAE4wV1YQz6xXWx5eB7uT9zE-4KcmAZ ECB - Espresso Economics https://www.youtube.com/@Espresso_Economics ECB Instagram https://www.instagram.com/europeancentralbank/ European Central Bank www.ecb.europa.eu ECB Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Christine Lagarde, President of the European Central Bank, discusses key monetary policy updates. She highlights the decision to lower interest rates to combat rising inflation while aiming for a 2% target. Lagarde explores the euro area's economic stagnation, consumer confidence, and labor market conditions. She emphasizes the importance of flexibility in monetary strategies to ensure effective policy communication and transmission. Tune in for insights into the economic outlook and the challenges ahead!

We’ve reached 100 episodes of The ECB Podcast! Our hosts Stefania Secola and Paul Gordon reflect on their favourite episodes and welcome two special guests to the show. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 January 2025 and recorded on 10 January 2025. In this episode: 00:54 100th episode What topics have we covered? Which guests have joined us? And how can you – our listeners – help shape the podcast’s future? 03:18 What can podcasts do for central bank communications? Why did we start a podcast? And how does it enable us to better explain our work to keep prices stable and banks safe? 06:09 What does Taylor Swift have to do with it? Stefania reflects on our AskECB episode, where we answered YOUR questions. The next edition is coming up – find out how you can submit your questions! 07:50 A memorable episode Paul reflects on the episode “War, geopolitics and the economy”. How can we apply the lessons learnt amid the rising geopolitical risks we’re observing? 09:56 Our most played episode Which episode features three global leaders? What did they say about female empowerment and the importance of diversity? And how much progress has been made on this topic? 11:38 A special surprise guest 12:56 Spotlight on past guests We’ve interviewed Presidents, Board members and experts. But who has been our most frequent guest? And what topics have they covered? 15:57 A special surprise guest 17:06 Our hosts’ hot tips Paul and Stefania share their hot tips with our listeners. Further reading: “Swiftflation”, banknotes and the digital euro https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod241005_episode94.en.html War, geopolitics and the economy https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240705_episode88.en.html What interest rate hikes mean for you, the economy and inflation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220723_episode38.en.html A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210715_episode18.en.html A digital euro: what, why, when? (part 1) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221015_episode41.en.html A digital euro: what, why, when? (part 2) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221019_episode42.en.html The ECB Podcast Summer School #1: a deep dive into inflation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230804_episode66.en.html The ECB Podcast Summer School #2: the nuts and bolts of interest rates https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230811_episode67.en.html The ECB Podcast Summer School #3: the role of banks in fighting inflation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230818_episode68.en.html The ECB Podcast Summer School #1: what do European banking supervision and football have in common? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240808_episode91.en.html The ECB Podcast Summer School #2: a day in the life of a banking supervisor https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240817_episode92.en.html ECB Instagram https://www.instagram.com/europeancentralbank/ Espresso Economics https://www.youtube.com/@Espresso_Economics BBC Radio 4 – Thing Fell Apart https://open.spotify.com/show/5cQxyxeC057nGcx7epp4ed European Central Bank www.ecb.europa.eu

What impact do global events have on our economy? And how has the ECB’s monetary policy shifted? As 2024 comes to an end, our host Paul Gordon discusses these questions and more with Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 20 December 2024 and recorded on 13 December 2024. In this episode: 01:43: Geopolitics and monetary policy How has geopolitics influenced the ECB’s work in 2024? 05:59: Reaching our 2% medium-term inflation target From holding rates to cutting rates: have we tamed inflation yet? 09:40: Unemployment at record lows What is the overall state of the economy? And what do the ECB’s latest projections tell us? 13:35 Europe’s competitiveness problem and the Draghi and Letta reports What does Europe need to do to become more competitive? What do these reports recommend? 15:40: Philip Lane’s hot tip ECB’s Chief Economist shares his hot tip with our listeners. Further reading: Monetary Policy Decisions – 12 December 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241212~2acab6e51e.en.html Much More Than a Market: Speed, Security, Solidarity – Empowering the Single Market to deliver a sustainable future and prosperity for all EU Citizens by Enrico Letta https://www.consilium.europa.eu/media/ny3j24sm/much-more-than-a-market-report-by-enrico-letta.pdf The future of European competitiveness: Report by Mario Draghi https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en The Central Bank as Crisis Manager by Patrick Honohan https://www.piie.com/bookstore/2024/central-bank-crisis-manager Monetary policy under uncertainty https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html Navigating a fragmenting global trading system: insights for central banks https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf European Central Bank www.ecb.europa.eu

Christine Lagarde, President of the European Central Bank and a former Managing Director of the IMF, discusses crucial monetary policy decisions aimed at achieving a 2% inflation target. She dives into the current economic performance, inflation expectations, and potential risks like geopolitical tensions. Lagarde also highlights a notable 1.3% annual increase in bank lending, emphasizing the importance of financial stability and the Governing Council’s strategies for navigating global trade dynamics.

How worried should Europe be about financial stability at a time of geopolitical and policy uncertainty and rising global trade tensions? As we mark the 20th anniversary of our Financial Stability Review, our host Paul Gordon discusses the risks with expert John Fell in the latest episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 November 2024 and recorded on 18 November 2024. In this episode: 01:08: How worried about financial stability should we be in Europe? 03:37: The risk profile shift from inflation to growth: can it expose us to other kinds of risk? 06:50: Europe’s growth and productivity concerns: what role does finance play? 11:19: What are the risk findings related to the rise of passive investing in equity markets? 16:23: Twenty years of the ECB’s Financial Stability Review – how effective has it been? 19:47: Guest’s hot tip Financial stability expert John Fell shares his hot tip with our listeners. Further reading: Financial Stability Review, November 2024 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html The future of European competitiveness: Report by Mario Draghi https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en Ray Dalio’s “Principles for Dealing with the Changing World Order” https://www.amazon.de/-/en/Principles-Dealing-Changing-World-Order/dp/1982160276 European Central Bank www.ecb.europa.eu

Climate change and nature loss are affecting all aspects of our lives, including our economies. What is the latest research telling us, and what is the cost to the economy? Stefania Secola talks to Executive Board member Frank Elderson and Deputy Director General and researcher Livio Stracca about how rising physical risks will affect our economies. The views expressed are those of the speakers and not necessarily those of the European Central Bank. This episode was recorded before the tragic floods in Spain. Published on 1 November. In this episode: 01:42 Floods, wildfires and droughtsHow do climate change and nature degradation affect our economies? And how high was the economic loss caused by recent extreme weather events ? 05:52 Catastrophe insuranceWhat is it? How many people have it? And what does it mean for our preparedness if disaster were to strike? 06:57 Adapting to a changing economyIt’s clear that our environment is changing. How can we adapt our activities in the face of these changes? 10:05 The Network for Greening the Financial SystemWhat is it, and what does it do? And what does it have to do with central banks and supervisors? 12:32 How do climate change and nature loss affect our economies?How much higher are the expected losses than we previously thought? What’s the latest scientific research telling us? 14:58 Climate messages during the Conference of the Parties (COP) meetingsWhich topics need more attention? And what can we do about it? 19:19 Our guests’ hot tips Further reading: The impact of climate change and policies on productivity https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op340~0173592e52.en.pdf Policy options to reduce the climate insurance protection gap https://www.ecb.europa.eu/pub/pdf/other/ecb.policyoptions_EIOPA~c0adae58b7.en.pdf Managing climate-related risks https://www.ecb.europa.eu/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html Living in a world of disappearing nature: physical risk and the implications for financial stability https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op333~1b97e436be.en.pdf What to do about Europe’s climate insurance gap https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog.230424~4cdc3a38ba.en.html Failing to plan is planning to fail – why transition planning is essential for banks https://www.bankingsupervision.europa.eu/press/blog/2024/html/ssm.blog240123~5471c5f63e.en.html The climate insurance protection gap https://www.ecb.europa.eu/ecb/climate/climate/html/index.en.html The Network for Greening the Financial System https://www.ngfs.net/en Measuring economic losses caused by climate change https://cepr.org/voxeu/columns/measuring-economic-losses-caused-climate-change “Know thyself” – avoiding policy mistakes in light of the prevailing climate science https://www.bankingsupervision.europa.eu/press/speeches/date/2024/html/ssm.sp240412~c256dc168c.en.html Hothouse Earth by Gill McGuire https://www.google.com/search?safe=active&sca_esv=0d2d5197637c41d9&rlz=1C1GCEA_enDE1060DE1060&q=hothouse+earth+bill+mcguire&udm=3&fbs=AEQNm0Aa4sjWe7Rqy32pFwRj0UkWd8nbOJfsBGGB5IQQO6L3J_86uWOeqwdnV0yaSF-x2jqw-AzvpDFRWNmLZKilfTrfO0pl9dtT9e2t2elzSdzPviJlaPtdkm_zev73LcACj_Zt3WoLu1loKbhUBQ0BvD6_OC9OERnpW26hAPVqw_fTJrjRkQgEJf5SXlzvVj2JhcxyIvER&sa=X&ved=2ahUKEwi2yfiVobGJAxX6_7sIHZckMjAQs6gLegQIExAB&biw=1280&bih=665&dpr=1.5 Climate Change 2023 Synthesis Report https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_SYR_LongerReport.pdf Headline statements of the Synthesis Report https://www.ipcc.ch/report/ar6/syr/resources/spm-headline-statements Climate Change 2023: Synthesis Trailer https://www.youtube.com/watch?v=T9CeECpxtx8 European Central Bank https://www.ecb.europa.eu European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. 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 17 October 2024    Our monetary policy statement at a glance, 17 October 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 17 October 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is241017~59ad385bab.en.html Monetary policy decisions, 17 October 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html Combined monetary policy decisions and statement, 17 October 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms. #MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

What do Taylor Swift concerts have to do with inflation? When could the digital euro be out? And what will our future euro banknotes look like? In this special #AskECB episode, our guests answer your questions as we mark The ECB Podcast’s fifth birthday. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 5 October. In this episode: 01:40 – Taylor Swift’s Eras Tour and inflation Can individual events, like concerts or football tournaments, affect inflation? Guido Wolswijk, who works on monetary policy at the ECB, explains what “funflation” is and how we monitor it. 8:14 – Our 2% target What happens if one euro area country has an inflation rate higher than 2%? What can the ECB do in such cases? 11:19 – The digital euro What might the digital euro be like? Erica Ricci, who works in the digital euro team, tells us about the project and its next steps. 14:44 – The digital euro and private payment providers What could users expect from the digital euro? And would it replace apps like PayPal in the euro area? 17:09 – New euro banknotes When will the design contest for our future euro banknotes begin? Satu Hietanen from the banknotes team tells us more about the upcoming competition to design the third series of euro banknotes. Further reading: Why are stable prices important https://www.ecb.europa.eu/ecb-and-you/explainers/tell-me-more/html/stableprices.en.html Two percent target inflation https://www.ecb.europa.eu/mopo/strategy/pricestab/html/index.en.html What would a digital euro be https://www.ecb.europa.eu/euro/digital_euro/features/html/index.en.html Future banknotes https://www.ecb.europa.eu/euro/banknotes/future_banknotes/html/index.en.html Explore our banknotes in 3D https://www.ecb.europa.eu/euro/banknotes/current/denominations/html/index.en.html#es2-100 European Central Bank www.ecb.europa.eu European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html