The ECB Podcast

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/

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

Why do we need banking supervision at the European level? Should a bank be allowed to fail? What does a normal day look like for a supervisor? What are the supervisory challenges posed by Brexit? Our host Michael Steen discusses these questions with expert guests Andrea Enria, Pien van Erp Taalman Kip and Linette Field. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 21 January 2020 and recorded on 6 December 2019. In this episode: (01:03) A safe and sound banking sector Why do we need banking supervision at the European level, why should banks be allowed to fail and why is transparency towards private investors a priority in a bail-in world? (12:13) A day in the life of a supervisor What does a banking supervisor do, what are Joint Supervisory Teams and why can’t supervisors be of the same nationality as the bank they supervise? (20:43) Challenges for banks: profitability, cybersecurity and Brexit Why is it important that supervisors understand the risks banks face, why do they care about banks’ profits and what are the challenges posed by Brexit? Further reading: Explainer: SSM explained in 3 minutes https://www.youtube.com/watch?v=xC_2N0Y20qQ Webpage: Relocating to the euro area https://www.bankingsupervision.europa.eu/banking/relocating/html/index.en.html Supervision Newsletter: Brexit: operational risk increases when banks delay action https://www.bankingsupervision.europa.eu/press/publications/newsletter/2019/html/ssm.nl191113_2.en.html Supervision Newsletter: Brexit: stepping up preparations https://www.bankingsupervision.europa.eu/press/publications/newsletter/2019/html/ssm.nl190814.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: Supervising banks – Principles and priorities https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190307~28d206eae5.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: The banking union – a personal view on its past, present and future https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp191030~a66780e0a5.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: Is less more? Profitability and consolidation in the European banking sector https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190704~1f442782ac.en.pdf?2773aa57fc4093122a0effc8247b6a8b Speech: A Enria, Chair of the ECB’s Supervisory Board: A binary future? How digitalisation might change banking https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190311~2af7fb032e.en.html https://www.ecb.europa.eu/

What was it like when the euro was launched in 1999? Where will the euro be in another 20 years? Is there a link between support for the euro and trust in the ECB? Our host Michael Steen discusses these questions with expert guests Erkki Liikanen, Martin Wolf and Siria Angino. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 28 November 2019 and recorded on 5 September, 23 October and 25 October 2019. Further reading Webpage: The euro at 20 https://www.ecb.europa.eu/euro/html/index.en.html Quiz: The euro at 20 https://www.ecb.europa.eu/euro/html/quiz.en.html Explainer: How do you benefit from the euro https://www.ecb.europa.eu/explainers/tell-me/html/benefits-euro-euroat20.en.html Explainer: How does the euro help Europeans do business? https://www.youtube.com/watch?v=WsxPlyzmkqU&feature=youtu.be Explainer: How have Europeans benefited from the euro? https://www.youtube.com/watch?v=HeXDwUsz57o&feature=youtu.be Speech: 20th anniversary of the euro https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190115.en.html Speech: Past and future of the ECB monetary policy https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180504.en.html Speech: The future of the euro area economy https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp191122~0c1f115db0.en.html Did you know?: More fact about the euro https://europa.eu/euroat20/the-euro-in-numbers/ Webpage: the banking union https://www.bankingsupervision.europa.eu/about/bankingunion/html/index.en.html Fourth ECB Annual Research Conference https://www.ecb.europa.eu/pub/conferences/html/20190905_4th_ecb_annual_research_conference.en.html Speeches on the capital markets union https://www.ecb.europa.eu/home/search/html/capital_markets_union.en.html European Central Bank website https://www.ecb.europa.eu/

What do porridge and prices have in common? How do music and video streaming affect inflation? And is low inflation the new normal? Our host Michael Steen discusses with guests Christiane Nickel, Frank Smets, and ECB Chief Economist Philip R. Lane. In this episode: (00:45) Keeping prices stable Why should prices go up, what is the link between wages and prices, and how does working towards our inflation target help to stabilise the economy? (12:07) The new normal How are changes in price measured, what factors drive inflation, and how do globalisation, demographics and e-commerce affect inflation? (23:20) Forecasting inflation Why do central banks need to provide accurate forecasts, how are these forecasts produced, and why can this process be challenging? The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 31 October 2019 and recorded on 10 and 14 October 2019. Further reading Explainer: Why are stable prices important? https://www.ecb.europa.eu/explainers/tell-me-more/html/stableprices.en.html Conference: Inflation in a changing economic environment https://www.ecb.europa.eu/pub/conferences/html/20190923_inflation_conference.en.html Speech: Monetary policy and below-target inflation https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190701~0c1fa3c8fc.en.html Research: Low inflation in the euro area: causes and consequences https://www.ecb.europa.eu/pub/pdf/scpops/ecbop181.en.pdf Research: Expert group studying the causes of low inflation (LIFT) https://www.ecb.europa.eu/pub/economic-research/research-networks/html/researcher_lift.en.html Research: The impact of global value chains on the euro area economy https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op221~38185e6936.en.pdf Publication: Macroeconomic projections https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank website https://www.ecb.europa.eu/

The implications of crypto-assets, emerging payment technologies and Facebook’s plans to create a global digital currency, Libra – discussed by our host, Michael Steen, and guests, Dirk Bullmann, Maria Teresa Chimienti, and ECB Executive Board member Benoît Cœuré. Recorded on 6 and 9 September 2019. In this episode: (01:03) Benoît Cœuré The big picture: what is money, why is there a demand for digital currencies and what is the role of central banks in this field? (11:47) Maria Teresa Chimienti Getting technical: what are crypto-assets, what makes Facebook’s Libra different, and why is it important for central banks to research these phenomena? (17:32) Dirk Bullmann Talking innovation: what is blockchain and DLT, why are they so fascinating and how does innovation at the ECB help make payments instant? Further reading: Explainer: What is money? https://www.ecb.europa.eu/explainers/tell-me-more/html/what_is_money.en.html Explainer: What is bitcoin? https://www.ecb.europa.eu/explainers/tell-me/html/what-is-bitcoin.en.html Explainer: How could new technology transform financial markets? https://www.ecb.europa.eu/explainers/tell-me-more/html/distributed_ledger_technology.en.html Research – special feature: Distributed Ledger Technology (e.g. blockchain) https://www.ecb.europa.eu/pub/annual/special-features/2016/html/index.en.html Research – Occasional Paper: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op223~3ce14e986c.en.pdf Research – Economic Bulletin Article: Understanding the crypto-asset phenomenon, its risks and measurement issues https://www.ecb.europa.eu/pub/economic-bulletin/articles/2019/html/ecb.ebart201905_03~c83aeaa44c.en.html European Central Bank website https://www.ecb.europa.eu/ The views expressed are those of the speakers and not necessarily those of the European Central Bank.