The ECB Podcast

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 12 September 2024. Our monetary policy statement at a glance, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240912~4f7b17040c.en.html Monetary policy decisions, 12 September 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240912~67cb23badb.en.html Combined monetary policy decisions and statement, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240912~b6348e49f9.en.pdf Macroeconomic projections, 12 September 2024 https://www.ecb.europa.eu/press/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms.

What does a day in the life of a banking supervisor look like? How does one become a supervisor? And why does no one care about them – until things go wrong, that is! In our second Summer School episode, our host Stefania Secola speaks to Ramón Quintana Aguirre, who heads the supervision of the largest euro area banks. Published on 10 August 2024 and recorded on 16 July 2024. Show notes: 1:45 What is the typical background of a banking supervisor? Why did our guest decide to pursue this career? And what kind of qualifications and work experience do supervisors usually have? 6:00 What do supervisors expect from the banks they supervise? Do banks have enough capital and strong governance structures in place? And what do we do when banks aren’t properly managing their risks? 6:36 Why is the work of a banking supervisor so relevant? If banks fail, people’s lives are directly affected. So why does banking supervision only make the news when things go wrong, but never when they succeed? 10:11 What does a day in the life of a banking supervisor look like? From coming into the office to meeting with colleagues, managers and bank CEOs – what’s a typical day in banking supervision? 13:00 Why is supervising banks much more than just sitting at a desk? Engaging with bankers, supervisors and executives from all over Europe – the work of a banking supervisor may be more people-oriented than you think. 15:18 How do supervisors stay on top of things? The world in which we operate is changing. What role does training and recruitment play in helping banks face new risks? 17:05 Our guest’s hot tip Ramón Quintana Aguirre shares his hot tip with our listeners Further Reading: The ECB Podcast Summer School episode 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 European banking supervision explained https://youtu.be/gW-5AtmyByc FAQ on European banking supervision https://www.bankingsupervision.europa.eu/press/publications/html/ssm.faq_about~c50751c039.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

What is European banking supervision and how is it connected to our bank accounts? And what does football have to do with it? Our host Stefania Secola discusses these questions and more with Supervisory Board member Elizabeth McCaul in the first episode of our Summer School on banking supervision. Published on 8 August 2024 and recorded on 11 July 2024. 1:06 Ten years of European banking supervision We’re celebrating ten years of European supervision this year. Let’s look at how it emerged from crisis. 3:44 How is European supervision like football? What is supervision at European level, why was it established and how is it connected to our bank accounts? 6:00 What have been the highlights of the past ten years? We reflect on the achievements of the past ten years, such as dealing with no shortage of challenges for banks, including the pandemic, Russia’s invasion of Ukraine and rising interest rates. 10:30 What about the future? What does the future of European banking supervision look like? What are the challenges, and how are we preparing to handle them? 13:07 Our guest’s hot tip Elizabeth McCaul shares her hot tip with our listeners. It’s a Wonderful Life https://en.wikipedia.org/wiki/It%27s_a_Wonderful_Life https://watch.plex.tv/watch/movie/its-a-wonderful-life European banking supervision explained https://youtu.be/gW-5AtmyByc FAQ on European banking supervision https://www.bankingsupervision.europa.eu/press/publications/html/ssm.faq_about~c50751c039.en.html The ECB Podcast: How is tech shaping Banking supervisión https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230928_episode70.en.html The ECB Podcast Summer School #1: : a deep dive into inflation (2023 edition) 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 (2023 edition) 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 (2023 edition) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230818_episode68.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html 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 18 July 2024 Additional material Our monetary policy statement at a glance, 18 July 2024https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_july.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 18 July 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240718~6600b4add6.en.html Monetary policy decisions, 18 July 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240718~b9e0ddd9d5.en.html Combined monetary policy decisions and statement, 18 July 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240718~215969ab03.en.pdf?aa558df6bb80d9463f92f3fc62465f23 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

Klaas Knot, Chair of the Financial Stability Board, President of De Nederlandsche Bank, and member of the ECB Governing Council, and Lesetja Kganyago, Governor of the South African Reserve Bank, discuss the challenges facing the international financial system at the ECB Forum on Central Banking in Sintra, Portugal. Published on 6 July 2024 and recorded on 3 July 2024. 2024 ECB Forum on Central Banking https://www.ecb.europa.eu/press/conferences/ecbforum/html/index.en.html The ECB Podcast: The road ahead: is there room for optimism? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240627_episode86.en.html The ECB Podcast: Financial Stability in a ChatGPT world https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240517_episode84.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

We live in uncertain times. Military conflict, including in Europe, is reshaping the geopolitical landscape. People are suffering. And our economies are also affected, which is a specific challenge for central banks. Our co-host Paul Gordon discusses this with Moritz Schularick, President of the Kiel Institute for the World Economy. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 5 July 2024 and recorded on 2 July 2024. 1:02 A look at today’s geopolitical environment Geopolitical risk can materialise unexpectedly. What are the risks in these uncertain times? How is the geopolitical landscape changing? 2:17 The price of war What does military conflict mean for the economy? And how do events in other parts of the world affect us? 6:08 Challenges for central banks Wars have an impact on our economies, including on inflation. This poses a challenge for central banks. 12:13 Managing geopolitical risks How can we manage geopolitical risks better? Is more independence the only way? 16:17 Our guest’s hot tip Moritz Schularick shares his hot tip with our listeners. The ECB Forum on Central Banking https://www.ecb.europa.eu/press/conferences/html/20240701_ecb_forum_on_central_banking.en.html Federle, J, A Meier, G Müller, W Mutschler and M Schularick (2024), ‘DP18834 The Price of War‘, CEPR Discussion Paper No. 18834. CEPR Press, Paris & London. https://cepr.org/publications/dp18834 The Crisis of Democratic Capitalism by Martin Wolf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

ECB President Christine Lagarde, US Federal Reserve Chair Jerome Powell and Governor of the Banco Central do Brasil Roberto Campos Neto sat down together to discuss the steps they’ve taken to fight inflation and reflect on the road ahead during the ECB Forum on Central Banking in Sintra, Portugal. Recorded on 2 July 2024 and published on 3 July 2024. 2024 ECB Forum on Central Banking https://www.ecb.europa.eu/press/conferences/ecbforum/html/index.en.html The ECB Podcast - The road ahead: is there room for optimism? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240627_episode86.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

We just lowered our interest rates, as inflation is falling. But what was behind this decision? What is the state of our economy? And more importantly, what comes next? Our new co-host Paul Gordon 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 27 June 2024 and recorded on 18 June 2024. 1:13 Our latest monetary policy decision Why did the ECB’s Governing Council decide to lower its key interest rates? What were the determining factors? 5:10 The state of our economy How has inflation evolved in recent months? Is the economy recovering? And how have wages and employment been affected? 8:36 Next steps What are our next monetary policy steps? How will current uncertainty affect future decisions? 11:18 The ECB Forum in Sintra, Portugal What can we expect from this year’s ECB Forum on Central Banking? And what is Chief Economist Philip R. Lane most looking forward? 15:45 Our guest’s hot tip Chief Economist Philip R. Lane shares his hot tip with our listeners. Philip R. Lane interview with Financial Times, 27 May 2024 https://www.ecb.europa.eu/press/inter/date/2024/html/ecb.in240527~ffaddc865d.en.html Philip R. Lane speech on Monetary policy and the disinflation process, 11 June 2024 https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp240611~caf9681480.en.html The ECB Podcast: Quo vadis, inflation? March 2024 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240325_episode81.en.html ECB Forum on Central Banking 2024 – programme https://www.ecb.europa.eu/press/conferences/ecbforum/html/index.en.html Young Economist Prize 2024 https://www.ecb.europa.eu/press/conferences/ecbforum/YE_competition/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

President Christine Lagarde discusses recent ECB monetary policy decisions, including interest rate adjustments, inflation projections, and economic growth expectations. The Governing Council's commitment to a data-centered strategy and flexibility in reaching inflation goals are highlighted.

What does the rapid advance of AI mean for our financial system? And how is financial stability affected by geopolitical risk? Our host Stefania Secola puts these questions to expert John Fell in The ECB Podcast’s regular look at financial stability in the euro area. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 17 May 2024 and recorded on 10 May 2024. In this episode: 01:01 – How stable is our financial system right now? Our latest financial stability assessment is more positive, but just how resilient is our financial system to shocks? 04:56 – What concerns does geopolitical risk raise? How can geopolitical risk affect markets, banks and non-banks like investment funds, and what can financial institutions do to manage it? 09:55 – How can AI help the financial system? Artificial intelligence offers promising ways to improve efficiency, customer service and risk management. 13:32 – Can AI be a source of systemic risk? Widespread use of AI tools and reliance on a small number of suppliers could lead to financial stability risks. 19:13 – Our guest’s hot tip Financial stability expert John Fell shares his hot tip with our listeners. Further reading: Financial Stability Review, May 2024 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html Turbulent times: geopolitical risk and its impact on euro area financial stability (special feature A) https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202405~7f212449c8.en.html#toc33 The rise of artificial intelligence: benefits and risks for financial stability (special feature B) https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202405~7f212449c8.en.html#toc34 The ECB Podcast: When the yin meets the yang: resilience in gloomy times, December 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod231202_episode74.en.html European Central Bank www.ecb.europa.eu