What lies ahead on our path to a greener future? How can we assess the impact of extreme weather on the economy? And how can we tackle financial risks from nature loss and degradation? With its new climate and nature plan, the ECB is stepping up its work in these areas over the next two years. Our host Stefania Secola discusses this and more with the head of the ECB’s climate change centre, Irene Heemskerk. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 31 January 2024 and recorded on 23 January 2024. In this episode: 01:00 – The ECB’s work on climate What has the ECB done so far to help tackle climate change, what does it plan to focus on going forward and why is this work important? 04:35 – The intensifying climate crisis As global temperatures rise and extreme climate events become more frequent and more devastating, what is the impact on the economy and the financial system? What can the ECB do about it? 07:40– Keeping the green transition on course Time is running out to contain global warming and meet the Paris Agreement targets. Governments are in the driving seat but we’re all heading in the same direction. How can economic analysis contribute to these efforts, and how can we unlock the funds needed to keep the green transition moving forward? 13:15 – Defining a role for monetary policy The ECB has already tilted its corporate bond holdings towards issuers with better climate performance. What else can it do, within its mandate, to support the green transition? What role can interest rates play? 15:00 – From climate change to environmental crises: nature and biodiversity loss Euro area firms and banks are highly dependent on nature, but nature is being rapidly devastated by human activity. What are the economic and financial risks stemming from nature degradation? 17:22 - Our guest’s hot tip ECB climate change centre head Irene Heemskerk shares her hot tip with our listeners. Additional material: Press release: ECB steps up climate work with focus on green transition, climate and nature-related risks, 30 January 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr240130~afa3d90e07.en.html The ECB’s climate and nature plan 2024-25 https://www.ecb.europa.eu/ecb/climate/our-climate-and-nature-plan/html/index.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html The ECB’s publications on climate change https://www.ecb.europa.eu/home/search/html/climate_change.en.html The ECB Podcast: What biodiversity and nature loss mean for our economy, 25 November 2023 https://www.youtube.com/watch?v=DP3tRzELPLY European Central Bank www.ecb.europa.eu www.bankingsupervision.europa.eu

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 25 January 2024. Our monetary policy statement at a glance, 25 January 2024 https://www.ecb.europa.eu/press/pressconf/visual-mps/2024/html/mopo_statement_explained_january.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 25 January 2024 https://www.ecb.europa.eu/press/pressconf/2024/html/ecb.is240125~db0f145c32.en.html Monetary policy decisions, 25 January 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240125~f738889bde.en.html Combined monetary policy decisions and statement, 25 January 2024 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds240125~d65b43331a.en.pdf 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

President Lagarde presents the latest monetary policy decisions and discusses factors influencing interest rate decisions, plans to normalize the balance sheet, and expectations for inflation reaching the target of 2% in 2025. The episode also covers the Euro-area economy, labor market impact, changes in financial and monetary conditions, and concerns about financial stability.

Outgoing Supervisory Board Chair Andrea Enria sat down with President Christine Lagarde during the ECB Forum on Banking Supervision to look back on his five-year term, marked by challenges such as the pandemic and reflects on the most difficult decision he had to take. He also reflects on the decisions taken to overcome these challenges, and what the future holds for European banking supervision. Recorded on 1 December 2023 and published on 9 December 2023. Additional material: President Christine Lagarde’s welcome address at the fifth ECB Forum on Banking Supervision https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp231130~48f5947179.en.html ECB Forum on Banking Supervision https://www.bankingsupervision.europa.eu/press/conferences/html/20231130_5th_ECB_Forum_Banking_supervision.en.html European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html European Central Bank www.ecb.europa.eu

How are financial markets reacting to higher rates, a sluggish economy and geopolitical tensions? Should we worry about property markets? Our host Stefania Secola puts these questions to financial stability expert John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 2 December 2023 and recorded on 27 November 2023. In this episode: 01:08 – Financial markets’ optimism is put to the test How are financial markets reacting to the new environment of high interest rates, a sluggish economy and rising geopolitical tensions? 06:00 – The conundrum of banks’ increasing profits and stagnant valuations Banks’ profits are at multi-year highs, yet their valuations haven’t changed much. What factors explain this? 10:31 – Real estate markets are a source of concern Residential and commercial property markets are feeling the impact of higher interest rates. What are the implications for banks and financial stability? 16:06 – The yin and the yang of financial stability As the credit cycle turns, and with several vulnerabilities unravelling, can resilience compensate? 18:22 – Conclusion Additional material: Financial Stability Review, November 2023 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html FSR Box 5 on Euro area bank fundamentals, valuations and cost of equity https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc27 Special feature B on Real estate markets in an environment of high financing costs https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html#toc40 The ECB Podcast: Financial stability and bank runs, June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230607_episode60.en.html European Central Bank www.ecb.europa.eu

Nature is in danger. This affects us all, including businesses and banks. Why is this relevant for the ECB’s mandate? Join our host Stefania Secola and her guest Frank Elderson, Executive Board member and Supervisory Board Vice-Chair, as they discuss nature loss, its impact on our economy and what we’re doing about it. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 November 2023 and recorded on 17 November 2023. In this episode: 00:05 – Nature is in danger Habitats and species are in decline. How does this affect our economies? And if our mandate is to maintain price stability and keep euro area banks safe and sound, why does the ECB care about biodiversity loss? 02:01 – The economic impact of biodiversity loss How big is the impact of biodiversity loss on people and businesses? How much are banks, and the wider economy, affected? And what’s the ECB’s role in this? 08:38 – What’s the ECB doing about nature loss? Knowledge is the first step. Quantifying the impact that nature loss has on our economies and banks is important. But what can the ECB do with these findings? 15:51 – Are banks doing enough? We’ve asked banks to come up with action plans to assess their climate and environmental risks. But they need to make more progress. 17:45 – Our guest’s hot tip Executive Board member and Supervisory Board Vice-Chair, Frank Elderson, shares his hot tip with our listeners. Additional material: Occasional Paper: 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?90e7aaae4ef927f887a787587a22adba The ECB Blog by Frank Elderson: The economy and banks need nature to survive https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230608~5cffb7c349.en.html The ECB Podcast: Are banks walking the talk on climate? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221102_episode44.en.html The ECB Podcast: Being transparent about climate risks https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230513_episode58.en.html “Addressing tipping points for a precarious future” by Timothy O’Riordan and Timothy Lenton European Central Bank http://www.ecb.europa.eu/

President Lagarde discusses monetary policy decisions, the state of the euro-area economy, inflation expectations, risk assessment, and financial conditions. The governing council keeps interest rates unchanged to address inflation and emphasizes a data-dependent approach.

Will we soon pay with a digital euro? Would it replace cash? And who is it for? Although no decision has been made on issuance, we are preparing for a possible digital euro. This is fuelling a lot of interest − and quite a few misconceptions. Join our host Stefania Secola and her guest Evelien Witlox, head of the ECB’s digital euro project, as they set the record straight by busting some myths on the topic. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 24 October 2023 and recorded on 19 October 2023. In this episode: 00:20 – Digitalisation in payments The world is becoming increasingly digital, and the way we pay is no exception. To ensure our euro is future-proof, the ECB has decided to proceed with a digital euro preparation phase. 01:28 – The project moves ahead What does the decision to move to the next phase mean? Will we soon be able to pay with a digital euro? 04:01 – The need for a digital euro I can already pay digitally with my bank card, my phone or even my watch. What’s the difference between doing this and paying with a digital euro? 06:25 – Digital euro and cash What about euro cash? Will a digital euro replace banknotes and coins? 09:35 – Who will use it? Is a digital euro only for young people in big cities? Will it exclude people who don’t have a phone? 10:34 – Data and the digital euro Will the ECB collect personal data when you pay with the digital euro and if so, for what purpose? 12:51 – The project team Who’s involved in the digital euro project? Is the ECB doing all this alone? 15:20 – Our guest’s hot tip Additional material: Press release: Eurosystem proceeds to next phase of digital euro project https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231018~111a014ae7.en.html Digital euro hub page https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html Webpage: Why do we need a digital euro https://www.ecb.europa.eu/paym/digital_euro/why-we-need-it/html/index.en.html The ECB Podcast: A digital euro: what, why, when? (part 1) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221015_episode41.en.html The ECB Podcast: A digital euro: what, why, when? (part 2) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221019_episode42.en.html' European Central Bank http://www.ecb.europa.eu/

How can new technologies improve banking supervision? What challenges do they bring for supervisors? And how will artificial intelligence make Europe’s banks safer? Our new host Stefania Secola explores this topic with Supervisory Board member Elizabeth McCaul. A warm welcome to Stefania and a big thanks for standing in for Katie Ranger, who is away for a while. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 28 September 2023 and recorded on 22 September 2023. In this episode: 01:25 – Digitalisation in banking supervision How are technological changes affecting supervision? What kinds of supervisory technology – also known as suptech – are we using? And will robots end up supervising banks? 5:07 – Using suptech to sort data How do supervisors use technology to analyse big amounts of data? Why is this important? And how does this help bank customers? 10:20 – Artificial intelligence (AI) How do we use technology to make sure banks are run by the right people? Is human judgment still important when using artificial intelligence? 12:07 – The people behind new technologies How do different supervisory teams cooperate? And how does technology help fight financial crime? 15:15 – Our guest’s hot tip Supervisory Board member, Elizabeth McCaul, shares her hot tips with our listeners. Additional material: Technology, data and innovation – shaping the future of supervision. Keynote speech by Elizabeth McCaul https://www.bankingsupervision.europa.eu/press/speeches/date/2023/html/ssm.sp230920_1~9315562707.en.html Supervision Newsletter – Digital transformation requires strong governance and steering https://www.bankingsupervision.europa.eu/press/publications/newsletter/2023/html/ssm.nl230517_3.en.html The ECB Podcast: Let's get digital on inflation, climate and the euro https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220811_episode39.en.html The ECB Blog by Myriam Moufakkir: Machines help to crunch the numbers, 28 September 2023 https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230928~3f76d57cce.en.html European Central Bank www.ecb.europa.eu European Banking Supervision www.bankingsupervision.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to achieve stable prices in the euro area. 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 14 September 2023. Additional material: Our monetary policy statement at a glance, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230914~686786984a.en.html Monetary policy decisions, 14 September 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230914~aab39f8c21.en.html Combined monetary policy decisions and statement, 14 September 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230914~bfc89c4456.en.pdf Macroeconomic projections, 14 September 2023 https://www.ecb.europa.eu/pub/projections/html/index.en.html 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 on pod.link/ecbpodcast