How transparent do organisations need to be about climate risks, and why does it matter? Where do banks and the ECB stand on sharing this information? Our host Katie Ranger speaks with Executive Board member and Supervisory Board Vice-Chair Frank Elderson in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 13 May 2023 and recorded on 8 May 2023. In this episode: 01:27 – What are climate disclosures and why do they matter? What information organisations should share about their climate-related risks, the forms these disclosures can take, and why they’re important for people, companies, investors and institutions. 05:52 – Greenwashing and making sure disclosures aren’t misleading How we can make sure organisations are acting – and not just sounding – green, and how to know if the climate information can be trusted. 13:32 – How well are banks disclosing their climate risks? What our latest report reveals about the progress banks have made in becoming more transparent when it comes to climate risks, and what we expect from them as their supervisor. 17:50 – The ECB’s own climate disclosures What our first set of climate disclosures shows about the carbon footprint of corporate bonds we bought as part of our monetary policy and other investments. 22:38 – Our guest’s hot tip Additional material: Press release: Banks must continue improving climate risk disclosures as new EU rules take effect, ECB report shows https://www.bankingsupervision.europa.eu/press/pr/date/2023/html/ssm.pr230421~213bf10fbe.en.html Press release: ECB starts disclosing climate impact of portfolios on road to Paris-alignment https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230323~05efc3cf49.en.html Explainer: What are climate disclosures? https://www.ecb.europa.eu/ecb/educational/explainers/html/what-are-climate-disclosures.en.html Speech by Frank Elderson: Policymakers as policy takers – accounting for climate-related and environmental factors in banking supervision and monetary policy https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230421~489cd977e0.en.html The ECB Podcast: Greening the financial system: milestones in our climate change journey, 9 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220709_episode36.en.html Climate change and banking supervision https://www.bankingsupervision.europa.eu/about/climate/html/index.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.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 4 May 2023. Our monetary policy statement at a glance, 4 May 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_may.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 4 May 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230504~f242392c72.en.html Monetary policy decisions, 4 May 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230504~cdfd11a697.en.html Combined monetary policy decisions and statement, 4 May 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230504~3751d33d72.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

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 16 March 2023. Additional material: Our monetary policy statement at a glance, 16 March 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_march.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 16 March 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230316~6c10b087b5.en.html Monetary policy decisions, 16 March 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230316~aad5249f30.en.html Combined monetary policy decisions and statement, 16 March 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230316~34822c9f1d.en.pdf Macroeconomic projections, 16 March 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 pod.link/ecbpodcast

To mark International Women’s Day, President Christine Lagarde and WTO Director-General Dr Ngozi Okonjo-Iweala discuss women in the economy and share their experiences as female leaders. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded and published on 8 March 2023. Additional material: ECB Scholarship for Women https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html The ECB Podcast: Breaking bias to build a more gender-equal world, 5 March 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220305_episode29.en.html The ECB Podcast: A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation, 15 July 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210715_episode18.en.html The ECB Podcast: Fighting biases and empowering women: A conversation on female leadership and gender equality, 8 March 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210308_episode15.en.html European Central Bank website 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/ecbpodcast

Does a central bank make profits and losses? How do they come about? And what was our financial position at the end of 2022? Our host Katie Ranger puts these questions to press officer William Lelieveldt on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 23 February 2023 and recorded on 13 February 2023. In this episode: 01:14 – How does a central bank make a profit? How a central bank earns money, where its profits come from and what it does with its income. 03:49 – How does a central bank make a loss? What sort of thing is a cost for a central bank and how it spends its money. 04:55 – Our annual accounts in the current economic environment How higher interest rates affect our profits and losses, how we choose which bonds to buy and whether we could have avoided making a loss. 08:55 – The impact of making a loss How making a loss affects people in the euro area and what we expect our balance sheet to look like in a few years’ time. 11:48 – Our guest’s hot tip Additional material: Press release: Financial statements of the ECB for 2022, 23 February 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230223~398b74f1dc.en.html Publication: Annual Accounts 2022, 23 February 2023 https://www.ecb.europa.eu/pub/annual/annual-accounts/html/ecb.annualaccounts2022~ee9329bf6f.en.html Explainer: Profits and losses of the ECB and the euro area national central banks: where do they come from? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/ecb_profits.en.html Explainer: Accountability https://www.ecb.europa.eu/ecb/orga/accountability/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 pod.link/ecbpodcast

How much do you know about Croatia’s economy? And what about the steps the country had to take to adopt the euro? Our host Katie Ranger and economist Martin Bijsterbosch explore these topics on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 16 February 2023 and recorded on 7 February 2023. In this episode: 01:00 – Croatia’s economy What Croatia’s economy looks like, and what ties the country already had with the euro area before joining the single currency. 04:00 – The path to joining the euro Why Croatia only adopted the euro in 2023, convergence criteria and what the country needed to accomplish in order to join the euro area. 08:53 – Croatia's response to economic shocks How Croatia’s economy has been affected by the pandemic and Russia’s invasion of Ukraine. 13:05 – Adopting the euro in a high-inflation environment How the euro changeover is going in a high-inflation environment and how Croatian authorities are monitoring and handling any deliberate increase of prices during the transition. 15:59 – What’s next for Croatia? The next steps on Croatia’s path towards full economic convergence with the euro area, and the main economic challenges facing the country. 18:59 – Our guest’s hot tip Additional material: The ECB Podcast: What does it take to change a currency?, 28 January 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230128_episode50.en.html Interview with Christine Lagarde, President of the European Central Bank, conducted by Marina Klepo on 19 December 2022 https://www.ecb.europa.eu/press/inter/date/2022/html/ecb.in221231~16c85cd5a3.en.html Croatian euro coins https://www.ecb.europa.eu/euro/coins/html/hr.en.html Croatia changeover https://www.ecb.europa.eu/euro/changeover/croatia/html/index.en.html President Christine Lagarde's New Year's greeting and welcoming Croatia into the euro area https://www.youtube.com/watch?v=bDEVfk8oDBA 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

Every year we look at the challenges banks face and determine what they need to do to cope with them. What did we find in our latest assessment? How are banks faring in these uncertain times? In this episode of The ECB Podcast, our host Katie Ranger explores these questions with Supervisory Board Chair Andrea Enria. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 8 February 2023 and recorded on 31 January 2023. In this episode: 00:30 – What are the results of our latest assessment of banks? How Europe’s banks are faring in these uncertain times and what aspects they still need to work on. 02:55 – Our first look at leveraged finance What leveraged finance is, why it’s important for banks and why our review looked at this topic for the first time. 05:24 – The uncertain economic situation What the current uncertain situation means for banks, and what the biggest future challenges are for them? 08:07 – The effect of higher interest rates on banks Why higher interest rates are a positive thing for banks and how they could benefit them in terms of their profitability. 10:18 – Andrea Enria’s last year as Chair of the Supervisory Board What is the Supervisory Board Chair most proud about achieving during his mandate and what legacy he would like to leave to his successor. 13:22 – Our guest’s hot tip Additional materials: Press release: ECB keeps capital requirements steady in 2023, as banks remain resilient, 8 February 2023 https://www.bankingsupervision.europa.eu/press/pr/date/2023/html/ssm.pr230208~8971619db2.en.html Aggregate results of SREP 2022, 8 February 2023 https://www.bankingsupervision.europa.eu/banking/srep/2023/html/ssm.srep202302_aggregateresults2023.en.html Speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the press conference on the results of the 2022 SREP cycle, 8 February 2023 https://www.bankingsupervision.europa.eu/press/speeches/date/2023/html/ssm.sp230208~4ee762ce05.en.html The ECB Podcast: How healthy are Europe’s banks two years into the pandemic?, 12 February 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220212_episode28.en.html The ECB Podcast: Making sure banks are run by the right people, 10 February 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211210_episode24.en.html The ECB Podcast: What lies on the horizon for Europe’s banks?, 16 November 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod211116_episode23.en.html Banking Supervision website www.bankingsupervision.europa.eu European Central Bank website 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/ecbpodcast

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 2 February 2023. Our monetary policy statement at a glance, 2 February 2023 https://www.ecb.europa.eu/press/pressconf/visual-mps/2023/html/mopo_statement_explained_february.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 2 February 2023 https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230202~4313651089.en.html Monetary policy decisions, 2 February 2023 https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.mp230202~08a972ac76.en.html Combined monetary policy decisions and statement, 2 February 2023 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds230202~40a069a7b4.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

Croatia adopted the euro on 1 January. What did people, businesses and national authorities do to ensure a smooth transition to the euro? Our host Katie Ranger looks at the currency changeover with expert Patricia Roa Tejero on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 28 January 2023 and recorded on 20 January 2023. In this episode: 01:05 – Our guest’s personal experience of the euro changeover in Spain 02:50 – Banknotes and coins: from kuna to euro What goes into producing new euro banknotes, how the process differs for euro coins and how Croatia distributed them. 09:56 – Euro starter kits What’s inside a euro starter kit and why they’re useful for people and businesses. 11:10 – How to get used to a new currency How Croatia is dealing with the transition from kuna to euro, what dual pricing is, and where and how Croatians can exchange banknotes and coins. 16:38 – Our guest’s hot tip Additional material: Croatian euro coins https://www.ecb.europa.eu/euro/coins/html/hr.en.html Croatia changeover https://www.ecb.europa.eu/euro/changeover/croatia/html/index.en.html President Christine Lagarde's New Year's greeting and welcoming Croatia into the euro area https://www.youtube.com/watch?v=bDEVfk8oDBA 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

How is inflation affecting people and firms? Why are we raising interest rates? How will it help bring inflation down? Our host Katie Ranger talks to press officer Eva Taylor on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 20 December 2022 and recorded on 9 December 2022. In this episode: 01:03 – What is the impact of high inflation? How higher prices are affecting people and businesses in Europe, and who is hit the hardest by high inflation. 04:30 – What’s behind the high inflation we are seeing? What factors have been pushing prices up over the past few months and why the cost of food and energy is the main driver of inflation. 06:22 – How will raising interest rates help lower inflation? What central banks can do to control rising prices, why we are raising interest rates and what higher rates mean for people. 10:20 – What’s behind the idea of people’s inflation expectations? Why inflation expectations matter for us and how we can guide them. 13:32 Our guest’s hot tip Additional material: Our monetary policy statement at a glance, 15 December 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 15 December 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is221215~197ac630ae.en.html Press release: monetary policy decisions, 15 December 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp221215~f3461d7b6e.en.html The ECB Podcast: President Lagarde presents the latest monetary policy decisions, 15 December 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221215_episode48.en.html The ECB Podcast: What interest rate hikes mean for you, the economy and inflation, 23 July 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220723_episode38.en.html Explainer: We have raised interest rates. What does that mean for you? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/interest_rates.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 https://pod.link/ecbpodcast