The ECB Podcast

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

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 15 December 2022. 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 Monetary policy decisions, 15 December 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp221215~f3461d7b6e.en.html Combined monetary policy decisions and statement, 15 December 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds221215~db4079c498.en.pdf Macroeconomic projections, 15 December 2022 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

What will our banking supervisors focus on in the next three years? Are Europe’s banks fit to withstand the economic challenges? Our host Katie Ranger puts these questions to Supervisory Board Member Kerstin af Jochnick and supervisor Mario Quagliariello on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 12 December 2022 and recorded on 2 December 2022. In this episode: 00:00 – The new challenges facing banks What challenges does the current economic and geopolitical environment pose for banks. 03:20 – Credit risk and how banks manage it What an increase in credit risks means for banks, and what tools supervisors use to check if banks are able to manage these risks. 10:34 – Adapting to today’s increasingly digital world What challenges and risks banks face when becoming more digital-based, and how they can manage these. 15:43 – Banks’ progress on climate-related risks What banks have done so far to incorporate climate-related and environmental risks into their operations, and the areas on which our supervisors will be focusing. 19:50 – Our guests’ hot tips Additional material: ECB Banking Supervision: SSM supervisory priorities for 2023-2025, 12 December 2022 https://www.bankingsupervision.europa.eu/banking/priorities/html/ssm.supervisory_priorities202212~3a1e609cf8.en.html The Supervision Blog by Kerstin af Jochnick and Mario Quagliariello: Charting the course: our supervisory priorities, 12 December 2022 https://www.bankingsupervision.europa.eu/press/blog/2022/html/ssm.blog221212~52bd154288.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 The ECB Podcast: Are banks walking the talk on climate?, 2 November 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221102_episode44.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 European Banking Supervision https://www.bankingsupervision.europa.eu/home/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 https://pod.link/ecbpodcast

Are cyberattacks a threat to financial stability? Why do hackers target financial institutions? Our host Katie Ranger delves into this topic with financial stability expert John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily of the European Central Bank. Published on 6 December 2022 and recorded on 28 November 2022. In this episode: 01:24 – Are cyberattacks a threat to financial stability? What cyberattacks mean for financial stability, and why the financial sector should worry about them. 06:30 – Why are we looking at cyber risk now? Why we covered the topic of cyber risk in our Financial Stability Review, and why cyberattacks have become a source of concern to financial institutions. 09:06 – What kind of cyberattacks did we look into? Who is behind cyberattacks, and which sectors and regions are the most at risk. 12:40 – Tracking cyberattacks and shielding against them Why it’s difficult to keep track of cyberattacks, and what can be done to make the financial system more resilient. 18:56 – Our guest’s hot tip Our guest, John Fell, shares a film recommendation with our listeners. Additional material: Financial Stability Review, November 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202211~6383d08c21.en.html Towards a framework for assessing systemic cyber risk, 15 November 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart202211_03~9a8452e67a.en.html The ECB Podcast: Financial stability amid Russia’s war in Ukraine, June 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220601_episode34.en.html The ECB Podcast: Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave, June 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210616_episode17.en.html The ECB Podcast: A cyclist’s guide to financial stability amid a pandemic, November 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201125_episode12.en.html European Central Bank 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

How is financial stability faring in today's challenging environment? What risks do we see for financial markets and real estate? Our host Katie Ranger talks to financial stability experts Tamarah Shakir and 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 24 November 2022 and recorded on 21 November 2022. In this episode: 01:14 – What is happening in financial markets? What risks lie ahead for financial markets, and what factors are responsible for the emerging vulnerabilities in this sector. 05:21 – Governments’ support measures and financial stability What impact country's support measures and rising debt levels might have on the financial system, and how targeted fiscal policies can help reduce financial stability risks. 09:46 – What’s going on in the housing market? Why house prices are rising more slowly and how higher interest rates are affecting people’s ability to pay their mortgages. 13:25 – Non-bank financial institutions and financial stability Why we are monitoring developments in the non-banks sector, and what risks they might pose for the financial system. 17:40 – Our guests’ hot tips Our financial experts John Fell and Tamarah Shakir share their book recommendations. Additional material: Financial Stability Review, November 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202211~6383d08c21.en.html The ECB Podcast: Financial stability amid Russia’s war in Ukraine, 1 June 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220601_episode34.en.html The ECB Podcast: Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave, June 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210616_episode17.en.html The ECB Podcast: A cyclist’s guide to financial stability amid a pandemic, November 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201125_episode12.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

We’ve looked at how banks are taking climate and environmental risks into account in their business. What did we find? Are banks meeting our supervisory expectations? Our host Katie Ranger discusses the results of our thematic review with Executive Board member and Supervisory Board Vice-Chair Frank Elderson on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 2 November 2022 and recorded on 21 October 2022. In this episode: 01:10 – The results of our thematic review How banks are managing climate and environmental risks, and what happens if they don’t meet our supervisory expectations. 11:20 – Zooming in on bank strategies What steps banks have taken to understand how climate-related risks might impact their business model, and how they intend to adjust their strategy, such as through transition plans, plus areas that need more work. 18:06 – What is holding banks back from acting Why banks need to look at both short and longer term horizons when thinking about these risks. 20:18 – Zooming in on risk management How banks are taking climate-related risks into account when ensuring they have enough capital to cover their risks, and where more progress is needed. 23:50 – Why can’t banks just stop funding carbon-intensive activities? Why banks need transition plans to manage their risks as the world moves towards a greener economy, and our role here as supervisor. 26:46 The next steps for supervisors and banks How we will supervise banks to make sure they adequately manage climate-related risks and what we will do if they don’t, and what banks need to do to continue their path towards greening their business. 29:10 – Our guest’s hot tips Additional material: Walking the talk - Banks gearing up to manage risks from climate change and environmental degradation. Results of the 2022 thematic review on climate-related and environmental risks, 2 November 2022 https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.thematicreviewcerreport112022~2eb322a79c.en.pdf?25fcb44be2443e30f9dd0ab68c0a7d84 Press release: ECB sets deadlines for banks to deal with climate risks, 2 November 2022 https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr221102~2f7070c567.en.html The ECB Blog by Frank Elderson: Banks need to be climate change proof, 2 November 2022 https://www.bankingsupervision.europa.eu/press/blog/2022/html/ssm.blog221102~398faec8ca.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 The ECB Podcast: Time to act now: results of the economy-wide climate stress test, 22 September 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210922_episode20.en.html The ECB Podcast: Tackling climate change as a central bank: Between motivation, obligation and limitation, 12 May 2021 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210512_episode16.en.html The ECB Podcast: Climate change and the role of central banks, 3 March 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod200303_episode5.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 UN Biodiversity Conference (COP 15), 7 – 19 December 2022 https://www.unep.org/un-biodiversity-conference-cop-15 Smithsonian American Art Museum: Online Gallery for Alexander von Humboldt and the United States: Art, Nature, and Culture https://americanart.si.edu/exhibitions/humboldt/online 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 27 October 2022. Our monetary policy statement at a glance, 27 October 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 27 October 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is221027~358a06a35f.en.html Monetary policy decisions, 27 October 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp221027~df1d778b84.en.html Combined monetary policy decisions and statement, 27 October 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds221027~f185daf915.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

Would people’s privacy be safe with a digital euro? What could a digital euro mean for Europe? And what’s next in the digital euro project? Our host Katie Ranger continues her conversation with expert Evelien Witlox. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 19 October 2022 and recorded on 7 October 2022. In this episode: 00:47 – Privacy and the use of data with a digital euro How we will take people’s privacy concerns into account when we start to design a digital euro. 03:20 – European monetary sovereignty Why it’s important to develop a European autonomy and sovereignty in payments and which other central banks are currently looking at developing a digital currency. 06:31 – Next steps in the digital euro project How the investigation phase is going and when we would potentially issue a digital euro. 09:51 – Our guest’s hot tip Our guest Evelien Witlox recommends a book about the world of payments: “The pay off – How changing the way we pay changes everything”, by Gottfried Leibbrandt and Natasha De Terán. Additional material: The ECB Podcast: A digital euro: what, why, when? (part 1), 15 October 2022 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221015_episode41.en.html A digital euro https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html Explainer: The digital euro and the importance of central bank money https://www.ecb.europa.eu/ecb/educational/explainers/html/digital_euro_central_bank_money.en.html Explainer: What is money? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/what_is_money.en.html The ECB Podcast: Is it time for a digital euro?, 6 November 2020 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201106_episode11.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

Do we need a digital euro, and why? What might it look like? And how would it differ from other means of payment? Our host Katie Ranger puts these questions to digital euro expert Evelien Witlox. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 15 October 2022 and recorded on 7 October 2022. In this episode: 1:11 – Commercial versus central bank money What a digital euro is, how paying with it might work and how it would differ from the money in people’s bank accounts. 5:52 – Why are we looking into a digital euro now? What made the ECB start exploring a digital euro in October 2021 and why we need one. 8:45 – What a digital euro might look like What benefits a digital euro would have as a means of payment and how people would pay with it. 13:35 – Keep an eye out for the next episode! There's still a lot to be said on this topic. In the next episode, we'll look at how your data would be handled with a digital euro and what it could mean, politically, for Europe. Additional material: A digital euro https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html Explainer: the digital euro and the importance of central bank money https://www.ecb.europa.eu/ecb/educational/explainers/html/digital_euro_central_bank_money.en.html Explainer: what is money? https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/what_is_money.en.html The ECB Podcast: is it time for a digital euro? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201106_episode11.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

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 8 September 2022. Additional material: Our monetary policy statement at a glance, 8 September 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 8 September 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220908~cd8363c58e.en.html Monetary policy decisions, 8 September 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220908~c1b6839378.en.html Combined monetary policy decisions and statement, 8 September 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220908~1d17d49d04.en.pdf Macroeconomic projections, 8 September 2022 https://www.ecb.europa.eu/pub/projections/html/ecb.projections202209_ecbstaff~3eafaaee1a.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