How is financial stability doing in the wake of Russia’s invasion of Ukraine? What risks are we keeping an eye on, for instance in the crypto-asset and housing markets? Our host Katie Ranger puts these and other questions to our 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 1 June 2022 and recorded on 27 May 2022. In this episode: 05:55 – How is financial stability faring in the current uncertain environment? Why financial stability conditions have worsened, what the main causes of this are and how the war is affecting the financial system. 13:54 – How is high inflation affecting financial stability? What impact higher prices are having on the financial system, and how inflation affects both people’s ability to repay debts and the financing role of markets. 20:10 – What’s going on in the housing market? Why house prices have been rising and what risks might emerge as a result. 24:05 – Why are crypto-assets a risk to financial stability? The current state of crypto-assets, and how other developments might increase the risks they pose to the financial system. 30:02 – Our guests’ hot tips Our financial experts John Fell and Tamarah Shakir share their book and podcast recommendations. Additional material: Financial Stability Review, May 2022 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.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

How has central bank communication evolved over the years? Why is it important for us to be transparent? How can increased transparency increase trust? Communications experts Gabriel Glöckler and Siria Angino sit down with our host Katie Ranger to discuss these questions, and also share related music and movie recommendations 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 14 May 2022 and recorded on 11 May 2022. In this episode: 00:26 – How central bank communication has evolved over the years The shift from secrecy to transparency, and why we looked at communication in our recent monetary policy strategy review. 08:44 – Why central banks need to communicate in the first place How good communication can make central bank policies more effective, and why transparency is an essential part of being accountable and building trust. 18:00 – Is more communication always better? Will this path towards more transparency lead to full openness for central banks? 19:30 – Trust in central banks as institutions The notion of institutional trust, the ingredients needed to build it, and the level of trust Europeans have in the ECB. 23:44 – Different types of trust The differences between reflective and instinctive trust and how each applies to the ECB. 29:35 – Our guests’ hot tips Our guests Gabriel Glöckler and Siria Angino share their related song and movie recommendations. Additional material: ECB official social media channels https://www.ecb.europa.eu/services/socialmedia/html/index.en.html Bank of Jamaica, reggae song about inflation ECB official social media channels https://www.ecb.europa.eu/services/socialmedia/html/index.en.html Occasional paper: Clear, consistent and engaging: ECB monetary policy communication in a changing world, December 2021 https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op274~9aca14e6f6.en.pdf?63436ac843159bdf4afcf0115e7f146f Working paper: Central bank communication with non-experts: a road to nowhere? October 2021 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2594~9fc2f0035d.en.pdf Economic bulletin: ECB communication to the wider public, 2021 https://www.ecb.europa.eu/pub/economic-bulletin/articles/2022/html/ecb.ebart202108_02~5c1e5a116d.en.html Monetary policy communication and the strategy review https://www.ecb.europa.eu/home/search/review/html/monpol-communication.en.html Working paper: Instinctive versus reflective trust in the European Central Bank, May 2022 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2660~e228b93d53.en.pdf?8a6fb1b47fc36f668234d96a3fab5292 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 14 April 2022. Additional material: Our monetary policy statement at a glance, 14 April 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_april.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 14 April 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220414~fa5c8fe142.en.html Monetary policy decisions, 14 April 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220414~d1b76520c6.en.html Combined monetary policy decisions and statement, 14 April 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220414~2d6ffb3a83.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

The Russian invasion of Ukraine is first and foremost a human tragedy, but it is also having an economic impact. What effect is the conflict having on the euro area? And how might the economic situation develop? Our host Katie Ranger discussed these questions with economist João Sousa in this episode of The ECB Podcast. The views expressed are those of the speaker and not necessarily those of the European Central Bank. Recorded on 22 March 2022 and published on 26 March 2022. In this episode: 1:30 – The euro area economy before the war The state of the euro area before the outbreak of the war in Ukraine, and how it was recovering from the pandemic. 04:32 – The war’s impact on trade How bans on Russian imports and exports affect trade, and the potential impact of supply chain disruptions caused by the conflict. 08:50 – The war’s impact on commodities Why the war is affecting the prices of commodities such as oil, gas and food. 10:14 – The war’s impact on global confidence How the fear and uncertainty brought about by the war in Ukraine are dampening confidence and affecting our economy. 12:51 – The war and inflation What is behind the current rise in inflation, including the role of energy and food prices. 18:33 – Our projections for the euro area economy How we see our economy faring in the future and what the different scenarios we looked at are. 25:34 – Our guest’s tip for further reading on the topic Additional material: Macroeconomic projections, March 2022 https://www.ecb.europa.eu/pub/projections/html/index.en.html ECB staff macroeconomic projections for the euro area – full report, March 2022 https://www.ecb.europa.eu/pub/projections/html/ecb.projections202203_ecbstaff~44f998dfd7.en.html ECB Monetary policy statement, 10 March 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220310~1bc8c1b1ca.en.html Speech delivered by Ben S. Bernanke at the 32nd Annual Economic Policy Conference, Federal Reserve Bank of St. Louis, 19 October 2007 https://www.federalreserve.gov/newsevents/speech/bernanke20071019a.htm 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

The Russian invasion of Ukraine is a watershed for Europe. Today our Governing Council expressed its full support to the people of Ukraine. It also 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 10 March 2022. Additional material: Our monetary policy statement at a glance, 10 March 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_march.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 10 March 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220310~1bc8c1b1ca.en.html Monetary policy decisions, 10 March 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220310~2d19f8ba60.en.html Combined monetary policy decisions and statement, 10 March 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220310~c4c5a52570.en.pdf Macroeconomic projections, March 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

How can we break biases in different aspects of our lives? What do we need to create a more equal world for all? Our President Christine Lagarde and LSE Director Minouche Shafik share their experiences and discuss the impact gender bias has on education, home life, the workplace and leadership in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded on 23 February 2022 and published on 5 March 2022. In this episode: 2:12 - #BreakTheBias in education Why there is still a lack of gender equality in economics, and what needs to be done to foster women’s access to certain professions. 13:53 - #BreakTheBias at home How the pandemic has affected women at home, the threat it poses to gender equality in the future, and what we can do to ensure a more inclusive society. 25:36 - #BreakTheBias in the workplace What the pros and cons are when it comes to flexible working arrangements for women, and why gender parity at work is important. 36:04 - #BreakTheBias in leadership President Lagarde and LSE Director Minouche Shafik share their advice for aspiring female leaders on dealing with obstacles and overcoming hurdles. Additional material: Women in Economics Scholarship https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html World Economic Forum: Women are “hardworking”, men are “brilliant”: Economics job market, 14 February 2022 https://www.weforum.org/agenda/2022/02/women-gender-men-bias-stereotyping-economics-job-market Working paper: Does gender diversity in the workplace mitigate climate change? 28 February 2022 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2650~3b693e6009.en.pdf?fcb9592f3295d9172f178e0340842970 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

Each year we look at the risks banks face and how well-equipped they are to deal with them. What are our latest findings? And what are supervisors most concerned about? In this episode of The ECB Podcast, our host Katie Ranger explores these questions with Supervisory Board Chair Andrea Enria and Vice-Chair Frank Elderson. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 12 February 2022 and recorded on 10 February 2022. In this episode: 00:58 - What are the results of our latest assessment of banks? How Europe’s banks are faring two years into the pandemic and whether the crisis phase is over for them. 07:18 – How are banks doing on credit risk? How prepared banks are to manage credit risk and the issues our supervisors ask them to fix. 11:21 – The big risk on the horizon: the climate crisis How 2022 will be a big year for our work supervising climate risks and the extent to which banks are taking them into account. 15:30– Are banks’ business models sustainable? How the digital transformation can make banks’ business models more sustainable. 18:34 – Improving banks’ internal governance Internal governance is a weak spot for banks and the role diversity can play in ensuring sound decision-making. 23:06 – Our guest's “hot tip” for our listeners A book recommendation related to the challenges banks are currently facing. Additional material: Press release: ECB requires banks to hold marginally more capital in 2022, 10 February 2022 https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220210~6455538b07.en.html Press release: ECB will not extend capital and leverage relief for banks, 10 February 2022 https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220210_1~ea3dd0cd51.en.html Aggregated results of SREP 2021, 10 February 2022 https://www.bankingsupervision.europa.eu/banking/srep/2022/html/ssm.srepaggregateresults2022.en.html Speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the press conference on the results of the 2021 SREP cycle, 10 February 2022 https://www.bankingsupervision.europa.eu/press/speeches/date/2022/html/ssm.sp220210~b95041902b.en.html The ECB Podcast: Making sure banks are run by the right people 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 bank? 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

Make sure you have a euro banknote to hand as our host Katie Ranger and Martin Münd, counterfeit expert and banknote enthusiast, explore everything you need to know about euro banknotes. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 5 February 2022 and recorded on 19 January 2022. In this episode: 01:26 – What exactly does a counterfeit expert do? How our guest Martin Münd turned his passion for banknotes into a job and what his role as an ECB counterfeit expert involves. 5:18 – 20 years of euro banknotes Euro banknotes were introduced on 1 January 2002 in what was the world’s largest ever cash changeover. What are our guest’s memories of that day? 08:43 – Banknote design What the design elements of euro banknotes are, why they matter and how visually impaired people can distinguish between different banknote denominations. 13:39 – How to spot a fake banknote What the security features of euro banknotes are, how you can check if a banknote is real or fake using the “feel-look-tilt” method, and what tomatoes and banknotes have in common. 25:33 – What’s next for euro banknotes? How we are planning to further develop euro banknotes and why we will be redesigning them over the next few years. 28:27 – Our guest’s “hot tip” for our listeners Our guest Martin Münd gives a tip for adding a banknote element to your summer holidays! Additional material: 20 years of euro banknotes and coins https://www.ecb.europa.eu/euro/20_years_of_euro/html/index.en.html Press release: Euro banknote counterfeiting at historically low level in 2021, January 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220128~d65c3326c2.en.html Catch me (if you can): assessing the risk of SARS-CoV-2 transmission via euro cash, July 2021 https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op259~33b180d450.en.pdf Europa series banknotes: security features https://www.ecb.europa.eu/euro/banknotes/security/html/index.en.html#feel 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 3 February 2022. Additional material: Our monetary policy statement at a glance, 3 February 2022 https://www.ecb.europa.eu/press/pressconf/visual-mps/2022/html/mopo_statement_explained_february.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 3 February 2022 https://www.ecb.europa.eu/press/pressconf/2022/html/ecb.is220203~ca7001dec0.en.html Monetary policy decisions, 3 February 2022 https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220203~90fbe94662.en.html Combined monetary policy decisions and statement, 3 February 2022 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds220203.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 should be done 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 December 2021. Additional material: Our monetary policy statement at a glance, 16 December 2021 https://www.ecb.europa.eu/press/pressconf/visual-mps/2021/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A), 16 December 2021 https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is211216~9abaace28e.en.html Monetary policy decisions, 16 December 2021 https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.mp211216~1b6d3a1fd8.en.html Combined monetary policy decisions and statement, 16 December 2021 https://www.ecb.europa.eu/press/pressconf/shared/pdf/ecb.ds211216.en.pdf Macroeconomic projections, December 2021 https://www.ecb.europa.eu/pub/projections/html/ecb.projections202112_eurosystemstaff~32e481d712.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html