
The ECB Podcast
The European Central Bank Podcast – bringing you insights into the world of economics and central banking.
Our hosts Paul Gordon and Stefania Secola talk to experts about the topics and trends that matter to the eurozone economy today.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Latest episodes

Feb 3, 2022 • 12min
President Lagarde presents the latest monetary policy decisions – 3 February 2022
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

Dec 16, 2021 • 20min
President Lagarde presents the latest monetary policy decisions – 16 December 2021
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

Dec 10, 2021 • 28min
Making sure banks are run by the right people
What defines good leadership? Which skills do those who run banks need and how can we, as the supervisor, help choose the right people for the job?
In this episode of The ECB Podcast, our host Katie Ranger and Frank Elderson, Vice-Chair of the Supervisory Board, discuss leadership and our role in selecting banks’ leaders.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 10 December 2021 and recorded on 8 December 2021.
In this episode:
01:25 – Leadership in banks and beyond
Which qualities define good leadership and why it is crucial that the right people are selected to run banks.
07:12 – The challenges facing banks and what they mean for their decision-makers
The skills and attributes needed by banks’ board members to address major challenges, such as climate change and digitalisation.
12:24 – Diversity on banks’ boards
How diversity can improve banks’ decision-making processes and resilience, and what can be done to foster greater diversity on their boards.
14:34 – Our role in ensuring banks are run by the right people
What we do, as the supervisor, to assess the suitability of banks’ board members, what fit and proper supervision is, and why we have revised our fit and proper guide.
20:43 – Making sure all board members play their part
How a bank’s board is like a rowing team and why its members must be accountable, both individually and collectively, for what happens within the bank.
24:31 – Our guest’s “hot tip” for our listeners
Our guest Frank Elderson shares his tips on how each of us can foster a more diverse and inclusive environment.
Additional material:
Guide to fit and proper assessments, December 2021
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.fit_and_proper_guide_update202112~d66f230eca.en.pdf
Banking supervision blog post by Frank Elderson and Elizabeth McCaul, ECB Banking Supervision seeking greater diversity within banks, 15 June 2021 https://www.bankingsupervision.europa.eu/press/blog/2021/html/ssm.blog210615~31020cb68d.en.html
Explainer: What is fit and proper supervision?
https://www.bankingsupervision.europa.eu/about/ssmexplained/html/fap.en.html
Supervision Newsletter, Bolstering fit and proper supervision, 18 November 2020
https://www.bankingsupervision.europa.eu/press/publications/newsletter/2020/html/ssm.nl201118_3.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
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: 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
ECB 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 pod.link/ecbpodcast

Nov 16, 2021 • 15min
What lies on the horizon for Europe’s banks?
How has the pandemic affected Europe’s banks? Do they have the right tools to deal with what lies ahead?
In this episode of The ECB Podcast, our host Katie Ranger explores these questions with insights from discussions at the 2021 ECB Forum on Banking Supervision.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 16 November 2021 and recorded on 11 November 2021.
In this episode:
01:41 – What the pandemic has meant for banks
The challenges that the coronavirus pandemic presents to the economy and the support measures put in place by banks.
03:13 – Why supervisors are keeping a close eye on credit risk
How the support measures adopted during the pandemic might affect banks’ credit risk and what we, as supervisors, recommend they do to minimise it.
6:48 – How the climate crisis is relevant for banks
How physical and transition risks affect banks, what the role of banks will be during the transition to a greener economy and how they are doing in assessing climate risks.
11:08 – What is needed to deepen integration in the banking sector
What progress has been made in completing the banking union, how this has been affected by the pandemic crisis and what still needs to be done to deepen integration.
Additional material:
ECB Forum on Banking Supervision 2021: Welcome address by Christine Lagarde, ECB President – YouTube recording, 9 November 2021
https://www.youtube.com/watch?v=6L1maMkK_l0
ECB Forum on Banking Supervision: ECB Forum on Banking Supervision 2021: Conversation with Andrea Enria, ECB Supervisory Board Chair – YouTube recording, 9 November 2021
https://www.youtube.com/watch?v=Z7XnY9en6ag
ECB Forum on Banking Supervision 2021: Credit risk: managing through the pandemic – YouTube recording, 9 November 2021
https://www.youtube.com/watch?v=igMB9ZE4kLc
ECB Forum on Banking Supervision: Climate change: are banks and supervisors prepared? – YouTube recording, 10 November 2021
https://youtu.be/GAw3wKUBlK8
ECB Forum on Banking Supervision: European banking: necessary steps to deepen integration – YouTube recording, 10 November 2021
https://youtu.be/IVIvxh7t6Og
Remarks by Christine Lagarde at the ECB Forum on Banking Supervision, 9 November 2021
https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp211109_1~6cdc943638.en.html
European Central Bank website
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

Oct 6, 2021 • 15min
What is behind current inflation spikes?
What is causing the rise in inflation we are seeing at the moment? And which trends could have an impact on prices in the future?
In this episode of The ECB Podcast, our host Katie Ranger looks for answers to these questions in the discussions held at the 2021 ECB Forum on Central Banking.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 6 October 2021 and recorded on 4 October 2021.
In this episode:
01:32 – The economic recovery after the pandemic
How the world economy is doing after the slump in economic activity caused by the coronavirus pandemic and how this is affecting prices.
03:11 – Why has inflation been persistently low over the last ten years?
Different factors have contributed to low inflation, including more people entering the job market, slower wage growth and a reluctance to put up prices.
4:32 – Reasons behind the recent inflation spikes
The rise in inflation is linked to the reopening of the economy, where pent-up demand is meeting supply bottlenecks, and to base effects. These temporary factors are not expected to last.
9:29 – Trends that could impact inflation in the future
Trends are emerging that could affect prices in the future. These include changes in the demand for services after the pandemic and the effects of digitalisation on globalisation. The green transition may also impact inflation in coming years.
Further reading
Speech by Christine Lagarde: Monetary policy during an atypical recovery, 28 September 2021
https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210928~4cc57f558d.en.html
Post on The ECB Blog by Isabel Schnabel: The spectre of inflation, 14 September 2021
https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210914~a514f7c553.en.html
Speech by Isabel Schnabel: New narratives on monetary policy – the spectre of inflation, 13 September 2021
https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210913~031462fe79.en.html
Christine Lagarde: Monetary policy statement – ECB press conference, 9 September 2021
https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is210909~b2d882f724.en.html
ECB Forum on Central Banking: Policy panel – YouTube recording, 29 September 2021
https://www.youtube.com/watch?v=QvIFhzLOuCg
ECB Forum on Central Banking: The future of inflation – YouTube recording, 28 September 2021
https://www.youtube.com/watch?v=w6KQi2tnmIM
The ECB Podcast: Inflation: on porridge, prices and the new normal, 31 October 2019
https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod191031_episode2.en.html
European Central Bank website
https://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

Sep 25, 2021 • 22min
Making monetary policy fit for today and beyond: the ECB strategy review
Our inflation objective and how price changes are measured, employment, climate change… These are just some of the topics we’ve looked at during our strategy review, the outcome of which we revealed in July.
In this episode of The ECB Podcast, our host Katie Ranger discusses the review with Chief Economist Philip R. Lane.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 25 September 2021 and recorded on 20 September 2021.
In this episode:
00:10 – Our strategy review
What is behind our recent strategy review and why we carried it out now.
02:26 – The new price stability objective
Why we have adopted the new price stability objective of 2% and why it’s important that it is symmetrical, clear and understandable.
07:20 – How to measure inflation
Who measures inflation and how, and why home ownership costs should be included in the price index.
10:49 –Employment and the strategy review
Why the employment situation is important for our monetary policy, and how our decisions impact jobs.
19:17 – Our guest’s “hot tip” for our listeners
Home in the world by Amartya Sen: the economist and philosopher recounts his first thirty years of life in a memoir.
This year’s ECB Forum on Central Banking on 28 and 29 September 2021 includes some interesting panel discussions, focussing on the future challenges for monetary policy.
Further reading:
Strategy review key topics, written in plain language
https://www.ecb.europa.eu/home/search/review/html/workstreams.en.html
Background material for our strategy review (occasional papers)
https://www.ecb.europa.eu/pub/html/strategy_review.en.html
ECB Forum on Central Banking
https://www.ecb.europa.eu/pub/conferences/html/20210928_ecb_forum_on_central_banking.en.html
European Central Bank website
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

Sep 22, 2021 • 29min
Time to act now: results of the economy-wide climate stress test
We at the ECB conducted our first economy-wide climate stress test this year. What are the results? And what do they mean for people, companies, and banks?
In this episode of The ECB Podcast, our host Katie Ranger discusses these questions with Vice-President Luis de Guindos and Irene Heemskerk, the head of our climate change centre.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 22 September 2021 and recorded on 9 September and 15 September 2021.
In this episode:
01:11 – Our first economy-wide climate stress test
How climate risks affect people, companies and banks in the euro area, how our climate stress test was carried out, and its main results.
11:24 – Our role as a central bank against climate change
How climate change affects both financial and price stability, and the actions foreseen in the climate action plan we revealed in July 2021, following our strategy review.
13: 25 – Our first guest’s “hot tip” for our listeners
Our guest Luis de Guindos shares what motivates him to work in the fight against climate change: solidarity with future generations.
15:10 – The work of the climate change centre
The purpose of our climate change centre, how things are going so far and what kind of people work there.
19:31 – The next steps of our climate action plan
How the economy-wide climate stress test will feed into the two other stress tests that we will conduct in 2022, on banks and on our own balance sheet.
26:14 – Our second guest’s “hot tip” for our listeners
Our guest Irene Heemskerk shares the story behind a picture in her home office that clearly shows how disastrous the consequences of climate change can be.
Further reading:
Firms, banks benefit from early adoption of green policies, ECB’s economy-wide climate stress test shows
https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210922~59ade4710b.en.html
ECB economy-wide climate stress test
https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op281~05a7735b1c.en.pdf
ECB Blog post by Luis de Guindos: Shining a light on climate risks - the ECB’s economy-wide climate stress test
https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html
The ECB climate change action plan
https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1~f104919225.en.html
The ECB climate change roadmap
https://www.ecb.europa.eu/ecb/climate/roadmap/html/index.en.html
European Central Bank
https://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

Aug 16, 2021 • 22min
A walk around the central banking wildlife park!
Hawks, doves, owls, swans, bulls and bears … even ostriches. What connects these animals to central banking? How can they help us find our way around the world of economics and finance?
Our host Katie Ranger talks about these questions with communications advisor Gabriel Glöckler on The ECB Podcast.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 16 August 2021 and recorded on 29 June 2021.
In this episode:
1:40 – Why animal metaphors are used in central banking
How animal metaphors can help make central banking more accessible, what they mean and why they are used so often.
4:01 - Hawks, doves and owls in monetary policy
How these two animal metaphors are used to describe policymakers’ attitudes towards monetary policy, what it means to make a hawkish or a dovish comment, and where the owl comes in.
9:22 – Black swans, green swans and unexpected events
Which events can be qualified as black swans and what green swans are in the language of finance and economics.
14:47 – A bear market or a bull market
What’s behind the bull and bear statues outside the Frankfurt Stock Exchange, and how these two animal metaphors are used to describe what’s happening in financial markets.
18:38 – Our guest’s “hot tip” for our listeners
The Maradona Theory of Interest Rates: What footballer Diego Maradona has in common with interest rates.
Further reading:
Maradona Theory of Interest Rates
https://www.bankofengland.co.uk/-/media/boe/files/speech/2005/monetary-policy-practice-ahead-of-theory
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

Jul 15, 2021 • 57min
A conversation about female empowerment, an inclusive recovery and transatlantic cooperation
How can we foster the economic empowerment of women after the coronavirus crisis? And what role does transatlantic cooperation play in shaping a more inclusive recovery?
Listen to ECB President Christine Lagarde, EU Commission President Ursula von der Leyen and US Secretary of the Treasury Janet Yellen talk about this and more in the latest episode of the ECB Podcast, hosted by Katie Ranger.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 15 July 2021 and recorded on 12 July 2021.
In this episode:
01:25 – Economic empowerment of women
Why economic empowerment of women is vital, where we stand in Europe and the United States on economic empowerment and gender equality, and what needs to be done to foster economic empowerment.
20:59 – Women amid the coronavirus crisis
How the coronavirus crisis has affected women and gender equality, how we can make the economic recovery inclusive and what’s being done to increase gender equality in the United States and Europe.
38:03 – The role of transatlantic cooperation
Why renewed transatlantic cooperation is needed to take on the challenges of today, how international cooperation on climate change is moving forward and paving the way for others to do their part, and how Europe and the United States can work together in the future.
51:56 – Our guests’ “hot tips” on female empowerment
What Christine Lagarde, Janet Yellen and Ursula von der Leyen recommend to learn more about female empowerment and gender equality.
Further reading:
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

Jun 16, 2021 • 24min
Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave
What does financial stability have to do with cycling and zombies? How has the third wave of the pandemic affected the financial system? What risks lie ahead?
Our host Katie Ranger discusses these questions with 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 16 June 2021 and recorded on 1 June 2021.
In this episode:
00:58 – How the financial system has fared during the third wave
How the financial stability bicycle is doing, how stabilisers have helped to preserve financial stability, what the risks are that lie ahead during the recovery.
06:30 – Economic divergence across sectors and countries
Why countries and sectors were affected differently during the pandemic, why economic divergence is an issue for financial stability and why fiscal policy is best suited to address divergences between sectors and countries.
11:27 – Risk appetite in the markets and bitcoin
How markets and investors have behaved during the third wave of the pandemic, why investors’ risk appetite has increased over the last six months and why this is a concern for financial stability.
17:38 – Zombie firms and financial stability
What zombie firms are, why they could benefit from policy support measures during the pandemic, what zombie firms mean for financial stability.
21:18 – Must-watches and must-reads on financial stability
What our experts suggest as entertaining must-watches and must-reads to get started on financial stability.
Further reading:
Financial Stability Review
https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.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
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