European Central Bank @ecb@respublicae.eu
Unofficial automated mirror. No copyright asserted. ∎ The European Central Bank is the central bank for Europe's single currency, the euro. Its main task is to maintain the euro's purchasing power.
Joined Apr 2022
Energy markets in the euro area have been especially affected by the price spikes given their heavy reliance on Russian supplies, particularly of natural gas. EU countries are taking steps to reduce this dependence
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🧵Oil, coal and gas prices spiked immediately after Russia’s invasion of Ukraine. They have been volatile ever since due to disruptions to energy supplies and increasingly strict economic sanctions against Russia https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202204_01~68ef3c3dc6.en.html #EconomicBulletin
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Working Paper: Climate Change-Related Regulatory Risks and Bank Lending https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2670~921f2cc6b8.en.pdf?9aefe5f22a357580430ea207c8a66db2
Occasional Paper: The macroeconomic and fiscal impact of population ageing https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op296~aaf209ffe5.en.pdf?5c790cfefe444abf5e85bc79e62fe65c
The sharp rise in inflation is mainly due to higher imported food and energy prices. But our new measure of inflation suggests that domestic price pressures within the euro area also increased over the past year https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202204_07~8fbdeadb34.en.html #EconomicBulletin
Food prices are an important contributor to inflation, given their importance in the consumption basket.
Euro area food inflation is likely to remain high in the coming months on account of rising commodity and producer prices
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🧵 Food inflation in the euro area reached a historical high in May 2022.
Rising global energy and commodity prices, further aggravated by Russia’s war in Ukraine, were the main factors behind this https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202204_06~4e32074619.en.html #EconomicBulletin
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While the European Union is largely self-sufficient in agricultural products, the food sector, particularly in some countries, is still partly dependent on imports of grain, oil seed and fertiliser from Ukraine, Russia and Belarus
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Euro area monthly balance of payments (April 2022) https://www.ecb.europa.eu/press/pr/stats/bop/2022/html/ecb.bp220621~f8bc443c92.en.html
Register now and watch live from 8:15 CET today: Supervisory Board Chair Andrea Enria talks about our supervisory priorities to Andrea Filtri at the @mediobanca CEO Conference https://events.mediobanca.makeitlive.it/
RT @mediobanca: 21 and 22 June will see the return of our #ItalianCeoConference. Our CEO, Alberto Nagel, will open the day's proceedings, followed by a speech by Andrea Enria, Chair of the Supervisory Board of the
@ecb. Andre…
President @Lagarde's introductory statement in charts https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220620_annex~9c50164bd5.en.pdf
Introductory statement by President Christine @Lagarde at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220620~b91bded4f1.en.html
Lagarde: Moreover, we have pledged to act against resurgent fragmentation risks. The pandemic has left lasting vulnerabilities in the euro area economy which are contributing to the uneven transmission of the normalisation of our monetary policy.
Lagarde: High inflation is a challenge. That’s why we are taking further steps to normalise monetary policy by:
➡️ ending net asset purchases as of 1 July
➡️ intending to raise our key interest rates at our July monetary policy meeting, and again in September
Lagarde: Inflation has risen further, reaching 8.1% in May, reflecting in part the rise in energy and food prices. We have revised our projections significantly and see inflation remaining elevated for some time, declining towards our target in 2024.
Lagarde: Euro area activity is being dampened by high energy costs, supply disruptions and greater uncertainty. At the same time, services activity is supporting growth, and the sector’s recovery is expected to strengthen over the coming months.
Live now: President @Lagarde speaks before the Committee on Economic and Monetary Affairs of the @europarl_en and answers questions from its members.
Follow here https://multimedia.europarl.europa.eu/en/webstreaming/committee-on-economic-and-monetary-affairs_20220620-1500-COMMITTEE-ECON @EP_Economics
Tune in at 15:00 CET to watch President Christine @Lagarde speak before the Economic and Monetary Affairs Committee of the @europarl_en and answer questions from its members.
Follow the webcast here https://multimedia.europarl.europa.eu/en/webstreaming/committee-on-economic-and-monetary-affairs_20220620-1500-COMMITTEE-ECON @EP_Economics
The arrival in the euro area of people fleeing the war in Ukraine could gradually boost the labour force by an additional 0.3 to 1.3 million workers.
The actual figure will depend on how the war evolves https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202204_03~c9ddc08308.en.html #EconomicBulletin
The switch to the new euro short-term rate, €STR, was completed in January 2022. A smooth transition from EONIA to €STR as the overnight benchmark interest rate for the euro avoided risks to financial stability and monetary policy https://www.ecb.europa.eu/pub/economic-bulletin/articles/2022/html/ecb.ebart202204_03~782540dbd5.en.html #EconomicBulletin
Unofficial automated mirror. No copyright asserted. ∎ The European Central Bank is the central bank for Europe's single currency, the euro. Its main task is to maintain the euro's purchasing power.
Joined Apr 2022
