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
Climate change has an impact on the ways we keep prices stable, supervise banks and manage our own exposure to climate risks. That’s why we are committed to doing our part in the fight against climate change, within our mandate.
Read our explainer https://www.ecb.europa.eu/ecb/educational/explainers/html/why_climate_change_matters.en.html
Tune in from 9:30 CET to watch our joint conference on the digital euro with the @EU_Commission.
President @Lagarde and Executive Board member Fabio Panetta will discuss the design of a digital euro and its benefits for citizens and businesses.
Watch live https://www.ecb.europa.eu/pub/conferences/html/20221107_joint_ECB_EUC_conference.en.html
RT @ecfin: The 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗘𝘂𝗿𝗼 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 takes place on Monday! 📢
Join the event online on 7 NOV a…
We must remain loyal to our price stability mandate in challenging times like these, says President @Lagarde in a lecture at @EestiPank.
Read the full text https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp221104_1~8be9a4f4c1.en.html
Energy price developments and the ensuing energy crisis are posing challenges. We are committed to doing our part to address climate change and promote the green transition, as this is necessary for price stability, says Vice-President Luis de Guindos.
https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp221104~b1fcbec7e6.en.html
RT @Lagarde: From 11:30 Estonian time/10:30 CET: Looking forward to speaking about monetary policy in the current high-inflation environment in my lecture dedicated to the legacy of famed Estonian economist Ragnar Nurkse.
Follow live here https://www.youtube.com/watch?v=wj_NOpS0cD0
We need strong rules for strong banks. Not keeping our commitments to Basel III standards could undermine global cohesion and hurt the reputation, competitiveness and funding costs of European banks.
Deviations from Basel III in planned EU laws could harm the European banking sector, warn ECB Supervisory Board Chair Andrea Enria, ECB Vice-President Luis de Guindos and EBA Chairperson José Manuel Campa in a joint blog post.
More https://www.bankingsupervision.europa.eu/press/blog/2022/html/ssm.blog221104~52d1c3a8e1.en.html
How can banks manage climate risk effectively?
Supervisory Board Vice-Chair @FrankElderson, together with Director General Patrick Amis from ECB Banking Supervision, met with civil society organisations yesterday to discuss this topic.
Watch the session https://youtu.be/-5RNyMWkRD8
Chief Economist Philip R. Lane spoke at @nationalbanken in Copenhagen about fixed exchange rates from a euro area perspective.
Watch the full speech here https://www.nationalbanken.dk/da/pengepolitik/fastkursERM2/Sider/Jubilaeumskonference-om-dansk-fastkurspolitik-i-40-aar.aspx?nid=fDNdcCqXURJvGQZf3_PV3qmgp7IdNVeVZQoQpDLtywpPZR49Jvb0Iwu00
Euro area bank interest rate statistics (Sep 2022)
https://www.ecb.europa.eu/press/pr/stats/mfi/html/ecb.mir2209~95663798a1.en.html
Panetta: A successful normalisation process requires a consistent policy mix. Well-designed energy and fiscal policies can dampen short-term inflationary pressures, helping to keep inflation expectations anchored and reducing the necessary level of monetary tightening
4/4
Panetta: If we are not careful, we might create unintended effects with little reduction of inflation in the short term, but causing excessive market volatility and a prolonged economic slowdown beyond what is necessary to stabilise inflation in the medium term
3/4
Panetta: We have accelerated the adjustment of monetary policy to keep inflation expectations anchored and bring inflation back to our 2% target over the medium term. But we need to take into account the risks from the domestic and global economic and financial environment
2/4
🧵 The direction of our monetary policy is clear, says Executive Board member Fabio Panetta. But we cannot ignore the sizeable challenges that we are facing and we must calibrate our monetary policy carefully
https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp221103~881bc2c186.en.html
1/4
How are banks taking climate and environmental risks into account in their business? What are the results of our recent thematic review?
Host @katieranger_ discusses these questions with Supervisory Board Vice-Chair @FrankElderson on the #TheECBPodcast https://pod.link/1481819425/episode/0a1c12ba7c79b3117367f64952632750
Banks must account for climate-related and environmental risks, writes Supervisory Board Vice-Chair @FrankElderson in #TheSupervisionBlog.
Our thematic review shows significant shortcomings on risk identification, strategy and living up to commitments https://www.bankingsupervision.europa.eu/press/blog/2022/html/ssm.blog221102~398faec8ca.en.html
Our overview of good practices shows how some banks already deal with the expectations we set, demonstrating that swift progress is possible.
3/3
Banks must:
➡️ adequately categorise climate and environmental risks and assess how they will be affected
➡️ take these risks into account in their governance, strategy and risk management
➡️ meet all remaining supervisory expectations on these risks, as outlined in 2020
2/3
🧵Our thematic review shows that banks are still far from adequately managing climate-related and environmental risks. We expect them to meet all our supervisory expectations by the end of 2024.
Press release
https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr221102~2f7070c567.en.html
Full results https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.thematicreviewcerreport112022~2eb322a79c.en.pdf?25fcb44be2443e30f9dd…
Today Executive Board member @Isabel_Schnabel spoke with Deutschlandfunk Kultur @dlfkultur about her career, her work at the ECB and inflation: “Economist Isabel Schnabel – the inflation fighter”.
Listen to the whole interview (in German) https://www.deutschlandfunkkultur.de/oekonomin-isabel-schnabel-ezb-100.html
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
