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
Inspirational, insightful and instructive– that’s how some of the finalists of last year’s Young Economist Prize described their experience.
Apply by 13 February for the opportunity to present your work at this year’s #ECBForum on Central Banking.
https://www.ecb.europa.eu/pub/conferences/ecbforum/YE_competition/html/index.en.html
Panetta: Our reaction function consists of two elements:
1) the economic and inflation outlook, to prevent medium-term inflation from remaining above target
2) the risks surrounding this outlook, to avoid inflation expectations de-anchoring or a wage-price spiral emerging
3/3
Panetta: We strive to be predictable, but the current situation doesn't require us to commit to a specific rate path for too long or without reference to the data.
Our policy must depend on incoming information and take into account the lags with which it operates
2/3
🧵 Inflation is still too high, but recent developments suggest that we can bring inflation down by continuing to adjust policy rates in a well-calibrated, non-mechanical way, Executive Board member Fabio Panetta tells @Handelsblatt.
Full interview https://www.ecb.europa.eu/press/inter/date/2023/html/ecb.in230124~f50d72e488.en.html
1/3
RT @FrankElderson: 🧵The @ecb's initial climate-related statistical indicators are an important first step towards narrowing the climate data gap https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230124~c83dbef220.en.html
They cover:
1⃣ sustainable finance
2⃣ carbon emissions financed by financial institutions
3⃣ climate-related physical risks
1/2
A new global map is emerging that presents challenges and opportunities, says President @Lagarde. Europe can thrive in this changing world, and the ECB will play its part by staying the course and bringing inflation down.
Read the full speech https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230123_1~2d9786eedf.en.html?utm_source=twitter&utm_medium=social&utm_campaign=CL_deutscheboersespeech
Panetta: 2023 will be a pivotal year for the digital euro:
☑️ the European Commission will present its legislative proposal
☑️ we’ll end our investigation phase in autumn, bringing all design decisions together
☑️ we’ll decide whether to move to the realisation phase
4/4
Panetta: A digital euro would be a European public good that people and firms should be able to access and use without barriers.
The ECB would not have access to personal data. Nor would it set any limitations on where, when or to whom people could pay with a digital euro
3/4
Panetta: People’s payment behaviour is changing at an unprecedented speed.
A digital euro would respond to the growing preference for electronic payments by giving people the option to pay with public money digitally, anywhere in the euro area and free of charge
2/4
🧵 Our priority for the digital euro project has always been clear: to preserve the role of public money in retail payments by making it available in digital form, alongside cash, says Executive Board member Fabio Panetta.
Read the full speech https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230123~2f8271ed76.en.html
1/4
Coming up at 15:30 CET: Executive Board member Fabio Panetta to speak about the progress of the digital euro project before the @europarl_en Committee on Economic and Monetary Affairs.
Follow the @EP_Economics hearing live https://multimedia.europarl.europa.eu/en/webstreaming/committee-on-economic-and-monetary-affairs_20230123-1500-COMMITTEE-ECON
Mergers are a useful tool for banks to refocus their business models, Supervisory Board Chair Andrea Enria tells Kathimerini. Banks that have pursued this avenue are more cost-efficient, offer better services and have increased their profits.
The need to address climate and environmental crises has made it to the top levels in banks and some first steps have been taken, says Supervisory Board Vice-Chair @FrankElderson. But there is still a long way to go to be truly resilient to these crises https://www.bankingsupervision.europa.eu/press/speeches/date/2023/html/ssm.sp230120~02b3e782e5.en.html
While visiting the @BankofGreece today, Supervisory Board Chair Andrea Enria thanked the supervisors for their work and highlighted the good cooperation between European supervisory authorities.
Capital requirements placed on European banks by European supervisors are on a par with those placed by our peers in other jurisdictions, if not a little bit lighter, Supervisory Board Chair Andrea Enria tells Cyprus News Agency.
Read the interview https://www.bankingsupervision.europa.eu/press/interviews/date/2023/html/ssm.in230119~cc99f03cc4.en.html
What might a digital euro look like? Would it be safe? Are we going to develop one? Our digital euro project team discussed these issues with civil society organisations representing people and businesses.
Tune in to the discussion here https://www.youtube.com/watch?v=iaTk-V1Nluk
RT @Lagarde: Looking forward to a good discussion on the future of Europe’s economic growth with Mark Rutte @MinPres, @VDombrovskis, Christian Sewing and @andrejplenkovic in a #WEF23 panel moderated by @khalafroula.
Follow live from 11:30 CET https://www.weforum.org/events/world-economic-forum-annual-meeting-2023/sessions/finding-europes-new-growth
How did euro area current account balance evolve in November? How does it compare with the same month a year earlier? Find out more in the press release https://www.ecb.europa.eu/press/pr/stats/bop/2023/html/ecb.bp230119~970c91943a.en.html
On a visit to the Central Bank of Cyprus today, Supervisory Board Chair Andrea Enria thanked local supervisors for their contribution to European banking supervision.
Hit by multiple shocks, the corporate sector has increased its debt over recent years. #TheECBblog looks at how firms’ strained balance sheets could lead to lower investment in the coming years, harming innovation and growth.
Check out the latest post https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230118~0eb37005b7.en.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
