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
Lagarde: Headline inflation declined from its October peak and stood at 6.1% in May, but price pressures remain strong. We are fully committed to fighting inflation and are determined to achieve its timely return to our 2% medium-term target.
Lagarde: Growth in the euro area nearly stalled in early 2023 and domestic demand remains weak. Activity is being supported by lower energy prices, easing supply bottlenecks and fiscal policy support to firms and households.
Lagarde: Since the ECB was created 25 years ago, our Board members have attended over 100 hearings before the @europarl_en. This engagement has been central to our accountability and has contributed to the euro becoming a currency that our fellow Europeans can trust.
President @Lagarde's introductory statement in charts https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230605_annex~1d4b59b9e3.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/2023/html/ecb.sp230605~0aadd43ce7.en.html
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_20230605-1500-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_20230605-1500-COMMITTEE-ECON @EP_Economics
How did euro area bank interest rates evolve in April? How do they compare with March’s figures? Find out more in the press release https://www.ecb.europa.eu/press/pr/stats/mfi/html/ecb.mir2304~827882129b.en.html
Higher interest rates have yet to meaningfully feed into higher deposit rates paid by banks, our Financial Stability Review shows.
While rates on deposits with an agreed maturity have risen, overnight deposit rates have largely remained the same https://www.ecb.europa.eu/pub/financial-stability/fsr/focus/2023/html/ecb.fsrbox202305_04~7fbb3af52c.en.html
We’re inviting banks and those managing counterparty credit risk to provide feedback on our latest CCR report by 14 July 2023. The report highlights good market practices observed by us and areas where we’re looking for improvement.
Read the press release https://www.bankingsupervision.europa.eu/press/pr/date/2023/html/ssm.pr230602~8419bb17cb.en.html
Panetta: We are now dealing with the inflationary consequences of a series of adverse global shocks. But we are fully determined to reach our 2% target.
There is considerable room for fighting inflation by keeping rates high for as long as necessary
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🧵 We will bring inflation back to 2%, says Executive Board member Fabio Panetta in an interview with @lemondefr. We have raised interest rates decisively, but monetary policy typically operates with lags.
Read the interview https://www.ecb.europa.eu/press/inter/date/2023/html/ecb.in230602~7f6e313c29.en.html
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Speech: Vice-President Luis de Guindos: Financial stability in the euro area https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230601_1~618cf8f1af.en.html
Enria: When poor governance or an unsustainable business model jeopardises the viability of a bank, supervisors need to be bold and drive change within a well-defined timeframe.
Enria: Banks must take ownership for identifying and managing risks. They need robust governance and a sound risk culture to ensure that the pursuit of growth and profitability never comes before prudence.
When we look at the recent bank failures, in most cases we see a failure to manage risks such as interest rate risk, liquidity risk and counterparty credit risk. In the end, this comes back to bad governance, says Supervisory Board Chair Andrea Enria.
Our rate hikes are already feeding into lending conditions, President @Lagarde says at #Sparkassentag.
We will keep moving forward until we see inflation returning to 2%, while also carefully assessing how our policies are passing through to the economy https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230601~2740cf2320.en.html
#TheECBblog examines how the EU can use emissions trading to strike a balance between sustainability goals and competitiveness https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230601~529f371a98.en.html
Prices and demand for housing and commercial real estate have fallen as interest rates have risen, our Financial Stability Review shows.
What this means for the financial system will depend on how quickly real estate markets adjust in the euro area https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202305~65f8cb74d7.en.html#toc8
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
