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
🧵 We’ve published our fourth progress report on the digital euro. It contains our views on principles for a compensation model, updates on ongoing work to ensure financial inclusion and findings from the prototyping exercise we conducted
https://www.ecb.europa.eu/paym/digital_euro/investigation/governance/shared/files/ecb.degov230713-fourth-progress-report-digital-euro-investigation-phase.en.pdf?704b0eee4c20eee4dbe4970f5091a96a
1/2 https://t.co/C6aecV2tLP
Re What's next? This autumn our Governing Council will review the outcome of the digital euro investigation phase and then decide whether to move to the next phase. This would cover technical solutions, business arrangements and adjustments following the legislative process
2/2
The transmission of monetary policy through banks is likely to further strengthen in the coming months, says Chief Economist Philip R. Lane at the National Bureau of Economic Research @nberpubs conference in Cambridge, Massachusetts.
Read the full speech https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230712~d950906f00.en.html https://t.co/4pdyXxwPsY
Live from 15:45 CET: Chief Economist Philip R. Lane speaks at the National Bureau of Economic Research’s Summer Institute conference. He’ll discuss how banks respond to the tightening of monetary policy https://www.youtube.com/channel/UC79ELlHFewHXj5XDBcRloUQ https://t.co/hKSscZ9IPF
Globalisation is supposedly on the retreat. There is a common perception that firms are diversifying supply chains and moving production closer to home. So, are we heading towards deglobalisation? #TheECBblog finds that the data tell a different story https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230712~085871737a.en.html https://t.co/ocx8ltUPqR
RT Christine Lagarde
Re We have solved the technical problems and you can now participate in the survey https://survey.ecb.europa.eu/euro-banknote-survey?lang=en
🐦🔗: https://n.respublicae.eu/Lagarde/status/1678747486280712194
Members of our Executive and Supervisory Boards welcomed representatives from @europarl_en's Committee on Economic and Monetary Affairs and discussed various economic and banking supervision topics. Our regular dialogue is key to ensuring our accountability to Europeans. https://t.co/bHE1dRndYK
RT Christine Lagarde
Re We are aware that there are currently technical problems with accessing the online survey. We are working to resolve the issue so please bear with us, and apologies for the inconvenience.
🐦🔗: https://n.respublicae.eu/Lagarde/status/1678358833691873283
RT Christine Lagarde
We want you to have a say in what your #FutureBanknotes will look like. Take part in our survey and share your views on the shortlisted themes https://www.ecb.europa.eu/euro/banknotes/future_banknotes/html/index.en.html https://t.co/0kC3is6jkE
🐦🔗: https://n.respublicae.eu/Lagarde/status/1678328707281219585
We still have work to do to bring inflation back down to our 2% target, President Christine @Lagarde tells @laprovence.
A simultaneous rise in wages and firms’ profit margins would fuel inflation risks. If that happens, we would not stand idly by https://www.ecb.europa.eu/press/inter/date/2023/html/ecb.in230707~e4c06dfc7c.en.html https://t.co/SCCr6NQcq0
Inflation is projected to decline further towards our target as the effects of our past rate increases are gradually transmitted across the economy, says Vice-President Luis de Guindos. But our job is not yet done – we need to monitor labour costs closely
https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230707~8f8f9debc6.en.html https://t.co/yA4LczZYaX
Re The proposal brings more small and medium-sized banks under the resolution framework, making European financial markets more resilient to crises. To ensure these banks can be resolved effectively, the framework must be underpinned by sufficient funds
2/8
Re Shareholders and creditors will rightly still be first in line to bear losses when a bank fails. The proposal builds on this, while improving access to industry-funded safety nets like national deposit guarantee schemes. This should minimise use of taxpayer-funded solutions
3/8
Re To facilitate cost-effective ways of addressing bank failures with the support of the deposit guarantee scheme the proposal introduces a harmonised “least cost” test and a single-tier depositor preference
4/8
Re A single-tier depositor preference means that all deposits have the same ranking in an insolvency proceeding, and deposit guarantee schemes can provide more funding in resolution cases
5/8
Re In times of crisis, we support a financial stability exemption to protect the public interest. It should be subject to strong safeguards and allow access to industry-funded resolution financing arrangements only in exceptional circumstances
6/8
Re We need a European deposit insurance scheme as the third pillar to complete banking union. Such a scheme would boost confidence in the safety of bank deposits equally across all Member States, reduce the risk of bank runs and safeguard financial stability
7/8
Re Access to liquidity is similarly essential for successful resolution and the banking union still lacks the necessary liquidity framework. Setting this up should be a priority
8/8 https://t.co/DA0EokNQ5n
What do consumers in the euro area expect will happen to inflation, their incomes, their spending and the value of their homes 12 months from now? We’ve published the latest results of our Consumer Expectations Survey.
Press release https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230705~c068ab45f8.en.html https://t.co/u4PGU532hb
How did euro area bank interest rates evolve in May? How do they compare with April’s figures? Find out more in the press release https://www.ecb.europa.eu/press/pr/stats/mfi/html/ecb.mir2307~4a617fde42.en.html https://t.co/N2WJXp62wi
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
