ECB Press Releases

SPEECHRemarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Professor Gabriel ZucmanMadrid, 11 October 2019It is a pleasure for me to celebrate with you the award of the 2019 Bernácer Prize to Gabriel Zucman, Assistant Professor of Economics at the University of California, Berkeley. Gabriel’s creative work on measuring household wealth over time and across countries and his studies on the effects of taxation and globalisation on the...

SPEECHAcceptance speech by Mario Draghi, President of the ECB, for the Laurea Honoris Causa from the Università CattolicaMilan, 11 October 2019In a few weeks, I will come to the end of my term as President of the European Central Bank. Such occasions provide an opportunity to look beyond the cut and thrust of current events and to reflect on the past, trusting that the experiences we have had and the lessons we have learned, may be useful for others.In this vein, I will not focus strictly on...

of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 11-12 September 20191. Review of financial, economic and monetary developments and policy optionsFinancial market developmentsMr Cœuré reviewed the financial market developments since the Governing Council’s previous monetary policy meeting on 24-25 July 2019. Global financial markets had undergone a strong correction over the summer, which bore a close resemblance to the episode...

INTERVIEWInterview with Luis de Guindos, Vice-President of the ECB, conducted by Luke Heighton on 7 October, and published on 9 October 20199 October 2019How pessimistic are you about the state of the European economy at the moment?We have a sort of two-tier economy: on the one side, we have manufacturing and exports, and on the other, we have services and domestic demand. Manufacturing and exports are clearly underperforming the rest of the economy; that’s why we have some differences among...

SPEECHSpeech by Luis de Guindos, Vice-President of the ECB, at the Global Interdependence Center Central Banking Series conferenceMadrid, 3 October 2019IntroductionA decade after the global financial crisis, the level of economic activity in the euro area remains disappointingly low. It took nine years for real per capita GDP to surpass its 2007 level. Likewise, euro area inflation has stubbornly remained below the ECB’s aim for much of the past decade. Throughout this period, the ECB has...

SPEECH Remarks by Luis de Guindos, Vice-President of the ECB, at the meeting of the Financial Stability Contact GroupFrankfurt am Main, 2 October 2019Let me start by thanking you all for participating in this meeting of the Financial Stability Contact Group. These meetings are a key feature of the ECB’s market intelligence gathering activities.The financial stability environment has certainly remained challenging since this group last met in March. The global economic outlook has worsened...

SPEECHSpeech by Philip R. Lane, Member of the Executive Board of the ECB, at the University of CaliforniaLos Angeles, 30 September 2019It is a pleasure to contribute to UCLA’s Master of Applied Economics Distinguished Speaker Series. [1] Los Angeles is a good setting for me to reflect upon the importance of globalisation: around USD 300 billion of US imports and exports pass through the port here every year – around half of which are to or from China – while Californian firms are at the...

SPEECHSpeech by Mario Draghi, President of the ECB, at the Academy of AthensAthens, 1 October 2019The resilience of the euro area through many years of crisis has proven its critics to be wrong. Several countries, not least Greece, have undertaken remarkable efforts in order to thrive as members of the monetary union. Important institutional reforms have taken place to strengthen the euro area, notably the creation of the banking union and the European Stability Mechanism (ESM). As I have...

INTERVIEWQ&A with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Daniel Burns on 27 September 2019 at Reuters Newsmaker in New York30 September 2019The following is a transcript of an on stage question and answer.Let me welcome Philip Lane, Member of the Executive Board of the ECB. That’s a role he went to earlier this year having served as the Governor of the Central Bank of Ireland since 2015. He has been an adviser to other international economic organisations,...

INTERVIEWInterview with Mario Draghi, President of the ECB, conducted by Lionel Barber and Claire Jones on 25 June and 20 September, and published on 30 September 201930 September 2019The following is an edited transcript of the interview.Your new headquarters is very impressive. Yes and it is also symbolic as it embodies our values. Transparency and independence.What is the legacy you feel you leave behind?The ECB’s response to the crisis was crucial in preserving the euro and keeping the...