The ECB Podcast

European Central Bank

The European Central Bank Podcast – bringing you insights into the world of economics and central banking.

Our host, Katie Ranger, talks to experts about the topics and trends that matter to the eurozone economy today.

All Episodes

How has the pandemic affected Europe’s banks? Do they have the right tools to deal with what lies ahead? In this episode of The ECB Podcast, our host Katie Ranger explores these questions with insights from discussions at the 2021 ECB Forum on Banking Supervision. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 November 2021 and recorded on 11 November 2021. In this episode: 01:41 – What the pandemic has meant for banks The challenges that the coronavirus pandemic presents to the economy and the support measures put in place by banks. 03:13 – Why supervisors are keeping a close eye on credit risk How the support measures adopted during the pandemic might affect banks’ credit risk and what we, as supervisors, recommend they do to minimise it. 6:48 – How the climate crisis is relevant for banks How physical and transition risks affect banks, what the role of banks will be during the transition to a greener economy and how they are doing in assessing climate risks. 11:08 – What is needed to deepen integration in the banking sector What progress has been made in completing the banking union, how this has been affected by the pandemic crisis and what still needs to be done to deepen integration. Additional material: ECB Forum on Banking Supervision 2021: Welcome address by Christine Lagarde, ECB President – YouTube recording, 9 November 2021 https://www.youtube.com/watch?v=6L1maMkK_l0 ECB Forum on Banking Supervision: ECB Forum on Banking Supervision 2021: Conversation with Andrea Enria, ECB Supervisory Board Chair – YouTube recording, 9 November 2021 https://www.youtube.com/watch?v=Z7XnY9en6ag ECB Forum on Banking Supervision 2021: Credit risk: managing through the pandemic – YouTube recording, 9 November 2021 https://www.youtube.com/watch?v=igMB9ZE4kLc ECB Forum on Banking Supervision: Climate change: are banks and supervisors prepared? – YouTube recording, 10 November 2021 https://youtu.be/GAw3wKUBlK8 ECB Forum on Banking Supervision: European banking: necessary steps to deepen integration – YouTube recording, 10 November 2021 https://youtu.be/IVIvxh7t6Og Remarks by Christine Lagarde at the ECB Forum on Banking Supervision, 9 November 2021 https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp211109_1~6cdc943638.en.html European Central Bank website https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Nov 16

14 min 55 sec

What is causing the rise in inflation we are seeing at the moment? And which trends could have an impact on prices in the future? In this episode of The ECB Podcast, our host Katie Ranger looks for answers to these questions in the discussions held at the 2021 ECB Forum on Central Banking. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 6 October 2021 and recorded on 4 October 2021. In this episode: 01:32 – The economic recovery after the pandemic How the world economy is doing after the slump in economic activity caused by the coronavirus pandemic and how this is affecting prices. 03:11 – Why has inflation been persistently low over the last ten years? Different factors have contributed to low inflation, including more people entering the job market, slower wage growth and a reluctance to put up prices. 4:32 – Reasons behind the recent inflation spikes The rise in inflation is linked to the reopening of the economy, where pent-up demand is meeting supply bottlenecks, and to base effects. These temporary factors are not expected to last. 9:29 – Trends that could impact inflation in the future Trends are emerging that could affect prices in the future. These include changes in the demand for services after the pandemic and the effects of digitalisation on globalisation. The green transition may also impact inflation in coming years. Further reading Speech by Christine Lagarde: Monetary policy during an atypical recovery, 28 September 2021 https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210928~4cc57f558d.en.html Post on The ECB Blog by Isabel Schnabel: The spectre of inflation, 14 September 2021 https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210914~a514f7c553.en.html Speech by Isabel Schnabel: New narratives on monetary policy – the spectre of inflation, 13 September 2021 https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210913~031462fe79.en.html Christine Lagarde: Monetary policy statement – ECB press conference, 9 September 2021 https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is210909~b2d882f724.en.html ECB Forum on Central Banking: Policy panel – YouTube recording, 29 September 2021 https://www.youtube.com/watch?v=QvIFhzLOuCg ECB Forum on Central Banking: The future of inflation – YouTube recording, 28 September 2021 https://www.youtube.com/watch?v=w6KQi2tnmIM The ECB Podcast: Inflation: on porridge, prices and the new normal, 31 October 2019 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod191031_episode2.en.html European Central Bank website https://www.ecb.europa.eu/ You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Oct 6

14 min 50 sec

Our inflation objective and how price changes are measured, employment, climate change… These are just some of the topics we’ve looked at during our strategy review, the outcome of which we revealed in July. In this episode of The ECB Podcast, our host Katie Ranger discusses the review with Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 September 2021 and recorded on 20 September 2021. In this episode: 00:10 – Our strategy review What is behind our recent strategy review and why we carried it out now. 02:26 – The new price stability objective Why we have adopted the new price stability objective of 2% and why it’s important that it is symmetrical, clear and understandable. 07:20 – How to measure inflation Who measures inflation and how, and why home ownership costs should be included in the price index. 10:49 –Employment and the strategy review Why the employment situation is important for our monetary policy, and how our decisions impact jobs. 19:17 – Our guest’s “hot tip” for our listeners Home in the world by Amartya Sen: the economist and philosopher recounts his first thirty years of life in a memoir. This year’s ECB Forum on Central Banking on 28 and 29 September 2021 includes some interesting panel discussions, focussing on the future challenges for monetary policy. Further reading: Strategy review key topics, written in plain language https://www.ecb.europa.eu/home/search/review/html/workstreams.en.html Background material for our strategy review (occasional papers) https://www.ecb.europa.eu/pub/html/strategy_review.en.html ECB Forum on Central Banking https://www.ecb.europa.eu/pub/conferences/html/20210928_ecb_forum_on_central_banking.en.html European Central Bank website https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Sep 25

21 min 33 sec

We at the ECB conducted our first economy-wide climate stress test this year. What are the results? And what do they mean for people, companies, and banks? In this episode of The ECB Podcast, our host Katie Ranger discusses these questions with Vice-President Luis de Guindos and Irene Heemskerk, the head of our climate change centre. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 22 September 2021 and recorded on 9 September and 15 September 2021. In this episode: 01:11 – Our first economy-wide climate stress test How climate risks affect people, companies and banks in the euro area, how our climate stress test was carried out, and its main results. 11:24 – Our role as a central bank against climate change How climate change affects both financial and price stability, and the actions foreseen in the climate action plan we revealed in July 2021, following our strategy review. 13: 25 – Our first guest’s “hot tip” for our listeners Our guest Luis de Guindos shares what motivates him to work in the fight against climate change: solidarity with future generations. 15:10 – The work of the climate change centre The purpose of our climate change centre, how things are going so far and what kind of people work there. 19:31 – The next steps of our climate action plan How the economy-wide climate stress test will feed into the two other stress tests that we will conduct in 2022, on banks and on our own balance sheet. 26:14 – Our second guest’s “hot tip” for our listeners Our guest Irene Heemskerk shares the story behind a picture in her home office that clearly shows how disastrous the consequences of climate change can be. Further reading: Firms, banks benefit from early adoption of green policies, ECB’s economy-wide climate stress test shows https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210922~59ade4710b.en.html ECB economy-wide climate stress test https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op281~05a7735b1c.en.pdf ECB Blog post by Luis de Guindos: Shining a light on climate risks - the ECB’s economy-wide climate stress test https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html The ECB climate change action plan https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1~f104919225.en.html The ECB climate change roadmap https://www.ecb.europa.eu/ecb/climate/roadmap/html/index.en.html European Central Bank https://www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more pod.link/ecbpodcast

Sep 22

28 min 59 sec

Hawks, doves, owls, swans, bulls and bears … even ostriches. What connects these animals to central banking? How can they help us find our way around the world of economics and finance? Our host Katie Ranger talks about these questions with communications advisor Gabriel Glöckler on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 August 2021 and recorded on 29 June 2021. In this episode: 1:40 – Why animal metaphors are used in central banking How animal metaphors can help make central banking more accessible, what they mean and why they are used so often. 4:01 - Hawks, doves and owls in monetary policy How these two animal metaphors are used to describe policymakers’ attitudes towards monetary policy, what it means to make a hawkish or a dovish comment, and where the owl comes in. 9:22 – Black swans, green swans and unexpected events Which events can be qualified as black swans and what green swans are in the language of finance and economics. 14:47 – A bear market or a bull market What’s behind the bull and bear statues outside the Frankfurt Stock Exchange, and how these two animal metaphors are used to describe what’s happening in financial markets. 18:38 – Our guest’s “hot tip” for our listeners The Maradona Theory of Interest Rates: What footballer Diego Maradona has in common with interest rates. Further reading: Maradona Theory of Interest Rates https://www.bankofengland.co.uk/-/media/boe/files/speech/2005/monetary-policy-practice-ahead-of-theory European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

Aug 16

22 min 20 sec

How can we foster the economic empowerment of women after the coronavirus crisis? And what role does transatlantic cooperation play in shaping a more inclusive recovery? Listen to ECB President Christine Lagarde, EU Commission President Ursula von der Leyen and US Secretary of the Treasury Janet Yellen talk about this and more in the latest episode of the ECB Podcast, hosted by Katie Ranger. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 15 July 2021 and recorded on 12 July 2021. In this episode: 01:25 – Economic empowerment of women Why economic empowerment of women is vital, where we stand in Europe and the United States on economic empowerment and gender equality, and what needs to be done to foster economic empowerment. 20:59 – Women amid the coronavirus crisis How the coronavirus crisis has affected women and gender equality, how we can make the economic recovery inclusive and what’s being done to increase gender equality in the United States and Europe. 38:03 – The role of transatlantic cooperation Why renewed transatlantic cooperation is needed to take on the challenges of today, how international cooperation on climate change is moving forward and paving the way for others to do their part, and how Europe and the United States can work together in the future. 51:56 – Our guests’ “hot tips” on female empowerment What Christine Lagarde, Janet Yellen and Ursula von der Leyen recommend to learn more about female empowerment and gender equality. Further reading: European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

Jul 15

56 min 57 sec

What does financial stability have to do with cycling and zombies? How has the third wave of the pandemic affected the financial system? What risks lie ahead? Our host Katie Ranger discusses these questions with our financial stability experts Tamarah Shakir and John Fell on The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 June 2021 and recorded on 1 June 2021. In this episode: 00:58 – How the financial system has fared during the third wave How the financial stability bicycle is doing, how stabilisers have helped to preserve financial stability, what the risks are that lie ahead during the recovery. 06:30 – Economic divergence across sectors and countries Why countries and sectors were affected differently during the pandemic, why economic divergence is an issue for financial stability and why fiscal policy is best suited to address divergences between sectors and countries. 11:27 – Risk appetite in the markets and bitcoin How markets and investors have behaved during the third wave of the pandemic, why investors’ risk appetite has increased over the last six months and why this is a concern for financial stability. 17:38 – Zombie firms and financial stability What zombie firms are, why they could benefit from policy support measures during the pandemic, what zombie firms mean for financial stability. 21:18 – Must-watches and must-reads on financial stability What our experts suggest as entertaining must-watches and must-reads to get started on financial stability. Further reading: Financial Stability Review https://www.ecb.europa.eu/pub/financial-stability/fsr/html/index.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

Jun 16

24 min 18 sec

How can we as a central bank contribute to tackling climate change? What's our role as a central bank and supervisor? Our new host Katie Ranger discusses these questions with Executive Board members Isabel Schnabel and Frank Elderson in this episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 12 May 2021 and recorded on 7 May 2021. In this episode: 01:14 – Where we stand in the fight against climate change What motivates our guests Isabel Schnabel and Frank Elderson to be vocal in the fight against climate change, what has been achieved so far and where we need to go from here. 13:10 – Legal aspects and the price stability mandate What our price stability mandate tells us about our commitment to tackling climate change, and what our obligations and limitations are. 20:41 – What monetary policy can do How climate change affects our mandate to maintain price stability, how our asset purchases could become greener, and why this is easier said than done and what market neutrality has to do with it. 35:16 – What banking supervisors can do Why banks play a key role in the transition towards a green economy, how supervisors support banks to manage climate risks, and why good data and thorough stress tests play a key role. Further reading: Christine Lagarde: Towards a green capital markets union for Europe https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210506~4ec98730ee.en.html Frank Elderson: All the way to zero: guiding banks towards a carbon-neutral Europe https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210429~3f8606edca.en.html Frank Elderson: Greening monetary policy https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210213~7e26af8606.en.html Isabel Schnabel: From green neglect to green dominance? https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210303_1~f3df48854e.en.html Isabel Schnabel: Never waste a crisis: COVID-19, climate change and monetary policy https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200717~1556b0f988.en.html Isabel Schnabel: When markets fail – the need for collective action in tackling climate change https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200928_1~268b0b672f.en.html Luis de Guindos: Shining a light on climate risks: the ECB’s economy-wide climate stress test https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210318~3bbc68ffc5.en.html Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html European Central Bank www.ecb.europa.eu European Banking Supervision www.www.bankingsupervision.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

May 12

46 min 13 sec

How can we empower women to aim high? ECB President Christine Lagarde and Ursula von der Leyen, President of the European Commission, talk about this and share their personal experiences as female leaders in the latest episode of The ECB Podcast hosted by Michael Steen. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 8 March 2021 and recorded on 4 March 2021. In this episode: 01:44 – Female leadership Why female leadership is important, why women are central to good and effective leadership during crisis times, why more gender parity is beneficial to all of us and how we can achieve it. 10:14 – Path to leadership What the driving forces were on Christine Lagarde’s and Ursula von der Leyen’s paths to leadership, how they dealt with obstacles, what gave them confidence and to carry on, and what role childcare can have for women on their career paths. 26:15 – Fighting stereotypes and gender biases How Christine Lagarde and Ursula von der Leyen were confronted with biases and stereotypes, how they dealt with those situations, and they came out stronger from difficult situations. 34:55 – Impact of the coronavirus crisis on gender equality How the coronavirus crisis has disproportionally affected women, what the positive and negative effects of working remotely could be over the long-term, and what we can do for a better work-life balance for everyone. 41:55 – Goals for gender equality in the future What their goals are for gender equality in the future, what advice they would give themselves to better deal with obstacles and hurdles and what they #ChooseToChallenge to encourage better gender equality. Further reading: Christine Lagarde: Choose to challenge women’s roles at home, at work and in our society https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210308~e7a735f961.en.html Harvard Business Review: Women are better leaders during a crisis https://hbr.org/2020/12/research-women-are-better-leaders-during-a-crisis Women in economics scholarship https://www.ecb.europa.eu/careers/what-we-offer/wecs/html/index.en.html Women@ECB https://www.ecb.europa.eu/careers/why-we-value-diversity/women/html/index.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

Mar 8

48 min 3 sec

What are banking supervisors worried about for 2021? Why are “marriages” between banks a good idea? And how can supervisors help banks to be part of the solution during this crisis? Our host Michael Steen finds answers to these questions in The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 12 February 2021 and recorded on 9 February 2021. In this episode: 01:19 – How the coronavirus crisis has affected banks What the uncertainty during the pandemic has meant for banks, the main risks they are facing, and how banks can be part of the solution this time. 04:50 – How supervisors helped to ensure that bank lending continued during the crisis What steps governments and regulators took to ensure that credit continued to flow, how those measures helped banks to fulfil their role as lenders and what the risks of those policies are. 06:32 – The supervisory priorities for 2021 A closer look at this year’s priorities: credit risk, capital strength, business model sustainability and governance are the areas that supervisors will look at in 2021. Further reading: Supervisory priorities 2021 https://www.bankingsupervision.europa.eu/banking/priorities/priorities/html/index.en.html Introductory statement to the ECB banking supervision press conference https://www.bankingsupervision.europa.eu/press/speeches/date/2021/html/ssm.sp210128~78f262dd04.en.html Overview: The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html European Central Bank website www.ecb.europa.eu Banking supervision website www.bankingsupervision.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

Feb 12

13 min 11 sec

How will the coronavirus vaccine affect economic recovery in 2021? Where do we stand after nine months of fighting the crisis? And what is the role of the ECB’s monetary policy? Our host Michael Steen discusses these questions with our Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 18 December 2020 and recorded on 11 December 2020. In this episode: 00:23 – What is the assessment of the economic response to the first wave? What the experience was during the first wave, how policy makers have adapted to the new challenges, how monetary and fiscal policy worked hand in hand to mitigate the economic shortfall. 05:53 – How is the ECB building a bridge towards economic recovery? Why the ECB recalibrated its monetary policy in December, what the economic forecasts say about the recovery, how the PEPP and TLTROs work to support economic recovery. 14:08 – What are the challenges that lie ahead in 2021? What the basis for our economic projections is, what difficulties and hopes there are on the path to economic recovery. 19:58 – What else is on the ECB’s agenda? What the strategy review is about, what exactly we’re looking at and how we’re listening to Europeans and gathering their input. Further reading: Overview: The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html Press release: ECB prolongs support via targeted lending operations for banks that lend to the real economy https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210_1~e8e95af01c.en.html Speech by Philip R. Lane: Monetary policy in a pandemic: ensuring favourable financing conditions https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201126~c5c1036327.en.html Macroeconomic projections https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: pod.link/ecbpodcast15:

Dec 2020

21 min 37 sec

What do cycling and financial stability have in common? How has the pandemic affected the financial system and the economy? What risks lie ahead? Our host Michael Steen discusses these questions and more with economists John Fell and Tamarah Shakir, who analyse financial stability at the ECB. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 November 2020 and recorded on 13 November 2020. In this episode: 00:46 – What is financial stability? What financial stability is, what it has in common with cycling, financial instability during the global financial crisis. 05:59 – How has the pandemic affected financial stability? How the coronavirus crisis affected financial stability in March, how the reaction by EU and national policymakers prevented a financial crisis and why financial stability could largely be preserved. 12:05 – How has the coronavirus crisis affected businesses? What the measures taken to protect businesses and households are, how the measures have worked and helped to preserve financial stability. 17:26 – What are the challenges that lie ahead? What the risks for businesses, households and the financial system are, what we need to look out for in the future and what is being done to prevent the risks from materialising. Further reading: Financial Stability Review, November 2020 https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202011~b7be9ae1f1.en.html Special Feature by John Fell and Garry Schinasi in the Financial Stability Review, June 2005, pp. 117-125 https://www.ecb.europa.eu/pub/pdf/fsr/financialstabilityreview200506en.pdf European Central Bank www.ecb.europa.eu You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more: https://pod.link/ecbpodcast

Nov 2020

26 min 6 sec

What is a digital euro? What would its benefits be and how would it affect the way we make payments? When could it be ready? Our host Michael Steen discusses these questions and more with Ulrich Bindseil, who is responsible for market infrastructures and payments at the ECB. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 6 November 2020 and recorded on 26 October 2020. In this episode: 01:10 – What is money? What money is, what the differences between central bank money and commercial bank money are, and where a digital euro comes in. 05:23 – The development of digital payments and the benefits of a digital euro. How digital payments have developed over the last few years, what different kinds of digital payments already exist and how they differ, and what the benefits of a digital euro might be. 12:12 – The impact on digital payments and design options How I will be able to pay in the future? What could a digital euro technically look like. 18:17 – The way forward and next steps When a digital euro will be ready and how and why to have your say on its design. Further reading: Report on a digital euro https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf Public consultation on a digital euro https://epsilon.escb.eu/limesurvey3/434111?lang=en Tiered CBDC and the financial system https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2351~c8c18bbd60.en.pdf European Central Bank www.ecb.europa.eu/home/html/index.en.html

Nov 2020

24 min 29 sec

How is AI changing what we do? What does a job in the platform economy look like? How will the coronavirus pandemic affect the way we work? Our host Michael Steen discusses these questions and more with economists Robert Anderton and Lara Vivian. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 29 September 2020 and recorded on 13 August 2020. In this episode: 01:04 – Digitalisation and job polarisation How digitalisation is changing our roles and how job polarisation is affecting different euro area countries. 04:47 – Zooming in on artificial intelligence What the impact of AI is on jobs, what it means for the future of the job market and how AI is affecting different sectors. 06:57 – The platform economy What the characteristics of the platform economy are, how it has increased in size over the past years and possible policy implications. 14:25 – Labour markets after coronavirus- the new normal? How the pandemic could result in a permanent acceleration and take-up of digitalisation. Why this can pose challenges and provide new opportunities. Further reading: Virtually everywhere? Digitalisation and the euro area and EU economies https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op244~2acc4f0b4e.en.pdf Digitalisation and its impact on the economy: insights from a survey of large companies https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_04.en.html Study to monitor the economic development of the collaborative economy at sector level in the 28 EU Member States https://op.europa.eu/en/publication-detail/-/publication/0cc9aab6-7501-11e8-9483-01aa75ed71a1 New evidence on platform workers in Europe https://ec.europa.eu/jrc/en/publication/eur-scientific-and-technical-research-reports/new-evidence-platform-workers-europe Hours of work polarisation? https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2324~3a8fca82b4.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

Sep 2020

18 min 52 sec

How does the increased use of digital technologies change the way we work? Is the fear of automation taking away our jobs justified? Or do our tasks and skills evolve to meet the new conditions? Our host Michael Steen discusses these questions and more with economists Valerie Jarvis and Robert Anderton in this episode. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 2 September 2020 and recorded on 13 August 2020. In this episode: 01:11 – Digitalisation: what it is and its presence across the euro area How to measure digitalisation, how it affects our economies and what explains the differences in digitalisation levels across euro area countries. 05:24 – Digitalisation and labour markets What is the impact of digital technologies on labour markets, how robots are affecting the way we work and the important role of institutions and governance in reaping the benefits of digitalisation. 09:27 – Digitalisation and employment growth Why machines are not replacing humans and how the digital revolution can bring about large improvements in productivity and living standards. 12:40 – Zooming in on digital jobs How the proportions of digitally dependent employment differ across Europe, why the role of each country’s characteristics is important and why countries with higher digital employment growth are also those with lower unemployment. Further reading: Virtually everywhere? Digitalisation and the euro area and EU economies https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op244~2acc4f0b4e.en.pdf Digitalisation and its impact on the economy: insights from a survey of large companies https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_04.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

Sep 2020

17 min 54 sec

What challenges does the coronavirus pandemic pose for banks? And what role can they play in helping the real economy deal with the crisis? Our host Michael Steen discusses these questions and more with ECB Supervisory Board Chair Andrea Enria in this episode. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 10 June 2020 and recorded on 29 May 2020. In this episode: (02:38) Coronavirus and the banks How the pandemic is posing challenges for banks, their response to the crisis and what banks can do to support the economy by lending to people and businesses. (07:42) The ECB’s measures to boost lending How the ECB has supported bank lending in the euro area. (11:25) The advantages of supervision at European level How European supervision enabled banks to enter this crisis in a much stronger position than in 2008, and how it has allowed for a unified and fast response to increase the safety of banks. (14:57) The coronavirus and digitalisation in the banking sector The opportunities for banks that come with digitalisation and how to mitigate the new risks increased digitalisation introduces. Further reading: The ECB’s response to the coronavirus pandemic https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html Supervision.Explained.: Why do banks need to hold capital? https://www.bankingsupervision.europa.eu/about/ssmexplained/html/hold_capital.en.html Press release: ECB Banking Supervision provides temporary relief from capital requirements for market risk https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200416~ecf270bca8.en.html Press release: ECB asks banks not to pay dividends until at least October 2020 https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200327~d4d8f81a53.en.html Banking supervision website http://www.bankingsupervision.europa.eu/

Jun 2020

19 min 40 sec

What is the role of financial markets in the economy? How does the coronavirus pandemic affect markets? Is the current crisis also a financial crisis? Our host Michael Steen discusses these questions with ECB Executive Board member Isabel Schnabel. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 May 2020 and recorded on 15 May 2020. In this episode: (01:57) The role of financial markets in the economy How they act as intermediaries between savers and borrowers, how they react in case of a shock and why their stability is key to ensuring a well-functioning economy. (05:14) The coronavirus and financial markets How financial markets have responded to the coronavirus shock and why this is different from the 2008 financial crisis. (10:26) The ECB’s measures to ease lending How our targeted lending measures aim to help people and businesses, the particular role of the Pandemic Emergency Purchase Programme and how the ECB works with other central banks to keep financial systems working smoothly. (17:03) International cooperation in times of crisis: swap lines How swap lines between central banks work and how these agreements help keep financial systems around the world working smoothly. Further reading: The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html Explainer: Tell me more: What are currency swap lines? https://www.ecb.europa.eu/explainers/tell-me-more/html/currency_swap_lines.en.html European Central Bank website www.ecb.europa.eu

May 2020

21 min 8 sec

How is the coronavirus pandemic affecting the economy? Which sectors have been hit hardest? What is the ECB doing to limit the economic impact of the crisis? Our host Michael Steen discusses these questions with ECB Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 18 May 2020; recorded on 11 May 2020. In this episode: (02:30) Coronavirus and the economy The economic impact of the coronavirus pandemic, the characteristics of the shock on the supply and demand sides and which sectors have been hit the hardest by the crisis. (08:11) Coronavirus and the policy response The need to address the dramatic downturn in the economy that is threatening price stability, how we are supporting households and firms and why fiscal policy has to play a central role. (15:18) The risk of falling prices and targeted lending How the pandemic pushes prices down in the short and medium-term and how our targeted measures incentivise banks to continue lending to small and medium-sized businesses and households in these uncertain times. The ECB’s response to the coronavirus pandemic https://www.ecb.europa.eu/home/search/coronavirus/html/index.en.html https://www.bankingsupervision.europa.eu/home/search/coronavirus/html/index.en.html Philip R. Lane: Interview with the Telegraaf https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200512~13fcf73079.en.html Philip R. Lane: The monetary policy response to the pandemic emergency https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200501~a2d8f514a0.en.html ECB announces new pandemic emergency longer-term refinancing operations https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html ECB recalibrates targeted lending operations to further support real economy https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430~fa46f38486.en.html Luis de Guindos, Isabel Schnabel: Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200422~244d933f86.en.html Fabio Panetta: Why we all need a joint European fiscal response https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200421~a7f2ec5159.en.html Christine Lagarde: How the ECB is helping firms and households https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html Luis de Guindos, Isabel Schnabel: The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19 https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200403~54ecc5988b.en.html Christine Lagarde: Our response to the coronavirus emergency https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP) https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318_1~3949d6f266.en.html ECB statement https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318~152e1c740f.en.html Philip R. Lane: The Monetary Policy Package: An Analytical Framework https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200313~9e783ea567.en.html ECB announces easing of conditions for targeted longer-term refinancing operations (TLTRO III) https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200312_1~39db50b717.en.html ECB announces measures to support bank liquidity conditions and money market activity https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200312_2~06c32dabd1.en.html European Central Bank website https://www.ecb.europa.eu/

May 2020

22 min 39 sec

How does climate change affect financial stability? Why isn’t the ECB buying more green bonds? How can banks better prepare for climate-related risks? Our host Michael Steen discusses these questions with expert guests Fatima Pires, Madelaine Roos and Patrick Amis. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 3 March 2020; recorded on 5, 6 and 13 February 2020. In this episode: (02:08) Climate change and financial stability The risks emerging from climate change (physical and transition risks), their effects on financial stability, how stress tests help spot these risks and why international cooperation is key. (13:22) Climate change and the green market Why we don’t just buy more green bonds, how a taxonomy can help identify green assets and what the ECB is doing to make its own funds more sustainable. (20:47) Climate change and banks The role of banks in the shift to a more sustainable economy, how supervisors can help banks prepare for risks stemming from climate change and why transparency is important to better understand climate risks. Climate change and the ECB https://www.ecb.europa.eu/ecb/orga/climate/html/index.en.html Speech (27 February 2020): C Lagarde, President of the ECB: Climate change and the financial sector https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200227_1~5eac0ce39a.en.html Research Bulletin: Finance and decarbonisation: why equity markets do it better https://www.ecb.europa.eu/pub/economic-research/resbull/2019/html/ecb.rb191127~79fa1d3b70.en.html Working Paper: Finance and carbon emissions \https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2318~44719344e8.en.pdf Financial Stability Review: Climate change and financial stability https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart201905_1~47cf778cc1.en.html Working Paper: The Green Golden Rule: habit and anticipation of future consumption https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2247~72dc51ddd8.en.pdf Economic Bulletin: Purchases of green bonds under the Eurosystem’s asset purchase programme https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_01.en.html Working Paper: The impact of disasters on inflation https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1982.en.pdf Speech (2018): B Cœuré, Member of the Executive Board of the ECB: Monetary policy and climate change https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp181108.en.html ECB Press Conference Q&A (23 January 2020) https://www.ecb.europa.eu/press/pressconf/2020/html/ecb.is200123~0bc778277b.en.html European Central Bank website https://www.ecb.europa.eu/home/html/index.en.html

Mar 2020

31 min 51 sec

Why do we need banking supervision at the European level? Should a bank be allowed to fail? What does a normal day look like for a supervisor? What are the supervisory challenges posed by Brexit? Our host Michael Steen discusses these questions with expert guests Andrea Enria, Pien van Erp Taalman Kip and Linette Field. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 21 January 2020 and recorded on 6 December 2019. In this episode: (01:03) A safe and sound banking sector Why do we need banking supervision at the European level, why should banks be allowed to fail and why is transparency towards private investors a priority in a bail-in world? (12:13) A day in the life of a supervisor What does a banking supervisor do, what are Joint Supervisory Teams and why can’t supervisors be of the same nationality as the bank they supervise? (20:43) Challenges for banks: profitability, cybersecurity and Brexit Why is it important that supervisors understand the risks banks face, why do they care about banks’ profits and what are the challenges posed by Brexit? Further reading: Explainer: SSM explained in 3 minutes https://www.youtube.com/watch?v=xC_2N0Y20qQ Webpage: Relocating to the euro area https://www.bankingsupervision.europa.eu/banking/relocating/html/index.en.html Supervision Newsletter: Brexit: operational risk increases when banks delay action https://www.bankingsupervision.europa.eu/press/publications/newsletter/2019/html/ssm.nl191113_2.en.html Supervision Newsletter: Brexit: stepping up preparations https://www.bankingsupervision.europa.eu/press/publications/newsletter/2019/html/ssm.nl190814.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: Supervising banks – Principles and priorities https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190307~28d206eae5.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: The banking union – a personal view on its past, present and future https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp191030~a66780e0a5.en.html Speech: A Enria, Chair of the ECB’s Supervisory Board: Is less more? Profitability and consolidation in the European banking sector https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190704~1f442782ac.en.pdf?2773aa57fc4093122a0effc8247b6a8b Speech: A Enria, Chair of the ECB’s Supervisory Board: A binary future? How digitalisation might change banking https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190311~2af7fb032e.en.html https://www.ecb.europa.eu/

Jan 2020

33 min 30 sec

What was it like when the euro was launched in 1999? Where will the euro be in another 20 years? Is there a link between support for the euro and trust in the ECB? Our host Michael Steen discusses these questions with expert guests Erkki Liikanen, Martin Wolf and Siria Angino. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 28 November 2019 and recorded on 5 September, 23 October and 25 October 2019. Further reading Webpage: The euro at 20 https://www.ecb.europa.eu/euro/html/index.en.html Quiz: The euro at 20 https://www.ecb.europa.eu/euro/html/quiz.en.html Explainer: How do you benefit from the euro https://www.ecb.europa.eu/explainers/tell-me/html/benefits-euro-euroat20.en.html Explainer: How does the euro help Europeans do business? https://www.youtube.com/watch?v=WsxPlyzmkqU&feature=youtu.be Explainer: How have Europeans benefited from the euro? https://www.youtube.com/watch?v=HeXDwUsz57o&feature=youtu.be Speech: 20th anniversary of the euro https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190115.en.html Speech: Past and future of the ECB monetary policy https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180504.en.html Speech: The future of the euro area economy https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp191122~0c1f115db0.en.html Did you know?: More fact about the euro https://europa.eu/euroat20/the-euro-in-numbers/ Webpage: the banking union https://www.bankingsupervision.europa.eu/about/bankingunion/html/index.en.html Fourth ECB Annual Research Conference https://www.ecb.europa.eu/pub/conferences/html/20190905_4th_ecb_annual_research_conference.en.html Speeches on the capital markets union https://www.ecb.europa.eu/home/search/html/capital_markets_union.en.html European Central Bank website https://www.ecb.europa.eu/

Nov 2019

26 min 26 sec

What do porridge and prices have in common? How do music and video streaming affect inflation? And is low inflation the new normal? Our host Michael Steen discusses with guests Christiane Nickel, Frank Smets, and ECB Chief Economist Philip R. Lane. In this episode: (00:45) Keeping prices stable Why should prices go up, what is the link between wages and prices, and how does working towards our inflation target help to stabilise the economy? (12:07) The new normal How are changes in price measured, what factors drive inflation, and how do globalisation, demographics and e-commerce affect inflation? (23:20) Forecasting inflation Why do central banks need to provide accurate forecasts, how are these forecasts produced, and why can this process be challenging? The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 31 October 2019 and recorded on 10 and 14 October 2019. Further reading Explainer: Why are stable prices important? https://www.ecb.europa.eu/explainers/tell-me-more/html/stableprices.en.html Conference: Inflation in a changing economic environment https://www.ecb.europa.eu/pub/conferences/html/20190923_inflation_conference.en.html Speech: Monetary policy and below-target inflation https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190701~0c1fa3c8fc.en.html Research: Low inflation in the euro area: causes and consequences https://www.ecb.europa.eu/pub/pdf/scpops/ecbop181.en.pdf Research: Expert group studying the causes of low inflation (LIFT) https://www.ecb.europa.eu/pub/economic-research/research-networks/html/researcher_lift.en.html Research: The impact of global value chains on the euro area economy https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op221~38185e6936.en.pdf Publication: Macroeconomic projections https://www.ecb.europa.eu/pub/projections/html/index.en.html European Central Bank website https://www.ecb.europa.eu/

Oct 2019

29 min 13 sec

The implications of crypto-assets, emerging payment technologies and Facebook’s plans to create a global digital currency, Libra – discussed by our host, Michael Steen, and guests, Dirk Bullmann, Maria Teresa Chimienti, and ECB Executive Board member Benoît Cœuré. Recorded on 6 and 9 September 2019. In this episode: (01:03) Benoît Cœuré The big picture: what is money, why is there a demand for digital currencies and what is the role of central banks in this field? (11:47) Maria Teresa Chimienti Getting technical: what are crypto-assets, what makes Facebook’s Libra different, and why is it important for central banks to research these phenomena? (17:32) Dirk Bullmann Talking innovation: what is blockchain and DLT, why are they so fascinating and how does innovation at the ECB help make payments instant? Further reading: Explainer: What is money? https://www.ecb.europa.eu/explainers/tell-me-more/html/what_is_money.en.html Explainer: What is bitcoin? https://www.ecb.europa.eu/explainers/tell-me/html/what-is-bitcoin.en.html Explainer: How could new technology transform financial markets? https://www.ecb.europa.eu/explainers/tell-me-more/html/distributed_ledger_technology.en.html Research – special feature: Distributed Ledger Technology (e.g. blockchain) https://www.ecb.europa.eu/pub/annual/special-features/2016/html/index.en.html Research – Occasional Paper: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op223~3ce14e986c.en.pdf Research – Economic Bulletin Article: Understanding the crypto-asset phenomenon, its risks and measurement issues https://www.ecb.europa.eu/pub/economic-bulletin/articles/2019/html/ecb.ebart201905_03~c83aeaa44c.en.html European Central Bank website https://www.ecb.europa.eu/ The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Sep 2019

27 min 29 sec