No nos resignamos a permitir que la inflación se mantenga demasiado baja durante demasiado tiempo. En primer lugar, un endurecimiento injustificado de las condiciones de política monetaria (debido a la evolución de los mercados monetarios a corto plazo, los mercados internacionales de renta fija o los mercados de divisas), que podría remediarse aplicando medidas más convencionales. En effet, les coûts et les bienfaits à court terme des réformes dépendent fondamentalement de la manière dont elles sont mises en œuvre. Pese a los esfuerzos por mejorar la transparencia, la previsibilidad del pasado no volverá fácilmente. Introduction by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Monetary Conference, Berlin, 3 June 2003. Ma per comprendere quale sia un “livello troppo basso per troppo tempo” dobbiamo rispondere a due interrogativi. Das Verhältnis des Schuldendienstes zum Einkommen ist in finanziell angeschlagenen Ländern meist höher. A second wave of coronavirus cases may be slowing down in Europe but the economy is stil bearing the brunt of the containment measures taken to address it, European Central Bank President Christine Lagarde said on Tuesday. Hetzelfde geldt als het soort hervormingen nauwkeurig wordt gekozen. Cyclical factors have therefore played an important role in the rise in unemployment, and the weak economic situation in the euro area suggests they continue to do so. Watch the press … Der Euroraum verfügt über ein erhebliches unausgeschöpftes Potenzial für einen deutlichen Produktions-, Beschäftigungs- und Wohlstandszuwachs. Dès lors, il semble vraisemblable que la prise de décision s’appuiera davantage sur l’appréciation, impliquant des arbitrages qui doivent être expliqués. Secondariamente, sulla scorta di una sua scomposizione, possiamo chiederci quanto sia probabile che un tale livello persista nel medio termine. Die Zukunft der Marktwirtschaft" der Volksbanken Raiffeisenbanken organised by Genossenschaftsverband e.V., Frankfurt am Main, 7 November 2012, Speech by Mario Draghi, President of the ECB, Discussion on ECB policies with Members of Parliament, Berlin, 24 October 2012, Speech by Mario Draghi, President of the ECB, Ca' Foscari University of Venice, 13 October 2012, Introductory statement by Mario Draghi, President of the ECB, Brussels, 9 October 2012, Speech by Mario Draghi, President of the ECB, at the annual event “Day of the German Industries” organised by the Federation of German Industries, Berlin, 25 September 2012, Remarks by Mario Draghi, President of the ECB on receiving the M100 Media Award 2012 Potsdam, 6 September 2012, Contribution from Mario Draghi, President of the ECB, Published in "Die Zeit", 29 August 2012, Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012, Introductory Statement by Mario Draghi, President of the ECB, Brussels, 9 July 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 15 June 2012, Address by Mario Draghi, President of the ECB at the day in memory of Federico Caffè organised by the Faculty of Economics and the Department of Economics and Law at the Sapienza University Rome, 24 May 2012, Introductory remarks by Mario Draghi, President of the ECB, at the ECB colloquium held in honour of, Frankfurt am Main, 16 May 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 8 May 2012, Speech by Mario Draghi, President of the ECB, at the ECB-EC conference “Financial integration and stability: towards a more resilient single financial market” Frankfurt am Main, 26 April 2012, Introductory statement by Mario Draghi, President of the ECB Brussels, 25 April 2012, Speech by Mario Draghi, President of the ECB at the Sixth ECB Statistics Conference, Frankfurt am Main, 17 April 2012, Speech by Mario Draghi, President of the ECB, Berlin, 26 March 2012, Speech by Mario Draghi, President of the ECB, at the colloquium “Les défis de la compétitivité”, organised by Le Monde and l'Association Française des Entreprises Privées (AFEP), Paris, 13 March 2012, Introductory statement Mario Draghi, President of the ECB, Brussels, 19 December 2011, Speech by Mario Draghi, President of the ECB, Ludwig Erhard Lecture, Berlin, 15 December 2011, Introductory statement by Mario Draghi, President of the ECB, Brussels, 1 December 2011, Introductory remarks by Mario Draghi, President of the ECB, at the 21st Frankfurt European Banking Congress “The Big Shift”, Frankfurt am Main, 18 November 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Humboldt University, Berlin, 24 October 2011, Address by Jean-Claude Trichet, President of the ECB, at the National Bank of Poland's conference, Warsaw, 21 October 2011, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 October 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 4 October 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bretton Woods Committee, International Council Meeting 2011 Washington, 23 September 2011, Speech by Jean-Claude Trichet, President of the ECB, Wroclaw, 15 September 2011, Jean-Claude Trichet, Président de la BCE, Discours d'introduction à la conférence de l'Institut Montaigne intitulée : « Trois ans après la chute de Lehman Brothers : leçons et défis de la crise » Paris, le 5 septembre 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 29 August 2011, Speech by Jean-Claude Trichet, President of the ECB at the Jackson Hole Economic Symposium Panel: Setting priorities for long-term growth Jackson Hole, U.S.A., 27 August 2011, Statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 21 July 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Gala Dinner of the State of the European Union conference “Revitalising the European Dream: A Corporate View”, Brussels, 28 June 2011, Remarks by Jean-Claude Trichet, President of the ECB, upon reception of the 2011 Global Economy Prize, Kiel, 19 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the US Sciences Po Foundation Annual Benefit in New York on 16 June 2011, Stamp Memorial Lecture by Jean-Claude Trichet, President of the ECB at the London School of Economics and Political Science London, 13 June 2011, Keynote address by Jean-Claude Trichet, President of the ECB at the “ECB and its Watchers XIII” conference Frankfurt am Main, 10 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Montreal, 6 June 2011, Speech by Jean-Claude Trichet, President of the ECB on receiving the Karlspreis 2011 in Aachen, 2 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Rheinisch-Westfälische Technische Hochschule (RWTH), Aachen, 1 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the WDR Europa-Forum, Berlin, 26 May 2011, By Jean-Claude Trichet, President of the ECB, 15 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Madrid, 13 May 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bank of Finland 200th Anniversary Conference Helsinki, 5 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Deutsche Bundesbank Festakt, Frankfurt am Main, 2 May 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Notre Europe Séminaire en Hommage à Tommaso Padoa-Schioppa, in the session “Quel bilan pour l'Union Economique et Monétaire”, Brussels, 4 April 2011, Intervention de Jean-Claude Trichet, Président de la BCE, Académie des Sciences morales et politiques, Paris, le 28 mars 2011, Speech by Jean-Claude Trichet, President of the ECB at the Frankfurt Main Finance Summit “The Future of Risk Management and Regulation: Smarter regulation, safer markets” Frankfurt, 23 March 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 March 2011, Speech by Jean-Claude Trichet, President of the ECB at the conference of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament “What future for the euro?” Frankfurt, 18 March 2011, Remarks by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 11 March 2011, Speech by Jean-Claude Trichet, President of the ECB, Lecture at the University of Liège, Liège, 23 February 2011, Speech by Jean-Claude Trichet, President of the ECB, for the panel discussion on: “Global imbalances and financial stability” at the Eurofi G20 High Level Seminar, Paris, 18 February 2011, Jean-Claude Trichet, President of the ECB, Speech as the Guest of Honour at the Schaffermahlzeit, Bremen, 11 February 2011, Speech by Jean-Claude Trichet, President of the ECB, colloquium in honour of Tommaso Padoa-Schioppa, Bocconi University, Milan, 1 February 2011, Speech by Jean-Claude Trichet, President of the ECB, Klausurtagung der CSU Landesgruppe, Wildbad Kreuth, 7 January 2011, Jean-Claude Trichet, President of the European Central Bank, Frankfurt am Main, 13 December 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 8 December 2010, Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club, Paris, 3 December 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 November 2010, Introductory statement by Jean-Claude Trichet, President of the ECB Strasbourg, 22 November 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the European Banking Congress, Frankfurt am Main, 19 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Opening address at the ECB Central Banking Conference Frankfurt, 18 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Evangelische Akademie Tutzing, 13 November 2010, Opening address by Jean-Claude Trichet, President of the ECB at the fifth ECB conference on statistics “Central bank statistics: what did the financial crisis change?” Frankfurt, 19 October 2010, Speech by Jean-Claude Trichet, President of the ECB at the World Policy Conference Marrakech, 16 October 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Economic Club of New York, New York, 12 October 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the EUROFI Financial Forum 2010, Brussels, 29 September 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 13th conference of the ECB-CFS Research Network, Frankfurt am Main, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Euro Conference hosted by Eesti Pank, Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB, on the occasion of the inauguration of the Euro Exhibition hosted by Eesti Pank Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB on the occasion of the Euro Star Event at Eesti Pank Tallinn, 19 September 2010, Speech by Jean-Claude Trichet, President of the ECB at the gala event Bucharest, 5 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the symposium on “Macroeconomic challenges: the decade ahead”, Jackson Hole, Wyoming, 27 August 2010, Speech by Jean-Claude Trichet, President of the ECB at the conference “The ECB and Its Watchers” XII Frankfurt am Main, 9 July 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at 150th Anniversary of the Central Bank of the Russian Federation High-Level International Conference on “Central Banks and Development of the World Economy: New Challenges and a Look Ahead”, Moscow, 18 June 2010, Keynote by Jean-Claude Trichet, President of the ECB at the Institute of International Finance, Spring Membership Meeting Vienna, 10 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Feri Foundation award ceremony Kaisersaal, Frankfurt am Main, 9 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 38th Economic Conference of the Oesterreichische Nationalbank, Vienna, 31 May 2010, Video address by Jean-Claude Trichet, President of the European Central Bank, at the Bank of Korea International Conference 2010, Seoul, 31 May 2010, Remarks by Jean-Claude Trichet, President of the ECB Frankfurt, 28 May 2010, Introductory remarks by Jean-Claude Trichet, President of the ECB, at the Colloquium in honour of Lucas Papademos, Frankfurt am Main, 20 May 2010, Welcome address by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 May 2010, University lecture by Jean-Claude Trichet, President of the ECB, at the Universidade Nova de Lisboa, Lisbon, 6 May 2010, Speech by Jean-Claude Trichet, President of the ECB, Munich, 29 April 2010, Speech by Jean-Claude Trichet, President of the ECB, Susan Bies Lecture, Kellogg Distinguished Lecture Series, Evanston, Illinois, 27 April 2010, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the Council on Foreign Relations, New York, 26 April 2010, Speech by Jean-Claude Trichet, President of the ECB 19 April 2010, Warsaw, Poland, Speech by Jean-Claude Trichet, President of the ECB, Ceremonial address by Jean-Claude Trichet, President of the ECB at “100 Years of Confindustria” Parma, 10 April 2010, Speech by Jean-Claude Trichet, President of the ECB Lecture at Bocconi University, Aula Magna Milano, 9 April 2010, Speech by Jean-Claude Trichet, President of the ECB Münster City Hall, Westphalia, 26 March 2010, Contribution by Jean-Claude Trichet, President of the European Central Bank to Frankfurter Allgemeine Zeitung, 26 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 25 March 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 22 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 19 March 2010, Lunch remarks by Jean-Claude Trichet, President of the ECB at the SIEPR Economic Summit, Stanford University Stanford, 12 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 10 March 2010, Jean-Claude Trichet, President of the ECB 11 February 2010, By Jean-Claude Trichet, President of the ECB, at the Symposium for the 50th anniversary of the Reserve Bank of Australia, Sydney, 9 February 2010, Speech by Jean-Claude Trichet, President of the ECB Tel Aviv, 21 January 2010, Commentary by Jean-Claude Trichet, President of the ECB 27 December 2009, Speech by Jean-Claude Trichet, President of the ECB The Economist's 2nd City Lecture London, 11 December 2009, Clare Distinguished Lecture in Economics and Public Policy by Jean-Claude Trichet, President of the ECB organised by the Clare College, University of Cambridge Cambridge, 10 December 2009, Discours d'ouverture de Jean-Claude Trichet, Président de la BCE au colloque « La justice face à la crise » organisé par la Cour d'appel de Paris Paris, le 7 décembre 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 7 December 2009, Speech by Jean-Claude Trichet, President of the ECB at the “Annual conference 2009” organised by the Asociación de Mercados Financieros Madrid, 23 November 2009, Jean-Claude Trichet, President of the ECB, Keynote speech at the 19th Frankfurt European Banking Congress: “After the Crisis”, Frankfurt am Main, Alte Oper, 20 November 2009, Speech by Jean-Claude Trichet, President of the ECB at the CEIOPS conference 2009 Frankfurt am Main, 18 November 2009, Speech by Jean-Claude Trichet, President of the ECB, Award ceremony organised by the Group of 20 +1, Frankfurt am Main, 17 November 2009, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the “Wirtschaftstag 2009” organised by the Volksbanken and Raiffeisenbanken, Frankfurt am Main, 15 October 2009, Lecture by Jean-Claude Trichet, President of the ECB at the University of Venice Venice, 9 October 2009, Speech by Jean-Claude Trichet, President of the ECB The Eurofi Financial Forum 2009 Göteborg, 30 September 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 28 September 2009, Speech by Jean-Claude Trichet, President of the ECB at the ECB Watchers Conference Frankfurt, 4 September 2009, Intervention by Jean-Claude Trichet, President of the ECB, at the symposium on “Financial stability and macroeconomic policy” sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 22 August 2009, Speech by Jean-Claude Trichet, President of the ECB Frankfurt, 16 July 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the University of Munich Munich, 13 July 2009, Speech by Jean-Claude Trichet, President of the ECB at a Conference organised by the Nueva Economía Fórum and The Wall Street Journal Europe Madrid, 22 June 2009, Speech by Jean-Claude Trichet, President of the ECB At the Gala Event of the Celebration of 130th Anniversary of the Bulgarian National Bank in Sofia, 12 June 2009, Speech by Jean-Claude Trichet, President of the ECB at the Ceremony conferring the honorary title of Doctor Honoris Causa at the University of National and World Economy, Bulgaria in Sofia on 12 June 2009, Address by Jean-Claude Trichet, President of the ECB at the conference “20 years after the collapse of the socialist economy: transformation, economic growth and convergence in Poland and other central and eastern European countries” organised by the National Bank of Poland, Warsaw, 5 June 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the international symposium marking the 50th anniversary of Bank Al-Maghrib. Maar economische aanpassingen kunnen kortetermijnkosten met zich mee brengen. Keynote speech by Jean-Claude Trichet, President of the European Central Bank, Vienna, 29 November 2004, Speech by Jean-Claude Trichet, President of the ECB at the Conference “Goodbye Lisbon” organised by the European Banking Congress Frankfurt am Main 19 November 2004, Keynote address delivered by Jean-Claude Trichet, President of the ECB, on the occasion of the OECD's World Forum on Key Indicators “Statistics, Knowledge and Policy” Palermo 11 November 2004, Keynote speech by Jean-Claude Trichet, President of the ECB held at the conference ‘Europe's frontiers: EU enlargement - its implications and consequences', organised by the Calouste Gulbenkian Foundation Lisbon, 27 October 2004. Dans une union monétaire, les performances économiques d'un pays ne peuvent être considérées comme une préoccupation strictement nationale. Un élément requiert en ce moment toute notre vigilance : il s’agit de la possibilité qu’une spirale négative se mette en place entre une faible inflation, le repli des anticipations d’inflation et le crédit, notamment dans les pays en difficulté. Discover euro banknotes and their security features and find out more about the euro. Regulations need to be sufficiently sound to preserve the integrity of the market but not so taxing as to suffocate it. Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the Annual Dinner of the Guild of International Bankers, London, February 2, 2004. A decisive rise in investment is essential to bring inflation where we would want to see it, to kick-start the economy and to bring down unemployment. Discours de Jean-Claude Trichet, Président de la Banque centrale européenne, le 24 mars 2005, à l'occasion de la réception du titre de docteur honoris causa de l'Université de Liège (Belgique). Anche così, però, gli aggiustamenti economici possono avere un costo nel breve periodo. “If there are parts of the euro area that are worse off inside the Union, doubts may grow about whether they might ultimately have to leave”. But to understand “what is too low for too long”, we need to answer two questions. A diminuição dos preços das matérias-primas é responsável por cerca de 80% da descida da inflação na área do euro, desde finais de 2011. In assenza di trasferimenti di bilancio permanenti tra Stati membri, vi sono due requisiti minimi per conseguire questi obiettivi: il primo è che tutti i paesi dell’area dell’euro devono essere in grado di prosperare in maniera indipendente, il secondo che gli stessi paesi devono investire maggiormente in altri meccanismi per ripartire il costo degli shock. Willem F. Duisenberg: The Eurosystem's strategy for the euro, Willem F. Duisenberg: The single European monetary policy, Willem F. Duisenberg: Die einheitliche europäische Geldpolitik, Willem F. Duisenberg: The euro: the new European currency, Willem F. Duisenberg: Monetary policy in the euro area, Willem F. Duisenberg: Hearing at the European Parliament's Sub-Committee on Monetary Affairs on 18 January 1999, Willem F. Duisenberg: European economic and monetary union - latest developments, Willem F. Duisenberg: The euro has arrived, Willem F. Duisenberg: Statement at the joint press conference following the ECOFIN meeting, Willem F. Duisenberg: Hearing at the European Parliament's Committee on Economic and Monetary Affairs and Industrial Policy on 8 December 1998 in Brussels, Willem F. Duisenberg: The ESCB's stability-oriented monetary policy strategy, Willem F. Duisenberg: The role of monetary policy in economic policy, Willem F. Duisenberg: Keynote address on The European System of Central Banks, Current position and future prospects, Willem F. Duisenberg: The International Role of the Euro and the ESCB’s Monetary Policy, Willem F. Duisenberg: The stability-oriented monetary policy strategy of the European System of Central Banks and the international role of the euro, Willem F. Duisenberg: Die Bedeutung des Euro für die Wirtschafts- und Finanzpolitik in Europa, Willem F. Duisenberg: Die Europäische Währungsunion vor dem Start, Willem F. Duisenberg: Close of the morning session of a Conference on "Monnaie unique et fiscalité de l'épargne: quelle Europe financière?" Inte desto mindre kan ekonomiska anpassningar innebära kostnader på kort sikt. Deuxièmement, une fois que nous connaissons la décomposition de l'inflation, nous pouvons poser cette question : quelle est la probabilité qu’elle persiste à moyen terme ? Draghi ha dichiarato che per questa ragione il Consiglio direttivo ha comunicato l’attesa secondo la quale l’insieme di tutte le misure di politica monetaria decise farà aumentare il bilancio dell’Eurosistema, che si porterà in prossimità dei livelli osservati agli inizi del 2012. Furthermore, the Governing Council will be equally active in guarding against inflation and deflation. Para ello, hemos reafirmado nuestro mandato y explicado su orientación a medio plazo y su perspectiva orientada al conjunto de la zona del euro. Introductory remarks by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Karlspreis-Europa-Forum, Aachen, 8 May 2002. En el contexto de una cierta desconexión entre el comportamiento de la economía y la inflación, la respuesta de la política monetaria ha de considerarse cuidadosamente y diseñarse con precisión. Der EZB-Rat hat sich – einstimmig – verpflichtet, sowohl konventionelle als auch unkonventionelle Instrumente einzusetzen, um den Risiken einer zu lang anhaltenden Phase niedriger Inflation wirksam entgegenzutreten. Wir müssen auf Missverhältnisse zwischen den verschiedenen Trends achten: dem Anstieg der Kreditnachfrage, der Sanierung der Bankbilanzen und der Entwicklung der Kapitalmärkte als Ergänzung zur Kreditvergabe der Banken. ECB publicerar regelbundet en mängd uppgifter om genomförandet av penningpolitiska transaktioner och Eurosystemets likviditetssituation. In een toespraak voor studenten aan de Universiteit van Helsinki schetste de President van de ECB, Mario Draghi, de minimumvereisten die nodig zijn voor de voltooiing van de monetaire unie op een wijze die stabiliteit en welvaart biedt voor al haar leden. Néanmoins, il nous incombe d’être vigilants face aux risques pesant sur ce scénario, qui pourraient se manifester, et d’être prêts à agir s’ils se concrétisent. Strukturreformen sind auch wegen ihrer Auswirkungen auf das Wachstum wichtig. De President van de Europese Centrale Bank, Mario Draghi, heeft vandaag het European Banking Congress in Frankfurt geopend met een analyse van de economische situatie in het eurogebied en de wijze waarop de ECB daarop met haar monetair beleid gereageerd heeft. La croissance potentielle au sein de la zone euro est estimée actuellement à moins de 1 % et devrait rester nettement en deçà des taux de croissance d'avant la crise. Las reformas estructurales aumentan tanto el producto potencial como la fortaleza de la economía frente a las perturbaciones. In questo contesto è diventata sempre più problematica nell’area anche la situazione dell’inflazione. Lisäksi tarvitaan kuitenkin kattava strategia, jolla euroalueen talous saadaan jälleen kasvuun. The euro area however suffered a second recession lasting until the second quarter of 2013. This will ensure the necessary degree of monetary accommodation and contribute to a gradual recovery and a return of inflation to levels closer to below, but close to, 2%. Willem F. Duisenberg: Are different price developments in the euro area a cause for concern? Sign up for free newsletters and get more CNBC delivered to your inbox. Also ECB President Christine Lagarde is scheduled to speak today morning, but markets doubt new messages will come through. Denn die kurzfristigen Kosten und der Nutzen von Reformen hängen entscheidend davon ab, wie diese umgesetzt werden. Und schließlich kann sich ein niedriges Potenzialwachstum unmittelbar auf die verfügbaren geldpolitischen Instrumente auswirken, da die Zentralbank mit einer größeren Wahrscheinlichkeit an die Nullzinsgrenze stößt und zur Erfüllung ihres Mandats wiederholt auf unkonventionelle Maßnahmen zurückgreifen muss. ECB Financial Stability Review. There is also considerable heterogeneity across countries in terms of initial conditions, and in the way that demand shocks interact with labour market institutions. We therefore need to strengthen the channels for genuine European democratic legitimacy, like the European Parliament. (i.e. The beneficial impact of the ECB’s asset purchases on financing conditions will increase the benefits of governments’ structural reforms, rather than reducing incentives for reforms. Wednesday, 23 rd November. De Raad van Bestuur heeft zich – unaniem – verplicht tot het gebruik van onconventionele en conventionele instrumenten om op effectieve wijze de risico’s van een te lang aanhoudende periode van lage inflatie tegen te gaan. Photographer: Chris Ratcliffe/Bloomberg The question, though, is whether politicians can overcome their own squabbles. Toinen tapa olisi taata julkinen velka varautumisjärjestelyin. We have to be mindful of mismatches between the various trends: the rise in demand for credit; the repair of bank balance sheets; and the development of capital markets as a complement to bank lending. Dit kan in de eerste plaats via een krachtig kader voor begrotingsgovernance. "De euro is - en moet dat ook zijn - onherroepelijk in al zijn lidstaten, niet alleen omdat de Verdragen dat zeggen maar omdat zonder die onherroepelijkheid er geen werkelijk gemeenschappelijk geld zou kunnen zijn", zei hij. National policymakers cannot fully protect their citizens from financial instability without pooling more sovereignty over decision-making. There is no debate about our goal, which is to return inflation towards 2% in the medium-term, in line with our mandate. Before that point, policy measures, often commendable in themselves, were taken under the pressure of events and often in the wrong order. Heads up: ECB president Lagarde to speak later today. Eine transparente Zentralbank erfüllt nicht nur ihre Rechenschaftspflicht besser, sondern sie setzt auch ihre Geldpolitik effektiver um. The economic situation in the euro area remains difficult and confidence in the overall economic prospects is fragile and easily disrupted, feeding into low investment, Mr Draghi said. Quanto all’azione di politica monetaria, la questione fondamentale sono i tempi. Hoewel dergelijk “verwachtingenbeheer” in normale tijden betrekkelijk goed heeft gewerkt, heeft de crisis ons besluitvormingsproces onvermijdelijk gecompliceerder gemaakt en ons beleid lastiger te begrijpen. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at a gala dinner on the occasion of the 42nd Annual Meeting of the World Federation of Exchanges in Amsterdam, 8 October 2002. Here you find all speeches given by the current President, Christine Lagarde, as well as all speeches given by her predecessors going back to the start of the ECB in 1998. As head of the ECB, which sets short term interest rates, she has a major influence over the value of the euro. Den andra vägen är en form av säkerhetsmekanism för statspapper. Some, like many of the protesters today, believe the problem is that Europe is doing too little while others, like the populist parties emerging across Europe, believe Europe is doing too much. Assistiamo infine a un peggioramento delle prospettive di inflazione nel medio termine, che richiederebbe un più ampio programma di acquisti di attività. If the general public and financial markets can understand how the ECB is likely to respond in a given situation – its so-called “reaction function” – they can form reasonable expectations about future monetary policy. By giving up some formal sovereignty, people will gain in effective sovereignty. “We would see merits in doubling the pace of mutualisation to have a genuine European fund within five years.”, We are always working to improve this website for our users. In the case of Europe, we benefit from open markets because we need to be able to invest abroad part of the savings that will finance our pensions. The Single Supervisory Mechanism will enable supervisors to mitigate the possible destabilising effects of financial integration. European Central Bank (ECB) President Christine Lagarde (November 2019 - October 2027) is to speak. Poiché, “malgrado la sua tenuta, la nostra unione è ancora incompleta”, Draghi ha argomentato che, in definitiva, gli Stati membri “devono trovarsi in condizioni migliori aderendovi anziché restandone fuori”. Lo mismo ocurre si las reformas se eligen cuidadosamente. Questa condizione può realizzarsi grazie innanzitutto a un solido quadro di riferimento per la governance dei conti pubblici e, in secondo luogo, ai meccanismi di sostegno per il debito sovrano. Indecisive market. Gegenwärtig gehen wir davon aus, dass die niedrige Inflation zwar länger anhalten, jedoch schrittweise auf ein Niveau von 2 % zurückkehren wird. Communication and transparency have become more important for central banks like the ECB in recent decades, and will become even more important in the decades to come. Willem F. Duisenberg: What are the political consequences of the euro? Las políticas estructurales y cíclicas, incluida la política monetaria, muestran un elevado grado de interdependencia. Im Kontext einer gewissen Entkopplung von Wirtschaftsleistung und Inflation sind eine sorgfältige Abwägung und präzise Gestaltung der geldpolitischen Reaktion erforderlich. The outcome of structural reforms – a higher level of productivity and competitiveness – is not merely in a country’s own interest, but in the interest of the monetary union as a whole. Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. In de context van een zeker gebrek aan samenhang tussen economische prestaties en inflatie, moet de monetairbeleidsreactie zorgvuldig worden overwogen en precies vormgegeven. The crisis has been tackled on several fronts: actions have been undertaken to “repair money”, that is to keep money fungible across space eliminating redenomination risks; to repair the financial sector and credit allocation; to repair monetary policy and fiscal policies. In deze context zei Draghi dat er dringend iets moet worden gedaan aan de belemmeringen voor kapitaalmarktintegratie. Mario Draghi añadió que el BCE continuará asumiendo su responsabilidad: «haremos lo que sea necesario para elevar la inflación y las expectativas de inflación lo antes posible, como requiere nuestro mandato de mantener la estabilidad de precios. The governance of structural reforms deserves as much attention as enforcing fiscal rules and should be done at the euro area level, ECB President Mario Draghi said in a speech in London on Wednesday. «Si algunas partes de la zona del euro están peor dentro de la Unión, surgirá la duda de si en última instancia tendrán que abandonarla». Referring to an open letter written by the economist John Maynard Keynes in 1933 to President Franklin D. Roosevelt on reform and recovery in the US, Mr Draghi argued that in the euro area today “without reform, there can be no recovery”. The crisis is testing European unity. Por último, un bajo crecimiento potencial puede afectar directamente a los instrumentos de política monetaria disponibles, ya que la probabilidad de que el banco central alcance el límite inferior, y tenga que recurrir repetidamente a políticas no convencionales para cumplir su mandato, es mayor. Pääjohtaja Draghi totesi, että vaikka rahaliitto on selvinnyt monesta koitoksesta, se ei ole vielä valmis. And for those without fiscal space, fiscal policy can still support demand by altering the composition of the budget – in particular by simultaneously cutting distortionary taxes and unproductive expenditure. Speech by Jean-Claude Trichet, President of the European Central Bank, Paris, 3 December 2003. Elles sont donc importantes pour toute banque centrale, mais davantage encore dans une union monétaire. Joining the euro area does not only follow from economic considerations: it is a binding commitment to European values. Det första är att alla länder i euroområdet var för sig ska kunna ha framgångar, det är att länderna i euroområdet behöver investera mer i andra mekanismer för att dela kostnader för chocker. En heterogeniteit wordt een factor bij het beoordelen van lage inflatie in het eurogebied. Introductory statement, by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 June 2003 . Se questa “gestione delle aspettative” ha funzionato relativamente bene in tempi normali, la crisi ha per noi inevitabilmente complicato il processo decisionale e reso più difficile la comprensione delle nostre politiche. Deshalb werden Einschätzungen wahrscheinlich eine größere Rolle bei der Beschlussfassung spielen, und dazu zählen auch Trade-offs, die einer Erläuterung bedürfen. Les retombées positives de réformes structurelles crédibles peuvent se faire sentir rapidement, même dans un contexte de demande atone. The ECB’s website lists 14 interviews by Lagarde in the last 12 months. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 17 February 2003. Demand side policies are not only justified by the significant cyclical component in unemployment. Dr. Willem F. Duisenberg, President of the European Central Bank, at the symposium at the People's Bank of China, 25 February 2002. The president herself has been prolific with media. Não há, porém, discussão quanto ao nosso objetivo, que consiste em fazer a inflação regressar a valores próximos de 2% no médio prazo, em conformidade com o nosso mandato. Tuttavia, è nostra responsabilità prestare attenzione ai rischi che potrebbero emergere per questo scenario e prepararci a intervenire, se tali rischi si dovessero manifestare. Per assicurare che, a fronte di uno shock, i paesi stiano meglio all’interno dell’unione che al suo esterno, “occorrono altre modalità per agevolare la ripartizione di tali costi [...] l’onere di espletare questo ruolo incombe in modo particolare sulla ripartizione del rischio nel settore privato”. Les politiques structurelles et conjoncturelles, y compris la politique monétaire, sont largement interdépendantes. Dazu gehörte es, unseren Auftrag zu bekräftigen und seine mittelfristige Orientierung und seine auf den Euroraum ausgerichtete Perspektive zu erklären. Author: Justin Low | Category: News. «El euro es, y tiene que ser, irrevocable en todos sus Estados miembros, no solo porque lo digan los Tratados, sino también porque es imprescindible para que exista una auténtica moneda única», declaró el Presidente.