European Central Bank President Christine Lagarde is speaking in Frankfurt after the bank's latest decision on monetary policy. Speech by Mr. Jean-Claude Trichet, President of the European Central Bank, at the Académie des Sciences Morales et Politiques in Paris, France on Monday, 24 May 2004. Un banco central que actúa con transparencia, no solo cumple mejor su obligación de rendir cuentas, sino que aplica su política monetaria de forma más efectiva. There is a risk that disinflationary expectations take hold. organised by the European Parliament, Willem F. Duisenberg: Statement to the European Parliament subcommittee on Monetary affairs, Willem F. Duisenberg: Signing of the Headquarters agreement, Willem F. Duisenberg: Signing ceremony for the Headquarters Agreement, Willem F. Duisenberg: Auf dem Weg zum Euro, Willem F. Duisenberg: Presentation of the EMI annual report to the European Parliament, Willem F. Duisenberg: ECB Press conference: Introductory statement, Willem F. Duisenberg: Ceremony on the occasion of the establishment of the European System of Central Banks, Willem F. Duisenberg: Zur Bedeutung der 50-jährigen Stabilitätsgeschichte der D-Mark für Europa und die künftige Europäische Währung, I understand and I accept the use of cookies, See what has changed in our privacy policy. The turning point came when European policymakers acknowledged the need to complete the euro area’s institutional architecture, with banking union as a first step. This could include changing the size and/or composition of unconventional policies. Asset purchases are unconventional, but not unorthodox, and they have been part of the ECB’s toolkit from the start. Introduction by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Monetary Conference, Berlin, 3 June 2003. Durch den Einsatz unkonventioneller Maßnahmen zum Beispiel erweiterte sich die Palette möglicher geldpolitischer Reaktionen auf einen bestimmten Schock. También haría más difícil superar el sobreendeudamiento que sigue existiendo en algunos países. No contexto de uma certa dissociação entre o desempenho económico e a inflação, a resposta da política monetária tem de ser cuidadosamente ponderada e concebida com precisão. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 23 January 2002, by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt am Main, 14 January 2002. La divulgazione delle principali argomentazioni considerate, senza precisarne la provenienza, dovrebbe nel complesso consentire di raggiungere questi obiettivi. Get full access to globeandmail.com . “Vi sono [...] ottime ragioni perché la sovranità sulle politiche economiche pertinenti sia esercitata in maniera congiunta. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the conference hosted by Suomen Pankki (Bank of Finland) on 17 September 2001 in Helsinki at the Marina Congress Centre, Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 September 2001, Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt, 30 August 2001, Transcript of the questions asked and the answers given by Dr. Willem F. Duisenberg, President of the ECB, and Prof. Dr. Eugenio Domingo Solans, Member of the Executive Board of the ECB, l'EURO. Mais ce tableau masque l’hétérogénéité observée au sein de la zone euro. Et troisièmement, une dégradation des perspectives d’inflation à moyen terme, qui justifierait un programme d’achats d’actifs généralisé. Pääjohtaja Draghin mukaan olisi vahvat perusteet sille, että olennaisista talouspolitiikan osa-alueista – ennen kaikkea rakenneuudistuksista – päätettäisiin yhteisesti. Die Veröffentlichung einer Zusammenfassung der wichtigsten Argumente in einer nicht attribuierten Form sollte insgesamt diese Ziele erreichen. Esto puede lograse, en primer lugar, mediante la aplicación de un marco sólido de gobernanza fiscal y, en segundo lugar, mediante alguna forma de respaldo de la deuda soberana. Question and answer session. Wir lassen es nicht zu, dass die Inflation zu lange auf einem zu niedrigen Niveau verharrt. Euro on tullut jäädäkseen kaikkiin euroalueen maihin, ja näin täytyykin olla – ei vain siksi, että perussopimuksissa määrätään niin, vaan siksi, että muuten yhteinen raha ei olisi aidosti yhteinen. Dès lors, il semble vraisemblable que la prise de décision s’appuiera davantage sur l’appréciation, impliquant des arbitrages qui doivent être expliqués. Also ECB President Christine Lagarde is scheduled to speak today morning, but markets doubt new messages will come through. Si tratta innanzitutto delle riforme strutturali”, ha osservato il Presidente. Author: Justin Low | Category: News. They have been instrumental in arresting and reversing the deflationary pressures that hit the euro a year ago. Y la heterogeneidad se convierte en un factor para evaluar la baja inflación en la zona del euro. Er bestaat geen discussie over ons doel, namelijk het terugbrengen van de inflatie naar 2% op de middellange termijn, overeenkomstig ons mandaat. Cross border markets create a community of interest from which each member stands to benefit. But political sovereignty and the market do not perfectly overlap so the question in Europe is which institutions are most appropriate to uphold as much freedom of the market as possible for different members. Si las reformas estructurales son creíbles, sus efectos positivos pueden apreciarse rápidamente, incluso en un entorno de contención de la demanda. Die langfristig schwache Entwicklung im Eurogebiet eröffnet jedoch auch Möglichkeiten. But “the euro area did not succeed in achieving sustainable financial integration”, the ECB’s President says. Pour continuer à orienter les anticipations dans ce contexte, la BCE a dû se montrer plus explicite dans sa communication. This requires that all actors – both at national and European levels – play their parts in line with their respective mandate as laid down in the EU Treaties. Een transparante centrale bank kan niet alleen beter ter verantwoording worden geroepen, maar is tevens effectiever in het ten uitvoer leggen van haar monetair beleid. Waar we op dit moment met name waakzaam voor moeten blijven is de mogelijkheid dat een negatieve spiraal ontstaat tussen lage inflatie, dalende inflatieverwachtingen en de kredietverschaffing, in het bijzonder in landen die onder druk staan. Außerdem haben wir unsere Reaktionsfunktion weiter vereinfacht, indem wir einige Eventualfälle beschrieben haben, die eine geldpolitische Reaktion erfordern würden: Erstens eine (aus Entwicklungen am kurzfristigen Geldmarkt, an den internationalen Anleihemärkten oder den Devisenmärkten herrührende) unerwünschte Anspannung der monetären Lage, die mit eher herkömmlichen Maßnahmen bewältigt werden könnte. A banking union will generate a higher quality of financial integration. To have a structural recovery we need to raise not just current growth but potential growth as well. START TODAY. 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. While a lack of reform can threaten cohesion of the union, the recovery shows us how decisive reform can strengthen it. But it is also clear that… this could only take place in the context of a decisive step towards closer Fiscal Union”. Wij hebben tevens onze reactiefunctie verder vereenvoudigd door een aantal mogelijkheden aan te geven die een monetairbeleidsreactie zouden rechtvaardigen. Thu 12 Nov 2020 11:52:49 GMT. 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. Vi è un grande potenziale inutilizzato nell'area dell'euro per conseguire livelli considerevolmente più elevati di prodotto, occupazione e benessere. That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. Therefore, Lagarde's statements are carefully monitored by analysts and economists. 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. This makes structural reforms relevant for any central bank, but especially in a monetary union. And as their foreign liabilities were mainly interbank, they could not share the subsequent losses with other jurisdictions.” So when the crisis hit, the cost of repairing balance sheets fell largely on their domestic fiscal authorities. If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible. Dies wiederum versetzt die EZB in die Lage, die Zinssätze bei längeren Laufzeiten zu beeinflussen und die allgemeine Finanz- und Wirtschaftslage zu steuern. And we will do exactly that,” Mr Draghi said. Learn more about how we use cookies, We are always working to improve this website for our users. It would also make it harder to work through the debt overhang still present in some countries. A nossa análise sugere que as restrições de crédito estão a travar a recuperação nos países sob tensão, o que intensifica as pressões desinflacionistas. The SSM now provides a catalyst for cleaning up the banking system in a way that promotes “good deleveraging,” avoids creating “zombie banks” and sets the stage for economic recovery. First, the regulatory environment should be made more favourable to economic growth. ECB President Christine Lagarde and Chief Economist Philip R. Lane host LIVE a virtual listening event with civil society organisations. Discover euro banknotes and their security features and find out more about the euro. First on CNBC: CNBC Transcript: Incoming E.C.B. Introductory Statement delivered by Jean-Claude Trichet, President of the ECB Strasbourg, 25 October 2004. De potentiële groei in het eurogebied ligt momenteel naar schatting onder 1% en zal, zo wordt voorzien, ruim onder het groeicijfer van vóór de crisis blijven. There are two key areas where national and European level government action can help revive investment. Es gibt keine Debatte über unser Ziel, das darin besteht, die Inflationsrate im Einklang mit unserem Mandat auf mittlere Sicht wieder auf ein Niveau von 2 % zurückzuführen. No amount of fiscal or monetary accommodation, however, can replace necessary structural reforms. Live coverage of business, economics and financial markets. Si la trayectoria actual de nuestra política no resulta suficientemente eficaz, o se materializan nuevos riesgos para las perspectivas de inflación, elevaríamos la presión y ampliaríamos aún más los canales a través de los que actuamos, modificando convenientemente el tamaño, el ritmo y la composición de nuestras compras». There is a large untapped potential in the euro area for substantially higher output, employment and welfare. To ensure that countries are better off being in the Union when a shock hits than they would be outside, “we need other ways to help spread those costs…there is a particular onus on private risk-sharing to play this role”. La trasparenza comporta per una banca centrale non soltanto un rafforzamento per quanto riguarda la responsabilità di dar conto del proprio operato, ma anche una maggiore efficacia nell’attuazione della politica monetaria. En lo que se refiere a la política monetaria, la cuestión clave es el calendario. «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. 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. Valtion velan on oltava turvallinen sijoituskohde silloinkin, kun talouskehitys on heikkoa. ECB President Christine Lagarde and Chief Economist Philip R. Lane host LIVE a virtual listening event with civil society organisations. För att säkerställa att länder har det bättre ställt i unionen när en chock inträffar än utanför den behövs andra sätt som hjälper till att sprida dessa kostnader ... det är särskilt privat riskdelning som förväntas anta den rollen. Para ello, hemos reafirmado nuestro mandato y explicado su orientación a medio plazo y su perspectiva orientada al conjunto de la zona del euro. Dat de ECB naast ABS ook gedekte obligaties gaat aankopenstelt ons in staat op zo'n schaal te interveniëren dat de beoogde doelen in termen van portefeuilleverschuivingen en signaalfunctie bereikt worden. L’eterogeneità diventa un fattore di cui tenere conto nel valutare il basso livello di inflazione nell’area dell’euro. Lisäksi EKP:n neuvosto on sitoutunut julkaisemaan selonteon käymistään rahapoliittisista keskusteluista. Dalende grondstoffenprijzen vertegenwoordigen sinds eind 2011 rond 80% van de daling van de inflatie in het eurogebied. Look at press releases, speeches and interviews and filter them by date, speaker or activity. Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg to the American European Community Association on 14 January 1999 at De Nederlandsche Bank in Amsterdam, Dr. Willem F. Duisenberg, President of the ECB in Brussels on 31 December 1998, Willem F. Duisenberg, President of the European Central Bank, Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the IFRI on 7 December 1998 in Paris, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, to the Economic and Social Committee of the European Communities Brussels, 3 December 1998, to be delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at a Conference organised by the Royal Institute of International Affairs on European economic and Monetary Union "Markets and Politics under the Euro", London 27 november 1998, Statement by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Frankfurt European Banking Congress on 20 November 1998 in Frankfurt am Main, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Economic Club of New York on 12 November 1998 in New York, Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg, at the Institute of European Affairs on 10 November 1998 in Dublin, Vortrag von Dr. Willem F. Duisenberg, Präsident der Europäischen Zentralbank, beim Prognos-Zukunftsforum 1998, am 23. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the 2003 Spruce Meadows Round Table, Calgary, Friday 5 September 2003. Jean-Claude Trichet: How can we increase growth potential in Europe? Additionally, the Governing Council committed to the publication of an account of monetary policy discussions. On the demand side, monetary policy can and should play a central role. Probablemente la valoración del Consejo del Gobierno tendrá mayor peso en la adopción de decisiones, lo que conlleva soluciones de compromiso que deberán ser explicadas. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the conference "One money, one Euregional market", Maastricht, 6 February 2002. Statement by Mario Draghi, President of the ECB, prepared for the Twenty-Eighth Meeting of the International Monetary and Financial Committee, in Washington D.C. on 12 October 2013, Speech by Mario Draghi, President of the ECB at the Economic Club of New York New York, 10 October 2013, Lecture by Mario Draghi, President of the ECB, at Harvard Kennedy School, Cambridge (USA), 9 October 2013, Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2013, Speech by Mario Draghi, President of the ECB, at the conference organised by Bundesverband der Deutschen Industrie and Bundesvereinigung der Deutschen Arbeitgeberverbände, Berlin, 16 September 2013, Keynote Speech by Mario Draghi, President of the ECB, Riga, 12 September 2013, Introductory statement by Mario Draghi, President of the ECB, Brussels, 8 July 2013, Speech by Mario Draghi, President of the ECB, Paris, 26 June 2013, Speech by Mario Draghi, President of the ECB, at the Wirtschaftstag 2013 Berlin, 25 June 2013, Speech by Mario Draghi, President of the ECB, at the farewell conference honouring Governor Stanley Fischer, The Israel Museum, Jerusalem 18 June 2013, Address by Mario Draghi, President of the ECB, on the occasion of receiving the ESMT Leadership Award 2013, Berlin, 13 June 2013, Speech by Mario Draghi, President of the ECB, at the 2013 International Monetary Conference, Shanghai, 3 June 2013, Speech by Mario Draghi, President of the ECB, at the event entitled “The Future of Europe in the Global Economy” hosted by the City of London Corporation, London, 23 May 2013, Speech by Mario Draghi, President of the ECB, on receiving an honorary degree in political science, LUISS “Guido Carli” University, Rome, 6 May 2013, Speech by Mario Draghi, President of the ECB Bratislava, 2 May 2013, Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 16 April 2013, Speech by Mario Draghi, President of the ECB, at the “Room for discussion” of the Study Association SEFA and the Faculty of Economics and Business, Amsterdam, 15 April 2013, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 19 March 2013, Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 14 March 2013, Speech by Mario Draghi, President of the ECB, at the Katholische Akademie in Bayern, Munich, 27 February 2013, Speech by Mario Draghi, President of the ECB, Brussels, 18 February 2013, Speech by Mario Draghi, President of the ECB, at the G20 Ministers and Central Bank Governors meeting, Moscow, 15 February 2013, Speech by Mario Draghi, President of the ECB, Meeting with Members of Parliament, Madrid, 12 February 2013, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 22 January 2013, Short address by Mario Draghi, President of the ECB, at the Archaeological Museum in Frankfurt am Main, 10 January 2013, Mario Draghi, President of the ECB, Brussels, 17 December 2012, Speech by Mario Draghi, President of the ECB at the Anchor 2013 Conference organised by the Magyar Nemzeti Bank, Budapest, 7 December 2012, Remarks by Mario Draghi, President of the ECB, Treasury Talks ‘A European strategy for growth and integration with solidarity', A conference organised by the Directorate General of the Treasury, Ministry of Economy and Finance - Ministry for Foreign Trade, Paris, 30 November 2012, Speech by Mario Draghi, President of the ECB, at the 22nd Frankfurt European Banking Congress, Frankfurt am Main, 23 November 2012, Speech by Mario Draghi, President of the ECB, Università Bocconi, Opening of the academic year 2012-2013, Milan, 15 November 2012, Speech by Mario Draghi, President of the ECB, at Wirtschaftstag 2012 "Kapitalismus in der Krise? Insgesamt scheinen Unternehmen und Privathaushalte des Euroraums der Schuldendeflationsentwicklung nicht besonders ausgesetzt zu sein. SCHEDULE: Daarom heeft de ECB regelmatig opgeroepen tot een steviger gemeenschappelijk beheer van structurele hervormingen die schokbestendigheid zouden opnemen in ons gemeenschappelijke DNA. Um zu gewährleisten, dass Länder im Falle eines Schocks innerhalb der Union besser dastehen als außerhalb, „brauchen wir andere Möglichkeiten zur Verteilung dieser Kosten. Draghi konstaterade att "trots motståndskraften står det emellertid klart att vår union fortfarande är ofullständig" men han sa samtidigt att medlemsstaterna "ska ha det bättre i unionen än utanför den.". In remarks delivered at the Brookings Institution in Washington, Mario Draghi underlined the urgent need to raise potential output in the euro area through reforms. Al momento ci attendiamo che l’inflazione resterà contenuta, per poi tornare gradualmente sul 2%. El presidente del BCE destacó el riesgo de que un período demasiado prolongado de baja inflación pueda reflejarse en las expectativas de inflación, y subrayó que el firme anclaje de dichas expectativas es fundamental en cualquier circunstancia. Accountability and transparency are the essential elements balancing the independence of a central bank, especially in times where unconventional measures are being taken. Während dieses „Management by expectations“ zu normalen Zeiten relativ gut funktionierte, wurden unsere Entscheidungsprozesse durch die Krise unweigerlich komplizierter und unsere Politik schwerer verständlich. Drittens eine Verschlechterung der mittelfristigen Inflationsaussichten, die ein breiter angelegtes Programm zum Ankauf von Vermögenswerten erfordern würde. There is also considerable heterogeneity across countries in terms of initial conditions, and in the way that demand shocks interact with labour market institutions. En segundo lugar, un mayor deterioro del mecanismo de transmisión de nuestra orientación monetaria, especialmente a través del canal del crédito bancario, frente al que una operación específica de financiación a plazo más largo (OFPML) o un programa de adquisición de bonos de titulización de activos (ABS) podrían ser la respuesta correcta. In questa fase del ciclo economico, tali considerazioni assumono particolare rilievo nelle discussioni dei membri del Consiglio direttivo. Jean-Claude Trichet: What can central banks do in a financial crisis? Het publiceren van een dergelijk verslag dient ter aanvulling van de real-time beleidsboodschappen die tijdens de persconferenties worden overgebracht, en zou aanvullende informatie moeten verschaffen om het inzicht in onze reactiefunctie te verbeteren. Detta innebär att man ytterligare delar på befogenheter, dvs. Widerstandsfähigkeit ist für Mitglieder einer Währungsunion von entscheidender Bedeutung, damit Schocks nicht zu einer beständig höheren Arbeitslosigkeit und im Zeitverlauf zu dauerhaften wirtschaftlichen Divergenzen führen. Strukturreformen sind auch wegen ihrer Auswirkungen auf das Wachstum wichtig. Structural policies to increase productivity and attract investment need to be put in place – the latter can be supported by a healthier banking sector, but regulation, tax and education also play important roles. Le politiche strutturali e cicliche, compresa la politica monetaria, sono fortemente interdipendenti. Releasing an account of the main arguments considered, in a non-attributed form, should on balance achieve these goals. Elle peut le faire, tout d'abord, grâce à un cadre de gouvernance budgétaire solide. Il Presidente della BCE Mario Draghi ha illustrato, in un incontro con gli studenti dell’Università di Helsinki, i requisiti minimi necessari a completare l’unione monetaria attraverso modalità atte ad apportare stabilità e prosperità per tutti i suoi membri. The ECB President emphasised the risk that a too prolonged period of low inflation becomes embedded in inflation expectations, and that the firm anchoring of inflation expectations is critical under any circumstances. 2 weeks Heads up: ECB president Lagarde to speak later today Forexlive . Karl Klasen Journalistenpreis” Hamburg, 7 December 2007, Keynote speech by Jean-Claude Trichet President of the European Central Bank Journalist Symposium “Konvent für Deutschland” Berlin, 5 December 2007, Speech by Jean-Claude Trichet, President of the ECB 2007 Eurofi Conference “Achieving the Integration of European Financial Markets in a Global context” European Parliament, Brussels, 3 December 2007, Speech by Jean-Claude Trichet, President of the ECB Tenth L. K. Jha Memorial Lecture, Reserve Bank of India Mumbai, 26 November 2007, Speech by Jean-Claude Trichet, President of the ECB 17th Frankfurt European Banking Congress “Global Capital - Threat or Salvation?” Frankfurt, 23 November 2007, Speech by Jean-Claude Trichet, President of the ECB at the China-Europe Business Meeting in Frankfurt am Main on 8 November 2007, Speech by Jean-Claude Trichet, President of the ECB Challenges of the Twenty-first Century: European and American Perspectives Series at Harvard University Boston, 23 October 2007, Keynote speech by Jean-Claude Trichet, President of the ECB delivered at the 2007 25th Anniversary IIF Annual Membership Meeting, Washington D.C., 20 October 2007, Jean-Claude Trichet, President of the ECB Brussels, 9 October 2007, Speech by Jean-Claude Trichet, President of the ECB at the Breakfast Policy Briefing at the European Policy Centre, Brussels, 8 October 2007. Si los ciudadanos y los mercados financieros entienden las posibles reacciones del BCE ante una situación determinada ―su llamada «función de reacción»―, podrán formarse expectativas fundadas sobre la política monetaria. Il s’agit, tout d’abord, d’un durcissement injustifié de l’orientation de la politique monétaire (à partir des évolutions constatées sur les marchés monétaires à court terme, les marchés obligataires mondiaux ou les marchés des changes) auquel il pourrait être remédié par des mesures plus conventionnelles. Speech by Christine Lagarde, President of the ECB, at the Deutsche Bundesbank online conference on banking and payments in the digital world . Les ajustements économiques peuvent malgré tout entraîner des coûts à court terme. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ». Para asegurar que, en presencia de perturbaciones, los países estén en mejor situación dentro de la Unión que fuera de ella, «necesitamos otras vías que ayuden a distribuir dichos costes… existen razones de peso para que la distribución del riesgo privado desempeñe este papel». Maar om inzicht te krijgen in wat “te lang te laag” is, moeten we een antwoord geven op twee vragen. Since many economies are distant from the frontier of best practice, the gains from structural reforms are easier to achieve and the potential magnitude of those gains is greater. The euro area however suffered a second recession lasting until the second quarter of 2013. European Central Bank (ECB) President Christine Lagarde (November 2019 - October 2027) is to speak. Porém, para entender o que significa “um nível muito baixo durante demasiado tempo”, é necessário responder a duas questões. En outre, nous avons encore simplifié notre fonction de réaction en illustrant certaines éventualités qui nécessiteraient une réaction de politique monétaire. Speech by Jean-Claude Trichet, President of the European Central Bank, Diplomatic Institute Sofia, 27 February 2006. Compete-nos, todavia, estar atentos ao eventual surgimento de riscos para este cenário e prepararmo-nos para agir caso tal aconteça. Introductory statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 16 February 2004. Ma per comprendere quale sia un “livello troppo basso per troppo tempo” dobbiamo rispondere a due interrogativi. The crisis is not over but the turning point has passed, ECB President Mario Draghi said in a speech in Paris. « L'euro est - et doit être - irrévocable dans tous les pays participants, pas uniquement parce que les traités le veulent ainsi, mais parce que c'est la condition sine qua non de l'existence d'une monnaie véritablement unique », a-t-il déclaré. La dette souveraine doit également jouer le rôle de refuge en période de tensions économiques. “In parallel, the architecture of EMU has been strengthened in ways that many would have considered inconceivable two years ago”, says Mr Draghi. Lagarde will be speaking at the EPC Thought Leadership Forum . Il ressort de notre analyse que les contraintes de crédit freinent la reprise dans les pays en difficulté, ce qui amplifie les pressions désinflationnistes. As regards fiscal policy and structural reforms, while the Stability and Growth Pact should remain the anchor for confidence in sustainable public finances, a comprehensive strategy is needed to put the euro area economy back on track. Il faut disposer ensuite d'un mécanisme de soutien de la dette souveraine. No existe debate acerca de nuestro objetivo que, de acuerdo con nuestro mandato, es que la inflación vuelva a situarse en un nivel próximo al 2 % a medio plazo. Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 24 September 2018, Speech by Mario Draghi, President of the ECB, at the Europa-Konferenz at Hertie School of Governance organised by the Jacques Delors Institute, Berlin, 19 September 2018, Speech by Mario Draghi, President of the ECB, at the ACPR Conference on Financial Supervision, Paris, 18 September 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 9 July 2018, Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 19 June 2018, Speech by Mario Draghi, President of the ECB, at the European University Institute, Florence, 11 May 2018, Statement by Mario Draghi, President of the ECB, at the thirty-seventh meeting of the International Monetary and Financial Committee, Washington D.C., 20 April 2018, Introductory remarks and Q&A with Mario Draghi, President of the ECB, Frankfurt, 11 April 2018, Speech by Mario Draghi, President of the ECB, The ECB and Its Watchers XIX Conference organised by the Institute for Monetary and Financial Stability, Frankfurt, 14 March 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 26 February 2018, Introductory statement and closing remarks by Mario Draghi, President of the ECB, Strasbourg, 5 February 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 20 November 2017, Speech by Mario Draghi, President of the ECB, at the Frankfurt European Banking Congress “Europe into a New Era – How to Seize the Opportunities”, Frankfurt am Main, 17 November 2017, Welcome remarks by Mario Draghi, President of the ECB, at the second ECB Forum on Banking Supervision, Frankfurt am Main, 7 November 2017, Introductory remarks by Mario Draghi, President of the ECB, at the ECB conference “Structural reforms in the euro area”, Frankfurt am Main, 18 October 2017, Statement by Mario Draghi, President of the ECB, at the thirty-sixth meeting of the International Monetary and Financial Committee, Washington D.C., 13 October 2017, Introductory statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 25 September 2017, Keynote speech by Mario Draghi, President of the ECB, for the Henry Grattan Lecture Series at Trinity College, Dublin, 22 September 2017, Speech by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the second annual conference of the ESRB, Frankfurt am Main, 21 September 2017, Speech by Mario Draghi, President of the ECB, at the Economic Policy Symposium of the Federal Reserve Bank of Kansas City, Jackson Hole, 25 August 2017, Speech by Mario Draghi, President of the ECB, at the Lindau Nobel Laureate Meeting, Lindau, Germany, 23 August 2017, Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 27 June 2017, Introductory statement of Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 29 May 2017, Keynote speech by Mario Draghi, President of the ECB, at the First Conference on Financial Stability organised by the Banco de España and Centro de Estudios Monetarios y Financieros, Madrid, 24 May 2017, Speech by Mario Draghi, President of the ECB, Tel Aviv, 18 May 2017, Introductory remarks by Mario Draghi, President of the ECB, at the Tweede Kamer der Staten-Generaal, The Hague, 10 May 2017, Mario Draghi, President of the ECB, Award of the Gold Medal of the Fondation Jean Monnet pour l'Europe, Lausanne, 4 May 2017, Statement by Mario Draghi, President of the ECB, at the thirty-fifth meeting of the International Monetary and Financial Committee, Washington DC, 21 April 2017, Speech by Mario Draghi, President of the ECB, at The ECB and Its Watchers XVIII Conference, Frankfurt am Main, 6 April 2017, Welcome address by Mario Draghi, President of the ECB, at an event marking the issuance of the new €50 banknote, Frankfurt am Main, 4 April 2017, Welcome address by Mario Draghi, President of the ECB, at the joint conference by the ECB and the MIT Lab for Innovation Science and Policy “Fostering Innovation and Entrepreneurship in the Euro area”, Frankfurt am Main, 13 March 2017, Introductory statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 6 February 2017, Speech by Mario Draghi, President of the ECB, at the joint ECB and Banka Slovenije conference on the occasion of the 10th anniversary of the adoption of the euro, Ljubljana, 2 February 2017, Opening remarks by Mario Draghi, President of the ECB, at the Joint ECB and European Commission Conference “Into the future: Europe's digital integrated market”, Frankfurt am Main, 31 January 2017, Speech by Mario Draghi, President of the ECB, on the occasion of the awarding of the Premio Camillo Cavour 2016, Santena, 23 January 2017, Lectio magistralis by Mario Draghi, President of the ECB, marking the 100th anniversary of the Deusto Business School, Madrid, 30 November 2016, Introductory statement of Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 28 November 2016, Mario Draghi, President of the ECB, Strasbourg, 21 November 2016, Speech by Mario Draghi, President of the ECB, at the European Banking Congress, Frankfurt, 18 November 2016, Discorso di Mario Draghi, Presidente della BCE, in occasione della giornata in memoria di Carlo Azeglio Ciampi, Roma, 14 novembre 2016, Speech by Mario Draghi, President of the ECB, 2nd DIW Europe Lecture, German Institute for Economic Research (DIW), Berlin, 25 October 2016, Statement by Mario Draghi, President of the ECB, at the thirty-fourth meeting of the International Monetary and Financial Committee, Washington DC, 7 October 2016, Introductory remarks by Mario Draghi, President of the ECB, at Deutscher Bundestag, Berlin, 28 September 2016, Welcome address by Mario Draghi, President of the ECB, at the first ECB Annual Research Conference, Frankfurt am Main, 28 September 2016, Introductory statement by Mario Draghi, President of the ECB, Brussels, 26 September 2016, Speech by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the first annual conference of the ESRB, Frankfurt am Main, 22 September 2016, Speech by Mario Draghi, President of the ECB, at the presentation ceremony of the De Gasperi award, Trento, 13 September 2016, Welcome address by Mario Draghi, President of the ECB, at the Eighth ECB Statistics Conference, Central Bank Statistics: moving beyond the aggregates, Frankfurt am Main, 6 July 2016, Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 28 June 2016, Introductory statement by Mario Draghi, President of the ECB, Brussels, 21 June 2016, Speech by Mario Draghi, President of the ECB, in honour of Dr. Theodor Waigel at SignsAwards in Munich, 17 June 2016, 5th Annual Tommaso Padoa-Schioppa Lecture by Mario Draghi, President of the ECB, at the Brussels Economic Forum 2016, Brussels, 9 June 2016, Speech by Mario Draghi, President of the ECB, at the ceremony to mark the 200th anniversary of the Oesterreichische Nationalbank, Vienna, 2 June 2016, Introductory speech by Mario Draghi, President of the ECB, held at a panel on “The future of financial markets: A changing view of Asia” at the Annual Meeting of the Asian Development Bank, Frankfurt am Main, 2 May 2016, Statement by Mario Draghi, President of the ECB, at the thirty-third meeting of the International Monetary and Financial Committee, Washington DC, 15 April 2016, Introductory remarks by Mario Draghi, President of the ECB, at the Portuguese Council of State, Lisbon, 7 April 2016, Introductory statement by Mario Draghi, President of the ECB, Brussels, 15 February 2016, Marjolin lecture delivered by Mario Draghi, President of the ECB, at the SUERF conference organised by the Deutsche Bundesbank, Frankfurt, 4 February 2016, Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 1 February 2016, Keynote speech by Mario Draghi, President of the ECB, at the Deutsche Börse Group New Year's reception 2016, Eschborn, 25 January 2016, Speech by Mario Draghi, President of the ECB,   Prometeia40,   Bologna, 14 December 2015, Speech by Mario Draghi, President of the ECB, Economic Club of New York, 4 December 2015, Speech by Mario Draghi, President of the ECB, at the Frankfurt European Banking Congress, 20 November 2015, Introductory statement by Mario Draghi, President of the ECB, Brussels, 12 November 2015, Luncheon speech by Mario Draghi, President of the ECB, Bank of England Open Forum, London, 11 November 2015, Speech by Mario Draghi, President of the ECB, Università Cattolica del Sacro Cuore, Milan, 5 November 2015, Speech by Mario Draghi, President of the ECB, at the ECB Forum on Banking Supervision, 4 November 2015, Frankfurt, Welcome address by Mario Draghi, President of the ECB, Frankfurt, 3 November 2015, Statement by Mario Draghi, President of the ECB, at the thirty-second meeting of the International Monetary and Financial Committee, Lima, 9 October 2015, Welcome address by Mario Draghi, President of the ECB, “Art on site” inauguration, Frankfurt am Main, 6 October 2015, Speech by Mario Draghi, President of the ECB, at the 2015 Atlantic Council Global Citizen Award, New York, 1 October 2015, Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2015, Mario Draghi, President of the ECB, Milan, 2 July 2015, Introductory statement by Mario Draghi, President of the ECB, Brussels, 15 June 2015, Introductory speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking Sintra, 22 May 2015, Camdessus lecture by Mario Draghi, President of the ECB, IMF, Washington, DC, 14 May 2015, Statement by Mario Draghi, President of the ECB, prepared for the thirty-first meeting of the International Monetary and Financial Committee, Washington DC, 17 April 2015, Speech by Mario Draghi, President of the ECB, at the Euro50 Group Roundtable on “Monetary Policy in Times of Turbulence”, Frankfurt am Main, 31 March 2015, Speech by Mario Draghi, President of the ECB, at the Italian Parliament, Rome, 26 March 2015, Speech by Mario Draghi, President of the ECB, Brussels, 23 March 2015, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 18 March 2015, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 16 March 2015, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 11 March 2015, Mario Draghi, President of the ECB, Brussels, 25 February 2015, Speech by Mario Draghi, President of the European Central Bank, European Central Bank Frankfurt, 24 February 2015, Speech by Mario Draghi, President of the European Central Bank, at the University of Helsinki, Helsinki, 27 November 2014, Speech by Mario Draghi, President of the ECB, Helsinki, 27 November 2014, Opening keynote speech by Mario Draghi, President of the ECB at the Frankfurt European Banking Congress Frankfurt am Main, 21 November 2014, Speech by Mario Draghi, President of the ECB, marking the inauguration of the ECB's new supervisory responsibilities, Frankfurt, 20 November 2014, Speech by Mario Draghi, President of the ECB, 17 November 2014, Speech by Mario Draghi, President of the ECB, to mark the centenary of the birth of Federico Caffè at the Lecture room of the School of Economics and Business Studies “Federico Caffè”, Rome, 12 November 2014, Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels, 24 October 2014, Introductory speech by Mario Draghi, President of the ECB, Seventh ECB Statistics Conference “Towards the banking Union. Willem F. Duisenberg: The role of financial markets for economic growth, Willem F. Duisenberg: The European Central Bank, the Eurosystem and the European System of Central Banks, Willem F. Duisenberg: "E-economy: will we still need banks in the future? Con nuestra forward guidance, nos proponemos dar indicaciones sobre el nivel esperado de los tipos de interés y eliminar la incertidumbre acerca de ese nivel reforzando la comunicación sobre nuestra función de reacción. Jean-Claude Trichet: Testimony before the Committee on Economic and Monetary Affairs of the European Parliament, with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Jean-Claude Trichet: The ECB's monetary policy strategy after the evaluation and clarification of May 2003, Jean-Claude Trichet: Europe at the crossroads, Willem F. Duisenberg: Address delivered on the occasion of a special ECOFIN dinner to pay tribute to his leadership of the European Central Bank, Willem F. Duisenberg: Maastricht and the future of Europe, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Willem F. Duisenberg: Changing fortunes: financing world growth, Willem F. Duisenberg: Presentation of the ECB's Annual Report 2002 to the European Parliament, Willem F. Duisenberg: The first lustrum of the ECB, Willem F. Duisenberg: Key issues for the ECB in the field of payment systems, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliament, Willem F. Duisenberg: Structural reform and its implications for monetary policy, Willem F. Duisenberg: Monetary and fiscal policy in the euro area, Willem F. Duisenberg: New economy, financial markets and monetary policy, Willem F. Duisenberg: Address on the occasion of being decorated with the Grand Decoration of Honour in Gold with Sash for Services to the Republic of Austria by Dr. Thomas Klestil, President of the Republic of Austria, Willem F. Duisenberg: Address on the occasion of an audience by Dr. Carlo Azeglio Ciampi, President of the Italian Republic preceding the meeting of the Governing Council of the European Central Bank in Rome, Willem F. Duisenberg: Laudatio anlässlich der Verleihung des Hermann-Ehlers-Preises 2003 an Hans Tietmeyer und Theodor Waigel, Willem F. Duisenberg: Speech on the occasion of the 175 anniversary of theBank van de Nederlandse Antillen, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Willem F. Duisenberg: Second ECB Central Banking Conference 24-25 October 2002, Frankfurt am Main, Willem F. Duisenberg: Perspectives on EU enlargement, Willem F. Duisenberg: The integration of Europe's financial markets, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Willem F. Duisenberg: The first nine months of the euro cash era, Willem F. Duisenberg: International Research Forum on Monetary Policy, Willem F. Duisenberg: Presentation of the ECB's Annual Report 2001 to the European Parliament, Willem F. Duisenberg: The euro as a catalyst for integration and competition in EMU, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Willem F. Duisenberg: Challenges to the ECB's monetary policy, Willem F. Duisenberg: International Charlemagne Prize of Aachen for 2002. C’est la raison pour laquelle le Conseil des gouverneurs réfléchit à la publication d’un compte rendu de ses délibérations. Second, once we have a decomposition of inflation, we can ask: how likely is it that it persists over the medium-term? Attraverso le indicazioni prospettiche (forward guidance) vogliamo dare l’idea del livello atteso dei tassi di interesse futuri e intendiamo fugare le incertezze al riguardo rafforzando la comunicazione sulla nostra funzione di reazione. Before that point, policy measures, often commendable in themselves, were taken under the pressure of events and often in the wrong order. Er is een groot nog ongebruikt potentieel in het eurogebied voor aanzienlijk hogere productie, werkgelegenheid en voorspoed. L’atonie du crédit semble contribuer à la faiblesse de l’activité économique dans ces pays. 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. Hierdoor zijn structurele hervormingen van belang voor elke centrale bank, maar met name voor een centrale bank binnen een monetaire unie. Oktober 1998 in Basel, Speech presented by Dr. Willem F. Duisenberg, President of the ECB, at the Konrad-Adenauer-Stiftung, Berlin, Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg am Luxembourg Finance Market Forum am 14. Making firm conclusions about the degree of structural unemployment in the euro area, however, is complicated by uncertainty over estimation methods. Author: Justin Low | … In deze context zei Draghi dat er dringend iets moet worden gedaan aan de belemmeringen voor kapitaalmarktintegratie. If, however, it becomes necessary to further address risks of too prolonged a period of low inflation, the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate. Und dank unserer akkommodierenden Geldpolitik wird der Nutzen der Reformen schneller zum Tragen kommen, denn sie schafft ideale Bedingungen hierfür. Et, devant faire face à la limite inférieure effective et à divers événements imprévus, nous avons dû expliquer quelles étaient nos intentions en matière de politique monétaire et apporter des éclaircissements au sujet de notre fonction de réaction à présent plus complexe. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 2000 Spruce Meadows Round Table, Calgary, 8 September 2000, Speech by Dr. Willem F. Duisenberg President of the European Central Bank, at the Financial Services Industry Association, Dublin, 6 September 2000, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Strasbourg, 5 July 2000, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 20 June 2000, at High Level Forumdelivered by Dr.Willem F. Duisenberg, President of the European Central Bank, Brussels, 15 June 2000, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Banque de France's Bicentennial Symposium, Paris, 30 May 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference organised by Euro Group entitled "Improving integration of financial markets in Europe" Turin, 22 May 2000, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 May 2000, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 20 March 2000, Conference organised jointly by the European Central Bank (ECB) and the Center for Financial Studies of the University of Frankfurt Introductory Statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on 3 December 1999 in Frankfurt am Main, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank Brussels, 29 November 1999, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the congress of the Bundesvereinigung der deutschen Arbeitgeberverbände (BDA) [Confederation of German Employer Associations] in Berlin on 23 November 1999, delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on 19 November 1999 in Frankfurt, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Edmond Israel Foundation 11 November 1999, Luxembourg, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at 'Nieuwspoort' in The Hague, Netherlands, on 5 November 1999, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of a conference organised by VNO-NCW in Scheveningen, the Netherlands, on 5 November 1999, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 26 October 1999, Bank of Greece. 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%. Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the meeting of the Dutch Society of Editors-in-Chief, The Hague, 15 March 2002. “Namely that the central bank should be endowed with a clear price stability mandate and, within this mandate, should be allowed – in fact obliged – to use its instruments in full independence to deliver price stability.”. Home›Media›Speeches›By speaker› President. Cette évolution pourrait alors inciter les ménages et les entreprises à différer leurs dépenses, phénomène classique dans un cycle déflationniste, notamment lorsque la politique monétaire a touché la limite inférieure effective et ne peut donc réduire le taux nominal pour compenser. The sovereign debt crisis operated in part by disabling the tools of macroeconomic stabilisation, as fiscal policy had to switch towards convincing investors of debt sustainability, and monetary policy transmission became disrupted. Maar er zijn twee specifiek voor het eurogebied geldende factoren die bijdragen aan de lage inflatie: de stijging van de wisselkoers van de euro en het proces van relatieve prijsaanpassingen in bepaalde landen van het eurogebied. The case is clear that completing banking union is a priority, with a fully equipped single resolution mechanism and uniform deposit insurance scheme. Ferner mussten wir in Anbetracht der effektiven Zinssatz-Untergrenze und verschiedener Eventualfälle unsere künftigen geldpolitischen Absichten darlegen und unsere komplexere Reaktionsfunktion klarstellen. 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. Per questa ragione la BCE ha spesso invocato un rafforzamento della governance comune delle riforme strutturali che renderebbe la capacità di tenuta parte del nostro DNA. En outre, grâce au caractère accommodant de notre politique monétaire, les bienfaits des réformes se concrétiseront plus vite, créant les conditions idéales de leur succès. Dans l’ensemble, les entreprises et les ménages de la zone euro ne semblent pas être particulièrement exposés à la dynamique dette-déflation. 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”. Member States should consider the provision of public guarantees to support lending to small and medium sized enterprises. Hinter diesem Bild verbirgt sich jedoch die Heterogenität innerhalb des Eurogebiets. To continue to steer expectations in this environment, the ECB had to be more explicit in its communication. Watch LIVE here the ECB Strategy review debate. The package of measures announced by the ECB in June should provide the intended boost to demand, and we stand ready to adjust our policy stance further. Ten derde, een verslechtering van de middellangetermijnvooruitzichten voor de inflatie, die een breder-gebaseerd aankoopprogramma van activa zou billijken. European Central Bank President Christine Lagarde is giving a press conference after the institution's latest monetary policy decision. Om ervoor te zorgen dat landen ingeval van economische schokken beter af zijn binnen de Unie dan erbuiten, “moeten we andere manieren vinden om deze kosten te helpen spreiden…daarbij is met name een rol weggelegd voor private risicodeling”. 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. Dit zijn, ten eerste, een ongewenste verkrapping van de monetairbeleidsvoorwaarden (voortvloeiende uit ontwikkelingen in de kortetermijngeldmarkten, de mondiale obligatiemarkten of de valutamarkten) die door conventioneler maatregelen het hoofd zou kunnen worden geboden. "Om det finns delar av euroområdet som har det sämre inom unionen så kan det ge upphov till tvivel om att de till slut kan bli tvungna att lämna unionen". Willem F. Duisenberg: What exactly is the responsibility of central banks of large economic areas in the current slowdown of the world economy? Willem F. Duisenberg: The role of the Eurosystem in prudential supervision, Willem F. Duisenberg: Some remarks on the euro in a US context, Willem F. Duisenberg: The introduction of the euro: a (critical) retrospect and a preview, Willem F. Duisenberg: China and the euro area in a global perspective, Willem F. Duisenberg: The euro as a catalyst for European integration, Willem F. Duisenberg: Keynote address at the New Year's reception of the International Club of Economic Journalists, Willem F. Duisenberg: A new future for Europe - Welcoming the euro banknotes and coins, Willem F. Duisenberg: The ECB's monetary policy strategy and the quantitative definition of price stability, Willem F. Duisenberg: Current fiscal and monetary policy issues in the euro area, Willem F. Duisenberg: The ECB and the accession process, Willem F. Duisenberg: The introduction of the euro, the regions and the accession process, Willem F. Duisenberg: Euro 2002 Information Campaign, Willem F. Duisenberg: The ECB's quantitative definition of price stability and its comparison with such definitions or inflation targets applied in other large economic areas, Willem F. Duisenberg: Developments in international financial markets, Willem F. Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliamentwith the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Willem F. Duisenberg: Press conference on the occasion of the unveiling of the euro banknotes and their security features. Within the existing framework, countries should explore how to support productive investment. 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. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures. What we need to be particularly watchful for at the moment is the potential for a negative spiral to take hold between between low inflation, falling inflation expectations and credit, in particular in stressed countries. Jean-Claude Trichet: Some lessons from the financial market correction, Jean-Claude Trichet: The entry of Slovakia into the euro area, Jean-Claude Trichet: Inauguration of the “Euro exhibition” hosted by Národná banka Slovenska, Jean-Claude Trichet: Ehrenplaquette of the city of Frankfurt am Main - awarding ceremony, Jean-Claude Trichet: The European Regulatory and Supervisory Framework: The Views of the ECB, Jean-Claude Trichet: Risk and the Macro-economy, Jean-Claude Trichet: The current state of the euro area and its future, Jean-Claude Trichet: Introductory to the European Parliament, Jean-Claude Trichet: Fostering sound financial globalisation: the role of Europe, Jean-Claude Trichet: Discours délivré à l'occasion de la réception du prix ‘Vision for Europe', Jean-Claude Trichet: L'intégration économique et financière européenne dans un monde globalisé, Jean-Claude Trichet: Reflections on the current financial markets correction, Jean-Claude Trichet: Monetary policy in challenging times, Jean-Claude Trichet: Address at the ceremony to mark the 10th anniversary of the European Central Bank and the European System of Central Banks. De zwakke langetermijnprestaties van het eurogebied bieden overigens ook kansen. “So to now call into question not just the letter, but also the spirit of the fiscal governance framework would be self-defeating. „Auf längere Sicht“, schloss der Präsident, „läge es also nahe, wenn wir uns weiter darüber Gedanken machen, ob im Euroraum genug getan wurde, um jederzeit die Fähigkeit zum Einsatz einer antizyklischen Finanzpolitik aufrechtzuerhalten. Dans ce contexte, la situation sur le front de l’inflation dans la zone euro pose également un défi de plus en plus grand. 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.