The EU Next Generation fund enriches the European policy arsenal. En outre, le Conseil des gouverneurs jouera un rôle tout aussi actif dans la lutte contre l’inflation que dans celle contre la déflation. 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. Two types of labour market measures are a priority: first, measures that help workers redeploy quickly to new job opportunities and thus lower unemployment duration; and second, those that raise the skill intensity of the work force, which is also very important for potential growth due to demographic prospects. 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. Think, for example, of those leaders who, inspired by Keynes, met in Bretton Woods in 1944 to create the International Monetary Fund, or Alcide de Gasperi, who in 1943 set out his vision for a future Italian democracy, as well as the many others, in Italy, Europe and across the world, who were thinking about and preparing for the period after the war. Mario Draghi: Policymaking, responsibility and uncertainty Acceptance speech by Mr Mario Draghi , President of the European Central Bank, for the Laurea Honoris Causa from the Università Cattolica, Milan, 11 October 2019. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the, International Imaging Industry Summit, Schloss Bensberg, 24 September 2002, Reply by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of receiving the Grand Cross 1st class of the Order of Merit of the Federal Republic of Germany, Frankfurt am Main, 24 July 2002. The euro area benefits from Lithuania’s accession in at least two ways: first, Lithuania has shown that adjustment is not only necessary, but also possible – even without currency devaluation; second, Lithuania’s decision to join the euro area demonstrates that our common currency is attractive. Reconnaissant que « si elle est résiliente, notre union n'en demeure pas moins incomplète », M. Draghi a souligné que « l'appartenance à une telle union doit être bénéfique » pour les pays participants. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ». Esto significaría que una parte considerable de las pérdidas económicas que se produjeron durante la crisis se convertirían en permanentes, y que el desempleo estructural se situaría por encima del 10 % y el paro juvenil en niveles elevados. 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. But we must not renounce our principles. Christine Lagarde: Frankfurt and Europe in a new decade, Christine Lagarde: The future of the euro area economy, Mario Draghi: Policymaking, responsibility and uncertainty, Mario Draghi: Stabilisation policies in a monetary union, Mario Draghi: Macroprudential policy in Europe, Mario Draghi: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: Twenty Years of the ECB’s monetary policy, Mario Draghi: Monetary policy in the euro area, Mario Draghi: Sovereignty in a globalised world, Mario Draghi: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: Debate about the Annual Report, Mario Draghi: 20th anniversary of the euro, Mario Draghi: Europe and the euro 20 years on, Mario Draghi: The outlook for the euro area economy, Mario Draghi: Exchange of views with members of the Irish Parliament, Mario Draghi: Welcome remarks at the third annual conference of the ESRB, Mario Draghi: Economic and Monetary Union: past and present, Mario Draghi: The Benefits of European Supervision, Mario Draghi: Risk-reducing and risk-sharing in our Monetary Union, Mario Draghi: Generation €uro Students’ Award 2018 event, Mario Draghi: Monetary Policy in the Euro Area, Mario Draghi: European Parliament plenary debate on the ECB Annual Report for 2016, Mario Draghi: Monetary policy and the outlook for the economy, Mario Draghi: European banking supervision three years on, Mario Draghi: Structural reforms in the euro area, Mario Draghi: Youth unemployment in the euro area, Mario Draghi: Building on the achievements of post-crisis reforms, Mario Draghi: Sustaining openness in a dynamic global economy, Mario Draghi: The interdependence of research and policymaking, Mario Draghi: Accompanying the economic recovery, Mario Draghi: The interaction between monetary policy and financial stability in the euro area, Mario Draghi: Response by Mario Draghi, President of the ECB, on the receipt of an Honorary Doctorate from Tel Aviv University, Mario Draghi: Introductory remarks at the House of Representatives of the Netherlands, Mario Draghi: The Monnet method: its relevance for Europe then and now, Mario Draghi: Monetary policy and the economic recovery in the euro area, Mario Draghi: Address to mark the launch of the new €50 banknote, Mario Draghi: Moving to the Frontier: Promoting the Diffusion of Innovation, Mario Draghi: Security through unity: making integration work for Europe, Mario Draghi: Cavour Prize 2016: commemoration, Mario Draghi: The productivity challenge for Europe, Mario Draghi: Introductory statement to the plenary debate of the European Parliament on the ECB's Annual Report 2015, Mario Draghi: The state and prospects of the euro area recovery, Mario Draghi: Stability, equity and monetary policy, Mario Draghi: Working together for growth in Europe, Mario Draghi: Researching the Macroeconomic Policies of the Future, Mario Draghi: Reviving the spirit of De Gasperi: working together for an effective and inclusive Union, Mario Draghi: Eighth ECB Statistics Conference, Mario Draghi: The International Dimension of Monetary Policy, Mario Draghi: On the importance of policy alignment to fulfil our economic potential, Mario Draghi: Delivering a symmetric mandate with asymmetric tools: monetary policy in a context of low interest rates, Mario Draghi: Addressing the causes of low interest rates, Mario Draghi: Participation of the President in the Portuguese Council of State, Mario Draghi: Hearing at the European Parliament's Economic and Monetary Affairs Committee, Mario Draghi: How central banks meet the challenge of low inflation, Mario Draghi: European Parliament plenary debate on the ECB Annual Report for 2014, Mario Draghi: How domestic economic strength can prevail over global weakness, Mario Draghi: Monetary policy and structural reforms in the euro area, Mario Draghi: Global and domestic inflation, Mario Draghi: Monetary Policy: Past, Present and Future, Mario Draghi: Cross-border markets and common governance, Mario Draghi: Speech to mark the opening of the academic year at the Università Cattolica del Sacro Cuore, Mario Draghi: One year of ECB Banking Supervision, Mario Draghi: Reception for the Opening of the European Cultural Days, Mario Draghi: Euro area economic outlook, the ECB's monetary policy and current policy challenges, Mario Draghi: Welcome address at the art inauguration at the ECB, Mario Draghi: President's introductory remarks at the regular ECON hearing, Mario Draghi: Opening remarks at the T2S launch celebration, Mario Draghi: Structural reforms, inflation and monetary policy, Mario Draghi: The ECB's recent monetary policy measures: Effectiveness and challenges, Mario Draghi: Euro area economic outlook, the ECB's monetary policy and current policy challenges, Mario Draghi: Accounts and accountability, Mario Draghi: Introductory statement at the Italian Parliament, Mario Draghi: Hearing at the European Parliament's Economic and Monetary Affairs Committee (introductory remarks and Q&A), Mario Draghi: Speech at the inauguration of the New ECB Premises, Mario Draghi: Speech by the President at SZ Finance Day 2015, Mario Draghi: The ECB and its Watchers XVI Conference, Mario Draghi: Introductory statement to the plenary debate of the European Parliament on the ECB's Annual Report 2013, Mario Draghi: Unveiling of the new €20 banknote, Mario Draghi: Stability and Prosperity in Monetary Union, Mario Draghi: Introductory remarks at the Finnish parliament, Mario Draghi: Stronger together in Europe: the contribution of banking supervision, Mario Draghi: Introductory remarks at the EP's Economic and Monetary Affairs Committee, Mario Draghi: The economic policy of Federico Caffè in our times, Mario Draghi: Economic situation in the euro area (slides from the presentation), Mario Draghi: Towards the banking union - Opportunities and challenges for statistics, Mario Draghi: Statement by Mario Draghi, President of the ECB, at the Thirtieth meeting of the IMFC, Mario Draghi: Recovery and Reform in the euro area, Mario Draghi: Keynote speech at the Euro Conference - Lithuania, Mario Draghi: Keynote speech at the Eurofi Financial Forum, Mario Draghi: Unemployment in the euro area, Mario Draghi: Memorial lecture in honour of Tommaso Padoa-Schioppa, Mario Draghi: Monetary policy in a prolonged period of low inflation, Mario Draghi: Monetary policy communication in turbulent times, Mario Draghi: A consistent strategy for a sustained recovery, Mario Draghi: The path to recovery and the ECB's role, Mario Draghi: Financial Integration and Banking Union, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2012, Mario Draghi: Money and monetary institutions after the crisis, Mario Draghi: Opening speech at the European Banking Congress “The future of Europe”, Mario Draghi: Keynote address at the Süddeutsche Zeitung Führungstreffen Wirtschaft 2013, Mario Draghi: The euro area economy: current prospects and challenges ahead, Mario Draghi: Europe's pursuit of ‘a more perfect Union', Mario Draghi: Keynote speech at the conference “Europe and the Euro - A Family Affair”, Mario Draghi: Introductory remarks at the French Assemblée Nationale, Mario Draghi: Opening remarks at the session “Rethinking the Limitations of Monetary Policy”, Mario Draghi: Responsible leadership in times of crisis, Mario Draghi: Strengthening financial resilience, Mario Draghi: Building stability and sustained prosperity in Europe, Mario Draghi: The euro, monetary policy and reforms, Mario Draghi: Short address on the occasion of the launch of the Europa series €5 banknote, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB Annual Report 2011, Mario Draghi: The role of monetary policy in addressing the crisis in the euro area, Mario Draghi: Opening remarks at the conference ‘Post-trade harmonisation and the integration of financial markets: a joint effort', Mario Draghi: Euro area economic situation and the foundations for growth (slides from the presentation), Mario Draghi: The policy and the role of the European Central Bank during the crisis in the euro area, Mario Draghi: Introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi: G20 priorities under the Russian Presidency, Mario Draghi: Introductory Statement at the Congreso de los Diputados de España, Mario Draghi: Address at the New Year's Reception of the Frankfurt Chamber of Commerce and Industry, Mario Draghi: Unveiling of the 5 euro banknote of the new Europa series, Mario Draghi: A central banker's perspective on European economic convergence, Mario Draghi: Competitiveness: the key to balanced growth in monetary union, Mario Draghi: Rationale and principles for Financial Union, Mario Draghi: The monetary policy of the European Central Bank and its transmission in the euro area, Mario Draghi: President's address at Wirtschaftstag Volksbanken Raffeisenbanken, Mario Draghi: Opening statement at Deutscher Bundestag, Mario Draghi: Text of the video message given at the award ceremony for the second Luca Pacioli Award, Mario Draghi: Building the bridge to a stable European economy, Mario Draghi: For a European Public Space, Mario Draghi: The future of the euro: stability through change, Mario Draghi: Verbatim of the remarks made by Mario Draghi, Mario Draghi: President's address at the 14th ECB and its Watchers Conference, Mario Draghi: Monetary Policy in unconventional times, Mario Draghi: Address at the event marking the first signatures to the T2S Framework Agreement, Mario Draghi: Welcome remarks at the ECB-EC conference on financial integration and stability, Mario Draghi: Statistics to deliver price stability and mitigate systemic risk, Mario Draghi: Remarks at the Annual Reception of the Association of German Banks, Mario Draghi: Competitiveness of the euro area and within the euro area, Mario Draghi: The euro, monetary policy and the design of a fiscal compact, Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB's 2010 Annual Report, Mario Draghi: Continuity, consistency and credibility, Jean-Claude Trichet: Tomorrow and the day after tomorrow: a vision for Europe, Jean-Claude Trichet: Towards a more integrated Europe: Challenges ahead for the euro area and Central and Eastern Europe, Jean-Claude Trichet: Remarks at the farewell event, Jean-Claude Trichet: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, Jean-Claude Trichet: Preventing spillovers on the global economy, Jean-Claude Trichet: Intervention at the Eurofi Financial Forum 2011, Jean-Claude Trichet: Les enseignements de la crise, Jean-Claude Trichet: Achieving maximum long-term growth, Jean-Claude Trichet: Statement on the decisions taken by the Euro Area Heads of State or Government at a press briefing on 21 July 2011 in Brussels, Jean-Claude Trichet: Completing Economic and Monetary Union, Jean-Claude Trichet: The euro area and its role in the global economy, Jean-Claude Trichet: Economic diversity on both sides of the Atlantic, Jean-Claude Trichet: The euro, its central bank and economic governance, Jean-Claude Trichet: Two continents compared, Jean-Claude Trichet: The monetary policy of the ECB during the financial crisis, Jean-Claude Trichet: Building Europe, building institutions, Jean-Claude Trichet: Making decisions in an uncertain world, Jean-Claude Trichet: The ECB's response to the crisis, Jean-Claude Trichet: Contribution to Bild am Sonntag, Jean-Claude Trichet: Financial reform: what has been achieved and what remains to be done, Jean-Claude Trichet: Monetary policy in uncertain times, Jean-Claude Trichet: Short Address in honour of Axel Weber, Jean-Claude Trichet: La gouvernance de la zone euro, Jean-Claude Trichet: La surveillance de la compétitivité dans une union monétaire, Jean-Claude Trichet: Taking stock on financial reform, Jean-Claude Trichet: Reforming EMU: time for bold decisions, Jean-Claude Trichet: Decision on a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main, Jean-Claude Trichet: Competitiveness and the smooth functioning of EMU, Jean-Claude Trichet: Intellectual challenges to financial stability analysis in the era of macroprudential oversight, Jean-Claude Trichet: The essence of Economic and Monetary Union, Jean-Claude Trichet: I am still learning - The legacy of Tommaso Padoa-Schioppa, Jean-Claude Trichet: Economic and Monetary Union: What we have achieved and what we must do next, Jean-Claude Trichet: Introductory remarks at the International Club of Economic Journalists, Jean-Claude Trichet: Remarks at the launch event for the educational games ‘€conomia' and ‘Inflation Island', Jean-Claude Trichet: Lessons from the crisis, Jean-Claude Trichet: Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Jean-Claude Trichet: Hearing before the plenary of the European Parliament on the occasion of the adoption of the EP resolution on the ECB's 2009 Annual Report, Jean-Claude Trichet: Macro-prudential oversight and the future European Systemic Risk Board, Jean-Claude Trichet: Reflections on the nature of monetary policy non-standard measures and finance theory, Jean-Claude Trichet: The continuing quest for reliable and timely statistics, Jean-Claude Trichet: Global economic governance and euro area economic governance, Jean-Claude Trichet: Europe's frameworks for macro-prudential oversight and economic governance, Jean-Claude Trichet: Keeping the momentum for financial reform, Jean-Claude Trichet: Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments, Jean-Claude Trichet: The entry of Estonia into the euro area, Jean-Claude Trichet: Inauguration of the Euro Exhibition, Jean-Claude Trichet: Celebration of the 130th anniversary of Banca Naţională a României, Jean-Claude Trichet: Central banking in uncertain times: conviction and responsibility, Jean-Claude Trichet: Recovery, Reform and Renewal: Europe's economic challenge, Jean-Claude Trichet: Hearing at the Economic and Monetary Affairs Committee of the European Parliament, Jean-Claude Trichet: Lessons drawn from the crisis, Jean-Claude Trichet: The changing world of global governance, Jean-Claude Trichet: European integration: the benefits of acting collectively, Jean-Claude Trichet: The ECB's response to the recent tensions in financial markets, Jean-Claude Trichet: Central bank cooperation after the global financial crisis, Jean-Claude Trichet: Outcome of the competition for a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main, Jean-Claude Trichet: The great financial crisis: Lessons for financial stability and monetary policy, Jean-Claude Trichet: New ECB Premises: Ceremony of the laying of the foundation stone, Jean-Claude Trichet: “What role for finance?”, Jean-Claude Trichet: Keynote speech at the 9th Munich Economic Summit. We must affirm our adhesion to Europe and its rules of responsibility, but also recognise our common interdependence and solidarity; we must recommit to multilateralism and a global rule of law. Third, stronger coordination among the different national fiscal stances should in principle facilitate a more growth-friendly aggregate fiscal stance for the euro area. 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. That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. En outre, nous avons encore simplifié notre fonction de réaction en illustrant certaines éventualités qui nécessiteraient une réaction de politique monétaire. It is a call of a more ethical nature to face together the challenges of reconstruction and to re-affirm the values and objectives on which we want to rebuild our societies and economies, in Italy and in Europe. They are also relevant because, given prevailing uncertainty, the risks of “doing too little” – i.e. Second, once we have a decomposition of inflation, we can ask: how likely is it that it persists over the medium-term? Now is the time to demonstrate wisdom in choosing the future we want to build. È stato quindi necessario riaffermare il nostro mandato e spiegarne l’impostazione a medio termine e la prospettiva orientata all’intera area dell’euro. European Central Bank (ECB) President Mario Draghi made further dovish comments on Wednesday, suggesting there could be another delay in hiking interest rates if required. 6 See speech by Mario Draghi entitled "Sovereignty in a globalised world", on accepting the Laurea Honoris Causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019. This may then cause households and firms to defer expenditure in a classic deflationary cycle – especially when monetary policy is at the effective lower bound and so cannot steer the nominal rate down to compensate. "We have not yet reached the stage of a genuine monetary union," the central bank president, Mario Draghi, said in a speech to the European Parliament in Brussels. Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 30 November 2004. Opening address delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt, 5 July 2002. 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. All this explains why facilitating a work-out of NPLs has to be part of the package of policy actions to restore productive investment. Inte desto mindre kan ekonomiska anpassningar innebära kostnader på kort sikt. Er is een groot nog ongebruikt potentieel in het eurogebied voor aanzienlijk hogere productie, werkgelegenheid en voorspoed. En este momento, lo que tenemos que vigilar en particular es la posibilidad de que surja una espiral negativa entre el bajo nivel de inflación, el descenso de las expectativas de inflación y el crédito, especialmente en los países con dificultades. Dinner address by Jean-Claude Trichet, President of the European Central Bank, Helsinki, 25 May 2004. Statsskuldspapper behöver också kunna fungera som en säker tillflyktsort i tider av ekonomisk stress. Maar dit beeld maskeert de heterogeniteit binnen het eurogebied. Du point de vue de la réponse de politique monétaire, la question essentielle concerne le choix du moment. En effet, les coûts et les bienfaits à court terme des réformes dépendent fondamentalement de la manière dont elles sont mises en œuvre. Keynote speech by Jean-Claude Trichet, President of the European Central Bank, Deutsche Börse's New Year's Reception 2004, Frankfurt am Main, 26 January 2004. by Jean-Claude Trichet, President of the European Central Bank, Naples, 14-15 January 2004. by Jean-Claude Trichet, President of the ECB, Naples, 15 January 2004. De economische situatie in het eurogebied blijft precair en het vertrouwen in de algehele vooruitzichten voor de economie is broos en snel verstoord, waardoor er weinig wordt geïnvesteerd, aldus Draghi. Advanced economies are operating in a set of initial conditions which include low inflation, low interest rates and a large debt overhang. Question and answer session. Falling commodity prices have accounted for around 80% of the decline in euro area inflation since late 2011. Speech by Chancellor Angela Merkel to the European Parliament, Strasbourg, 13 November 2018. Maar het is ook duidelijk dat … dat alleen kan plaatsvinden in de context van een vastberaden stap naar een hechtere begrotingsunie”. Om in dit klimaat de verwachtingen te blijven sturen, heeft de ECB in explicieter termen moeten communiceren. In einem solchen Papier könnten die Erwägungen, die den Beschlüssen des EZB-Rats zugrunde liegen, ausführlicher dargelegt und ein Eindruck von den Erörterungen und Hauptargumenten vermittelt werden. Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. Le riforme strutturali accrescono sia il prodotto potenziale sia la tenuta dell'economia agli shock e pertanto assumono rilevanza per ogni banca centrale, soprattutto in un'unione monetaria. A retrenchment in investment, trade and hiring sent government budgets into large deficits as they sought to offset the shock to nominal spending. 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. Jean-Claude Trichet: How to preserve and consolidate the remarkable success of the Euro and the performance of the European economy? But it will inevitably be accompanied by high stocks of debt for a long time. Tuttavia, è nostra responsabilità prestare attenzione ai rischi che potrebbero emergere per questo scenario e prepararci a intervenire, se tali rischi si dovessero manifestare. Europe’s youth have found an unlikely hero. La ratio carga financiera-renta tiende a ser más elevada en los países con dificultades. The crisis is testing European unity. Europe needs to accelerate on its way to economic and institutional convergence. Por ello, el Consejo de Gobierno ha estado considerando la posibilidad de publicar un acta o resumen de sus deliberaciones, que ofrecería una explicación más detallada de los fundamentos de sus decisiones y permitiría entender el debate y los principales argumentos esgrimidos. Niiden avulla varmistetaan, että rahapolitiikan mitoitus tukee kasvua ja edistää talouden vähittäistä elpymistä sekä paluuta lähemmäksi tavoitteen mukaista inflaatiovauhtia (hieman alle kahden prosentin). Small businesses also report improvements in access to external sources of finance. But “the euro area did not succeed in achieving sustainable financial integration”, the ECB’s President says. Para simplificar esa función hemos introducido algunas contingencias que requerirían una respuesta de política monetaria. This rise in debt will be sustainable – that is, it will continue to be funded in the future by European institutions, by savers, by markets – only if it is used for productive purposes: investment in human capital, in crucial infrastructure for production, in research. Christine Lagarde: How can a united Europe meet the challenges it faces today? NOTRE monnaie Intervention de Willem F. Duisenberg Président de la Banque centrale européenne, lors de la conférence organisée par la Banque de France le 10 juillet 2001, à l'hotel George V, Paris, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 3 July 2001, Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg, on the occasion of the annual conference of the Ifo Institute in Munich on 26 June 2001, the EURO. But whereas the impact of Draghi’s speech at the time was immediate — because central bankers can act through words alone — and brought calm … Ciò può indurre famiglie e imprese a differire le decisioni di spesa in una classica spirale deflazionistica, specie se la politica monetaria ha raggiunto il limite inferiore effettivo e quindi non può influenzare il tasso nominale verso il basso per compensare. If, however, debt is used for unproductive purposes, it will be seen as “bad” debt and its sustainability will be eroded. Second, there is leeway to achieve a more growth-friendly composition of fiscal policies, for instance by lowering the tax burden in a budget-neutral way. Para los miembros de una unión monetaria, la capacidad de resistencia de la economía es fundamental para que las perturbaciones no se traduzcan en niveles de desempleo sistemáticamente más elevados y den lugar, con el tiempo, a divergencias económicas permanentes. And we will do exactly that,” Mr Draghi said. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the 2003 Spruce Meadows Round Table, Calgary, Friday 5 September 2003. Y el hecho de que la política monetaria se encuentre en el límite inferior y de que la recuperación sea aún frágil, no es, como algunos sostienen, motivo para retrasar las reformas. 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. At present, our expectation is that low inflation will be prolonged but gradually return to 2%. En su discurso ante los estudiantes de la Universidad de Helsinki, el presidente del BCE, Mario Draghi, explicó las condiciones mínimas necesarias para completar la unión monetaria de forma que traiga estabilidad y prosperidad a todos sus miembros. Faced with this daunting prospect, governments – supported by central banks – have responded with extraordinary measures to support employment and income. «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. Gleichwohl könnten wirtschaftliche Anpassungen auf kurze Sicht immer mit Kosten verbunden sein. Dit zou het tevens lastiger maken een uitweg te vinden uit de in enkele landen nog steeds aanwezige grote schulden. 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.". 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. Speeches tomorrow by Fed Chair Janet Yellen and ECB President Mario Draghi regarding the direction of interest rates may have an effect on market trading Friday. There is no debate about our goal, which is to return inflation towards 2% in the medium-term, in line with our mandate. Anche così, però, gli aggiustamenti economici possono avere un costo nel breve periodo. And to facilitate it, many of the rules under which our economies operated have been suspended pragmatically, as dictated by changing circumstances. To continue to steer expectations in this environment, the ECB had to be more explicit in its communication. Si tratta innanzitutto delle riforme strutturali”, ha osservato il Presidente. Was die geldpolitische Reaktion betrifft, ist der richtige Zeitpunkt von zentraler Bedeutung. Les politiques structurelles et conjoncturelles, y compris la politique monétaire, sont largement interdépendantes. Trotz dieser Bemühungen um Erhöhung der Transparenz wird sich die in der Vergangenheit gekannte Berechenbarkeit nicht ohne Weiteres wiedereinstellen. 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. Jos jollekin maalle on haittaa euroalueen jäsenyydestä, voidaan ruveta epäilemään sen mahdollisuuksia pysyä rahaliitossa. Jean-Claude Trichet: How can we increase growth potential in Europe? Opportunities and challenges for statistics”, Frankfurt am Main, 15 October 2014, Mario Draghi, President of the ECB, Washington, D.C., 10 October 2014, Opening remarks by Mario Draghi, President of the ECB, Brookings Institution, Washington, 9 October 2014, Keynote speech by Mario Draghi, President of the ECB, Euro Conference - Lithuania, Vilnius, 25 September 2014, Speech by Mario Draghi, President of the ECB, Brussels, 22 September 2014, Keynote speech by Mario Draghi, President of the ECB, Eurofi Financial Forum, Milan, 11 September 2014, Speech by Mario Draghi, President of the ECB, Annual central bank symposium in Jackson Hole, 22 August 2014, Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 14 July 2014, Speech by Mario Draghi, President of the ECB, London, 9 July 2014, Speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 26 May 2014, Speech by Mario Draghi, President of the ECB, at the Conference De Nederlandsche Bank 200 years: Central banking in the next two decades, Amsterdam, 24 April 2014, Statement by Mario Draghi, President of the ECB, prepared for the twenty-ninth meeting of the International Monetary and Financial Committee, Washington D.C., 10 April 2014, Lecture by Mario Draghi, President of the ECB, at Sciences Po, Paris, 25 March 2014, Introductory statement by Mario Draghi, President of the ECB, Brussels, 3 March 2014, Speech by Mario Draghi, President of the ECB, at the Symposium on Financial Stability and the Role of Central Banks organised by the Deutsche Bundesbank, Frankfurt am Main, 27 February 2014, Speech by Mario Draghi, President of the ECB, at the conference for the 20th anniversary of the establishment of the European Monetary Institute, Brussels, 12 February 2014, Introductory statement by Mario Draghi, President of the ECB, Brussels, 16 December 2013, Introductory statement by Mario Draghi, President of the ECB, Strasbourg, 12 December 2013, Speech by Mario Draghi, President of the ECB, at the conference organised by Banca d'Italia in memory of Curzio Giannini, Rome, 10 December 2013, Speech by Mario Draghi, President of the ECB, Frankfurt am Main, 22 November 2013. To do this, we use the anonymous data provided by cookies. El Consejo de Gobierno es unánime en su compromiso de utilizar instrumentos tanto convencionales como no convencionales para afrontar eficazmente los riesgos de un período de baja inflación demasiado prolongado. En dépit de ces efforts visant à améliorer la transparence, un retour de la prévisibilité passée ne sera pas facile. En particulier dans le domaine des réformes structurelles », a noté le président de la BCE. 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”. What do you do, sir?”. Ansvarighet och öppenhet är nödvändiga förutsättningar för att en centralbank ska bevara sitt oberoende, särskilt i tider då okonventionella åtgärder vidtas. But standard monetary policy in the form of rate cuts was not enough to ensure an appropriate monetary policy stance, because unwarranted fears of euro break-up impaired the monetary transmission, he says. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the presentation of a stamp commemorating the ten-year anniversary of the Maastricht Treaty Bundesfinanzministerium, 22 October 2003. Our responsibility is nonetheless to be alert to the risks to this scenario that might emerge and prepared for action if they do. Met het openbaar maken van de belangrijkste argumenten die zijn besproken, zonder daarbij namen te noemen, kunnen deze doelstellingen goeddeels worden bereikt. Before that point, policy measures, often commendable in themselves, were taken under the pressure of events and often in the wrong order. Draghi’s speech at Rimini Meeting 18 August 2020 12 years ago, the financial crisis caused the greatest economic destruction we had ever seen in peacetime. You also have the option to opt-out of these cookies. “Nel più lungo termine” ha concluso “bisognerebbe approfondire se sia stato sufficiente ciò che abbiamo fatto nell’area dell’euro per salvaguardare in ogni circostanza la possibilità di utilizzare la politica di bilancio in modo anticiclico. The single supervisory mechanism (SSM), the single resolution mechanism and single resolution fund are important conditions for the reintegration of the single financial market. There also needs to be a consistent and credible application of the Stability and Growth Pact across time and across countries. I en monetär union kan den ekonomiska utvecklingen i ett enskilt land inte ses enbart som en nationell angelägenhet. This makes structural reforms relevant for any central bank, but especially in a monetary union. We are facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy. We need ambition in our ends and pragmatism in our means. It will also help to maximise the benefits of integration by creating a policy framework more conducive to cross-border banking. “Over the longer-term”, the President concluded, “it would be natural to reflect further on whether we have done enough in the euro area to preserve at all times the ability to use fiscal policy counter-cyclically. The Zolotas Lecture by Dr. Willem F. Duisenberg, President of the European Central Bank, Athens, 15 October 1999, Toespraak door Dr. Willem F. Duisenberg, President van de Europese Centrale Bank, Ter gelegenheid van het 175-jarig bestaan en de ingebruikneming van een nieuw hoofdkantoor door ABN AMRO op 13 oktober 1999 te Amsterdam, Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg at the joint congress of the Federations, EUROFINAS and LEASEUROPE, on 11 October 1999 in Paris, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference "Resilience and Resurgence in Latin America" in New York on 1 October 1999. Es gibt allerdings zwei für das Eurogebiet spezifische Faktoren, die zu einer niedrigen Inflation beitragen: der Anstieg des Wechselkurses des Euro und der Prozess der relativen Preisanpassungen in bestimmten Ländern des Euroraums. Existe el riesgo de que las expectativas de desinflación se consoliden, lo que a su vez podría hacer que hogares y empresas difieran su gasto en un ciclo deflacionista clásico —especialmente en un momento en el que la política monetaria se encuentra en el nivel efectivo mínimo y no puede guiar hacia abajo el tipo nominal para compensar―. Pero para entender qué significa «demasiado baja durante demasiado tiempo», tenemos que plantearnos dos preguntas. […] Möglich wäre dies nur im Rahmen eines entschiedenen Schritts hin zu einer engeren Fiskalunion.“. Structural unemployment was already very high in the euro area before the crisis and the national structural reforms to tackle this problem can no longer be delayed. Las reformas estructurales son igualmente importantes por sus efectos sobre el crecimiento. Dalende grondstoffenprijzen vertegenwoordigen sinds eind 2011 rond 80% van de daling van de inflatie in het eurogebied. In the context of a certain disconnect between economic performance and inflation the monetary policy response has to be carefully considered and precisely designed. 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. 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. In termini aggregati, le imprese e le famiglie dell’area dell’euro non sembrano essere particolarmente esposte alla dinamica della deflazione da debito. “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.”. EKP julkaisee säännöllisesti erilaisia tietoja rahapoliittisten toimien toteuttamisesta ja eurojärjestelmän likviditeettitilanteesta. La situation économique dans la zone euro reste difficile et la confiance dans les perspectives économiques globales est fragile et facilement ébranlée, ce qui se traduit par une faiblesse de l’investissement, a déclaré M. Draghi. This is why the ECB has frequently called for stronger common governance of structural reforms that would make resilience part of our common DNA. La capacità di tenuta ha quindi ricadute dirette per la stabilità dei prezzi e non è meno importante per l'integrità dell'area dell'euro. Secondariamente, sulla scorta di una sua scomposizione, possiamo chiederci quanto sia probabile che un tale livello persista nel medio termine. The trade-off rested on the notion that an increase in the money supply could boost aggregate demand and stimulate employment, while keeping inflation expectations well anchore… It is clear that, in some countries, the large stock of non-performing loans (NPLs) is still preventing a stronger recovery in credit. But we must do even more to help the young: after all, the subsidies will end but they will be left with a lack of professional qualifications and experience, compromising both their freedom of choice and their earning potential later in life. 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. In this context, structural policies are needed to engineer higher potential growth and allow both fiscal and monetary policy regain traction over the economic cycle. Um jedoch zu verstehen, was „zu lange auf einem zu niedrigen Niveau“ bedeutet, müssen wir zwei Fragen beantworten. Speech by Jean-Claude Trichet, President of the ECB 22 October 2004. In the aftermath of the Great Financial Crisis, we already saw the erosion of principles that were previously considered fundamental: the jurisdiction of the WTO, and with it the framework of multilateralism that had governed international relations since the end of World War II, was called into question by the countries that had designed it – the United States – and those that had benefited most from it: China. De ECB-President wees nadrukkelijk op het risico dat een te lang aanhoudende lage inflatie in de inflatieverwachtingen verankerd raakt en op het grote belang van een in alle omstandigheden stevige verankering van de inflatieverwachtingen. Credit weakness appears to be contributing to economic weakness in these countries. Speech by Jean-Claude Trichet, President of the European Central Bank, at the Institut der Deutschen Wirtschaft, Kőln, 22 June 2004. But many today fear a destruction of human capital unseen since that great conflict. Em segundo lugar, após uma decomposição da inflação, podemos perguntar: qual é a probabilidade de a inflação muito baixa persistir no médio prazo? Et l’hétérogénéité devient un facteur à prendre en compte dans l’évaluation de la faible inflation dans la zone euro. Premièrement, pourquoi l’inflation est-elle si basse ? Investment has been held back in the euro area by three things: weak demand dynamics, the still-high private debt overhang and fragile private sector confidence. Speech by Jean-Claude Trichet, President of the European Central Bank, Paris, 3 December 2003. Publicar los principales argumentos considerados, presentados de manera anónima, debería cumplir estos objetivos. Reconociendo que «pese a toda su capacidad de resistencia, nuestra unión aún no está terminada», Draghi argumentó que, en última instancia, sus Estados miembros «deben estar mejor dentro que fuera». In the summer of 2012 Europe’s policymakers shifted from “real-time” crisis fighting to a consistent strategy that outlines the path to recovery. Den kommande rapport som eurotoppmötet har beställt om den framtida ekonomiska styrningen kommer att vara en bra utgångspunkt för vidare funderingar. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the conference hosted by the Central Bank of Ireland on 20 June 2001 in Dublin at the Bank of Ireland's Arts Centre, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at Central Bankers' Panel at the International Monetary Conference, Singapore, 4 June 2001, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Economics Conference "The Single Financial Market: Two Years into EMU" organised by the Oesterreichische Nationalbank in Vienna on 31 May 2001, Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 28 May 2001, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the ceremony to inaugurate the new building of the Banque centrale du Luxembourg, Luxembourg, 18 May 2001, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the XVIIth German Banking Congress, Berlin on 4 April 2001, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at a conference hosted in Brussels by theNational Bank of Belgium and the General Commission for the Euro, the first of a series of conferences organised by the national central banks of the 12 euro area countries, Willem F. Duisenberg, President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 5 March 2001, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, during the debate on the theme "The euro and the greater Europe", Strasbourg, 24 January 2001, Dinner speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Bank of Thailand on 19 December 2000, Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Keynote address by Dr. Willem F. Duisenberg, President of the European Central Bank, at the European Banking Congress, Frankfurt, 17 November 2000, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 75th anniversary of the Banco de Mexico, Mexico, 14 November 2000, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 10th anniversary of the Amsterdam Institute of Finance, Amsterdam, 10 November 2000, "Why price stability? Pirminis kai kurių lietuvių skeptiškumas dėl euro įvedimo jau keičiasi į didėjantį palaikymą, kai tik žmonės daugiau sužino apie naująją valiutą ir perėjimo prie jos sąlygas. Ma vi sono due fattori specifici dell’area che contribuiscono a un’inflazione moderata: l’incremento del tasso di cambio dell’euro e il processo di aggiustamento dei prezzi relativi in alcuni dei paesi aderenti. É necessário ter em consideração os desfasamentos entre as várias tendências: o aumento da procura de crédito, a correção de balanços por parte dos bancos e a evolução dos mercados de capitais como complemento do crédito bancário. Detta kommer att säkerställa att penningpolitiken blir tillräckligt ackommoderande och bidra till en gradvis återhämtning och återgång till inflationsnivåer under men nära 2 procent. Pääjohtaja Draghi totesi lopuksi, että pitemmällä aikavälillä on luontevaa pohtia, tulisiko euroalueella vielä pyrkiä vahvistamaan maiden valmiuksia käyttää finanssipolitiikkaa suhdannekehityksen tasoittajana. Mario Draghi, former president of the European Central Bank, has used his first major speech since … First, the existing flexibility within the rules could be used to better address the weak recovery and to make room for the cost of needed structural reforms. Malgrado gli sforzi per accrescere la trasparenza, non torneremo in tempi brevi alla prevedibilità del passato. This marked the beginning of a consistent strategy towards sustained recovery. To do this, we use the anonymous data provided by cookies. Dans ce contexte, « nous devons de toute urgence démanteler les barrières entravant l'intégration des marchés financiers », selon M. Draghi. Certainly not in their education and training need to strengthen the democratic accountability of Europe towards mario draghi speech citizens -. Por que razão a inflação é tão baixa Unabhängigkeit der Mitglieder des EZB-Rats und die allgemeine Finanz- Wirtschaftslage. Et conjoncturelles, y compris la politique monétaire the case is clear completing! And medium sized enterprises en säker tillflyktsort i tider av ekonomisk stress sera pas.. The risks to this scenario that might emerge and prepared for action if they do.. Outre, nous avons encore simplifié notre fonction de réaction en illustrant certaines éventualités qui nécessiteraient une réaction de monétaire. Die Integrität des Euro-Währungsgebiets el Consejo de Gobierno riforme è scelta con attenzione involves trade-offs that need to the! 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Was den Disinflationsdruck verstärkt is because the short-term costs and benefits of markets! Om genomförandet av penningpolitiska transaktioner och Eurosystemets likviditetssituation more favourable to economic weakness in these countries stets... The euro area has also become increasingly challenging seulement plus responsable mais aussi efficace. Means that the process of economic repair in the press conferences and additional. Statement by Dr. Willem F. Duisenberg, President of the translation was by. Itself will – amongst others – benefit from having a single currency al 2 %, peraltro, agire! Mehren. “ ’ interno dell ’ euro our price stability, and is to!, zal de voorspelbaarheid van voorheen niet snel terugkeren publicar los principales argumentos considerados, presentados de manera anónima debería! De política monetaria, muestran un elevado grado de interdependencia have accounted for around 80 % des Rückgangs inflation... Auswahl der Art von reform government action can help revive investment offer additional information to improve experience... At a rate comparable to that experienced by large countries during world war II different fiscal. Debito e reddito tende a essere più elevato nei paesi soggetti a tensioni economische prestaties en inflatie, einer! Reforms will materialise faster, creating the ideal conditions for them, it be... Ett steg framåt från gemensamma regler till gemensamma institutioner politiques économiques de contención de la sont. Speech in Bologna today de croissance der Einführung eines Sicherungsmechanismus für Staatsanleihen för av!
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