mario draghi speech

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. First, the regulatory environment should be made more favourable to economic growth. Actualmente, nuestra expectativa es que la inflación continúe en niveles bajos y que retorne gradualmente al 2 %. Nonetheless by mid-2010 most advanced economies were showing signs of a gradual return to growth. There is also a moral imperative to make this choice and to make it well: the debt created by the pandemic is unprecedented and will have to be repaid mainly by those who are young today. That means above all structural reforms”, the President remarked. Jean-Claude Trichet: Global governance today, Jean-Claude Trichet: Eulogy to Sławomir Skrzypek, President of Narodowy Bank Polski, Jean-Claude Trichet: Introductory remarks at the conference on "Financial integration and stability: the legacy of the crisis", Jean-Claude Trichet: The Crisis and Beyond, Jean-Claude Trichet: Shaping a new world: The crisis and global economic governance, Jean-Claude Trichet: Laudatio for Hans Tietmeyer, Jean-Claude Trichet: An anchor of stability and confidence, Jean-Claude Trichet: Introductory statement before the Plenary of the European Parliament, Jean-Claude Trichet: Hearing at the Economic and Monetary Affairs Committee of the European Parliament, Jean-Claude Trichet: Opening statement at the Commission Conference “Building a Crisis Management Framework for the Internal Market”, Jean-Claude Trichet: Risk and monetary policy, Jean-Claude Trichet: Address on the occasion of the inauguration of the “Language of Money” exhibition and the Euro Exhibition at the Museum für Kommunikation in Frankfurt am Main, Jean-Claude Trichet: Statement following the meeting of the Heads of State and Government on 11 February 2010, Jean-Claude Trichet: Commentary on “Fifty Years of Monetary Policy: What Have We Learned?” by Adam Cagliarini, Christopher Kent and Glenn Stevens, Jean-Claude Trichet: Welcome message at the Annual General Assembly of the Manufacturers' Association of Israel (MAI), Jean-Claude Trichet: Guest commentary on BILD AM SONNTAG, Jean-Claude Trichet: Macro-prudential supervision in Europe, Jean-Claude Trichet: La justice face à la crise, Jean-Claude Trichet: Key Lessons from the crisis, Jean-Claude Trichet: Today's financial institutions and tomorrow's monetary order, Jean-Claude Trichet: Insurance companies, pension funds and the new EU supervisory architecture, Jean-Claude Trichet: Remarks on the occasion of the European Banker of the Year Award, Jean-Claude Trichet: Lessons from the financial crisis, Jean-Claude Trichet: The crisis and its lessons, Jean-Claude Trichet: The regulatory and supervisory reform in Europe, Jean-Claude Trichet: The ECB's exit strategy, Jean-Claude Trichet: Credible alertness revisited, Jean-Claude Trichet: Introductory remarks at the signing ceremony for the T2S memorandum of understanding, Jean-Claude Trichet: The ECB's enhanced credit support, Jean-Claude Trichet: Supporting the financial system and the economy: key ECB policy actions in the crisis, Jean-Claude Trichet: Celebration of 130th Anniversary of the Bulgarian National Bank, Jean-Claude Trichet: The financial crisis and the response of the ECB, Jean-Claude Trichet: The times of unprecedented challenges, Jean-Claude Trichet: The financial crisis and the role of central banks: The experience of the ECB, Jean-Claude Trichet: Integration and innovation - The Alpha and Omega of a successful retail payments market in Europe, Jean-Claude Trichet: The financial crisis and our response so far, Jean-Claude Trichet: The global dimension of the crisis, Jean-Claude Trichet: Restoring confidence in the global financial system, Jean-Claude Trichet: Hearing before the Economic and Monetary Affairs Committee of the European Parliament. "Our responsibility towards the people of this continent is indeed to put in place a sustainable economic model that helps to increase employment and boost growth", he said. Pour les banques centrales telles que la BCE, la communication et la transparence sont devenues de plus en plus importantes au cours des dernières décennies et seront amenées à l’être encore davantage dans les décennies à venir. Gebe es keine dauerhaften Finanztransfers zwischen den Mitgliedstaaten, seien zwei Mindestanforderungen zu erfüllen, um diese Ziele zu erreichen: Erstens müssten alle Euro-Länder imstande sein, eigenständig wirtschaftlich zu florieren, und zweitens müssten die Euro-Länder stärker in andere Mechanismen investieren, die eine Lastenverteilung nach Schocks ermöglichen. Former European Central Bank President Mario Draghi warned governments to use the massive stimulus they’ve deployed in the coronavirus pandemic to upgrade their economies or … Pero para entender qué significa «demasiado baja durante demasiado tiempo», tenemos que plantearnos dos preguntas. 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. Det första är att alla länder i euroområdet var för sig ska kunna ha framgångar, det är att länderna i euroområdet behöver investera mer i andra mekanismer för att dela kostnader för chocker. 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. Yet growth momentum remains weak and inflation remains well below our objective of below but close to 2%. Ein beträchtlicher Teil der in der Krise verbuchten wirtschaftlichen Verluste würde also dauerhaft bestehen bleiben – mit der Folge einer strukturellen Arbeitslosigkeit von mehr als 10 % und einer erhöhten Jugendarbeitslosigkeit. The governance of structural reforms deserves as much attention as enforcing fiscal rules and should be done at the euro area level, ECB President Mario Draghi said in a speech in London on Wednesday. The euro area however suffered a second recession lasting until the second quarter of 2013. The president of the European Central Bank may … Secondly, by having some form of backstop for sovereign debt in place. Per questo motivo il Consiglio direttivo ha riflettuto sulla pubblicazione di un resoconto riguardo alle proprie decisioni di politica monetaria. Sarebbe inoltre più difficile abbattere il debito eccessivo tuttora presente in alcuni paesi. Speech by Jean-Claude Trichet, President of the European Central Bank, at the UNICE Competitiveness Day Bruxelles, 9 December 2004. The words of Reinhold Niebuhr's “serenity prayer” come to mind, asking the Lord: Give me the serenity to accept the things I cannot change. 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. The single supervisory mechanism is an example of this. The nascent recovery should be used as a window of opportunity to go ahead with reforms that make the euro area less fragile and vulnerable to shocks. Speech by Jean-Claude Trichet, President of the European Central Bank, at the Institut der Deutschen Wirtschaft, Kőln, 22 June 2004. Structural reforms are equally important for their effect on growth. Proseguendo la navigazione accetti l'utilizzo dei cookie da parte nostra. 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». Le politiche strutturali e cicliche, compresa la politica monetaria, sono fortemente interdipendenti. But the state of emergency and the measures it has justified will not last forever. According to Mr Draghi, the setting-up of European banking supervision has been the largest step towards deeper integration since the creation of our Economic and Monetary Union. In the second quarter of 2020, the economy contracted at a rate comparable to that experienced by large countries during World War II. If structural reforms are credible, their positive effects can be felt quickly even in a weak demand environment. Lietuvai ir pačiai bus naudinga tai, kad ji kartu su kitomis šalimis dalyvaus formuojant antros pagal dydį pasaulio ekonomikos pinigų politiką. We should take inspiration from those who were involved in rebuilding the world, Europe and Italy after World War II. Our analysis suggests that credit constraints are putting a brake on the recovery in stressed countries, which adds to the disinflationary pressures. Dans l’ensemble, les entreprises et les ménages de la zone euro ne semblent pas être particulièrement exposés à la dynamique dette-déflation. We then experienced a second recession in Europe, and with it a further loss of employment. En cumulant les achats d’obligations sécurisées et les achats d’ABS, nous pourrons mener des interventions d’une ampleur permettant d’atteindre les résultats escomptés en termes de recomposition des portefeuilles et de signal. Introductory statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 1 December 2003. Like all the ECB’s monetary policy measures, OMT served, says Mr Draghi, to ensure compliance with the bank’s price stability mandate. At present, our expectation is that low inflation will be prolonged but gradually return to 2%. Speech by Jean-Claude Trichet, President of the European Central Bank, Diplomatic Institute Sofia, 27 February 2006. Introductory statement, by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 June 2003 . 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. Mais ce tableau masque l’hétérogénéité observée au sein de la zone euro. Dans un discours devant des étudiants de l'Université d'Helsinki, le président de la BCE a indiqué quelles étaient les exigences minimales en vue de parachever l'union monétaire de manière à apporter stabilité et prospérité à l'ensemble de ses membres. Potential growth is today estimated to be below 1% in the euro area and is projected to remain well below pre-crisis growth rates. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Frankfurt Banking Evening Frankfurt, 16 June 2003, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the G10 Committee on Payment and Settlement Systems conference on "Private and public sector challenges in the payment system", Frankfurt, 12 June 2003. En effet, les coûts et les bienfaits à court terme des réformes dépendent fondamentalement de la manière dont elles sont mises en œuvre. The European Union embodies the principle of an open market economy in its Treaties. Sovereign debt needs also to act as a safe haven in times of economic stress. We need ambition in our ends and pragmatism in our means. the SMP, the Covered Bonds Programmes and the ABS Purchase Programme portfolios). Speech by Jean-Claude Trichet, President of the ECB International Banking Event, 29 June 2004, Frankfurt am Main. 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. However, there is a sector which is critical for growth and therefore for all the transformations I have just listed, and where a long-term vision must be married with immediate action: education and, more generally, investment in young people. Se voidaan varmistaa ennen kaikkea vahvalla finanssipolitiikan ohjaus- ja valvontajärjestelmällä. Ciò conferisce, a sua volta, alla BCE la capacità di influenzare i tassi di interesse su scadenze più lunghe e di orientare le condizioni economiche e finanziarie in senso più ampio. Der Ankauf von Kreditverbriefungen (ABS) und Covered Bonds werde der EZB Interventionen in solch einem Umfang ermöglichen, dass sie die beabsichtigten Effekte im Hinblick auf Portfolioumschichtungen und Signalwirkungen erreichen werde. 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. And the fact that monetary policy is today at the lower bound, and the recovery still fragile, is not, as some argue, a reason for reforms to be delayed. We will not see a sustainable recovery unless this changes. Inte desto mindre kan ekonomiska anpassningar innebära kostnader på kort sikt. According to Draghi, financial integration before the crisis was incomplete. Without permanent cross-country transfers, a high level of employment in each country is essential for the long-term cohesion of the euro area. 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. 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. Structural reforms need strong domestic ownership since they reach deeply into societal arrangements. Die Veröffentlichung einer Zusammenfassung der wichtigsten Argumente in einer nicht attribuierten Form sollte insgesamt diese Ziele erreichen. 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. Dalende grondstoffenprijzen vertegenwoordigen sinds eind 2011 rond 80% van de daling van de inflatie in het eurogebied. Inoltre il Consiglio direttivo si attiverà a salvaguardia dall’inflazione e altrettanto dalla deflazione. A single supervisor, applying homogenous methodologies, internalises mutual trust. 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. In our present circumstances, this path requires pragmatism. 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. Sin embargo, los ajustes económicos pueden tener costes a corto plazo. Jean-Claude Trichet: English translation of a contribution by Jean-Claude Trichet, President of the European Central Bank, published in Le Monde, in the edition dated 16 June 2005. In the euro area, unemployment has been caused by a large and particularly sustained negative shock to GDP: first through the Great Recession, which affected all advanced economies, and second, through sovereign debt crisis, where job losses were concentrated in countries affected by financial stress. Dit is waarom de Raad van Bestuur nadenkt over het publiceren van een verslag van zijn beraadslagingen over het beleid. Silloinkin talouden sopeutuksesta voi aiheutua lyhyellä aikavälillä kustannuksia. Vi è il rischio che si consolidino aspettative di disinflazione. Al momento ci attendiamo che l’inflazione resterà contenuta, per poi tornare gradualmente sul 2%. The central bank president oversaw his last monetary policy meeting. Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. The euro area’s weak long-term performance also provides an opportunity. Para simplificar esa función hemos introducido algunas contingencias que requerirían una respuesta de política monetaria. For them, it is even more important to complete economic and monetary union in all its aspects. 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. Economic policy must not compound the uncertainty already being caused by the pandemic and rapid change. Our freedom of movement has been curtailed; we have sacrificed many aspects of our human interactions, both physical and psychological; entire sectors of the economy have been locked down or put out of business. Der Euroraum verfügt über ein erhebliches unausgeschöpftes Potenzial für einen deutlichen Produktions-, Beschäftigungs- und Wohlstandszuwachs. Mario Draghi, President of the European Central Bank. National policymakers cannot fully protect their citizens from financial instability without pooling more sovereignty over decision-making. Fair rules on competition, property rights and the rule of law are essential. 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. "Draghi urged for the completion of the European institutional framework, which is ultimately needed to allow for the sustainability of the single currency and the European project at large. En el momento actual del ciclo, estas consideraciones ocupan un lugar preeminente en las discusiones entre los miembros del Consejo de Gobierno. Via een dergelijk schriftelijk verslag zouden de redeneringen achter de besluiten van de Raad van Bestuur gedetailleerder kunnen worden uitgelegd, en kan een indruk worden gegeven van de besprekingen en de belangrijkste argumenten. Rahaliitosta on oltava jäsenilleen hyötyä. “The euro is – and has to be – irrevocable in all its member states, not just because the Treaties say so, but because without this there cannot be a truly single money”, he said. Structural and cyclical policies – including monetary policy – are heavily interdependent. Draghi decided it was time to address those concerns and, in a speech in London, he famously said the "ECB is ready to do whatever it takes to preserve the … Os rácios do serviço da dívida em relação ao rendimento tendem a ser mais elevados nos países sob tensão. Everyone in society is affected by high unemployment. Hence, judgement is likely to play a greater role in decision-making, and this involves trade-offs that need to be explained. That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. To reach that aim, Draghi makes a case to improve the design of the Single Resolution Mechanism and the Single Resolution Fund. A framework in which long-term objectives are intimately connected with short-term ones is essential to restore certainty to households and businesses. The subsidies will enable them to survive, to start again. Mario Draghi, President of the European Central Bank, today opened the Frankfurt European Banking Congress, with an analysis of the economic situation facing the euro area and of the ECB’s monetary policy response. At the same time, Mr Draghi reiterated the idea that for governments and European institutions that have fiscal space, it makes sense to use it, so that fiscal policy can work with rather than against monetary policy in supporting aggregate demand. La debilidad del crédito parece estar contribuyendo a la debilidad económica en esos países. Speech by Jean-Claude Trichet, President of the ECB Mas lecture 8 June 2005, Singapore. Op dit moment is onze verwachting dat de lage inflatie lang zal aanhouden maar geleidelijk zal terugkeren naar 2%. At the same time, there is evidence that a significant share of unemployment is also structural. En fournissant des indications sur la trajectoire future des taux directeurs de la BCE (forward guidance), nous visons à donner une orientation sur le niveau attendu des taux d’intérêt futurs, et à éliminer les incertitudes à ce sujet en renforçant la communication sur notre fonction de réaction. But for others, activity is unlikely to return to the same levels that prevailed before the pandemic. Em segundo lugar, após uma decomposição da inflação, podemos perguntar: qual é a probabilidade de a inflação muito baixa persistir no médio prazo? Advanced economies are operating in a set of initial conditions which include low inflation, low interest rates and a large debt overhang. Speech by Jean-Claude Trichet, President of the ECB delivered at the “Schierensee Gespräche”, 14 May 2004. As part of this process, we need to strengthen the democratic accountability of Europe towards its citizens. While the interbank market was fully integrated, retail banking remained fragmented. Met onze “forward guidance”, de door ons gegeven indicaties omtrent het toekomstige rentebeleid, beogen wij een leidraad te geven ten aanzien van het verwachte niveau van de toekomstige rentetarieven, en onzekerheid over dat niveau weg te nemen door de communicatie over onze reactiefunctie te versterken. Jean-Claude Trichet: How to preserve and consolidate the remarkable success of the Euro and the performance of the European economy? Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 2 July 2002. Additionally, the Governing Council committed to the publication of an account of monetary policy discussions. Mario Draghi, die erkende dat "ondanks al haar schokbestendigheid onze unie nog lang niet is voltooid", zei dat de leden uiteindelijk "binnen de unie beter af [moeten] zijn dan erbuiten". Your name was born from what you gazed upon, Artificial Intelligence: The “Human Element”. 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. Willem F. Duisenberg: The euro, the dollar and national economic policies: what room for manoeuvre? Dies würde auch den Abbau des in einigen Ländern nach wie vor bestehenden Schuldenüberhangs erschweren. 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. No entanto, dois fatores específicos à área do euro contribuem para a baixa inflação: o aumento da taxa de câmbio do euro e o processo de ajustamento dos preços relativos em alguns países da área do euro. Communication and sharing ocurre si las reformas dependen de forma crucial de cómo se.. Een steeds grotere uitdaging gaan vormen independence of the ECB Strasbourg, 2 July 2002 geheel genomen lijken en. 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