Can an increase in defence spending affect investments in green energy and digital infrastructure? What do US tariff threats mean for the ECB? How does the ECB support smaller countries in the Eurosystem? And is AI an opportunity or a risk for the financial future? In the last episode of our Sintra series, our host Stefania Secola takes us on a walk around the ECB Forum and gets top experts to answer your questions. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 9 July 2025 and recorded during the ECB Forum on Central Banking in Sintra between 30 June and 2 July 2025. In this episode: 02:05 Defence spending Can an increase in defence spending affect investments in green energy and digital infrastructure? 08:08 Tariffs How do US tariff threats affect the economy? What do they mean for the ECB? And what are the opportunities for Europe? 14:14 Smaller vs. bigger economies in the Eurosystem Does the ECB prioritise bigger economies over smaller ones? Do smaller countries, such as Slovenia, benefit from the ECB’s monetary policy? 18:55 Artificial intelligence Is AI an opportunity or a risk for the financial future? Further readings: Gensler, G., Johnson, S., Panizza, U. and Weder di Mauro, B.: The Economic Consequences of The Second Trump Administration: A Preliminary Assessment https://cepr.org/publications/books-and-reports/economic-consequences-second-trump-administration-preliminary The ECB Podcast: AI: economic game changer or job taker? https://soundcloud.com/europeancentralbank/ai-economic-game-changer-or-job-taker ECB Instagram https://www.instagram.com/europeancentralbank/

Tariffs and geopolitical conflicts have created uncertainty around the world. But how does the new trade environment affect inflation and the economy? How can central banks adapt? And what is the potential impact on the dominance of the US dollar ? In the third episode of our special Sintra series of the ECB Podcast, our host Paul Gordon talks to London School of Economics Professor Silvana Tenreyro. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 4 July 2025 and recorded on 1 July 2025. In this episode: 01:30 How is the world economy doing? What developments are having an impact on our economy today? And what uncertainties are arising from tariffs, trade fragmentation and armed conflicts in different parts of the world? 03:30 Tariffs, trade fragmentation and the economy How can trade tariffs and fragmentation affect economic growth and inflation in the euro area and beyond? 06:25 How are prices changing? How are prices changing in different countries? Will tariffs cause prices in the United States to rise, and those in Asia and Europe to fall? And why? 07:55 Lessons for central banks Given the extremely high level of uncertainty, what lessons from past shocks can central banks apply in the future? Why do we need clearly defined frameworks? And what role do governments play? 09:55 How can governments prepare for potential shocks? Investing in technologies that are difficult to substitute, diversifying energy sources and creating buffers for critical inputs – why it’s crucial that governments have a strategy to withstand various shocks. 12:05 What is a dominant currency? When is a currency considered internationally “dominant”? And what dominant currencies have there been in the past? 13:40 Dollar dominance and monetary policy transmission Does dollar dominance in international trade transactions reduce the effectiveness of monetary policy? 17:30 The future of dollar dominance How will the dominance of the US dollar develop in the future? Is its role as a primary reserve currency at risk due to the Trump Administration’s policies? 19:10 What keeps you up at night? What happens to our economy if there is a sudden shortage of a certain input? What impact will AI have if it remains largely unregulated? And what do stablecoins and digital currencies mean for our economy? 21:00 Our guest’s hot tip Silvana shares her hot tip with our listeners. Further readings: Michael McLeay and Silvana Tenreyro: Dollar dominance and the transmission of monetary policy https://personal.lse.ac.uk/tenreyro/dominant_currency.pdf Sintra Series episode 1/4: Price stability in times of change https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod250702_episode110.en.html Sintra Series episode 2/4: Adapting to change: Ensuring price stability in a new geopolitical era https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod250625_episode109.en.html Silvana’s hot tip I’m still here/Ainda estou aqui ECB Instagram https://www.instagram.com/europeancentralbank/

President Christine Lagarde sat down with central bank heads from the United States, hte United Kindgdom, South Korea, and Japan at this year's ECB Forum on Central Banking in Sintra, Portugal. They discuss the steps they've taken to fight inflation and explioe the challenges and opportunities ahead. Recorded on 1 July 2025 and published on 2 July 2025 Further reading: https://www.ecb.europa.eu/press/conferences/html/20250630_ecb_forum_on_central_banking.en.html European Central Bank: https://www.ecb.europa.eu/home/html/index.en.html European Central Bank Supervision: https://www.bankingsupervision.europa.eu/home/html/index.en.html

How does geopolitical uncertainty affect inflation? How do we keep monetary policy fit for purpose in a rapidly changing world? And what are the main topics at this year’s ECB Forum in Sintra, Portugal? In the first episode of our special Sintra series for The ECB Podcast, our host Paul Gordon discusses all these questions and more with Chief Economist and Executive Board member, Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 June 2025 and recorded on 16 June 2025. In this episode: 01:28 The ECB Governing Council lowered key interest rates to 2%. What was the motivation behind the decision? 04:30 How do we ensure that risks and uncertainties are integrated into the monetary policy decision-making process? What is our baseline? What factors need to be taken into account? 06:44 Alternative scenarios in the latest projections Why do we communicate our “what if” scenarios? 08:11 Meeting-by-meeting, data-dependent approach Why do we follow this approach? 09:50 Strategy review How can we make sure our strategy is up to date? 12:02 High-level uncertainty How do we factor heightened uncertainty in our strategy? 13:50 ECB Forum on Central Banking in Sintra, Portugal What is the ECB Forum and what’s behind it? What’s the goal of the Forum? What’s Philip R. Lane looking forward to? 16:53 Our guest’s hot tip Philip R. Lane shares his hot tip. Programme of ECB Forum on Central Banking in Sintra, Portugal https://www.ecb.europa.eu/press/conferences/html/20250630_ecb_forum_on_central_banking.en.html Ken Rogoff "Our dollar, your problem" https://yalebooks.yale.edu/book/9780300275315/our-dollar-your-problem/ ECB Instagram https://www.instagram.com/europeancentralbank/ European Central Bank www.ecb.europa.eu ECB Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect pri¬ces to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Our monetary policy statement at a glance, 5 June 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_june.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 5 June 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250605~f00a36ef2b.en.html Monetary policy decisions, 5 June 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250605~3b5f67d007.en.html Combined monetary policy decisions and statement, 5 June 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250605~dc79b630e3.en.pdf?1ae87c3b33214537469188411c6fec52 Macroeconomic projections, 5 June 2025 https://www.ecb.europa.eu/press/projections/html/ecb.projections202506_eurosystemstaff~16a68fbaf4.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html Published and recorded during our press conference on 5 June 2025 #MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

We live in an increasingly uncertain world. But what are the economic and financial implications of such turbulent times? What does it mean for Europe’s banking and non-bank sectors, companies, households, and government finances? And how can Europe navigate such volatility? Our host Paul Gordon discusses these questions and more with expert John Fell in the latest episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 22 May 2025 and recorded on 16 May 2025. In this episode: 01:50 Geopolitical developments and global financial imbalances How did markets react to the high level of uncertainty? 05:10 Safe havens What are safe havens? What happened to US government bonds? 09:08 Europe’s reaction Can Europe afford the increased spending in security and defense? What happens to other structural challenges? 13:18 Potential unexpected consequences What positive benefits can defence spending bring? Can it boost growth? What are the solutions to instabilities that might bring? 16:33 Our guest’s hot tip John shares his hot tip with our listeners. Further readings: Financial Stability Review, May 2025 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html Our guest’s hot tip: When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein https://www.amazon.de/-/en/When-Genius-Failed-Long-Term-Management/dp/0375758259 European Central Bank www.ecb.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Our monetary policy statement at a glance, 17 April 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_april.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 17 April 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250417~091c625eb6.en.html Monetary policy decisions, 17 April 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250417~42727d0735.en.html Combined monetary policy decisions and statement, 17 April 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250417~e613e58d41.en.pdf?95a8c391ee55936072302d86e709bf0e European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms. Published and recorded during our press conference on 17 April 2025 #MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

Will AI take our jobs? Does AI boost economic productivity? Is it a choice of going green or going digital? Our host Paul Gordon talks to ECB colleagues António Dias da Silva, Guzmán González-Torres Fernández and Miles Parker to find out what AI means for the economy, especially for productivity, job prospects and energy supply. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 9 April 2025 and recorded on 3 April 2025. In this episode: 00:55 Is AI replacing jobs? Can AI ever replace jobs in journalism or film-making? Will AI be our next podcast host? 02:14 Is AI a job changer? How are new technologies changing our jobs? 04:00 Age, education and gender Who uses AI and how do people feel about it? Does AI usage differ based on age, education and gender? 06:57 Sectors with the highest AI usage Which sectors use AI the most? What’s behind the different attitudes towards AI in different areas of the economy? 09:00 Corporate usage of AI What do companies need to effectively use AI? 11:02 How does AI affect productivity? How can AI be put to good use? To what extent can Europe’s economy grow with current AI usage? Is the world ready for AI? 13:29 The role of policymakers How can policymakers make it easier for companies to use AI? 15:10 AI and energy consumption How much energy does AI need? How much energy does ChatGPT use for one search? Will energy demand go up or down? 17:15 Go green or go digital? Do we need to choose or does AI allow both? How could AI help the green transition? 19:10 Obstacles What are the roadblocks to the green and digital transitions? What investment is needed to make these transitions a success? What else needs to be done? 21:50 Our guests’ hot tips António, Guzmán and Miles share their hot tips with our listeners. Further reading: The ECB Blog: AI adoption and employment prospects https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250321~6af1337b6b.en.html The ECB Blog: AI versus green: clash of the transitions? https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250325~ed12b0ff35.en.html The ECB Blog: AI can boost productivity – if firms use it https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250328~60c0a587f7.en.html Hot tip from António: Tech-focused podcast Babbage by The Economist https://www.economist.com/audio/podcasts/babbage Hot tip from Guzmán: The ECB recent conference on “The transformative power of AI: economic implications and challenges” https://www.ecb.europa.eu/press/conferences/html/20250401_transformative_power_of_ai.en.html Hot tip from Miles: International Energy Agency website https://www.iea.org/ ECB Instagram https://www.instagram.com/europeancentralbank/ European Central Bank www.ecb.europa.eu ECB Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

We need financial literacy to make good financial decisions. But did you know that half of Europeans have low financial literacy levels, and that 60% of them are women? Our host Stefania Secola talks to Annamaria Lusardi from Stanford University about what financial literacy is, why it matters and how we can improve it, especially among women. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 13 March 2025 and recorded on 7 March 2025. In this episode: 00:01 Commitments made by central banks How did central bank Governors commit to improving financial literacy in their respective countries? What are the desired outcomes? 00:27 Looking at the numbers How financially literate are Europeans? How big is the gap between men and women? And what can we do about it? 01:55 Financial literacy defined What is financial literacy? How does it relate to financial independence? 03:58 Measuring financial literacy There are three simple questions, known as the “Big Three”, that experts use to measure financial literacy. Can you, our listener, answer them? 05:59 Why central banks care about financial literacy Why does financial literacy matter for central banks? How does it relate to the effectiveness of monetary policy and trust in what a central bank does? And how does it affect banking supervision? 10:53 Financial knowledge in Europe Why is financial literacy in Europe so low? What can we do to increase the overall level of financial literacy among Europeans? 12:30 When to start addressing financial literacy When is the best time to improve people’s financial literacy? Is it limited to schools or are there also other teachable moments? 15:50 The gender gap in financial literacy Why is there this gender gap and why is it a problem? What can we do to make sure that half the population isn’t left behind? 20:14 The role of fintech Does fintech complement financial literacy? What risks do gender differences in digital literacy pose when it comes to using fintech? 22:26 The road ahead Central banks made five commitments to improve financial literacy. What are these commitments? 24:50 Financial literacy question: answer revealed We answer the first “Big Three” question. Listen and see whether you chose the correct answer! 25:45 Our guest’s hot tip Annamaria shares her hot tip with our listeners. Further reading: Annamaria Lusardi’s research https://www.annamarialusardi.com/research/ ECB International Women’s Day Event 2025 https://www.ecb.europa.eu/press/conferences/html/20250307_intl_womens_day.en.html The ECB Blog: The gender gap at work is closing – but slowly https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250307~85fd774bd3.en.html The “Big Three” and “Big Five” https://gflec.org/education/questions-that-indicate-financial-literacy/ Chart: Gender gap in financial literacy is pervasive, incl. the young, well educated and high income https://www.youtube.com/watch?v=ZvVzgcXCFBw&t=222s ECB Instagram https://www.instagram.com/europeancentralbank/ European Central Bank www.ecb.europa.eu ECB Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Our monetary policy statement at a glance, 6 March 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_march.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 6 March 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250306~4307bd0941.en.html Monetary policy decisions, 6 March 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250306~d4340800b3.en.html Combined monetary policy decisions and statement, 6 March 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250306~ca4269dcc8.en.pdf Macroeconomic projections, 6 March 2025 https://www.ecb.europa.eu/press/projections/html/ecb.projections202503_ecbstaff~106050a4fa.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms. Published and recorded during our press conference on 6 March 2025.

Your questions answered: whether it’s about careers at the ECB, how our work affects people and businesses, or how we plan to tackle global challenges, we tackle listeners’ questions in this #AskECB episode of The ECB Podcast. Join our host Stefania Secola as she talks to colleagues Eglantine Devaux and Gabriel Glöckler. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 February 2025 and recorded on 20 February 2025. In this episode: 00:36 Your questions answered You, our listeners, sent us your burning questions on social media. What did you want to know? And who do we have onboard to answer your questions? 01:54 Working at the European Central Bank What does it take to join the team? How do we nurture and grow talent? And what are the advantages of working in such a diverse environment? 08:34 Small businesses and consumers How do our monetary policy decisions affect small businesses and consumers? How does this relate to our mission? We tackle these questions by looking at the example of a garden centre. 08:54 Stable, predictable changes in prices How do we keep prices stable? What tools do we have available? And how does our price stability objective help motivate us? 14:47 Facing global economic challenges What challenges lie ahead? How can we respond to uncertainty, geopolitical tensions and a changing climate? 16:19 The challenge posed by tariffs How will tariffs impact our economies, and what about inflation? 18:27 Europe’s potential What opportunities can we harness as Europeans? And what could they mean for our economy? 22:43 Communication among central banks worldwide How do we work together? Are there particular structures in place? And what topics do we discuss? 27:49 Our guests’ hot tips Eglantine and Gabriel share their hot tips with our listeners. Further readings: ECB vacancies https://talent.ecb.europa.eu/careers Graduate programme https://www.ecb.europa.eu/careers/what-we-offer/graduate/html/index.en.html Traineeship https://www.ecb.europa.eu/careers/what-we-offer/traineeship/html/index.en.html What we offer https://www.ecb.europa.eu/careers/what-we-offer/benefits/html/index.en.html IMF - Ask an Economist https://m.youtube.com/playlist?list=PLmYAE4wV1YQzDbnDZlNJoqMhIDUQpEPTZ IMF - Back to Basics https://m.youtube.com/playlist?list=PLmYAE4wV1YQyRb6H1_XJWY73HJVdR6oBX IMF- Analyze This! https://m.youtube.com/playlist?list=PLmYAE4wV1YQz_LzOLaKTpDWyH93SNuF7x IMF - Charts in Motion https://m.youtube.com/playlist?list=PLmYAE4wV1YQz6xXWx5eB7uT9zE-4KcmAZ ECB - Espresso Economics https://www.youtube.com/@Espresso_Economics ECB Instagram https://www.instagram.com/europeancentralbank/ European Central Bank www.ecb.europa.eu ECB Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 30 January 2025 Our monetary policy statement at a glance, 30 January 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_january.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 January 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250130~1f418aa0f4.en.html Monetary policy decisions, 30 January 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250130~530b29e622.en.html Combined monetary policy decisions and statement, 30 January 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250130~1ac86112bf.en.pdf?b9377ca85fd3aef4fb5af6f3189be827 European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms.

We’ve reached 100 episodes of The ECB Podcast! Our hosts Stefania Secola and Paul Gordon reflect on their favourite episodes and welcome two special guests to the show. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 16 January 2025 and recorded on 10 January 2025. In this episode: 00:54 100th episode What topics have we covered? Which guests have joined us? And how can you – our listeners – help shape the podcast’s future? 03:18 What can podcasts do for central bank communications? Why did we start a podcast? And how does it enable us to better explain our work to keep prices stable and banks safe? 06:09 What does Taylor Swift have to do with it? Stefania reflects on our AskECB episode, where we answered YOUR questions. The next edition is coming up – find out how you can submit your questions! 07:50 A memorable episode Paul reflects on the episode “War, geopolitics and the economy”. How can we apply the lessons learnt amid the rising geopolitical risks we’re observing? 09:56 Our most played episode Which episode features three global leaders? What did they say about female empowerment and the importance of diversity? And how much progress has been made on this topic? 11:38 A special surprise guest 12:56 Spotlight on past guests We’ve interviewed Presidents, Board members and experts. But who has been our most frequent guest? And what topics have they covered? 15:57 A special surprise guest 17:06 Our hosts’ hot tips Paul and Stefania share their hot tips with our listeners. Further reading: “Swiftflation”, banknotes and the digital euro https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod241005_episode94.en.html War, geopolitics and the economy https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240705_episode88.en.html What interest rate hikes mean for you, the economy and inflation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220723_episode38.en.html A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210715_episode18.en.html A digital euro: what, why, when? (part 1) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221015_episode41.en.html A digital euro: what, why, when? (part 2) https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod221019_episode42.en.html The ECB Podcast Summer School #1: a deep dive into inflation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230804_episode66.en.html The ECB Podcast Summer School #2: the nuts and bolts of interest rates https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230811_episode67.en.html The ECB Podcast Summer School #3: the role of banks in fighting inflation https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230818_episode68.en.html The ECB Podcast Summer School #1: what do European banking supervision and football have in common? https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240808_episode91.en.html The ECB Podcast Summer School #2: a day in the life of a banking supervisor https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240817_episode92.en.html ECB Instagram https://www.instagram.com/europeancentralbank/ Espresso Economics https://www.youtube.com/@Espresso_Economics BBC Radio 4 – Thing Fell Apart https://open.spotify.com/show/5cQxyxeC057nGcx7epp4ed European Central Bank www.ecb.europa.eu

What impact do global events have on our economy? And how has the ECB’s monetary policy shifted? As 2024 comes to an end, our host Paul Gordon discusses these questions and more with Chief Economist Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 20 December 2024 and recorded on 13 December 2024. In this episode: 01:43: Geopolitics and monetary policy How has geopolitics influenced the ECB’s work in 2024? 05:59: Reaching our 2% medium-term inflation target From holding rates to cutting rates: have we tamed inflation yet? 09:40: Unemployment at record lows What is the overall state of the economy? And what do the ECB’s latest projections tell us? 13:35 Europe’s competitiveness problem and the Draghi and Letta reports What does Europe need to do to become more competitive? What do these reports recommend? 15:40: Philip Lane’s hot tip ECB’s Chief Economist shares his hot tip with our listeners. Further reading: Monetary Policy Decisions – 12 December 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241212~2acab6e51e.en.html Much More Than a Market: Speed, Security, Solidarity – Empowering the Single Market to deliver a sustainable future and prosperity for all EU Citizens by Enrico Letta https://www.consilium.europa.eu/media/ny3j24sm/much-more-than-a-market-report-by-enrico-letta.pdf The future of European competitiveness: Report by Mario Draghi https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en The Central Bank as Crisis Manager by Patrick Honohan https://www.piie.com/bookstore/2024/central-bank-crisis-manager Monetary policy under uncertainty https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html Navigating a fragmenting global trading system: insights for central banks https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf European Central Bank www.ecb.europa.eu

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 12 December 2024 Our monetary policy statement at a glance, 12 December 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 12 December 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.en.html Monetary policy decisions, 12 December 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241212~2acab6e51e.en.html Combined monetary policy decisions and statement, 12 December 2024 chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds241212~154574b25f.en.pdf Macroeconomic projections, 12 December 2024 https://www.ecb.europa.eu/press/projections/html/ecb.projections202412_eurosystemstaff~71a06224a5.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms. #MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

How worried should Europe be about financial stability at a time of geopolitical and policy uncertainty and rising global trade tensions? As we mark the 20th anniversary of our Financial Stability Review, our host Paul Gordon discusses the risks with expert John Fell in the latest episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 November 2024 and recorded on 18 November 2024. In this episode: 01:08: How worried about financial stability should we be in Europe? 03:37: The risk profile shift from inflation to growth: can it expose us to other kinds of risk? 06:50: Europe’s growth and productivity concerns: what role does finance play? 11:19: What are the risk findings related to the rise of passive investing in equity markets? 16:23: Twenty years of the ECB’s Financial Stability Review – how effective has it been? 19:47: Guest’s hot tip Financial stability expert John Fell shares his hot tip with our listeners. Further reading: Financial Stability Review, November 2024 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html The future of European competitiveness: Report by Mario Draghi https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en Ray Dalio’s “Principles for Dealing with the Changing World Order” https://www.amazon.de/-/en/Principles-Dealing-Changing-World-Order/dp/1982160276 European Central Bank www.ecb.europa.eu

Climate change and nature loss are affecting all aspects of our lives, including our economies. What is the latest research telling us, and what is the cost to the economy? Stefania Secola talks to Executive Board member Frank Elderson and Deputy Director General and researcher Livio Stracca about how rising physical risks will affect our economies. The views expressed are those of the speakers and not necessarily those of the European Central Bank. This episode was recorded before the tragic floods in Spain. Published on 1 November. In this episode: 01:42 Floods, wildfires and droughtsHow do climate change and nature degradation affect our economies? And how high was the economic loss caused by recent extreme weather events ? 05:52 Catastrophe insuranceWhat is it? How many people have it? And what does it mean for our preparedness if disaster were to strike? 06:57 Adapting to a changing economyIt’s clear that our environment is changing. How can we adapt our activities in the face of these changes? 10:05 The Network for Greening the Financial SystemWhat is it, and what does it do? And what does it have to do with central banks and supervisors? 12:32 How do climate change and nature loss affect our economies?How much higher are the expected losses than we previously thought? What’s the latest scientific research telling us? 14:58 Climate messages during the Conference of the Parties (COP) meetingsWhich topics need more attention? And what can we do about it? 19:19 Our guests’ hot tips Further reading: The impact of climate change and policies on productivity https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op340~0173592e52.en.pdf Policy options to reduce the climate insurance protection gap https://www.ecb.europa.eu/pub/pdf/other/ecb.policyoptions_EIOPA~c0adae58b7.en.pdf Managing climate-related risks https://www.ecb.europa.eu/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html Living in a world of disappearing nature: physical risk and the implications for financial stability https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op333~1b97e436be.en.pdf What to do about Europe’s climate insurance gap https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog.230424~4cdc3a38ba.en.html Failing to plan is planning to fail – why transition planning is essential for banks https://www.bankingsupervision.europa.eu/press/blog/2024/html/ssm.blog240123~5471c5f63e.en.html The climate insurance protection gap https://www.ecb.europa.eu/ecb/climate/climate/html/index.en.html The Network for Greening the Financial System https://www.ngfs.net/en Measuring economic losses caused by climate change https://cepr.org/voxeu/columns/measuring-economic-losses-caused-climate-change “Know thyself” – avoiding policy mistakes in light of the prevailing climate science https://www.bankingsupervision.europa.eu/press/speeches/date/2024/html/ssm.sp240412~c256dc168c.en.html Hothouse Earth by Gill McGuire https://www.google.com/search?safe=active&sca_esv=0d2d5197637c41d9&rlz=1C1GCEA_enDE1060DE1060&q=hothouse+earth+bill+mcguire&udm=3&fbs=AEQNm0Aa4sjWe7Rqy32pFwRj0UkWd8nbOJfsBGGB5IQQO6L3J_86uWOeqwdnV0yaSF-x2jqw-AzvpDFRWNmLZKilfTrfO0pl9dtT9e2t2elzSdzPviJlaPtdkm_zev73LcACj_Zt3WoLu1loKbhUBQ0BvD6_OC9OERnpW26hAPVqw_fTJrjRkQgEJf5SXlzvVj2JhcxyIvER&sa=X&ved=2ahUKEwi2yfiVobGJAxX6_7sIHZckMjAQs6gLegQIExAB&biw=1280&bih=665&dpr=1.5 Climate Change 2023 Synthesis Report https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_SYR_LongerReport.pdf Headline statements of the Synthesis Report https://www.ipcc.ch/report/ar6/syr/resources/spm-headline-statements Climate Change 2023: Synthesis Trailer https://www.youtube.com/watch?v=T9CeECpxtx8 European Central Bank https://www.ecb.europa.eu European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 17 October 2024    Our monetary policy statement at a glance, 17 October 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 17 October 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is241017~59ad385bab.en.html Monetary policy decisions, 17 October 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html Combined monetary policy decisions and statement, 17 October 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms. #MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

What do Taylor Swift concerts have to do with inflation? When could the digital euro be out? And what will our future euro banknotes look like? In this special #AskECB episode, our guests answer your questions as we mark The ECB Podcast’s fifth birthday. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 5 October. In this episode: 01:40 – Taylor Swift’s Eras Tour and inflation Can individual events, like concerts or football tournaments, affect inflation? Guido Wolswijk, who works on monetary policy at the ECB, explains what “funflation” is and how we monitor it. 8:14 – Our 2% target What happens if one euro area country has an inflation rate higher than 2%? What can the ECB do in such cases? 11:19 – The digital euro What might the digital euro be like? Erica Ricci, who works in the digital euro team, tells us about the project and its next steps. 14:44 – The digital euro and private payment providers What could users expect from the digital euro? And would it replace apps like PayPal in the euro area? 17:09 – New euro banknotes When will the design contest for our future euro banknotes begin? Satu Hietanen from the banknotes team tells us more about the upcoming competition to design the third series of euro banknotes. Further reading: Why are stable prices important https://www.ecb.europa.eu/ecb-and-you/explainers/tell-me-more/html/stableprices.en.html Two percent target inflation https://www.ecb.europa.eu/mopo/strategy/pricestab/html/index.en.html What would a digital euro be https://www.ecb.europa.eu/euro/digital_euro/features/html/index.en.html Future banknotes https://www.ecb.europa.eu/euro/banknotes/future_banknotes/html/index.en.html Explore our banknotes in 3D https://www.ecb.europa.eu/euro/banknotes/current/denominations/html/index.en.html#es2-100 European Central Bank www.ecb.europa.eu European Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 12 September 2024. Our monetary policy statement at a glance, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_september.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240912~4f7b17040c.en.html Monetary policy decisions, 12 September 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240912~67cb23badb.en.html Combined monetary policy decisions and statement, 12 September 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240912~b6348e49f9.en.pdf Macroeconomic projections, 12 September 2024 https://www.ecb.europa.eu/press/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen on all major podcast platforms.