Toutefois, pour comprendre ce que signifie « une inflation trop basse pendant une trop longue période », nous devons répondre à deux questions. Das Verhältnis des Schuldendienstes zum Einkommen ist in finanziell angeschlagenen Ländern meist höher. In particular, the fact that flexibility and pragmatism are necessary to govern today should not lead us to discard the principles on which we have hitherto relied. Structural reforms are equally important for their effect on growth. Dit zou betekenen dat een aanzienlijk deel van de economische verliezen die zich tijdens de crisis hebben voorgedaan, permanent zouden worden, waarbij de structurele werkloosheid boven de 10% en de jeugdwerkloosheid hoog zou blijven . Ten tweede, een verdere verslechtering van de transmissie van onze beleidkoers, in het bijzonder via het bancaire kredietkanaal, waarvoor een gerichte langerlopende herfinancieringstransactie of een programma voor de aankoop van effecten op onderpand van activa de juiste reactie zou kunnen zijn. "En om deze reden kan goed worden verdedigd dat de soevereiniteit over relevant economisch beleid gezamenlijk dient te worden uitgeoefend. The development of the market for simple and transparent Asset Backed Securities deserves particular support. Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank. Les réformes structurelles sont tout aussi cruciales s'agissant de leurs retombées en termes de croissance. Dobbiamo essere consapevoli dei disallineamenti tra varie tendenze: l’incremento della domanda di credito, la correzione dei bilanci bancari e l’andamento dei mercati dei capitali, quale complemento dei prestiti bancari. Mario Draghi, Presidente della Banca centrale europea, ha aperto oggi il Congresso bancario europeo con un’analisi della situazione economica nell’area dell’euro e della risposta di politica monetaria fornita dalla BCE. 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. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, at a gala dinner on the occasion of the 42nd Annual Meeting of the World Federation of Exchanges in Amsterdam, 8 October 2002. Speech by Willem F. Duisenberg President of the European Central Bank at the Second Asia-Europe Finance Ministers' Meeting on 15 January 1999, Frankfurt am Main, Germany. Und Heterogenität wird zu einem Faktor bei der Beurteilung der niedrigen Inflation im Eurogebiet. Lage potentiële groei, ten slotte, kan van directe invloed zijn op de instrumenten die het monetair beleid ter beschikking staan, aangezien het de waarschijnlijkheid vergroot dat de centrale bank tegen de ondergrens aanstoot en daardoor herhaaldelijk zal moeten terugvallen op onconventioneel beleid om aan haar mandaat te voldoen. But there are two factors specific to the euro area that contribute to low inflation: the rise in the euro exchange rate and the process of relative price adjustments in certain euro area countries. 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. Por ello son relevantes para cualquier banco central, especialmente en una unión monetaria. „Es sprechen starke Argumente dafür, die Souveränität über relevante Bereiche der Wirtschaftspolitik gemeinsam auszuüben. Senior tranches of such ABS have proven to be high quality assets. A heterogeneidade passa, assim, a ser um fator na avaliação do nível baixo da inflação na área do euro. the SMP, the Covered Bonds Programmes and the ABS Purchase Programme portfolios). Die wirtschaftliche Situation im Euroraum bleibeschwierig, und dass Vertrauen in die Konjunkturaussichten insgesamt sei zerbrechlich und leicht zu erschüttern, was zu einer geringen Investitionstätigkeit führe, so Draghi. The proposed ten-year period to mutualise national compartments into a single fund “creates uncertainty”, the President says. 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. The recognition of the role that a European budget can play in stabilising our economies, and the precedent of issuing common debt, are important and can form the basis of the design of a common Treasury ministry. Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the plenary session of European Union Committee of the Regions, Brussels, 14 November 2001, the EURO. The development, first, of shared fiscal rules, and later the banking union, were necessary consequences of having a single currency. In een toespraak voor studenten aan de Universiteit van Helsinki schetste de President van de ECB, Mario Draghi, de minimumvereisten die nodig zijn voor de voltooiing van de monetaire unie op een wijze die stabiliteit en welvaart biedt voor al haar leden. Get an overview of what the European Central Bank does and how it operates. Dr. Willem F Duisenberg, President of the European Central Bank, Venice, 29 October 2003. So our search for a new sense of direction must, in the same way, entail immediate reflection on their future shape. Ten tweede, wanneer we eenmaal de inflatie ontleed hebben, kunnen we vragen: hoe waarschijnlijk is het dat deze op de middellange termijn aanhoudt? The subsidies will enable them to survive, to start again. Indeed, precisely because economic policy today is more pragmatic and leaders can exercise more discretion, we need to be very clear about the objectives we set ourselves. Inte desto mindre kan ekonomiska anpassningar innebära kostnader på kort sikt. 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. The single supervisory mechanism (SSM), the single resolution mechanism and single resolution fund are important conditions for the reintegration of the single financial market. «Si algunas partes de la zona del euro están peor dentro de la Unión, surgirá la duda de si en última instancia tendrán que abandonarla». Voor de leden van een monetaire unie is schokbestendigheid van cruciaal belang om te voorkomen dat schokken leiden tot langdurig hogere werkloosheid en na verloop van tijd tot permanente economische divergentie. Speech by Professor Dr. L.H. By making policies consistent across borders we have achieved positive results. « Sur le long terme », a conclu le président de la BCE, « il serait logique d'approfondir la réflexion sur la question de savoir si notre action a été suffisante dans la zone euro pour préserver à tout moment la capacité d'utiliser la politique budgétaire de manière contracyclique. Die Zukunft der Marktwirtschaft" der Volksbanken Raiffeisenbanken organised by Genossenschaftsverband e.V., Frankfurt am Main, 7 November 2012, Speech by Mario Draghi, President of the ECB, Discussion on ECB policies with Members of Parliament, Berlin, 24 October 2012, Speech by Mario Draghi, President of the ECB, Ca' Foscari University of Venice, 13 October 2012, Introductory statement by Mario Draghi, President of the ECB, Brussels, 9 October 2012, Speech by Mario Draghi, President of the ECB, at the annual event “Day of the German Industries” organised by the Federation of German Industries, Berlin, 25 September 2012, Remarks by Mario Draghi, President of the ECB on receiving the M100 Media Award 2012 Potsdam, 6 September 2012, Contribution from Mario Draghi, President of the ECB, Published in "Die Zeit", 29 August 2012, Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012, Introductory Statement by Mario Draghi, President of the ECB, Brussels, 9 July 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 15 June 2012, Address by Mario Draghi, President of the ECB at the day in memory of Federico Caffè organised by the Faculty of Economics and the Department of Economics and Law at the Sapienza University Rome, 24 May 2012, Introductory remarks by Mario Draghi, President of the ECB, at the ECB colloquium held in honour of, Frankfurt am Main, 16 May 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 8 May 2012, Speech by Mario Draghi, President of the ECB, at the ECB-EC conference “Financial integration and stability: towards a more resilient single financial market” Frankfurt am Main, 26 April 2012, Introductory statement by Mario Draghi, President of the ECB Brussels, 25 April 2012, Speech by Mario Draghi, President of the ECB at the Sixth ECB Statistics Conference, Frankfurt am Main, 17 April 2012, Speech by Mario Draghi, President of the ECB, Berlin, 26 March 2012, Speech by Mario Draghi, President of the ECB, at the colloquium “Les défis de la compétitivité”, organised by Le Monde and l'Association Française des Entreprises Privées (AFEP), Paris, 13 March 2012, Introductory statement Mario Draghi, President of the ECB, Brussels, 19 December 2011, Speech by Mario Draghi, President of the ECB, Ludwig Erhard Lecture, Berlin, 15 December 2011, Introductory statement by Mario Draghi, President of the ECB, Brussels, 1 December 2011, Introductory remarks by Mario Draghi, President of the ECB, at the 21st Frankfurt European Banking Congress “The Big Shift”, Frankfurt am Main, 18 November 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Humboldt University, Berlin, 24 October 2011, Address by Jean-Claude Trichet, President of the ECB, at the National Bank of Poland's conference, Warsaw, 21 October 2011, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 October 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 4 October 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bretton Woods Committee, International Council Meeting 2011 Washington, 23 September 2011, Speech by Jean-Claude Trichet, President of the ECB, Wroclaw, 15 September 2011, Jean-Claude Trichet, Président de la BCE, Discours d'introduction à la conférence de l'Institut Montaigne intitulée : « Trois ans après la chute de Lehman Brothers : leçons et défis de la crise » Paris, le 5 septembre 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 29 August 2011, Speech by Jean-Claude Trichet, President of the ECB at the Jackson Hole Economic Symposium Panel: Setting priorities for long-term growth Jackson Hole, U.S.A., 27 August 2011, Statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 21 July 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Gala Dinner of the State of the European Union conference “Revitalising the European Dream: A Corporate View”, Brussels, 28 June 2011, Remarks by Jean-Claude Trichet, President of the ECB, upon reception of the 2011 Global Economy Prize, Kiel, 19 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the US Sciences Po Foundation Annual Benefit in New York on 16 June 2011, Stamp Memorial Lecture by Jean-Claude Trichet, President of the ECB at the London School of Economics and Political Science London, 13 June 2011, Keynote address by Jean-Claude Trichet, President of the ECB at the “ECB and its Watchers XIII” conference Frankfurt am Main, 10 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Montreal, 6 June 2011, Speech by Jean-Claude Trichet, President of the ECB on receiving the Karlspreis 2011 in Aachen, 2 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Rheinisch-Westfälische Technische Hochschule (RWTH), Aachen, 1 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the WDR Europa-Forum, Berlin, 26 May 2011, By Jean-Claude Trichet, President of the ECB, 15 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Madrid, 13 May 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bank of Finland 200th Anniversary Conference Helsinki, 5 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Deutsche Bundesbank Festakt, Frankfurt am Main, 2 May 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Notre Europe Séminaire en Hommage à Tommaso Padoa-Schioppa, in the session “Quel bilan pour l'Union Economique et Monétaire”, Brussels, 4 April 2011, Intervention de Jean-Claude Trichet, Président de la BCE, Académie des Sciences morales et politiques, Paris, le 28 mars 2011, Speech by Jean-Claude Trichet, President of the ECB at the Frankfurt Main Finance Summit “The Future of Risk Management and Regulation: Smarter regulation, safer markets” Frankfurt, 23 March 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 March 2011, Speech by Jean-Claude Trichet, President of the ECB at the conference of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament “What future for the euro?” Frankfurt, 18 March 2011, Remarks by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 11 March 2011, Speech by Jean-Claude Trichet, President of the ECB, Lecture at the University of Liège, Liège, 23 February 2011, Speech by Jean-Claude Trichet, President of the ECB, for the panel discussion on: “Global imbalances and financial stability” at the Eurofi G20 High Level Seminar, Paris, 18 February 2011, Jean-Claude Trichet, President of the ECB, Speech as the Guest of Honour at the Schaffermahlzeit, Bremen, 11 February 2011, Speech by Jean-Claude Trichet, President of the ECB, colloquium in honour of Tommaso Padoa-Schioppa, Bocconi University, Milan, 1 February 2011, Speech by Jean-Claude Trichet, President of the ECB, Klausurtagung der CSU Landesgruppe, Wildbad Kreuth, 7 January 2011, Jean-Claude Trichet, President of the European Central Bank, Frankfurt am Main, 13 December 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 8 December 2010, Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club, Paris, 3 December 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 November 2010, Introductory statement by Jean-Claude Trichet, President of the ECB Strasbourg, 22 November 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the European Banking Congress, Frankfurt am Main, 19 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Opening address at the ECB Central Banking Conference Frankfurt, 18 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Evangelische Akademie Tutzing, 13 November 2010, Opening address by Jean-Claude Trichet, President of the ECB at the fifth ECB conference on statistics “Central bank statistics: what did the financial crisis change?” Frankfurt, 19 October 2010, Speech by Jean-Claude Trichet, President of the ECB at the World Policy Conference Marrakech, 16 October 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Economic Club of New York, New York, 12 October 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the EUROFI Financial Forum 2010, Brussels, 29 September 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 13th conference of the ECB-CFS Research Network, Frankfurt am Main, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Euro Conference hosted by Eesti Pank, Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB, on the occasion of the inauguration of the Euro Exhibition hosted by Eesti Pank Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB on the occasion of the Euro Star Event at Eesti Pank Tallinn, 19 September 2010, Speech by Jean-Claude Trichet, President of the ECB at the gala event Bucharest, 5 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the symposium on “Macroeconomic challenges: the decade ahead”, Jackson Hole, Wyoming, 27 August 2010, Speech by Jean-Claude Trichet, President of the ECB at the conference “The ECB and Its Watchers” XII Frankfurt am Main, 9 July 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at 150th Anniversary of the Central Bank of the Russian Federation High-Level International Conference on “Central Banks and Development of the World Economy: New Challenges and a Look Ahead”, Moscow, 18 June 2010, Keynote by Jean-Claude Trichet, President of the ECB at the Institute of International Finance, Spring Membership Meeting Vienna, 10 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Feri Foundation award ceremony Kaisersaal, Frankfurt am Main, 9 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 38th Economic Conference of the Oesterreichische Nationalbank, Vienna, 31 May 2010, Video address by Jean-Claude Trichet, President of the European Central Bank, at the Bank of Korea International Conference 2010, Seoul, 31 May 2010, Remarks by Jean-Claude Trichet, President of the ECB Frankfurt, 28 May 2010, Introductory remarks by Jean-Claude Trichet, President of the ECB, at the Colloquium in honour of Lucas Papademos, Frankfurt am Main, 20 May 2010, Welcome address by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 May 2010, University lecture by Jean-Claude Trichet, President of the ECB, at the Universidade Nova de Lisboa, Lisbon, 6 May 2010, Speech by Jean-Claude Trichet, President of the ECB, Munich, 29 April 2010, Speech by Jean-Claude Trichet, President of the ECB, Susan Bies Lecture, Kellogg Distinguished Lecture Series, Evanston, Illinois, 27 April 2010, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the Council on Foreign Relations, New York, 26 April 2010, Speech by Jean-Claude Trichet, President of the ECB 19 April 2010, Warsaw, Poland, Speech by Jean-Claude Trichet, President of the ECB, Ceremonial address by Jean-Claude Trichet, President of the ECB at “100 Years of Confindustria” Parma, 10 April 2010, Speech by Jean-Claude Trichet, President of the ECB Lecture at Bocconi University, Aula Magna Milano, 9 April 2010, Speech by Jean-Claude Trichet, President of the ECB Münster City Hall, Westphalia, 26 March 2010, Contribution by Jean-Claude Trichet, President of the European Central Bank to Frankfurter Allgemeine Zeitung, 26 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 25 March 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 22 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 19 March 2010, Lunch remarks by Jean-Claude Trichet, President of the ECB at the SIEPR Economic Summit, Stanford University Stanford, 12 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 10 March 2010, Jean-Claude Trichet, President of the ECB 11 February 2010, By Jean-Claude Trichet, President of the ECB, at the Symposium for the 50th anniversary of the Reserve Bank of Australia, Sydney, 9 February 2010, Speech by Jean-Claude Trichet, President of the ECB Tel Aviv, 21 January 2010, Commentary by Jean-Claude Trichet, President of the ECB 27 December 2009, Speech by Jean-Claude Trichet, President of the ECB The Economist's 2nd City Lecture London, 11 December 2009, Clare Distinguished Lecture in Economics and Public Policy by Jean-Claude Trichet, President of the ECB organised by the Clare College, University of Cambridge Cambridge, 10 December 2009, Discours d'ouverture de Jean-Claude Trichet, Président de la BCE au colloque « La justice face à la crise » organisé par la Cour d'appel de Paris Paris, le 7 décembre 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 7 December 2009, Speech by Jean-Claude Trichet, President of the ECB at the “Annual conference 2009” organised by the Asociación de Mercados Financieros Madrid, 23 November 2009, Jean-Claude Trichet, President of the ECB, Keynote speech at the 19th Frankfurt European Banking Congress: “After the Crisis”, Frankfurt am Main, Alte Oper, 20 November 2009, Speech by Jean-Claude Trichet, President of the ECB at the CEIOPS conference 2009 Frankfurt am Main, 18 November 2009, Speech by Jean-Claude Trichet, President of the ECB, Award ceremony organised by the Group of 20 +1, Frankfurt am Main, 17 November 2009, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the “Wirtschaftstag 2009” organised by the Volksbanken and Raiffeisenbanken, Frankfurt am Main, 15 October 2009, Lecture by Jean-Claude Trichet, President of the ECB at the University of Venice Venice, 9 October 2009, Speech by Jean-Claude Trichet, President of the ECB The Eurofi Financial Forum 2009 Göteborg, 30 September 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 28 September 2009, Speech by Jean-Claude Trichet, President of the ECB at the ECB Watchers Conference Frankfurt, 4 September 2009, Intervention by Jean-Claude Trichet, President of the ECB, at the symposium on “Financial stability and macroeconomic policy” sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 22 August 2009, Speech by Jean-Claude Trichet, President of the ECB Frankfurt, 16 July 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the University of Munich Munich, 13 July 2009, Speech by Jean-Claude Trichet, President of the ECB at a Conference organised by the Nueva Economía Fórum and The Wall Street Journal Europe Madrid, 22 June 2009, Speech by Jean-Claude Trichet, President of the ECB At the Gala Event of the Celebration of 130th Anniversary of the Bulgarian National Bank in Sofia, 12 June 2009, Speech by Jean-Claude Trichet, President of the ECB at the Ceremony conferring the honorary title of Doctor Honoris Causa at the University of National and World Economy, Bulgaria in Sofia on 12 June 2009, Address by Jean-Claude Trichet, President of the ECB at the conference “20 years after the collapse of the socialist economy: transformation, economic growth and convergence in Poland and other central and eastern European countries” organised by the National Bank of Poland, Warsaw, 5 June 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the international symposium marking the 50th anniversary of Bank Al-Maghrib. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ». Eine transparente Zentralbank erfüllt nicht nur ihre Rechenschaftspflicht besser, sondern sie setzt auch ihre Geldpolitik effektiver um. 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. Jean-Claude Trichet: The financial turbulence: Where do we stand? 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 ECB Opening session at the conference “EMU Governance and Euro Changeover: Malta on the path to the euro” held in Malta on 1 October 2007. 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. Mais il existe deux facteurs spécifiques à la zone euro qui contribuent au bas niveau de l’inflation : la hausse du taux de change de l’euro et le processus d’ajustement des prix relatifs dans certains pays de la zone euro. Und dank unserer akkommodierenden Geldpolitik wird der Nutzen der Reformen schneller zum Tragen kommen, denn sie schafft ideale Bedingungen hierfür. 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. Jos uudet toimet ovat tarpeen sen varmistamiseksi, että hitaan inflaation kausi ei pitkity liikaa, EKP:n neuvosto on yksimielisesti valmis käyttämään mandaattinsa rajoissa muitakin epätavanomaisia välineitä. Ainsi, le recours aux mesures non conventionnelles a entraîné une diversification des réponses de politique monétaire possibles face à un choc donné. Introductory remarks by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Karlspreis-Europa-Forum, Aachen, 8 May 2002. See what has changed in our privacy policy, Keynote speech by Christine Lagarde, President of the ECB, at the European Banking Congress, Introductory statement by Christine Lagarde, President of the ECB, at the ECON Committee of the European Parliament (by videoconference), Keynote speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking, Contribution by Christine Lagarde, President of the ECB, during the session “Rebuilding and Sustaining Growth”, Statement by Christine Lagarde, President of the ECB, at the forty-second meeting of the International Monetary and Financial Committee, Speech by Christine Lagarde, President of the ECB, at the “ECB and Its Watchers XXI” conference, Introductory remarks by Christine Lagarde, President of the ECB, at the Franco-German Parliamentary Assembly, 21 September 2020, Contribution by Christine Lagarde, President of the ECB during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”, Speech by Christine Lagarde, President of the ECB, at the Deutsche Bundesbank online conference on banking and payments in the digital world, Remarks by Christine Lagarde, President of the ECB, via videoconference at the inaugural session of the Italian National Consultation, Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament (by videoconference), Opening remarks by Christine Lagarde, President of the ECB, at the Online Edition of The State of the Union conference organised by the European University Institute, Statement by Christine Lagarde, President of the ECB, at the forty-first meeting of the International Monetary and Financial Committee, Speech by Christine Lagarde, President of the ECB, at the launch of the COP 26 Private Finance Agenda, Introductory statement by Christine Lagarde, President of the ECB, on the occasion of the presentation of the ECB Annual Report 2018 at the European Parliament, Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament, Speech by Christine Lagarde, President of the ECB, at the "Grand Prix de l’Économie des Echos pour l’année 2019", Opening remarks by Christine Lagarde, President of the ECB, during a dinner on "Uniting Europe" at the World Economic Forum, Speech by Christine Lagarde, President of the ECB, at the New Year’s Reception of the City of Frankfurt, 16 January 2020, Welcome address by Christine Lagarde, President of the ECB, on signing the euro banknotes, Speech by Christine Lagarde, President of the ECB, at the Frankfurt European Banking Congress, Laudatory speech by Christine Lagarde, President of the ECB, for Dr Wolfgang Schäuble at the VdZ Publishers’ Night, Berlin, 4 November 2019, Remarks by Mario Draghi, President of the ECB, at the farewell event in his honour, Statement by Mario Draghi, President of the ECB, at the fortieth meeting of the International Monetary and Financial Committee, Acceptance speech by Mario Draghi, President of the ECB, for the Laurea Honoris Causa from the Università Cattolica, Speech by Mario Draghi, President of the ECB, at the Academy of Athens, Welcome remarks by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the fourth annual conference of the ESRB, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 23 September 2019, Speech by Mario Draghi, President of the ECB, ECB Forum on Central Banking, Sintra, 18 June 2019, Speech by Mario Draghi, President of the ECB, at the 8th ECB conference on central, eastern and south-eastern European countries, Frankfurt, 12 June 2019, Statement by Mario Draghi, President of the ECB, at the thirty-ninth meeting of the International Monetary and Financial Committee, Washington, D.C., 12 April 2019, Speech by Mario Draghi, President of the ECB, at the conference 'The ECB and Its Watchers XX', Frankfurt am Main, 27 March 2019, Speech by Mario Draghi, President of the ECB, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 28 January 2019, Speech by Mario Draghi, President of the European Central Bank, at the plenary debate of the European Parliament on the ECB’s Annual Report 2017, Strasbourg, 15 January 2019, Speech by Mario Draghi, President of the European Central Bank, at the session of the plenary of the European Parliament to mark the anniversary of the euro in Strasbourg, 15 January 2019, Speech by Mario Draghi, President of the ECB, at Laurea Honoris Causa in Economics by University of Sant'Anna, Pisa, 15 December 2018, Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 26 November 2018, Speech by Mario Draghi, President of the ECB, Frankfurt European Banking Congress, Frankfurt am Main, 16 November 2018, Introductory statement by Mario Draghi, President of the ECB, during his exchange of views with the House of Representatives in Dublin, Ireland, 8 November 2018, First Lamfalussy Lecture by Mario Draghi, President of the ECB, at the Banque Nationale de Belgique, Brussels, 26 October 2018, Statement by Mario Draghi, President of the ECB, at the thirty-eighth meeting of the International Monetary and Financial Committee, Bali (Indonesia), 12 October 2018. Un tale resoconto deve in ogni caso preservare l’indipendenza dei membri del Consiglio direttivo e la collegialità del processo decisionale. Toinen tapa olisi taata julkinen velka varautumisjärjestelyin. Na presente fase do ciclo, tais considerações dominam os debates dos membros do Conselho do BCE. Third, a worsening of the medium-term outlook for inflation, which would warrant a more broad-based asset purchase programme. Instead, they were allowed to develop into a populist rallying cry and an indiscriminate protest against the existing order. Central bank speech | 29 October 2018 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. En het feit dat het monetair beleid zich thans aan de ondergrens bevindt en het herstel nog steeds broos is, is geen reden, zoals enkelen bepleiten, om hervormingen uit te stellen. The ECB President emphasised the risk that a too prolonged period of low inflation becomes embedded in inflation expectations, and that the firm anchoring of inflation expectations is critical under any circumstances. Im Kontext einer gewissen Entkopplung von Wirtschaftsleistung und Inflation sind eine sorgfältige Abwägung und präzise Gestaltung der geldpolitischen Reaktion erforderlich. In particular, the ECB has taken several non-standard measures to ensure the transmission of its monetary policy to the economy. Den kommande rapport som eurotoppmötet har beställt om den framtida ekonomiska styrningen kommer att vara en bra utgångspunkt för vidare funderingar. This is vital to ensure that the economic policies being pursued today are sustainable; to provide income security, especially for the poorest; to strengthen a social cohesion made fragile by the experience of the pandemic and the difficulties that exiting the recession will create in months to come; and to build a future whose contours are already visible to our societies today. If problems still occur, the planned European resolution framework will help by improving private risk-sharing while insulating sovereigns. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on 4 September 1999. Instead of providing a counter-cyclical buffer, these countries had to convince investors of their debt sustainability, making it unavoidable that fiscal consolidation was front-loaded. Speech by Chancellor Angela Merkel to the European Parliament, Strasbourg, 13 November 2018. A single supervisor, applying homogenous methodologies, internalises mutual trust. Dans une union monétaire, les performances économiques d'un pays ne peuvent être considérées comme une préoccupation strictement nationale. Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg to the American European Community Association on 14 January 1999 at De Nederlandsche Bank in Amsterdam, Dr. Willem F. Duisenberg, President of the ECB in Brussels on 31 December 1998, Willem F. Duisenberg, President of the European Central Bank, Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the IFRI on 7 December 1998 in Paris, Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, to the Economic and Social Committee of the European Communities Brussels, 3 December 1998, to be delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at a Conference organised by the Royal Institute of International Affairs on European economic and Monetary Union "Markets and Politics under the Euro", London 27 november 1998, Statement by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Frankfurt European Banking Congress on 20 November 1998 in Frankfurt am Main, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Economic Club of New York on 12 November 1998 in New York, Speech by the President of the European Central Bank, Dr. Willem F. Duisenberg, at the Institute of European Affairs on 10 November 1998 in Dublin, Vortrag von Dr. Willem F. Duisenberg, Präsident der Europäischen Zentralbank, beim Prognos-Zukunftsforum 1998, am 23. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the 175 anniversary of theBank van de Nederlandse Antillen in Willemstad, Curaçao, Netherlands Antilles, on 4 February 2003. Text of the First Lamfalussy Lecture by Mr Mario Draghi, President of the European Central Bank, at the National Bank of Belgium, Brussels, 26 October 2018. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Taxpayers Association of Europe's, Taxpayers' Award 2001, Brussels, 12 December 2001. Jean-Claude Trichet: How can we increase growth potential in Europe? In the summer of 2012 Europe’s policymakers shifted from “real-time” crisis fighting to a consistent strategy that outlines the path to recovery. So this step forward will have to be cemented by the credibility of economic policies, both at European and national level. En primer lugar, ¿por qué está la inflación en un nivel tan bajo? We cannot say with confidence that the process of economic repair in the euro area is complete. I was reflecting then on lessons learned over the course of my own career. È stato quindi necessario riaffermare il nostro mandato e spiegarne l’impostazione a medio termine e la prospettiva orientata all’intera area dell’euro. Structural reforms are key to this end. Ma per comprendere quale sia un “livello troppo basso per troppo tempo” dobbiamo rispondere a due interrogativi. No nos resignamos a permitir que la inflación se mantenga demasiado baja durante demasiado tiempo. It spreads uncertainty, destroys employment, paralyses consumption and investment. Jean-Claude Trichet: Presentation of the ECB's Annual Report 2006 to the European Parliament, Jean-Claude Trichet: Swiss monetary policy as viewed by the European Central Bank, Jean-Claude Trichet: The role of central banks in a globalised economy, Jean-Claude Trichet: Economic integration and adjustment processes in the euro area, Jean-Claude Trichet: International Monetary Conference Central Bankers panel, Jean-Claude Trichet: The need for structural reforms in Europe, Jean-Claude Trichet: Charting a new global landscape: the growing impact of emerging markets on the world economy, Jean-Claude Trichet: Introductory remarks at ETUC Congress, Jean-Claude Trichet: The role of research in central banks and at the ECB, Jean-Claude Trichet: The current state of European financial integration, Jean-Claude Trichet: Towards the review of the Lamfalussy approach: Market developments, supervisory challenges and institutional arrangements, Jean-Claude Trichet: Some reflections on the development of credit derivatives, Jean-Claude Trichet: Closing remarks at the conference organised by the European Commission and the Federal Reserve Bank of New York 'The euro and the dollar: pillars in global finance'. That is why the Governing Council has been reflecting on the publication of a record or account of its policy deliberations. Hemos de tener en cuenta los desfases entre las diversas tendencias: el aumento de la demanda de crédito, el saneamiento de los balances de las entidades de crédito y la evolución de los mercados de capital como complemento del crédito bancario. Hetzelfde geldt als het soort hervormingen nauwkeurig wordt gekozen. The stakes for our monetary union are high. Questa condizione può realizzarsi grazie innanzitutto a un solido quadro di riferimento per la governance dei conti pubblici e, in secondo luogo, ai meccanismi di sostegno per il debito sovrano. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the conference "One money, one Euregional market", Maastricht, 6 February 2002. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 8 October 2002. Why Mario Draghi will be missed. Een schriftelijk verslag dient de onafhankelijkheid van de leden van de Raad van Bestuur en de collegialiteit van hun besluitvorming te waarborgen. At the same time, there is evidence that a significant share of unemployment is also structural. Address by Dr. W. F. Duisenberg, President of the ECB, Vienna, 9 May 2003, Dr. Willem F. Duisenberg, President of the European Central Bank, Rome, 2 April 2003, W. F. Duisenberg, Kiel, 27. Opening remarks by Mr Jean-Claude Trichet President of the European Central Bank Frankfurt/Main, 20 October 2004. Os rácios do serviço da dívida em relação ao rendimento tendem a ser mais elevados nos países sob tensão. 12 years ago, the financial crisis caused the greatest economic destruction we had ever seen in peacetime. Dit behelste herbevestiging van ons mandaat en uitleg over de oriëntatie op de middellange termijn en het eurogebiedperspectief ervan. Il ricorso a misure non convenzionali ha, ad esempio, comportato una più ampia gamma di possibili risposte a un determinato shock in termini di politica monetaria. It would also make it harder to work through the debt overhang still present in some countries. Our responsibility is nonetheless to be alert to the risks to this scenario that might emerge and prepared for action if they do. Europe’s youth have found an unlikely hero. Valtion velan on oltava turvallinen sijoituskohde silloinkin, kun talouskehitys on heikkoa. The key to this is higher investment. Due to falling oil prices, accommodative monetary policy and successful structural reforms, we can be optimistic about the economic outlook. Publicar los principales argumentos considerados, presentados de manera anónima, debería cumplir estos objetivos. Internationales ZinsFORUM ”Zinsen 2009” Frankfurt am Main, 11 December 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the British Bankers Association's Annual Reception European Parliament Brussels, 8 December 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 8 December 2008, Jean-Claude Trichet, President of the ECB Cairo, 26 November 2008, Statement by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 21 November 2008, Speech by Jean-Claude Trichet, President of the ECB The Lord Roll Memorial Lecture Organised by the Daiwa Anglo-Japanese Foundation Chatham House, London, 18 November 2008, Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 14 November 2008, Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 13 November 2008, Jean-Claude Trichet, President of the ECB Dinner address on the Occasion of the 10th Anniversary of the Banque Centrale du Luxembourg Luxembourg, 12 November 2008, Speech by Jean-Claude Trichet, President of the ECB “Lunchtime discussions” with the Spanish business community Madrid, 27 October 2008, Speech by Jean-Claude Trichet, President of the ECB Delivered at the Economic Club of New York New York, 14 October 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the “European Banker of the Year 2007” award ceremony Frankfurt am Main, 30 September 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the “Slovakia Euro Changeover Conference” Bratislava, 22 September 2008, Speech by Jean-Claude Trichet, President of the ECB Bratislava, 21 September 2008, Speech by Jean-Claude Trichet, President of the ECB Römer, Frankfurt am Main, 15 September 2008, Speech by Jean-Claude Trichet, President of the ECB Delivered at the 2008 Eurofi Conference Nice, 11 September 2008, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 10 September 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the conference ‘The ECB and its Watchers X' Frankfurt am Main, 5 September 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the conference The euro's 10th anniversary: history and presence of the euro Munich, 10 July 2008, Speech by Jean-Claude Trichet, President of the ECB Strasbourg, 9 July 2008, Speech by Jean-Claude Trichet, President of the ECB Paris Europlace Financial Forum ”The Paris Marketplace Contribution to the Global Economy” 2-3 July, 2008, Intervention de Jean-Claude Trichet, Président de la BCE Luxembourg, 30 juin 2008, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 25 June 2008, Intervention de M. Jean-Claude Trichet, Président de la BCE, À l'invitation du Gouvernement wallon, Forum CréaWAL, Namur, le 20 juin 2008, Keynote address by Jean-Claude Trichet, President of the ECB, at the OECD Forum 2008 “Climate change, growth, stability” Paris, 4 June 2008, Speech by Jean-Claude Trichet, President of the ECB International Monetary Conference Barcelona, 3 June 2008, Jean-Claude Trichet, President of the ECB 2 June 2008 in Frankfurt am Main, Speech by Jean-Claude Trichet, President of the ECB delivered at the Brussels Economic Forum Brussels 16 May 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the International Capital Market Association's Annual Conference Vienna, 15 May 2008, Speech by Jean-Claude Trichet, President of the ECB Bocconi University and Corriere della Sera International Forum 2008 Milan, 12 May 2008, Introductory statement by Jean-Claude Trichet, President of the ECB at the press conference Frankfurt, 6 May 2008, Speech by Jean-Claude Trichet, President of the ECB Karlspreis Europa Forum - Contribution to the panel discussion - Aachen, 30 April 2008, Speech by Jean-Claude Trichet, President of the ECB at the 36th Economics Conference of the Oesterreichische Nationalbank on “Toward the First Decade of Economic and Monetary Union - Experiences and Perspectives” Vienna, 28 April 2008, Speech by Jean-Claude Trichet, President of the ECB Fourth ECB Conference on Statistics Frankfurt am Main, 24-25 April 2008, Speech by Jean-Claude Trichet, President of the ECB Joint ECB/European Commission conference Frankfurt am Main, 21-22 April 2008, Speech by Jean-Claude Trichet, President of the ECB at the celebration of the publication of Otmar Issing's book “Der Euro” Frankfurt am Main, 15 April 2008, Keynote address by Jean-Claude Trichet, President of the ECB, at the Policy Discussion "Global Economic Policy Forum 2008" New York University, New York, 14 April 2008, Speech by Jean-Claude Trichet, President of the ECB Berlin, 3 April 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 26 March 2008, Speech by Jean-Claude Trichet, President of the ECB at International Symposium on “Globalisation, Inflation and Monetary Policy” organised by the Banque de France Paris, 7 March 2008, Jean-Claude Trichet, President of the ECB Amsterdam, 28 February 2008, Speech by Jean-Claude Trichet, President of the ECB New Year's Reception Asia-Pacific 2008 of the German-Asian Business Circle Frankfurt am Main, 25 February 2008, Speech by Jean-Claude Trichet, President of the ECB Forum ABC Madrid, 15 February 2008, By Jean-Claude Trichet, President of the ECB Lecture to be held at the Barcelona Graduate School of Economics Barcelona, 14 February 2008, Speech by Jean-Claude Trichet, President of the ECB at the Second Symposium of the ECB-CFS research network on “Capital Markets and Financial Integration in Europe”, Frankfurt am Main, 13 February 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the session "European Financial Supervision, Crisis Management on Financial Markets" European Parliament, Brussels, 23 January 2008, Speech by Jean-Claude Trichet, President of the ECB Speech at the Conference “Welcoming Cyprus to the euro area” Nicosia, 18 January 2008, Speech by Jean-Claude Trichet, President of the ECB at the conference organised by the ECB, the Banque de France and The Conference Board on 17 January 2008 in Frankfurt, Keynote address by Jean-Claude Trichet, President of the ECB at the 25th HORIZONT Award Ceremony Frankfurt am Main, 16 January 2008, Speech by Jean-Claude Trichet, President of the ECB Keynote address at the Euro Celebrations Valetta, 12 January 2008, Speech by Jean-Claude Trichet, President of the ECB Wiesbaden, 5 January 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 19 December 2007, Speech delivered by Jean-Claude Trichet, President of the ECB at the award ceremony on the occasion of the “6. Staatsobligaties moeten tevens fungeren als veilige haven in tijden van economische stress. Acknowledging the downward path of inflation, the Governing Council would use also unconventional instruments to safeguard the firm anchoring of inflation expectations over the medium- to long -term. March 25, 2020 Jump to comments section Print this page. With hindsight, we can see that one reason for this was the policy response, which was the reverse of the ideal sequence: the Deauville agreement on private sector involvement in 2010 and Greek debt restructuring in 2011 took place while an effective backstop for solvent governments was still being constructed. En segundo lugar, una vez desglosados los componentes de la inflación, podemos preguntarnos ¿cuál es la probabilidad de que se mantenga a medio plazo? I sitt tal inför den finska riksdagen poängterade ordföranden att ECB under de senaste krisåren med kraft agerat för att säkra prisstabilitet och bidra till finansiell stabilitet i hela euroområdet. Es la combinación de estas políticas de oferta y demanda lo que dará como resultado una estabilidad y una prosperidad duraderas. Wat betreft de monetairbeleidsreactie is het essentiële element timing. OUR money, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Willem F. Duisenberg: Speech at the Parliamentary Assembly of the Council of Europe, Willem F. Duisenberg: The euro: a new currency for Europe, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament with the President of the European Central Bank, in accordance with Article 113(3) of the Treaty on European Union, Brussels, 23 November 2000, Willem F. Duisenberg: The international role of the euro, Willem F. Duisenberg: Recent developments and trends in world financial markets, Willem F. Duisenberg: The euro and the single monetary policy, Willem F. Duisenberg: First ECB Central Banking Conference, 2-3 November 2000, Frankfurt am Main, Willem F. Duisenberg: Europe's contribution to the stability of financial markets, Willem F. Duisenberg: Business conditions and the economic outlook in the euro area, Willem F. Duisenberg: Making monetary policy in a broad monetary union, Willem F. Duisenberg: The role of the ECB at the international level, Willem F. Duisenberg: The euro as a catalyst for legal convergence in Europe, Willem F. Duisenberg: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament. 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. Existe o risco de as expectativas desinflacionistas se concretizarem. Oktober 1998 in Basel, Speech presented by Dr. Willem F. Duisenberg, President of the ECB, at the Konrad-Adenauer-Stiftung, Berlin, Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg am Luxembourg Finance Market Forum am 14. Speech by Jean-Claude Trichet, President of the ECB Mas lecture 8 June 2005, Singapore. Oktober 1998 in Luxemburg, Remarks delivered by Dr. Willem F. Duisenberg, President of the European Central BankBrussels, 23 September 1998, Delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, 22 September 1998, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the signing ceremony for the Headquarters Agreement on 18 September 1998, Vortrag des Präsidenten der Europäischen Zentralbank, Dr. Willem F. Duisenberg, anläßlich des Verbandstages des Bundesverbandes der Deutschen Volksbanken und Raiffeisenbanken am 17. The introduction of the euro followed logically from the creation of the single market. We therefore need to strengthen the channels for genuine European democratic legitimacy, like the European Parliament. Attraverso le indicazioni prospettiche (forward guidance) vogliamo dare l’idea del livello atteso dei tassi di interesse futuri e intendiamo fugare le incertezze al riguardo rafforzando la comunicazione sulla nostra funzione di reazione. 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». In de context van een zeker gebrek aan samenhang tussen economische prestaties en inflatie, moet de monetairbeleidsreactie zorgvuldig worden overwogen en precies vormgegeven. If we look at the cultures and nations that have best managed continuous uncertainty and the need for change, they have all awarded education a fundamental role in preparing young people to manage change and uncertainty, on the basis of wisdom and independence of judgment. Dit zijn, ten eerste, een ongewenste verkrapping van de monetairbeleidsvoorwaarden (voortvloeiende uit ontwikkelingen in de kortetermijngeldmarkten, de mondiale obligatiemarkten of de valutamarkten) die door conventioneler maatregelen het hoofd zou kunnen worden geboden. The future need not be without reference points – which would lead, as it did in earlier decades like the 1970s, to erratic and less effective policies, to less internal and external security, to higher unemployment – if there is deep reform in the present. +39 0541 783100, EVENT SITE 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". Compete-nos, todavia, estar atentos ao eventual surgimento de riscos para este cenário e prepararmo-nos para agir caso tal aconteça. Tal pode levar as famílias e as empresas a adiar a despesa, como é típico num ciclo deflacionista – sobretudo quando a política monetária se situa no seu limite inferior efetivo e, consequentemente, não pode orientar a taxa nominal no sentido descendente para compensar. Dit kan in de eerste plaats via een krachtig kader voor begrotingsgovernance. Et ce n'est pas parce que la politique monétaire a atteint un niveau plancher de taux d'intérêt et parce que la reprise reste fragile que l'on peut, comme le souhaitent certains, reporter les réformes.

mario draghi speech

Calories In Almond Joy Snack Size, Pediatric Fellowships Length, What Appliances Are Made In The Usa, Samsung Ne58r9311ss Installation Manual, Most Comfortable Bike Seat With Backrest,