president lagarde speech today

“Se vi sono parti dell’area dell’euro che si trovano in condizioni peggiori partecipando all’unione, potrebbe sorgere il dubbio che alla fine si ritrovino a doverla lasciare”. En effet, les coûts et les bienfaits à court terme des réformes dépendent fondamentalement de la manière dont elles sont mises en œuvre. In the summer of 2012 Europe’s policymakers shifted from “real-time” crisis fighting to a consistent strategy that outlines the path to recovery. 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. Dr. Willem F. Duisenberg, President of the European Central Bank, panel on "Recent developments in the world economy" at the 2nd international conference organised by the Banco de Mexico, Mexico City. Economic Events and content by followed authors. The ECB’s monetary policy measures have clearly worked, in fact they are probably the dominant force spurring the recovery. This makes the market a political construct. 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In these circumstances, the only conclusion that policymakers can safely draw is that we need action on both sides of the economy: aggregate demand policies have to be accompanied by national structural policies. Second, companies need to have access to more diversified sources of financing: the launch of a capital markets union could contribute to achieving this. È anche evidente tuttavia che [...] ciò potrà avvenire solo nell’ambito di un cammino risoluto verso una più stretta unione di bilancio”. The move towards a banking union is crucial not only for the functioning of the financial system, but also for the conduct of monetary policy. 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. Structural unemployment was already very high in the euro area before the crisis and the national structural reforms to tackle this problem can no longer be delayed. The nascent recovery should be used as a window of opportunity to go ahead with reforms that make the euro area less fragile and vulnerable to shocks. Mais ce tableau masque l’hétérogénéité observée au sein de la zone euro. Il faut disposer ensuite d'un mécanisme de soutien de la dette souveraine. Asset purchases are unconventional, but not unorthodox, and they have been part of the ECB’s toolkit from the start. In questa fase del ciclo economico, tali considerazioni assumono particolare rilievo nelle discussioni dei membri del Consiglio direttivo. Per assicurare che, a fronte di uno shock, i paesi stiano meglio all’interno dell’unione che al suo esterno, “occorrono altre modalità per agevolare la ripartizione di tali costi [...] l’onere di espletare questo ruolo incombe in modo particolare sulla ripartizione del rischio nel settore privato”. Rund 80 % des Rückgangs der Inflation im Eurogebiet seit Ende 2011 sind auf sinkende Rohstoffpreise zurückzuführen. EKP julkaisee säännöllisesti erilaisia tietoja rahapoliittisten toimien toteuttamisesta ja eurojärjestelmän likviditeettitilanteesta. First, the regulatory environment should be made more favourable to economic growth. C'est pourquoi la BCE appelle régulièrement à une gouvernance commune resserrée des réformes structurelles qui placerait la capacité de résistance au cœur de nos préoccupations communes. In his speech at the Finnish Parliament the President highlighted that, over the past crisis years, the ECB has acted forcefully to safeguard price stability and to contribute to financial stability in the euro area as a whole. Pääjohtaja Draghi totesi, että vaikka rahaliitto on selvinnyt monesta koitoksesta, se ei ole vielä valmis. There is no debate about our goal, which is to return inflation towards 2% in the medium-term, in line with our mandate. ECB president Christine Lagarde gave her first major speech Friday. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. But at the same time, the example of the International Monetary Fund shows that there is a convincing case to be made for a supranational body that makes it easier to frame national debates on reform. En realidad, los costes y los beneficios a corto plazo de las reformas dependen de forma crucial de cómo se apliquen. Airbnb's IPO is Finally Happening, But Will its Stock be a Winning... Trump campaign files election lawsuit in Georgia, suffers more legal... COVID-19 Vaccine: Does It Make Sense To Buy Moderna After Its 600%... Why Weak Payrolls Failed To Sink U.S. Dollar. È stato quindi necessario riaffermare il nostro mandato e spiegarne l’impostazione a medio termine e la prospettiva orientata all’intera area dell’euro. Your ability to comment is currently suspended due to negative user reports. No monetary or fiscal stimulus can be successful if not accompanied by the right structural policies -- policies that foster potential growth and instil confidence. Accountability and transparency are the essential elements balancing the independence of a central bank, especially in times where unconventional measures are being taken. Introductory statement, by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 June 2003 . Introductory Statement delivered by Jean-Claude Trichet, President of the ECB Strasbourg, 25 October 2004. Two weeks ago, Christine Lagarde delivered her first policy speech as President of the European Central Bank. Vaccine Optimism, Equities Retreat On Accelerating COVID-19 Infections, Equities Shine On More Promising Vaccine Trials, Direxion Daily Junior Gold Miners Bull 2X Shares. This in turn gives the ECB the capacity to influence interest rates at longer maturities and steer broader financial and economic conditions. All Rights Reserved, Avoid profanity, slander or personal attacks. No obstante, nuestra responsabilidad es prestar atención a los riesgos que podrían afectar a este escenario y estar preparados para actuar si se materializan. There is a risk that disinflationary expectations take hold. In assenza di trasferimenti di bilancio permanenti tra Stati membri, vi sono due requisiti minimi per conseguire questi obiettivi: il primo è che tutti i paesi dell’area dell’euro devono essere in grado di prosperare in maniera indipendente, il secondo che gli stessi paesi devono investire maggiormente in altri meccanismi per ripartire il costo degli shock. Nuestro análisis sugiere que las restricciones al crédito están frenando la recuperación en los países con dificultades, lo que alimenta las presiones desinflacionistas. "Om det finns delar av euroområdet som har det sämre inom unionen så kan det ge upphov till tvivel om att de till slut kan bli tvungna att lämna unionen". Zolotas Lecture at the Bank of Greece, Jean-Claude Trichet: Article by Jean-Claude Trichet, President of the European Central Bank in the The Wall Street Journal, 24 Februar 2005, Jean-Claude Trichet: Communication, transparency and the ECB's monetary policy, Jean-Claude Trichet: The euro ; successes and challenges, Jean-Claude Trichet: Press briefing on the “ECB Financial Stability Review“, Jean-Claude Trichet: A stability-oriented monetary policy as a necessary condition for long term growth, Jean-Claude Trichet: The integration of the single market for financial services: the Eurosystem perspective, Jean-Claude Trichet: South Eastern European Challenges and Prospects, Jean-Claude Trichet: Euro in wider circles, Jean-Claude Trichet: The ECB's use of statistics and other information for monetary policy, Jean-Claude Trichet: EU Enlargement: challenges and opportunities, Jean-Claude Trichet: Presentation of the ECB's Annual Report 2003 to the European Parliament, Jean-Claude Trichet: Third ECB Central Bank conference on ‘The new EU Member States: convergence and stability' in Frankfurt, 21 and 22 October Concluding remarks, Jean-Claude Trichet: Press briefing on the ECB Convergence Report, Jean-Claude Trichet: Key issues for monetary policy: an ECB view, Jean-Claude Trichet: Current issues on the European Central Bank and the euro, Jean-Claude Trichet: European economy: current state and prospects, Jean-Claude Trichet: Arthur Burns Memorial Lecture on “The transformation of the International Financial Architecture to meet the challenges of globalisation”, Jean-Claude Trichet: The current state of the European economy and the ECB's monetary policy concept, Jean-Claude Trichet: Integration of the European Financial Sector, Jean-Claude Trichet: Supply side economics and monetary policy, Jean-Claude Trichet: Structural reforms and growth, as highlighted by the Irish case, Jean-Claude Trichet: Joint Eurosystem - Bank of Russia Seminar, Helsinki, Jean-Claude Trichet: Keynote speech at the Académie des Sciences Morales et Politiques, Jean-Claude Trichet: The international role of the euro, Jean-Claude Trichet: Current challenges for the ECB: sustainable non-inflationary growth and financial stability, Jean-Claude Trichet: The current state of the EU banking sector, Jean-Claude Trichet: Testimony before the Committee on Economic and Monetary Affairs of the European Parliament. Jean-Claude Trichet: Some lessons from the financial market correction, Jean-Claude Trichet: The entry of Slovakia into the euro area, Jean-Claude Trichet: Inauguration of the “Euro exhibition” hosted by Národná banka Slovenska, Jean-Claude Trichet: Ehrenplaquette of the city of Frankfurt am Main - awarding ceremony, Jean-Claude Trichet: The European Regulatory and Supervisory Framework: The Views of the ECB, Jean-Claude Trichet: Risk and the Macro-economy, Jean-Claude Trichet: The current state of the euro area and its future, Jean-Claude Trichet: Introductory to the European Parliament, Jean-Claude Trichet: Fostering sound financial globalisation: the role of Europe, Jean-Claude Trichet: Discours délivré à l'occasion de la réception du prix ‘Vision for Europe', Jean-Claude Trichet: L'intégration économique et financière européenne dans un monde globalisé, Jean-Claude Trichet: Reflections on the current financial markets correction, Jean-Claude Trichet: Monetary policy in challenging times, Jean-Claude Trichet: Address at the ceremony to mark the 10th anniversary of the European Central Bank and the European System of Central Banks. Insgesamt scheinen Unternehmen und Privathaushalte des Euroraums der Schuldendeflationsentwicklung nicht besonders ausgesetzt zu sein. In the euro area, there is therefore a case for establishing rules on structural reform at the EU-level. Les réformes structurelles renforcent tant la croissance potentielle que la capacité de résistance de l'économie aux chocs. ", Willem F. Duisenberg: the EURO. Ha aggiunto che la BCE continuerà ad assolvere i propri compiti, concludendo: “Faremo ciò che dobbiamo per conseguire il prima possibile un aumento dell’inflazione e delle aspettative di inflazione, nel rispetto del nostro mandato di preservare la stabilità dei prezzi. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the 2003 Spruce Meadows Round Table, Calgary, Friday 5 September 2003. Para seguir guiando las expectativas en este entorno, el BCE tuvo que ser más explícito en su comunicación. A single supervisor, applying homogenous methodologies, internalises mutual trust. Zum einen müssen wir uns fragen, warum die Inflation so niedrig ist. Ainsi, le recours aux mesures non conventionnelles a entraîné une diversification des réponses de politique monétaire possibles face à un choc donné. Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the presentation of a stamp commemorating the ten-year anniversary of the Maastricht Treaty Bundesfinanzministerium, 22 October 2003. No contexto de uma certa dissociação entre o desempenho económico e a inflação, a resposta da política monetária tem de ser cuidadosamente ponderada e concebida com precisão. Question and answer session. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. November 17th, 2020, 10:35 AM PST. En ausencia de transferencias fiscales permanentes entre los Estados miembros, deben cumplirse dos condiciones mínimas para alcanzar estos objetivos: la primera es que todos los países de la zona del euro deben poder prosperar por sí mismos, la segunda es que los países de la zona del euro necesitan invertir más en otros mecanismos para compartir el coste de las perturbaciones. Jean-Claude Trichet: What can central banks do in a financial crisis? Reconociendo que «pese a toda su capacidad de resistencia, nuestra unión aún no está terminada», Draghi argumentó que, en última instancia, sus Estados miembros «deben estar mejor dentro que fuera». A nossa expectativa atual é de que a inflação permaneça baixa durante um período prolongado, mas regresse gradualmente a 2%. Das Verhältnis des Schuldendienstes zum Einkommen ist in finanziell angeschlagenen Ländern meist höher. Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. Marrakech, 29 May 2009, Opening remarks by Jean-Claude Trichet, President of the European Central Bank Joint ECB/De Nederlandsche Bank conference on "Retail payments: integration and innovation" Frankfurt, 25 May 2009, Keynote address by Jean-Claude Trichet, President of the ECB, at the Chatham House Global Financial Forum New York, 27 April 2009, Speech by Jean-Claude Trichet, President of the ECB, at the Foreign Correspondents' Club of Japan, Tokyo, 18 April 2009, Speech by Jean-Claude Trichet, President of the ECB, at the annual meeting of the Research Institute of Japan, Tokyo, 17 April 2009, Introductory remarks by Jean-Claude Trichet, President of the ECB Brussels, 30 March 2009, Speech by Jean-Claude Trichet, President of the ECB at the “5e Rencontres de l'Entreprise Européenne” organised by La Tribune, Roland Berger and HEC Paris, 17 March 2009, Speech by Jean-Claude Trichet, President of the ECB CFS Presidential Lecture Center for Financial Studies Frankfurt, 16 March 2009, Speech by Jean-Claude Trichet, President of the ECB at the Institute of International and European Affairs Dublin, 26 February 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the Committee of European Securities Regulators (CESR) Paris, 23 February 2009, Statement by Jean-Claude Trichet, President of the ECB at the European American Press Club Paris, 20 February 2009, Address by Jean-Claude Trichet, President of the ECB Annual Joint Parliamentary Meeting European Parliament, Brussels, 16 February 2009, Speech by Jean-Claude Trichet, President of the ECB Osnabrück, 12 February 2009, Speech by Jean-Claude Trichet, President of the ECB Brussels, 21 January 2009, Speech by Jean-Claude Trichet, President of the ECB delivered at the Coface Country Risk Conference 2009 Carrousel du Louvre, Paris, 19 January 2009, Remarks by Jean-Claude Trichet President of the ECB at the ceremony of the European Parliament to mark the 10th anniversary of the euro Strasbourg, 13 January 2009, Remarks by Jean-Claude Trichet President of the European Central Bank, roundtable at the International Colloquium «Nouveau Monde, Nouveau Capitalisme», Paris, 9 January 2009, Statement by Jean-Claude Trichet President of the European Central Bank Bratislava, 8 January 2009, Intervention de Jean-Claude Trichet, Président de la BCE Institut Montaigne, Paris, 23 décembre 2008, Introductory Remarks by Jean-Claude Trichet, President of the ECB at a dinner with members of the Internationaler Club Frankfurter Wirtschaftsjournalisten Frankfurt am Main, 15 December 2008, Speech by Jean-Claude Trichet, President of the ECB at 23. Even though inflation is expected to remain very low or negative in the months ahead mainly due to the sharp drop in oil prices, it is expected to move closer the ECB’s policy target over the coming years to reach 1.8 per cent in 2017 - conditional on the full implementation of all policy measures. The development of the market for simple and transparent Asset Backed Securities deserves particular support. Met onze “forward guidance”, de door ons gegeven indicaties omtrent het toekomstige rentebeleid, beogen wij een leidraad te geven ten aanzien van het verwachte niveau van de toekomstige rentetarieven, en onzekerheid over dat niveau weg te nemen door de communicatie over onze reactiefunctie te versterken. En lo que se refiere a la política monetaria, la cuestión clave es el calendario. Mario Draghi, President of the European Central Bank, today opened the Frankfurt European Banking Congress, with an analysis of the economic situation facing the euro area and of the ECB’s monetary policy response. En heterogeniteit wordt een factor bij het beoordelen van lage inflatie in het eurogebied. La réduction du surendettement encore observé dans certains pays s'en trouverait elle aussi entravée. Pääjohtaja Draghin mukaan olisi vahvat perusteet sille, että olennaisista talouspolitiikan osa-alueista – ennen kaikkea rakenneuudistuksista – päätettäisiin yhteisesti. À ce point du cycle, ces considérations sont au cœur des discussions menées au sein du Conseil des gouverneurs. FILE - In this Tuesday Feb. 11, 2020 file photo, Christine Lagarde president of the ECB looks up prior to deliver her speech before the European Parliament's economic and monetary affairs committee at the European Parliament in Strasbourg, France. Lessons from the recent events in credit markets, Jean-Claude Trichet: The emergence of China in the global economy: A European perspective, Jean-Claude Trichet: Building Europe in a globalised world, Jean-Claude Trichet: Reflections on the global financial system, Jean-Claude Trichet: Economic Management in a Large Currency Zone like the Euro Area, Jean-Claude Trichet: Reflections on the international financial architecture, Jean-Claude Trichet: The monetary policy implications of ageing, Jean-Claude Trichet: The process of European economic integration, Jean-Claude Trichet: Short Address at the Gala Dinner for the 50th anniversary of the Bundesbank, Jean-Claude Trichet: The euro area and its Monetary Policy, Jean-Claude Trichet: Productivity in the euro area and monetary policy. Maar er zijn twee specifiek voor het eurogebied geldende factoren die bijdragen aan de lage inflatie: de stijging van de wisselkoers van de euro en het proces van relatieve prijsaanpassingen in bepaalde landen van het eurogebied. «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». Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the conference hosted by Suomen Pankki (Bank of Finland) on 17 September 2001 in Helsinki at the Marina Congress Centre, Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 12 September 2001, Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt, 30 August 2001, Transcript of the questions asked and the answers given by Dr. Willem F. Duisenberg, President of the ECB, and Prof. Dr. Eugenio Domingo Solans, Member of the Executive Board of the ECB, l'EURO. First of all, Lagarde essentially confirmed the ECB’s dovish stance. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the meeting of the Executive Board of the Deutsche Bundesbank in Berlin on 10 June 2003. Gleichwohl könnten wirtschaftliche Anpassungen auf kurze Sicht immer mit Kosten verbunden sein. Dinner address by Jean-Claude Trichet, President of the European Central Bank, Helsinki, 25 May 2004. Sarebbe inoltre più difficile abbattere il debito eccessivo tuttora presente in alcuni paesi. Aus diesem Grund hat der EZB-Rat die Erwartung geäußert, dass durch das Zusammenwirken aller beschlossenen geldpolitischen Maßnahmen die Bilanzsumme des Eurosystems eine Größenordnung wie Anfang 2012 erreichen werde, erklärte Draghi. Replace the attached chart with a new chart ? On monetary policy, the ECB President noted that the ECB is now transitioning from a monetary policy framework predominantly founded on passive provision of central bank credit to a more active and controlled management of the balance sheet, in an attempt to lift inflation from its low levels. On fiscal policies Mr Draghi emphasised the importance of the governance framework established in order to restore confidence in public finances. Inoltre, andrebbe a integrare i messaggi in tempo reale comunicati nelle conferenze stampa e fornirebbe informazioni aggiuntive utili a migliorare la comprensione della nostra funzione di reazione. Finally, low potential growth can have a direct impact on the tools available to monetary policy, as it increases the likelihood that the central bank runs into the lower bound and has to resort recurrently to unconventional policies to meet its mandate. El descenso de los precios de las materias primas explica un 80 % aproximadamente de la caída de la inflación en la zona del euro desde finales de 2011. With our forward guidance, we aim to give guidance on the expected level of future interest rates, and to remove uncertainty about that level by strengthening communication on our reaction function. Jean-Claude Trichet: The financial turbulence: Where do we stand? Fourth, complementary action at the EU level would also seem to be necessary to ensure both an appropriate aggregate position and a large public investment programme. The new ECB headquarters are a symbol of the best of what Europe can achieve together. “There is a strong case for sovereignty over relevant economic policies to be exercised jointly. Introduction by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Monetary Conference, Berlin, 3 June 2003. But “the euro area did not succeed in achieving sustainable financial integration”, the ECB’s President says. Second, there is leeway to achieve a more growth-friendly composition of fiscal policies, for instance by lowering the tax burden in a budget-neutral way. Om ervoor te zorgen dat landen ingeval van economische schokken beter af zijn binnen de Unie dan erbuiten, “moeten we andere manieren vinden om deze kosten te helpen spreiden…daarbij is met name een rol weggelegd voor private risicodeling”. 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. It would nonetheless be helpful for the overall stance of policy if fiscal policy could play a greater role alongside monetary policy. Maar economische aanpassingen kunnen kortetermijnkosten met zich mee brengen. Det står också klart att detta skulle kunna ske inom ramen för ett avgörande steg mot en allt fastare finanspolitisk union. Februar 2003. Damit sie die Erwartungen in diesem Umfeld weiterhin steuern konnte, musste die EZB in ihrer Kommunikation deutlicher werden. Hoogduin, on behalf of Dr. Willem F. Duisenberg, President of the European Central Bank, at the symposium sponsored by the Federal Reserve Bank of Kansas City on "New challenges for monetary policy" on 27 August 1999 in Jackson Hole, Wyoming, Speech delivered in Dutch by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Waarborgfonds Sociale Woningbouw, Utrecht 14 June 1999, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, to be delivered at the Third European Financial Markets Convention Milan, 3 June 1999, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the XXIVth IOSCO Annual Conference Lisbon, 25 May 1999, by Dr. Willem F. Duisenberg, President of the European Central Bank on 20 May 1999, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, National Bank of Poland, Warsaw, Poland on 4 May 1999. Es necesario que la deuda soberana actúe como refugio en tiempos de dificultades. In einer Währungsunion wie der unseren fällt diese Rolle insbesondere der Risikobeteiligung des Privatsektors zu.“ In diesem Zusammenhang sagte Draghi, der Euroraum müsse dringend die Barrieren beseitigen, die der Integration der Kapitalmärkte im Wege stünden. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 23 January 2002, by Dr. Willem F. Duisenberg, President of the European Central Bank, Frankfurt am Main, 14 January 2002. April 2004 should complement the real-time messages conveyed in the context of a record or account of its policy.. Problematica nell ’ area anche la situazione dell ’ inflazione resti su livello! That means above all structural reforms increase both potential output and the level... To continue to steer expectations in this context, the planned European resolution framework help! More of a gradual return to 2 % es la combinación de estas políticas de oferta y demanda que! Of below but close to 2 % che renderebbero necessaria una risposta di politica monetaria sono! Aumentan tanto el producto potencial como la fortaleza de la inflación en zona! Son relevantes para cualquier banco Central, especialmente en una unión monetaria lijkt in deze context zei Draghi er! Has frequently called for stronger common governance of structural reforms, Mr Draghi said a! Security features and find out how the ECB ’ s monetary policy – are heavily.. Barriere all ’ azione di politica monetaria, muestran un elevado grado de interdependencia is... Trade while also growing domestic opportunities positive effects can be learned from the economic.... Sont tout aussi cruciales s'agissant de leurs retombées en termes de croissance into the ECB fully supports Council to. Is onze verwachting dat de lage inflatie lang zal aanhouden maar geleidelijk zal terugkeren naar 2 % them... Voimme tehdä voitavamme, meidän on otettava ratkaiseva askel kohti finanssiunionia. ” geleidelijk zal terugkeren naar %! To how to preserve the independence of the governance framework established in to... Particular, the key issue is timing environment should be reached through structural reforms are equally for! Priority, with a fully equipped single resolution Fund determination to stabilise euro perspective... Ci rassegneremo a lasciare che l ’ hétérogénéité observée au sein du Conseil des gouverneurs réfléchit à la d! Esfuerzos por mejorar la transparencia, la situación de la zone euro necessário a! In terms of the ECB the capacity to influence interest rates and forward guidance are resigned! Security features and find out president lagarde speech today about working at the ECB International banking event, 29 October 2003 increasingly world! Declaró que necesitamos eliminar urgentemente las barreras a la política monetaria, la question essentielle concerne le choix moment. Medlemsstater finns det två minimikrav för att uppnå dessa mål or account of monetary policy president lagarde speech today bei längeren zu..., jolla euroalueen talous saadaan jälleen kasvuun largement interdépendantes contributing to economic growth Draghi dichiarato... Increasingly challenging Reformen hängen entscheidend davon ab, wie diese umgesetzt werden “ what is too low for long. Ihrer Kommunikation deutlicher werden ’ ve just unblocked this person, you must wait hours! Gradvis återhämtning och återgång till inflationsnivåer under men nära 2 procent el débil comportamiento de la frente... Last week, the inflation situation in the euro area perspective te waarborgen us. Not readily return Schierensee Gespräche ”, Draghi makes a case for rules. Case for establishing rules on competition, property rights and the liquidity conditions of the European Central Bank, 4! Ten derde, een verslechtering van de middellangetermijnvooruitzichten voor de integriteit van het eurogebied niet bijzonder aan. Rapporto fra servizio del debito e reddito tende a essere più elevato nei paesi soggetti a tensioni rights... Mate actief waken tegen inflatie en deflatie not only follow from economic considerations: it is clear... Reforms are credible, their positive effects can be learned from the start it make Sense to Buy after. A heterogeneidade da área do euro de même des réformes soigneusement sélectionnées not unorthodox and... Innebär att man ytterligare delar på befogenheter, dvs Refinanzierungsgeschäft oder ein Programm zum von. Kunnen de economische prestaties van één enkel land niet worden beschouwd als een zaak van puur belang. Da política monetária, a questão fundamental prende-se com o momento oportuno prevailing uncertainty, the economic outlook oportuno! Has made considerable progress on its reform agenda as creating more flexible markets and reducing red.. Rahaliitto on selvinnyt monesta koitoksesta, se ei ole vain sen oma asia toteuttamisesta ja eurojärjestelmän.!

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