Wczasy na Zdrowie – dieta bezglutenowa

Un élément requiert en ce moment toute notre vigilance : il s’agit de la possibilité qu’une spirale négative se mette en place entre une faible inflation, le repli des anticipations d’inflation et le crédit, notamment dans les pays en difficulté. Mais il clair également que... cela ne pourrait se réaliser que dans le contexte d'une étape décisive vers une union budgétaire plus étroite ». En lo que se refiere a la política monetaria, la cuestión clave es el calendario. The impact of the programme and the ECB’s previous monetary policy measures is visible: Bank lending rates to companies started to decline in the third quarter of last year, market-based measures of inflation expectations have reacted positively to the ECB’s balance sheet expansion over recent months, and euro area long-term sovereign yields have fallen – in spite of the renewed crisis in Greece. Falling commodity prices have accounted for around 80% of the decline in euro area inflation since late 2011. Et l’hétérogénéité devient un facteur à prendre en compte dans l’évaluation de la faible inflation dans la zone euro. That means above all structural reforms”, the President remarked. It is clear that, in some countries, the large stock of non-performing loans (NPLs) is still preventing a stronger recovery in credit. Second, a further impairment in the transmission of our stance, in particular via the bank lending channel, for which a targeted LTRO or an ABS purchase programme might be the right response. En primer lugar, un endurecimiento injustificado de las condiciones de política monetaria (debido a la evolución de los mercados monetarios a corto plazo, los mercados internacionales de renta fija o los mercados de divisas), que podría remediarse aplicando medidas más convencionales. START TODAY. La capacità di tenuta ha quindi ricadute dirette per la stabilità dei prezzi e non è meno importante per l'integrità dell'area dell'euro. The turning point came when European policymakers acknowledged the need to complete the euro area’s institutional architecture, with banking union as a first step. Uusimmilla EKP:n ilmoittamilla epätavanomaisilla toimilla (kohdennetut pitempiaikaiset rahoitusoperaatiot sekä katettujen joukkolainojen ja omaisuusvakuudellisten arvopaperien osto-ohjelmat) tulee olemaan huomattava vaikutus eurojärjestelmän taseeseen, jonka suuruusluokan odotetaan kehittyvän samankaltaiseksi kuin alkuvuodesta 2012. Europe needs to accelerate on its way to economic and institutional convergence. 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. 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. Innanzitutto, perché l’inflazione sia così contenuta. To highlight three risks: global growth this year will be the weakest since 2009; this is the weakest euro area rebound since 1998; and the recovery remains very protracted in historical perspective. Structurele hervormingen zijn van even groot belang door hun effect op de groei. that cyclical unemployment becomes structural – outweigh those of “doing too much” – that is, excessive upward wage and price pressures. Por ello son relevantes para cualquier banco central, especialmente en una unión monetaria. In de huidige conjunctuurfase spelen deze overwegingen een belangrijke rol in de besprekingen van de leden van de Raad van Bestuur. Strukturreformen sind auch wegen ihrer Auswirkungen auf das Wachstum wichtig. L’atonie du crédit semble contribuer à la faiblesse de l’activité économique dans ces pays. Het gebruik van onconventionele maatregelen bijvoorbeeld betekende een breder scala van mogelijke monetairbeleidsreacties op een bepaalde schok. Everyone in society is affected by high unemployment. Thursday, 24 th November. Get full access to globeandmail.com . European Central Bank (ECB) President Christine Lagarde (November 2019 - October 2027) is to speak. The upcoming report commissioned by the Euro Summit on the future of economic governance will present a good starting point for further reflection. Lo mismo ocurre si las reformas se eligen cuidadosamente. Si las reformas estructurales son creíbles, sus efectos positivos pueden apreciarse rápidamente, incluso en un entorno de contención de la demanda. We are facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy. 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. Pero también es evidente que... esto solo podría tener lugar en el contexto de un paso decisivo hacia una unión fiscal más estrecha». Willem F. Duisenberg: Are different price developments in the euro area a cause for concern? Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 21 May 2002, Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, upon receiving the European Banker of the Year Award on behalf of the Governing Council of the ECB Frankfurt, 16 May 2002 Introductory remarks. Speech by Jean-Claude Trichet, President of the ECB, at the Congress on Small-sized Enterprises, organized by Confindustria, Bari, Italy, 18 March 2005. Thu 12 Nov 2020 11:52:49 GMT. This is true at the global level and the European level. Y, ante el límite inferior efectivo de los tipos de interés y diversas contingencias adversas, hemos tenido que explicar nuestras intenciones respecto a la política monetaria futura y aclarar nuestra compleja función de reacción. Um jedoch zu verstehen, was „zu lange auf einem zu niedrigen Niveau“ bedeutet, müssen wir zwei Fragen beantworten. 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. Der Euroraum verfügt über ein erhebliches unausgeschöpftes Potenzial für einen deutlichen Produktions-, Beschäftigungs- und Wohlstandszuwachs. The answer is not to unwind integration, nor to hold out an unattainable vision of where integration should lead. That is why ECB is here to listen to your ideas and concerns before making decisions on future strategy. En outre, le Conseil des gouverneurs jouera un rôle tout aussi actif dans la lutte contre l’inflation que dans celle contre la déflation. Dans l’ensemble, les entreprises et les ménages de la zone euro ne semblent pas être particulièrement exposés à la dynamique dette-déflation. Er is een groot nog ongebruikt potentieel in het eurogebied voor aanzienlijk hogere productie, werkgelegenheid en voorspoed. By giving up some formal sovereignty, people will gain in effective sovereignty. 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. Presentation of the ECB's Annual Report 2003, Jean-Claude Trichet: Issues in monetary policy: views from the ECB, Jean-Claude Trichet: European Priorities: an ECB perspective, Jean-Claude Trichet: Euro area statistics and their use for ECB policy-making, Jean-Claude Trichet: Lecture on the occasion of the receipt of the EFR-Business Week Award 2004, Jean-Claude Trichet: Paris Seminar on the EU accession process: Concluding remarks, Jean-Claude Trichet: Paris seminar on the EU accession process: Dinner address, Jean-Claude Trichet: The euro - five years on, Jean-Claude Trichet: The challenges for the European economy in 2004, Jean-Claude Trichet: Economic reform in Europe, Jean-Claude Trichet: The integration of European financial markets, Jean-Claude Trichet: Euro-Mediterranean Seminar "Eurosystem and Mediterranean country national central banks": Concluding remarks, Jean-Claude Trichet: Euro-Mediterranean Seminar "Eurosystem and Mediterranean country national banks": Welcome remarks. Moreover, those who have experienced the crisis, or the economic volatility of the 1970s and early 1980s, know that recovery also stems from joint action. Christine Lagarde speaks during a live stream video on Thursday. Il Presidente della BCE Mario Draghi ha illustrato, in un incontro con gli studenti dell’Università di Helsinki, i requisiti minimi necessari a completare l’unione monetaria attraverso modalità atte ad apportare stabilità e prosperità per tutti i suoi membri. No obstante, nuestra responsabilidad es prestar atención a los riesgos que podrían afectar a este escenario y estar preparados para actuar si se materializan. Infine, una crescita potenziale contenuta può avere un impatto diretto sugli strumenti disponibili per la politica monetaria, poiché aumenta la probabilità che la banca centrale porti i tassi di interesse al limite inferiore e debba spesso ricorrere a misure non convenzionali per assolvere il proprio mandato. Firms will be encouraged to increase investment, bringing forward the economic recovery. Press conference following the meeting of the Governing Council of the European Central Bank on 29 October 2020, starting at 14:30 CET: Introductory statement by the President of the ECB. Therefore, Lagarde's statements are carefully monitored by analysts and economists. 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. Speech by Jean-Claude Trichet, President of the European Central Bank, delivered at the luncheon organised by the Economic Club of New York, New York, 26 April 2004. Some, like many of the protesters today, believe the problem is that Europe is doing too little while others, like the populist parties emerging across Europe, believe Europe is doing too much. Il ressort de notre analyse que les contraintes de crédit freinent la reprise dans les pays en difficulté, ce qui amplifie les pressions désinflationnistes. Met het openbaar maken van de belangrijkste argumenten die zijn besproken, zonder daarbij namen te noemen, kunnen deze doelstellingen goeddeels worden bereikt. A banking union will contribute to more sustainable financial integration in the euro area, says ECB President Mario Draghi. 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. No monetary or fiscal stimulus can be successful if not accompanied by the right structural policies -- policies that foster potential growth and instil confidence. En la zona del euro hay sin utilizar un gran potencial para un crecimiento, un empleo y un bienestar considerablemente mayores. Para seguir guiando las expectativas en este entorno, el BCE tuvo que ser más explícito en su comunicación. Speech by Dr. Willem F. Duisenberg, President of the European Central Bank, at the Global Economy Conference organised by the Economic Strategy Institute on 27 April 1999 in Washington D.C. Euroalueen huippukokouksen tilaama raportti tulevasta talouden ohjaus- ja hallintajärjestelmästä tulee olemaan hyvä lähtökohta syvemmälle tarkastelulle. Na área do euro, a nível agregado, as empresas e as famílias parecem não estar particularmente expostas a uma dinâmica de deflação da dívida. Draghi ha affermato che le condizioni nell’area restano difficili e la fiducia nelle prospettive economiche in generale è fragile e facilmente soggetta a perturbazioni, il che si traduce in bassi investimenti. Et, devant faire face à la limite inférieure effective et à divers événements imprévus, nous avons dû expliquer quelles étaient nos intentions en matière de politique monétaire et apporter des éclaircissements au sujet de notre fonction de réaction à présent plus complexe. Dr. Willem F. Duisenberg, President of the European Central Bank, on the occasion of the meeting of the Dutch Society of Editors-in-Chief, The Hague, 15 March 2002. The European Central Bank President Lagarde's speech, due at 13:00 GMT, may provide a clear directional bias to the common currency. Keynote speech by Jean-Claude Trichet, President of the European Central Bank, at the CESR Conference “Europe's Single Market in Financial Services: under construction or fully integrated”, Paris, 6 December 2004. Dit is omdat de kortetermijnkosten en voordelen van hervormingen in cruciale mate afhangen van hoe zij ten uitvoer worden gelegd. De zwakke langetermijnprestaties van het eurogebied bieden overigens ook kansen. Our analysis suggests that credit constraints are putting a brake on the recovery in stressed countries, which adds to the disinflationary pressures. En cumulant les achats d’obligations sécurisées et les achats d’ABS, nous pourrons mener des interventions d’une ampleur permettant d’atteindre les résultats escomptés en termes de recomposition des portefeuilles et de signal. 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. 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. Anche così, però, gli aggiustamenti economici possono avere un costo nel breve periodo. Christine Lagarde: How can a united Europe meet the challenges it faces today? Strukturreformen erhöhen sowohl das Produktionspotenzial als auch die Widerstandsfähigkeit der Wirtschaft gegenüber Schocks. Helsingin yliopiston opiskelijoille pitämässään puheessa EKP:n pääjohtaja Mario Draghi kävi läpi edellytyksiä, joiden on täytyttävä, jotta rahaliitto saadaan valmiiksi ja se voi tuoda vakautta ja vaurautta kaikille jäsenilleen. Und schließlich kann sich ein niedriges Potenzialwachstum unmittelbar auf die verfügbaren geldpolitischen Instrumente auswirken, da die Zentralbank mit einer größeren Wahrscheinlichkeit an die Nullzinsgrenze stößt und zur Erfüllung ihres Mandats wiederholt auf unkonventionelle Maßnahmen zurückgreifen muss. Niiden avulla varmistetaan, että rahapolitiikan mitoitus tukee kasvua ja edistää talouden vähittäistä elpymistä sekä paluuta lähemmäksi tavoitteen mukaista inflaatiovauhtia (hieman alle kahden prosentin). An diesem Punkt des Zyklus spielen diese Überlegungen eine wichtige Rolle bei den Erörterungen der Mitglieder des EZB-Rats. 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. 2 weeks Heads up: ECB president Lagarde to speak later today Forexlive . Introduction by Dr. Willem F. Duisenberg, President of the European Central Bank, at the International Monetary Conference, Berlin, 3 June 2003. Kredietzwakte lijkt in deze landen bij te dragen aan economische zwakte. C’est la raison pour laquelle le Conseil des gouverneurs a annoncé qu’il s’attendait à ce que l’ensemble des mesures de politique monétaire qu’il a prises se traduise par une hausse du bilan de l’Eurosystème l’amenant à un niveau proche de celui observé début 2012, a déclaré M. Draghi. Donald Trump tweets that a trade deal with China is very close, as Christine Lagarde chairs her first ECB monetary policy meeting Silloinkin talouden sopeutuksesta voi aiheutua lyhyellä aikavälillä kustannuksia. Lietuvai ir pačiai bus naudinga tai, kad ji kartu su kitomis šalimis dalyvaus formuojant antros pagal dydį pasaulio ekonomikos pinigų politiką. In deze context zei Draghi dat er dringend iets moet worden gedaan aan de belemmeringen voor kapitaalmarktintegratie. The ECB’s accommodative stance will support a gradual closing of the output gap in coming years. Mario Draghi, Präsident der Europäischen Zentralbank, hat heute den Europäischen Bankenkongress in Frankfurt mit einer Analyse der wirtschaftlichen Lage im Euroraum und der geldpolitischen Reaktion der EZB eröffnet. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. Les politiques structurelles et conjoncturelles, y compris la politique monétaire, sont largement interdépendantes. Em termos da resposta da política monetária, a questão fundamental prende-se com o momento oportuno. In the euro area, there is therefore a case for establishing rules on structural reform at the EU-level. Introductory statement delivered by Dr. Willem F. Duisenberg, President of the European Central Bank, Strasbourg, 2 July 2002. Between July 2011 and September 2019, she served as Chair and Managing Director of the International Monetary Fund (IMF).. Lagarde previously held various senior ministerial … Initial scepticism among some Lithuanians regarding the introduction of the euro is already transforming into increasing support now that people become more informed about their new currency and the changeover modalities. La croissance potentielle au sein de la zone euro est estimée actuellement à moins de 1 % et devrait rester nettement en deçà des taux de croissance d'avant la crise. Per i paesi dell'unione monetaria la capacità di tenuta è cruciale per evitare che gli shock generino una disoccupazione durevolmente maggiore e, nel tempo, una divergenza economica permanente. Enfin, une faible croissance potentielle peut avoir une influence directe sur les instruments de politique monétaire disponibles, car la probabilité est plus grande que la banque centrale atteigne le niveau plancher des taux d'intérêt et doive recourir de façon répétée à des politiques non conventionnelles pour remplir son mandat. Es gibt allerdings zwei für das Eurogebiet spezifische Faktoren, die zu einer niedrigen Inflation beitragen: der Anstieg des Wechselkurses des Euro und der Prozess der relativen Preisanpassungen in bestimmten Ländern des Euroraums. Discover more about working at the ECB and apply for vacancies. Deuxièmement, une fois que nous connaissons la décomposition de l'inflation, nous pouvons poser cette question : quelle est la probabilité qu’elle persiste à moyen terme ? Sovereign debt needs also to act as a safe haven in times of economic stress. The same is true if the type of reforms is carefully chosen. En segundo lugar, un mayor deterioro del mecanismo de transmisión de nuestra orientación monetaria, especialmente a través del canal del crédito bancario, frente al que una operación específica de financiación a plazo más largo (OFPML) o un programa de adquisición de bonos de titulización de activos (ABS) podrían ser la respuesta correcta. Die EZB hat daher wiederholt zu einer stärkeren gemeinsamen Steuerung von Strukturreformen aufgerufen, um die Widerstandsfähigkeit zu einem Bestandteil unserer gemeinsamen DNA zu machen. En el momento actual del ciclo, estas consideraciones ocupan un lugar preeminente en las discusiones entre los miembros del Consejo de Gobierno. 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. In questo contesto è diventata sempre più problematica nell’area anche la situazione dell’inflazione. Dr. Willem F. Duisenberg, President of the European Central Bank, at the symposium at the People's Bank of China, 25 February 2002. Als ons beleid in zijn huidige richting niet afdoende is om dat te bereiken, of als zich andere risico's voor de inflatievooruitzichten voordoen, dan verhogen wij de druk en zullen wij onze interventiekanalen verder verbreden door de omvang, het tempo en de samenstelling van onze aankopen dienovereenkomstig te wijzigen,", aldus Draghi. Here you find all speeches given by the current President, Christine Lagarde, as well as all speeches given by her predecessors going back to the start of the ECB in 1998. OUR money. share. Speech by Jean-Claude Trichet, President of the ECB 22 October 2004. 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. Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. The euro area has made considerable progress on its reform agenda, says ECB President Mario Draghi. 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. 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. Gegenwärtig gehen wir davon aus, dass die niedrige Inflation zwar länger anhalten, jedoch schrittweise auf ein Niveau von 2 % zurückkehren wird. Las reformas estructurales aumentan tanto el producto potencial como la fortaleza de la economía frente a las perturbaciones. Economic convergence should be reached through structural reforms that lead to an alignment of productivity levels. And as their foreign liabilities were mainly interbank, they could not share the subsequent losses with other jurisdictions.” So when the crisis hit, the cost of repairing balance sheets fell largely on their domestic fiscal authorities. The ECB’s website lists 14 interviews by Lagarde in the last 12 months. De President van de Europese Centrale Bank, Mario Draghi, heeft vandaag het European Banking Congress in Frankfurt geopend met een analyse van de economische situatie in het eurogebied en de wijze waarop de ECB daarop met haar monetair beleid gereageerd heeft. E questo perché i costi e i benefici a breve termine delle riforme dipendono in modo cruciale dalle modalità di attuazione. 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. 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. Christine Lagarde, President of the European Central Bank (ECB), is scheduled to deliver her remarks on the monetary policy outlook in a press conference at 12:30 GMT. Koska euroalueella jäsenvaltioiden välillä ei tehdä jatkuvia tulonsiirtoja, tavoitteiden saavuttaminen edellyttää kahta asiaa: kaikkien euroalueen maiden täytyy pystyä menestymään myös omin avuin, ja niiden on pystyttävä hyödyntämään enemmän muita mekanismeja häiriöiden kustannusten jakamiseksi. Pour les différents participants à l'union monétaire, la capacité de résistance est cruciale pour éviter que les chocs n'entraînent un chômage durablement plus élevé et, avec le temps, des divergences économiques permanentes. 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. Introductory statement by Dr. Willem F. Duisenberg, President of the European Central Bank, Brussels, 10 September 2003. En este momento, lo que tenemos que vigilar en particular es la posibilidad de que surja una espiral negativa entre el bajo nivel de inflación, el descenso de las expectativas de inflación y el crédito, especialmente en los países con dificultades. For them, it is even more important to complete economic and monetary union in all its aspects. Und sobald uns die Aufgliederung der Inflation bekannt ist, können wir uns zum anderen die Frage stellen, wie hoch die Wahrscheinlichkeit ist, dass die Inflation auf mittlere Sicht anhält. […] Möglich wäre dies nur im Rahmen eines entschiedenen Schritts hin zu einer engeren Fiskalunion.“.

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