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https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2026/html/ecb.is260611~372040d313.en.html | 2026-06-11 | Frankfurt am Main | Christine Lagarde, President of the ECB, Boris Vujčić, Vice-President of the ECB | Christine Lagarde | Boris Vujčić | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at our two per cent target in the medium term. In line with this commitment, we today decided to raise the three key ECB interest rate... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 10
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at our two per cent target in the medium term. In line with this commitment, we today decided to raise the three key ECB interest rates by 25 b... | 22 | [
{
"text": "First off, allow me to say a big hello to the newest member of the trio on stage. Welcome, Boris. President Lagarde, could you give us a flavour of the debate today? Were other options discussed – perhaps a hold, perhaps a larger increase? What were the arguments put forth in the discussion? The seco... | [
"First off, allow me to say a big hello to the newest member of the trio on stage. Welcome, Boris. President Lagarde, could you give us a flavour of the debate today? Were other options discussed – perhaps a hold, perhaps a larger increase? What were the arguments put forth in the discussion? The second question is... | [
"for your questions and thank you for greeting the three of us and particularly Boris, our new Vice-President. The decision that we took today to raise by 25 basis points our three interest rates was a unanimous decision, without reservation. We did not discuss or debate any other alternative proposal, and the one ... | First off, allow me to say a big hello to the newest member of the trio on stage. Welcome, Boris. President Lagarde, could you give us a flavour of the debate today? Were other options discussed – perhaps a hold, perhaps a larger increase? What were the arguments put forth in the discussion? The second question is abou... | 18 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2026/html/ecb.is260430~f99cb123a8.en.html | 2026-04-30 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. While the incoming information has been broadly consistent with our previous assessment of the inflation outlook, the upside risks to inflation ... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 10
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. While the incoming information has been broadly consistent with our previous assessment of the inflation outlook, the upside risks to inflation and the d... | 23 | [
{
"text": "President Lagarde, the statement says that the upside risks to inflation and the downside risks to growth have intensified. Where does this new risk assessment leave the ECB between its baseline, its adverse and the severe scenario, and what does it mean for monetary policy ahead? And related to that... | [
"President Lagarde, the statement says that the upside risks to inflation and the downside risks to growth have intensified. Where does this new risk assessment leave the ECB between its baseline, its adverse and the severe scenario, and what does it mean for monetary policy ahead? And related to that, would you sa... | [
"I think we would all wish that there was a quick end to the war. But looking at our monetary policy and the decision that we made today, we decided to keep the three interest rates unchanged. And to address your questions, I'm not going to tell you whether we are closer to the baseline, or scenario one, or scenari... | President Lagarde, the statement says that the upside risks to inflation and the downside risks to growth have intensified. Where does this new risk assessment leave the ECB between its baseline, its adverse and the severe scenario, and what does it mean for monetary policy ahead? And related to that, would you say tha... | 26 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2026/html/ecb.is260319~93b1cbad97.en.html | 2026-03-19 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. We are determined to ensure that inflation stabilises at our two per cent target in the medium term. The war in the Middle East has made the out... | [
{
"text": "Economic activity",
"after_paragraph_index": 7
},
{
"text": "Inflation",
"after_paragraph_index": 11
},
{
"text": "Risk assessment",
"after_paragraph_index": 14
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 16
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. We are determined to ensure that inflation stabilises at our two per cent target in the medium term. The war in the Middle East has made the outlook sign... | 22 | [
{
"text": "I have two questions. The first one is how the discussion went inside the Governing Council regarding the very uncertain outlook for monetary policy, whether you are all in one camp or whether there is perhaps a range of opinions. The second question is on the markets, because the markets are trying ... | [
"I have two questions. The first one is how the discussion went inside the Governing Council regarding the very uncertain outlook for monetary policy, whether you are all in one camp or whether there is perhaps a range of opinions. The second question is on the markets, because the markets are trying to understand ... | [
"Let me give you a little bit the ambiance and the process through which we went in the last couple of days. We had an in-depth discussion on the current situation, and we are ever so grateful that our staff – at the risk of having zero weekends and very, very short nights – was able to provide us with a baseline a... | I have two questions. The first one is how the discussion went inside the Governing Council regarding the very uncertain outlook for monetary policy, whether you are all in one camp or whether there is perhaps a range of opinions. The second question is on the markets, because the markets are trying to understand how f... | 13 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2026/html/ecb.is260205~50858cb986.en.html | 2026-02-05 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"We would like to begin by congratulating Bulgaria on joining the euro area on 1 January 2026. We also warmly welcome Dimitar Radev, the Governor of Българска народна банка (Bulgarian National Bank), to the Governing Council. Members... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 12
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 14
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
We would like to begin by congratulating Bulgaria on joining the euro area on 1 January 2026. We also warmly welcome Dimitar Radev, the Governor of Българска народна банка (Bulgarian National Bank), to the Governing Council. Membership of th... | 21 | [
{
"text": "My first question is on the risk assessment. Given the events of recent weeks, including new tariff threats by the United States, would you say that inflation and economic risks on both sides have become more pronounced again, and has the ECB’s good place perhaps become a little less comfortable? And... | [
"My first question is on the risk assessment. Given the events of recent weeks, including new tariff threats by the United States, would you say that inflation and economic risks on both sides have become more pronounced again, and has the ECB’s good place perhaps become a little less comfortable? And I’m also curi... | [
"Let me first of all mention to all of you that the Governing Council took a unanimous decision to keep the rates at their current level, unchanged. In relation to our risk assessment, you will have seen that we take a “one hand, the other hand” approach, both in relation to activity and in relation to inflation. A... | My first question is on the risk assessment. Given the events of recent weeks, including new tariff threats by the United States, would you say that inflation and economic risks on both sides have become more pronounced again, and has the ECB’s good place perhaps become a little less comfortable? And I’m also curious h... | 20 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is251218~3a10402adb.en.html | 2025-12-18 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. Our updated assessment reconfirms that inflation should stabilise at our two per cent target in the medium term.",
"The new Eurosystem staff p... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. Our updated assessment reconfirms that inflation should stabilise at our two per cent target in the medium term.
The new Eurosystem staff projections sh... | 22 | [
{
"text": "Two questions, President Lagarde. The first one is about interest rates, and the question is: Are we still in a good place? Whenever the interest rate moves next time, is it more likely to go up or down? Do you have clarity on that?",
"role": "question"
},
{
"text": "The second question i... | [
"Two questions, President Lagarde. The first one is about interest rates, and the question is: Are we still in a good place? Whenever the interest rate moves next time, is it more likely to go up or down? Do you have clarity on that?",
"The second question is about economic growth, given your second straight, fai... | [
"On interest rate, we reconfirmed that we are in a good place, which does not mean that we are static. There was a unanimous decision that was taken today concerning the rates that we decided to hold, but there was also a unanimous view that all optionalities should remain on the table and that we would stick to th... | Two questions, President Lagarde. The first one is about interest rates, and the question is: Are we still in a good place? Whenever the interest rate moves next time, is it more likely to go up or down? Do you have clarity on that?
The second question is about economic growth, given your second straight, fairly large... | 52 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is251030~4f74dde15e.en.html | 2025-10-30 | Florence | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank Governor Panetta for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.",
"The Governing Council today decided to keep t... | [
{
"text": "Economic activity",
"after_paragraph_index": 4
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 12
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 14
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank Governor Panetta for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.
The Governing Council today decided to keep the three ... | 22 | [
{
"text": "President Lagarde, thank you very much for taking my questions. The first question would be, of course, on your famous mantra that you're in a good place right now when it comes to the policy stance. So given that private economic activity in the euro area is not really great, I mean if you deduct wh... | [
"President Lagarde, thank you very much for taking my questions. The first question would be, of course, on your famous mantra that you're in a good place right now when it comes to the policy stance. So given that private economic activity in the euro area is not really great, I mean if you deduct what comes from ... | [
"for your two questions.",
"Your first question: Are we in a good place? I would observe that thanks to the hospitality of Banca d'Italia, we are in a magnificent place. From a monetary policy point of view, we are in a good place. Is it a fixed good place? No. But we will do whatever is needed to make sure that ... | President Lagarde, thank you very much for taking my questions. The first question would be, of course, on your famous mantra that you're in a good place right now when it comes to the policy stance. So given that private economic activity in the euro area is not really great, I mean if you deduct what comes from the f... | 70 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250911~a13675b834.en.html | 2025-09-11 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflation is currently at around our two per cent medium-term target and our assessment of the inflation outlook is broadly unchanged.",
"The ... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflation is currently at around our two per cent medium-term target and our assessment of the inflation outlook is broadly unchanged.
The new ECB staff... | 20 | [
{
"text": "Economists believe the ECB’s easing cycle is over. With the outlook broadly unchanged, as you mentioned, would you say they’re right and would you say everybody on the Governing Council agrees on that assessment? My second question is about inflation. You mentioned a whole bunch of inflation risks. W... | [
"Economists believe the ECB’s easing cycle is over. With the outlook broadly unchanged, as you mentioned, would you say they’re right and would you say everybody on the Governing Council agrees on that assessment? My second question is about inflation. You mentioned a whole bunch of inflation risks. Would you say t... | [
"Let me say this: the disinflationary process is over, and I’m referring here to the causes for inflation that we have experienced in the last few quarters. So, in anticipation of the possible questions, are we still in a good place? Well, we continue to be in a good place. Now, why do I say that? Because inflation... | Economists believe the ECB’s easing cycle is over. With the outlook broadly unchanged, as you mentioned, would you say they’re right and would you say everybody on the Governing Council agrees on that assessment? My second question is about inflation. You mentioned a whole bunch of inflation risks. Would you say they a... | 18 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250724~a66e730494.en.html | 2025-07-24 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflation is currently at our two per cent medium-term target. The incoming information is broadly in line with our previous assessment of the i... | [
{
"text": "Economic activity",
"after_paragraph_index": 4
},
{
"text": "Inflation",
"after_paragraph_index": 8
},
{
"text": "Risk assessment",
"after_paragraph_index": 11
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 13
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflation is currently at our two per cent medium-term target. The incoming information is broadly in line with our previous assessment of the inflation ... | 20 | [
{
"text": "The first question is on the euro exchange rate. We’ve heard from your dear colleague, Vice-President Luis de Guindos, in Sintra that anything beyond 1.20 might be complicated. What's your assessment? When does it start to get complicated, and when do the deflationary effects from that higher euro st... | [
"The first question is on the euro exchange rate. We’ve heard from your dear colleague, Vice-President Luis de Guindos, in Sintra that anything beyond 1.20 might be complicated. What's your assessment? When does it start to get complicated, and when do the deflationary effects from that higher euro start to worry y... | [
"Let me just tell you that in relation to exchange rates, we do not target any exchange rate. Second, we monitor exchange rates indeed because exchange rates matter for our inflation forecast. And I’m here quoting my dear friend and colleague, the Vice-President, who said recently, “we take into account exchange ra... | The first question is on the euro exchange rate. We’ve heard from your dear colleague, Vice-President Luis de Guindos, in Sintra that anything beyond 1.20 might be complicated. What's your assessment? When does it start to get complicated, and when do the deflationary effects from that higher euro start to worry you? T... | 17 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250605~f00a36ef2b.en.html | 2025-06-05 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based... | [
{
"text": "Economic activity",
"after_paragraph_index": 8
},
{
"text": "Inflation",
"after_paragraph_index": 12
},
{
"text": "Risk assessment",
"after_paragraph_index": 15
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 17
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our u... | 24 | [
{
"text": "The first question is on rates: has anyone today advocated either pausing rate cuts or cutting by a bigger 50 basis points? And would you say that after today’s rate cut to 2%, a pause at the next meeting in July would make sense, also to wait for new projections in September? And the other question ... | [
"The first question is on rates: has anyone today advocated either pausing rate cuts or cutting by a bigger 50 basis points? And would you say that after today’s rate cut to 2%, a pause at the next meeting in July would make sense, also to wait for new projections in September? And the other question is not on the ... | [
"I’ll start with the first question, which is really the order of business and the main topic today. We cut interest rates by 25 basis points. And with today’s cut, at the current level of interest rates, we believe that we are in a good position to navigate the uncertain conditions that will be coming up. So we ar... | The first question is on rates: has anyone today advocated either pausing rate cuts or cutting by a bigger 50 basis points? And would you say that after today’s rate cut to 2%, a pause at the next meeting in July would make sense, also to wait for new projections in September? And the other question is not on the futur... | 22 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250417~091c625eb6.en.html | 2025-04-17 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 8
},
{
"text": "Risk assessment",
"after_paragraph_index": 11
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 13
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our u... | 21 | [
{
"text": "My first question would be on the rate cut, so 25 basis points. Has that been backed by everybody? And has there been a discussion about potentially cutting by 50? And then I would like to know your assessment about the reinflationary or disinflationary effect of tariffs, because there the jury seems... | [
"My first question would be on the rate cut, so 25 basis points. Has that been backed by everybody? And has there been a discussion about potentially cutting by 50? And then I would like to know your assessment about the reinflationary or disinflationary effect of tariffs, because there the jury seems to be still o... | [
"I can confirm to you that the decision to cut rates by 25 basis points was a unanimous decision. Options were debated, but there was no one to argue in favour of a 50-basis-point cut, for instance. So 25 basis points was definitely the rate cut on which all in the room agreed. I will happily address the issue of w... | My first question would be on the rate cut, so 25 basis points. Has that been backed by everybody? And has there been a discussion about potentially cutting by 50? And then I would like to know your assessment about the reinflationary or disinflationary effect of tariffs, because there the jury seems to be still out, b... | 22 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250306~4307bd0941.en.html | 2025-03-06 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based... | [
{
"text": "Economic activity",
"after_paragraph_index": 7
},
{
"text": "Inflation",
"after_paragraph_index": 11
},
{
"text": "Risk assessment",
"after_paragraph_index": 14
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 16
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our u... | 23 | [
{
"text": "My first question is on the way forward. So you say that your monetary policy is becoming meaningfully less restrictive. Does it mean you could slow the pace of rate cuts now and perhaps pause in April? Did you discuss such a scenario at your meeting today?",
"role": "question"
},
{
"text... | [
"My first question is on the way forward. So you say that your monetary policy is becoming meaningfully less restrictive. Does it mean you could slow the pace of rate cuts now and perhaps pause in April? Did you discuss such a scenario at your meeting today?",
"And the second question, perhaps related to that, is... | [
"In your first question, you very well noted that we have changed the wording of the fourth paragraph of our monetary policy statement. So let me try to explain what it means because it's not just an innocuous little change, it's a change that has a certain meaning. What we had previously was that we would keep our... | My first question is on the way forward. So you say that your monetary policy is becoming meaningfully less restrictive. Does it mean you could slow the pace of rate cuts now and perhaps pause in April? Did you discuss such a scenario at your meeting today?
And the second question, perhaps related to that, is on fisca... | 32 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250130~1f418aa0f4.en.html | 2025-01-30 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 12
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 14
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our u... | 22 | [
{
"text": "The first question is about the future. Where do we go from here? Are you still confident about the direction? Your fellow Board member Isabel Schnabel said that we are getting closer and closer to the point where you need to have a discussion about how much further rates can come down. Did you start... | [
"The first question is about the future. Where do we go from here? Are you still confident about the direction? Your fellow Board member Isabel Schnabel said that we are getting closer and closer to the point where you need to have a discussion about how much further rates can come down. Did you start having the di... | [
"First of all, I just want to remind you that by lowering by 25 basis points today our three interest rates, particularly the DFR, we have now cut by 125 basis points relative to the high level where we were. Secondly, there was no discussion as to whether this decision was appropriate or not. It was a unanimous de... | The first question is about the future. Where do we go from here? Are you still confident about the direction? Your fellow Board member Isabel Schnabel said that we are getting closer and closer to the point where you need to have a discussion about how much further rates can come down. Did you start having the discuss... | 17 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.en.html | 2024-12-12 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based... | [
{
"text": "Economic activity",
"after_paragraph_index": 8
},
{
"text": "Inflation",
"after_paragraph_index": 12
},
{
"text": "Risk assessment",
"after_paragraph_index": 16
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 18
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our u... | 26 | [
{
"text": "I have two questions. The first is on a general flavour of the arguments which have been exchanged in order to reach the decision today. What were the key arguments in favour of that 25 basis points rate cut? Second question, you dropped the reference to keep interest rates restrictive or sufficientl... | [
"I have two questions. The first is on a general flavour of the arguments which have been exchanged in order to reach the decision today. What were the key arguments in favour of that 25 basis points rate cut? Second question, you dropped the reference to keep interest rates restrictive or sufficiently restrictive ... | [
"We had a Governing Council meeting that was the last of 2024 and which really led us to acknowledge, not yet the victory against inflation, not yet “mission accomplished”, but certainly it led us to acknowledge that inflation was really on track, in terms of reaching our 2% target in the medium-term. And that gave... | I have two questions. The first is on a general flavour of the arguments which have been exchanged in order to reach the decision today. What were the key arguments in favour of that 25 basis points rate cut? Second question, you dropped the reference to keep interest rates restrictive or sufficiently restrictive for t... | 23 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is241017~59ad385bab.en.html | 2024-10-17 | Ljubljana | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank Governor Vasle for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.",
"The Governing Council today decided to lower th... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 10
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank Governor Vasle for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.
The Governing Council today decided to lower the three k... | 22 | [
{
"text": "My first question would be on the next steps. It sounds like you expect to reach a 2% target maybe sooner than predicted in September. Does the decision to cut today really represent a shift of gear? Do you expect a cut at every meeting for the next few meetings now to be the most likely scenario? An... | [
"My first question would be on the next steps. It sounds like you expect to reach a 2% target maybe sooner than predicted in September. Does the decision to cut today really represent a shift of gear? Do you expect a cut at every meeting for the next few meetings now to be the most likely scenario? And the second q... | [
"We decided to cut all our rates by 25 basis points because we believe that the disinflationary process is well on track and all the information that we received in the last five weeks since our last monetary policy decision was heading in the same direction – lower! Whether you looked at inflation numbers, headlin... | My first question would be on the next steps. It sounds like you expect to reach a 2% target maybe sooner than predicted in September. Does the decision to cut today really represent a shift of gear? Do you expect a cut at every meeting for the next few meetings now to be the most likely scenario? And the second questi... | 23 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240912~4f7b17040c.en.html | 2024-09-12 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to lower the deposit facility rate – the rate through which we steer the monetary policy stance – by 25 basis points. Based on our updated assessment of the inflation outlook, the dynamics of unde... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 10
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to lower the deposit facility rate – the rate through which we steer the monetary policy stance – by 25 basis points. Based on our updated assessment of the inflation outlook, the dynamics of underlying in... | 22 | [
{
"text": "I have a question on the decision to cut by 25 basis points versus 50 basis points. Why did you go for 25? And my second question is: looking into the future, given that the Fed also is going to start to cut, the macroeconomic picture is gloomier than before. Inflation is coming back. Is the market r... | [
"I have a question on the decision to cut by 25 basis points versus 50 basis points. Why did you go for 25? And my second question is: looking into the future, given that the Fed also is going to start to cut, the macroeconomic picture is gloomier than before. Inflation is coming back. Is the market right to antici... | [
"On your question about our decision, we decided to cut the deposit facility rate by 25 basis points. And that was a unanimous decision. We proceeded as we normally do and have very clearly indicated by obviously looking at data and looking in particular at data through the prism of our three key criteria. So when ... | I have a question on the decision to cut by 25 basis points versus 50 basis points. Why did you go for 25? And my second question is: looking into the future, given that the Fed also is going to start to cut, the macroeconomic picture is gloomier than before. Inflation is coming back. Is the market right to anticipate ... | 18 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240718~6600b4add6.en.html | 2024-07-18 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information broadly supports our previous assessment of the medium-term inflation outlook. While some measures of underlying inflat... | [
{
"text": "Economic activity",
"after_paragraph_index": 4
},
{
"text": "Inflation",
"after_paragraph_index": 7
},
{
"text": "Risk assessment",
"after_paragraph_index": 10
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 12
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information broadly supports our previous assessment of the medium-term inflation outlook. While some measures of underlying inflation ticke... | 19 | [
{
"text": "You said that domestic price pressures are still high. Could you elaborate a bit what the biggest lingering concerns were during your meeting around the issue of wages, profits and productivity, and what you would need to see in the data on those points that you're going to get over the summer in ord... | [
"You said that domestic price pressures are still high. Could you elaborate a bit what the biggest lingering concerns were during your meeting around the issue of wages, profits and productivity, and what you would need to see in the data on those points that you're going to get over the summer in order to be comfo... | [
"for your two questions. Let me start with the second one and I'm going to repeat for you a paragraph that we discussed and that we slightly modified, but which essentially remains intact with a bit more force probably, which is that “national fiscal and structural policies should aim at making the economy more pro... | You said that domestic price pressures are still high. Could you elaborate a bit what the biggest lingering concerns were during your meeting around the issue of wages, profits and productivity, and what you would need to see in the data on those points that you're going to get over the summer in order to be comfortabl... | 19 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240606~d32cd6cc8a.en.html | 2024-06-06 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. Based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy tra... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 12
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 14
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. Based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission... | 21 | [
{
"text": "Cutting rates at the same time as hiking the inflation forecast needs perhaps a little bit more explanation and raises also the question whether you perhaps pre-committed yourself too early to that cut. The second one is that the market currently is expecting some 65 basis points in cuts during the c... | [
"Cutting rates at the same time as hiking the inflation forecast needs perhaps a little bit more explanation and raises also the question whether you perhaps pre-committed yourself too early to that cut. The second one is that the market currently is expecting some 65 basis points in cuts during the course of this ... | [
"Let me take this opportunity to give you bit of an opening answer and tell you what we did this morning and what happened as a preamble to this morning’s decision. But let me first tell you that we started our meeting this morning by paying tribute to the many men and women who sacrificed their lives on the beach ... | Cutting rates at the same time as hiking the inflation forecast needs perhaps a little bit more explanation and raises also the question whether you perhaps pre-committed yourself too early to that cut. The second one is that the market currently is expecting some 65 basis points in cuts during the course of this year.... | 21 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240411~9974984b58.en.html | 2024-04-11 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed our previous assessment of the medium-term inflation outlook. Inflation has continued to fall, le... | [
{
"text": "Economic activity",
"after_paragraph_index": 4
},
{
"text": "Inflation",
"after_paragraph_index": 7
},
{
"text": "Risk assessment",
"after_paragraph_index": 10
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 12
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed our previous assessment of the medium-term inflation outlook. Inflation has continued to fall, led by lowe... | 19 | [
{
"text": "I heard you loud and clear on confidence needing to increase for restriction to be removed and I also heard you saying that you are not pre-committed to a specific policy path. I do want to ask you whether you believe that the levels of confidence that you talk about can be reached by the time you ne... | [
"I heard you loud and clear on confidence needing to increase for restriction to be removed and I also heard you saying that you are not pre-committed to a specific policy path. I do want to ask you whether you believe that the levels of confidence that you talk about can be reached by the time you next gather to s... | [
"Well, you are asking the first question, but you seem to be covering quite a bit of ground that maybe others wanted to cover as well. So I'll try to respond briefly to give others a chance as well to ask similar questions. So you heard me loud and clear, indicating that new sentence which is prominent in our monet... | I heard you loud and clear on confidence needing to increase for restriction to be removed and I also heard you saying that you are not pre-committed to a specific policy path. I do want to ask you whether you believe that the levels of confidence that you talk about can be reached by the time you next gather to set po... | 18 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240307~314650bd5c.en.html | 2024-03-07 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. Since our last meeting in January, inflation has declined further. In the latest ECB staff projections, inflation has been revised down, in part... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 8
},
{
"text": "Risk assessment",
"after_paragraph_index": 11
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 13
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. Since our last meeting in January, inflation has declined further. In the latest ECB staff projections, inflation has been revised down, in particular fo... | 19 | [
{
"text": "The first question would be on the more abrupt revision of inflation than expected. How does that translate on the rate outlook? And my second question would be more on the discussions you’ve been having inside the Governing Council. Have you also discussed perhaps doing too much, and by that, risk t... | [
"The first question would be on the more abrupt revision of inflation than expected. How does that translate on the rate outlook? And my second question would be more on the discussions you’ve been having inside the Governing Council. Have you also discussed perhaps doing too much, and by that, risk that inflation ... | [
"for your question and allow me to preface my response to your question with something that we discussed this morning, which is a little bit unrelated to monetary policy, which has to do with the topic of concern to many European institutions, which is the capital markets union. As some of you will remember, the Go... | The first question would be on the more abrupt revision of inflation than expected. How does that translate on the rate outlook? And my second question would be more on the discussions you’ve been having inside the Governing Council. Have you also discussed perhaps doing too much, and by that, risk that inflation is go... | 26 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240125~db0f145c32.en.html | 2024-01-25 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed our previous assessment of the medium-term inflation outlook. Aside from an energy-related upward... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 8
},
{
"text": "Risk assessment",
"after_paragraph_index": 11
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 13
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed our previous assessment of the medium-term inflation outlook. Aside from an energy-related upward base eff... | 20 | [
{
"text": "Last week in Davos, you said that you consider it likely that interest rates will be cut in the summer, after some of your colleagues already had given similar guidance. Did you discuss the possible timing of an interest rate cut at today’s meeting, also in light of the weak economic data we got from... | [
"Last week in Davos, you said that you consider it likely that interest rates will be cut in the summer, after some of your colleagues already had given similar guidance. Did you discuss the possible timing of an interest rate cut at today’s meeting, also in light of the weak economic data we got from Germany this ... | [
"First of all, the consensus around the table of the Governing Council was that it was premature to discuss rate cuts. In addition to that, I typically stand by my comments. So the comments I made to your television channel, Bloomberg, I certainly stand by them. I’m not sure that I would exactly characterise them a... | Last week in Davos, you said that you consider it likely that interest rates will be cut in the summer, after some of your colleagues already had given similar guidance. Did you discuss the possible timing of an interest rate cut at today’s meeting, also in light of the weak economic data we got from Germany this morni... | 28 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is231214~df8627de60.en.html | 2023-12-14 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to keep the three key ECB interest rates unchanged. While inflation has dropped in recent months, it is likely to pick up again temporarily in the near term. According to the latest Eurosystem sta... | [
{
"text": "Economic activity",
"after_paragraph_index": 8
},
{
"text": "Inflation",
"after_paragraph_index": 11
},
{
"text": "Risk assessment",
"after_paragraph_index": 14
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 16
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. While inflation has dropped in recent months, it is likely to pick up again temporarily in the near term. According to the latest Eurosystem staff projec... | 24 | [
{
"text": "I have two questions. The first one is on the market expectations about the future rate trajectory, especially after the Fed yesterday was quite explicit about the potential of three rate cuts during the course of next year. So what is the ECB’s thinking? The second is on the pandemic emergency purch... | [
"I have two questions. The first one is on the market expectations about the future rate trajectory, especially after the Fed yesterday was quite explicit about the potential of three rate cuts during the course of next year. So what is the ECB’s thinking? The second is on the pandemic emergency purchase programme ... | [
"for your two questions. But let me remind you of one thing. We are data dependent. We are not time dependent. We are data dependent. And let me take you into the Governing Council room. As you remember, we have defined the three key criteria of our monetary policy stance, namely inflation outlook, underlying infla... | I have two questions. The first one is on the market expectations about the future rate trajectory, especially after the Fed yesterday was quite explicit about the potential of three rate cuts during the course of next year. So what is the ECB’s thinking? The second is on the pandemic emergency purchase programme (PEPP... | 18 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is231026~c23b4eb5f0.en.html | 2023-10-26 | Athens | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank Governor Stournaras for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.",
"The Governing Council today decided to kee... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 8
},
{
"text": "Risk assessment",
"after_paragraph_index": 11
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 13
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank Governor Stournaras for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.
The Governing Council today decided to keep the thr... | 21 | [
{
"text": "What role did the recent weak economic data and the war in Gaza play in today's discussion? And secondly, did you discuss or at least begin talking about ending PEPP reinvestment earlier or raising banks’ reserve requirements?",
"role": "question"
},
{
"text": "Neither of these two questi... | [
"What role did the recent weak economic data and the war in Gaza play in today's discussion? And secondly, did you discuss or at least begin talking about ending PEPP reinvestment earlier or raising banks’ reserve requirements?",
"I have two questions. I think on many peoples’ minds is the question how long is ac... | [
"Neither of these two questions, neither the PEPP, nor the remuneration of required reserves have been discussed at this meeting. You ask me about the current geopolitical environment and how that has weighed on our decision. I think we repeat two or three times in the context of this monetary policy statement the ... | What role did the recent weak economic data and the war in Gaza play in today's discussion? And secondly, did you discuss or at least begin talking about ending PEPP reinvestment earlier or raising banks’ reserve requirements?
Neither of these two questions, neither the PEPP, nor the remuneration of required reserves ... | 33 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is230914~686786984a.en.html | 2023-09-14 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"Inflation continues to decline but is still expected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. In order to reinforce progress towar... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 8
},
{
"text": "Risk assessment",
"after_paragraph_index": 12
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 14
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
Inflation continues to decline but is still expected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. In order to reinforce progress towards our ta... | 20 | [
{
"text": "My first question is a general one. How did the discussion go? Because clearly before going into the meeting, there was much room for the so-called doves but also the hawks. So how did you come to a compromise? And the second question. Is that a dovish hike, meaning that’s it the end of the rate hiki... | [
"My first question is a general one. How did the discussion go? Because clearly before going into the meeting, there was much room for the so-called doves but also the hawks. So how did you come to a compromise? And the second question. Is that a dovish hike, meaning that’s it the end of the rate hiking cycle now o... | [
"So how did the discussion go? We had a lot of data, a lot of analysis done by staff and obviously this was a projection meeting and the projections were prepared by ECB staff. So we looked very closely at all those data. And to give you an example, we spent hours and hours yesterday, morning and afternoon, with th... | My first question is a general one. How did the discussion go? Because clearly before going into the meeting, there was much room for the so-called doves but also the hawks. So how did you come to a compromise? And the second question. Is that a dovish hike, meaning that’s it the end of the rate hiking cycle now or do ... | 32 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is230727~e0a11feb2e.en.html | 2023-07-27 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"Inflation continues to decline but is still expected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore toda... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
Inflation continues to decline but is still expected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today decided... | 23 | [
{
"text": "Does the absence of guidance for September mean the Governing Council is equally open to another hike, to a pause or even to the conclusion that rates have already reached their peak? That would be the first. And the second one – I am wondering how much of your decision on lowering the remuneration o... | [
"Does the absence of guidance for September mean the Governing Council is equally open to another hike, to a pause or even to the conclusion that rates have already reached their peak? That would be the first. And the second one – I am wondering how much of your decision on lowering the remuneration of minimum rese... | [
"Let me just remind you what we have been doing. And I will come to your interest, which is what happens next. But let me just remind you what we are doing, and what we have been doing. We are raising interest rates, all three rates by 25 basis points. And this is the ninth decision to hike that has been taken in a... | Does the absence of guidance for September mean the Governing Council is equally open to another hike, to a pause or even to the conclusion that rates have already reached their peak? That would be the first. And the second one – I am wondering how much of your decision on lowering the remuneration of minimum reserves ... | 31 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is230615~3de9d68335.en.html | 2023-06-15 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"Inflation has been coming down but is projected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today dec... | [
{
"text": "Economic activity",
"after_paragraph_index": 7
},
{
"text": "Inflation",
"after_paragraph_index": 10
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
Inflation has been coming down but is projected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today decided to r... | 23 | [
{
"text": "Six weeks ago you provided a fairly similar guidance in your statement. In the press conference you said there's more ground to cover and the ECB is not pausing. My first question is that, if you have a similar guidance, are you willing to make the same comment in the press conference today? The seco... | [
"Six weeks ago you provided a fairly similar guidance in your statement. In the press conference you said there's more ground to cover and the ECB is not pausing. My first question is that, if you have a similar guidance, are you willing to make the same comment in the press conference today? The second is, what le... | [
"On your first question, this meeting was the meeting of a Eurosystem projection exercise. So, we have looked very much at data. We have revised our projection. We essentially did what we said we would do: data dependent and using the three elements of our reaction function to determine what was the right decision ... | Six weeks ago you provided a fairly similar guidance in your statement. In the press conference you said there's more ground to cover and the ECB is not pausing. My first question is that, if you have a similar guidance, are you willing to make the same comment in the press conference today? The second is, what lessons... | 33 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is230504~f242392c72.en.html | 2023-05-04 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The inflation outlook continues to be too high for too long. In light of the ongoing high inflation pressures, the Governing Council today decided to raise the three key ECB interest rates by 25 basis points. Overall, the incoming i... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 12
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 14
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The inflation outlook continues to be too high for too long. In light of the ongoing high inflation pressures, the Governing Council today decided to raise the three key ECB interest rates by 25 basis points. Overall, the incoming informatio... | 20 | [
{
"text": "My first question would be on the rationale behind the reduced pace in the interest rate hike of 25 basis points – why did you come up with that?",
"role": "question"
},
{
"text": "My second question goes to the US regional lender banking crisis, which isn’t over yet. How concerned are yo... | [
"My first question would be on the rationale behind the reduced pace in the interest rate hike of 25 basis points – why did you come up with that?",
"My second question goes to the US regional lender banking crisis, which isn’t over yet. How concerned are you about potential spillover effects to the euro area?",
... | [
"I will take the first and ask my colleague and friend Vice-President Luis de Guindos to address the second one. So let me tell you a little bit about the mood in the room of the Governing Council. I would characterise the mood as determined – all governors are determined to fight inflation, tame inflation and retu... | My first question would be on the rationale behind the reduced pace in the interest rate hike of 25 basis points – why did you come up with that?
My second question goes to the US regional lender banking crisis, which isn’t over yet. How concerned are you about potential spillover effects to the euro area?
I will tak... | 42 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is230316~6c10b087b5.en.html | 2023-03-16 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"Inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with our determination to ensure the timely return of in... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 10
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
Inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with our determination to ensure the timely return of inflation t... | 20 | [
{
"text": "I was wondering, could you explain a little bit how you see the path of interest rates ahead? Until a few days ago, it seemed pretty clear that interest rates would have to rise further after this meeting, but you didn't give any guidance in the statement. Does this mean it could be that we've alread... | [
"I was wondering, could you explain a little bit how you see the path of interest rates ahead? Until a few days ago, it seemed pretty clear that interest rates would have to rise further after this meeting, but you didn't give any guidance in the statement. Does this mean it could be that we've already reached the ... | [
"On your first question: I would call your attention to one particular paragraph, which is the first one in our monetary policy statement in which we are really trying to dissect for you the mechanism of our reaction function. This is really the best guidance that we can provide and it is 1) the assessment of the i... | I was wondering, could you explain a little bit how you see the path of interest rates ahead? Until a few days ago, it seemed pretty clear that interest rates would have to rise further after this meeting, but you didn't give any guidance in the statement. Does this mean it could be that we've already reached the peak ... | 48 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2023/html/ecb.is230202~4313651089.en.html | 2023-02-02 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"We would like to begin by congratulating Croatia on joining the euro area on 1 January 2023. We also warmly welcome Boris Vujčić, the Governor of Hrvatska narodna banka, to the Governing Council. We will now report on the outcome of... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
We would like to begin by congratulating Croatia on joining the euro area on 1 January 2023. We also warmly welcome Boris Vujčić, the Governor of Hrvatska narodna banka, to the Governing Council. We will now report on the outcome of today’s ... | 20 | [
{
"text": "I was wondering if you could tell us a little bit about the flavour of the debate that preceded today’s decision to raise interest rates by 50 basis points in March? I’m interested in knowing whether there were any calls to commit for longer, potentially flag a less aggressive stance, or say nothing ... | [
"I was wondering if you could tell us a little bit about the flavour of the debate that preceded today’s decision to raise interest rates by 50 basis points in March? I’m interested in knowing whether there were any calls to commit for longer, potentially flag a less aggressive stance, or say nothing at all, given ... | [
"Those are really good questions to try to explain our decision. I would just remind you that our decision is not the decision for March. We’re taking a decision as of now, which is to raise all three interest rates by 50 basis points. I would characterise our good discussions with an enlarged Governing Council, gi... | I was wondering if you could tell us a little bit about the flavour of the debate that preceded today’s decision to raise interest rates by 50 basis points in March? I’m interested in knowing whether there were any calls to commit for longer, potentially flag a less aggressive stance, or say nothing at all, given that ... | 45 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is221215~197ac630ae.en.html | 2022-12-15 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to raise the three key ECB interest rates by 50 basis points and, based on the substantial upward revision to the inflation outlook, we expect to raise them further. In particular, we judge that i... | [
{
"text": "Economic activity",
"after_paragraph_index": 7
},
{
"text": "Inflation",
"after_paragraph_index": 11
},
{
"text": "Risk assessment",
"after_paragraph_index": 15
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 17
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to raise the three key ECB interest rates by 50 basis points and, based on the substantial upward revision to the inflation outlook, we expect to raise them further. In particular, we judge that interest r... | 23 | [
{
"text": "I have two questions. One on “the significantly higher rates at a steady pace”. Does that mean we are going to see more 50-basis-point hikes in the future? And how many do you envision if you see significantly higher rates?",
"role": "question"
},
{
"text": "On QT, quantitative tightening... | [
"I have two questions. One on “the significantly higher rates at a steady pace”. Does that mean we are going to see more 50-basis-point hikes in the future? And how many do you envision if you see significantly higher rates?",
"On QT, quantitative tightening, how do you decide which one do you reinvest and which ... | [
"On the first one, I’m glad that you picked up the key messages that are really embedded in this monetary policy statement that I have just read for you. One of the key messages, in addition to the hike that we decided today, is the indication that not only will we raise interest rates further, which is something t... | I have two questions. One on “the significantly higher rates at a steady pace”. Does that mean we are going to see more 50-basis-point hikes in the future? And how many do you envision if you see significantly higher rates?
On QT, quantitative tightening, how do you decide which one do you reinvest and which not? Is t... | 46 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is221027~358a06a35f.en.html | 2022-10-27 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. With this third major policy rate increase in a row, we have made substantial progress in withdrawing monetary policy accommodation. W... | [
{
"text": "Economic activity",
"after_paragraph_index": 6
},
{
"text": "Inflation",
"after_paragraph_index": 9
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "C... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. With this third major policy rate increase in a row, we have made substantial progress in withdrawing monetary policy accommodation. We took to... | 21 | [
{
"text": "Could you tell us whether you are comfortable with the expectation that interest rate steps are going to slow after today's decision and peak somewhere around 3% next year?",
"role": "question"
},
{
"text": "since we're now at the lower end of the neutral rate estimates, would it be fair ... | [
"Could you tell us whether you are comfortable with the expectation that interest rate steps are going to slow after today's decision and peak somewhere around 3% next year?",
"since we're now at the lower end of the neutral rate estimates, would it be fair to assume that the ECB could be ready to lay out a plan ... | [
"So that is a bag of questions that you put into one question! What we have done with the decision taken today is making yet more progress in withdrawing the accommodative [policy] and [the] support to demand that was made available. So we have made substantial progress in withdrawing that. Have we completed the jo... | Could you tell us whether you are comfortable with the expectation that interest rate steps are going to slow after today's decision and peak somewhere around 3% next year?
since we're now at the lower end of the neutral rate estimates, would it be fair to assume that the ECB could be ready to lay out a plan for reduc... | 49 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is220908~cd8363c58e.en.html | 2022-09-08 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Jump to the transcript of the questions and answers",
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. This major step frontloads the transition from the prevailing highly accommod... | [
{
"text": "Economic activity",
"after_paragraph_index": 7
},
{
"text": "Inflation",
"after_paragraph_index": 11
},
{
"text": "Risk assessment",
"after_paragraph_index": 15
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 17
},
{
"text": "... | Jump to the transcript of the questions and answers
Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. This major step frontloads the transition from the prevailing highly accommodative level o... | 22 | [
{
"text": "Could you give us a flavour of the Governing Council's discussions, the arguments for and against, that led to today's decision to raise rates by 75 basis points and not for example by 50 or 100 basis points?",
"role": "question"
},
{
"text": "Then my second question: from the present sta... | [
"Could you give us a flavour of the Governing Council's discussions, the arguments for and against, that led to today's decision to raise rates by 75 basis points and not for example by 50 or 100 basis points?",
"Then my second question: from the present standpoint how close to both the neutral rate of interest a... | [
"I'll take them in turn. On your first question: the Governing Council unanimously decided to raise the three key ECB rates by 75 basis points. We had different views around the table, a thorough discussion but the outcome of our discussion was a unanimous decision. So how did we come to that decision? As I have sa... | Could you give us a flavour of the Governing Council's discussions, the arguments for and against, that led to today's decision to raise rates by 75 basis points and not for example by 50 or 100 basis points?
Then my second question: from the present standpoint how close to both the neutral rate of interest and the ex... | 51 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is220721~51ef267c68.en.html | 2022-07-21 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Jump to the transcript of the questions and answers",
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"Today, in line with our strong commitment to our price stability mandate, the Governing Council took further key steps to make sure inflation returns to our two per cent targe... | [
{
"text": "Economic activity",
"after_paragraph_index": 9
},
{
"text": "Inflation",
"after_paragraph_index": 12
},
{
"text": "Risk assessment",
"after_paragraph_index": 16
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 18
},
{
"text": "... | Jump to the transcript of the questions and answers
Good afternoon, the Vice-President and I welcome you to our press conference.
Today, in line with our strong commitment to our price stability mandate, the Governing Council took further key steps to make sure inflation returns to our two per cent target over the me... | 25 | [
{
"text": "My first question is on your forward guidance and what the frontloading means for September, because you previously have been guiding us and the market that September will see a 50 basis points hike unless there are clear signs of inflation going down.",
"role": "question"
},
{
"text": "T... | [
"My first question is on your forward guidance and what the frontloading means for September, because you previously have been guiding us and the market that September will see a 50 basis points hike unless there are clear signs of inflation going down.",
"The second question is on Italy. We are seeing yields ris... | [
"Actually, your question helps me give you a bit of an insight of what happened during this really important Governing Council meeting. Governing Council members around the table made two important decisions. The first one had to do with interest rate hikes by 50 basis points – and I will come back to forward guida... | My first question is on your forward guidance and what the frontloading means for September, because you previously have been guiding us and the market that September will see a 50 basis points hike unless there are clear signs of inflation going down.
The second question is on Italy. We are seeing yields rising with ... | 49 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is220609~abe7c95b19.en.html | 2022-06-09 | Amsterdam | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Jump to the transcript of the questions and answers",
"Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank President Knot for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Coun... | [
{
"text": "Economic activity",
"after_paragraph_index": 12
},
{
"text": "Inflation",
"after_paragraph_index": 15
},
{
"text": "Risk assessment",
"after_paragraph_index": 18
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 20
},
{
"text": ... | Jump to the transcript of the questions and answers
Good afternoon, the Vice-President and I welcome you to our press conference. I would like to thank President Knot for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council.
Hig... | 26 | [
{
"text": "I have two questions. Firstly, one argument that you've made rather frequently over the last few months is that the euro area economy is in a very different place than other advanced economies. Even so, three months after the Fed started raising interest rates, you are now looking to start doing the ... | [
"I have two questions. Firstly, one argument that you've made rather frequently over the last few months is that the euro area economy is in a very different place than other advanced economies. Even so, three months after the Fed started raising interest rates, you are now looking to start doing the same. So, is t... | [
"The Governing Council, on the occasion of this meeting organised outside of Frankfurt, in beautiful Amsterdam – thanks to the National Central Bank of the Netherlands – focussed primarily on the challenge of high inflation facing the euro area, and on taking further steps in our normalisation path that we started ... | I have two questions. Firstly, one argument that you've made rather frequently over the last few months is that the euro area economy is in a very different place than other advanced economies. Even so, three months after the Fed started raising interest rates, you are now looking to start doing the same. So, is this s... | 49 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is220414~fa5c8fe142.en.html | 2022-04-14 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"Russia’s aggression towards Ukraine is causing enormous suffering. It is also affecting the economy, in Europe and beyond. The conflict and the associated uncertainty are weighing heavily on the confidence of businesses and consumer... | [
{
"text": "Economic activity",
"after_paragraph_index": 3
},
{
"text": "Inflation",
"after_paragraph_index": 6
},
{
"text": "Risk assessment",
"after_paragraph_index": 9
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 11
},
{
"text": "Co... | Good afternoon, the Vice-President and I welcome you to our press conference.
Russia’s aggression towards Ukraine is causing enormous suffering. It is also affecting the economy, in Europe and beyond. The conflict and the associated uncertainty are weighing heavily on the confidence of businesses and consumers. Trade ... | 17 | [
{
"text": "I have two questions. The first one: could you give us a bit of a flavour for the discussion? Did some of your colleagues call for a more definite end date for the APP, and what was the clincher argument for keeping your formulation despite sharply higher inflation?",
"role": "question"
},
{
... | [
"I have two questions. The first one: could you give us a bit of a flavour for the discussion? Did some of your colleagues call for a more definite end date for the APP, and what was the clincher argument for keeping your formulation despite sharply higher inflation?",
"The second question is about interest rates... | [
"On your first question I would call your attention to a particular sentence in the monetary policy statement (MPS), which reflects the evolution of the Governing Council assessment of the current situation five weeks after the last monetary policy Governing Council meeting that we had, which is a very short interv... | I have two questions. The first one: could you give us a bit of a flavour for the discussion? Did some of your colleagues call for a more definite end date for the APP, and what was the clincher argument for keeping your formulation despite sharply higher inflation?
The second question is about interest rates and mark... | 43 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is220310~1bc8c1b1ca.en.html | 2022-03-10 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The Russian invasion of Ukraine is a watershed for Europe. The Governing Council expresses its full support to the people of Ukraine. We will ensure smooth liquidity conditions and implement the sanctions decided by the European Uni... | [
{
"text": "Economic activity",
"after_paragraph_index": 9
},
{
"text": "Inflation",
"after_paragraph_index": 12
},
{
"text": "Risk assessment",
"after_paragraph_index": 15
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 17
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The Russian invasion of Ukraine is a watershed for Europe. The Governing Council expresses its full support to the people of Ukraine. We will ensure smooth liquidity conditions and implement the sanctions decided by the European Union and Eu... | 23 | [
{
"text": "A lot of the recent communication from the ECB has been about how supply driven the current inflation and even core inflation surge is, so how much agreement was there in the Governing Council about accelerating the pace of normalisation now?",
"role": "question"
},
{
"text": "your new gu... | [
"A lot of the recent communication from the ECB has been about how supply driven the current inflation and even core inflation surge is, so how much agreement was there in the Governing Council about accelerating the pace of normalisation now?",
"your new guidance states that interest rates will follow some time ... | [
"for your three questions. First of all, in terms of Governing Council: we had very intense discussions about the current economic situation, about the outlook, about the uncertainty. And as with most institutions, communities, families – and probably you all – the war of Russia against Ukraine has tainted and over... | A lot of the recent communication from the ECB has been about how supply driven the current inflation and even core inflation surge is, so how much agreement was there in the Governing Council about accelerating the pace of normalisation now?
your new guidance states that interest rates will follow some time after net... | 38 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2022/html/ecb.is220203~ca7001dec0.en.html | 2022-02-03 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The euro area economy is continuing to recover and the labour market is improving further, helped by ample policy support. But growth is likely to remain subdued in the first quarter, as the current pandemic wave is still weighing o... | [
{
"text": "Economic activity",
"after_paragraph_index": 4
},
{
"text": "Inflation",
"after_paragraph_index": 6
},
{
"text": "Risk assessment",
"after_paragraph_index": 8
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 9
},
{
"text": "Con... | Good afternoon, the Vice-President and I welcome you to our press conference.
The euro area economy is continuing to recover and the labour market is improving further, helped by ample policy support. But growth is likely to remain subdued in the first quarter, as the current pandemic wave is still weighing on economi... | 14 | [
{
"text": "My first one would be: In light of that record inflation reading seen in January for the eurozone, how did the discussion go in the Governing Council? Are there more frictions now, and is the camp of those who are calling for action getting louder?",
"role": "question"
},
{
"text": "The s... | [
"My first one would be: In light of that record inflation reading seen in January for the eurozone, how did the discussion go in the Governing Council? Are there more frictions now, and is the camp of those who are calling for action getting louder?",
"The second one is on the market pricing in two rate hikes for... | [
"for these two very pertinent questions. Concerning inflation: with the upside surprise that we have seen first in December, second in January, I can tell you that there was unanimous concern around the table of the Governing Council about inflation numbers and obviously the impact this has on the near term and the... | My first one would be: In light of that record inflation reading seen in January for the eurozone, how did the discussion go in the Governing Council? Are there more frictions now, and is the camp of those who are calling for action getting louder?
The second one is on the market pricing in two rate hikes for 2022. Yo... | 58 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is211216~9abaace28e.en.html | 2021-12-16 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"The first paragraph of the last question was updated on 17 December 2021 at 14:40 to correct a transcription error.",
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The euro area economy continues to recover and the labour market is improving, helped by ample policy support. ... | [
{
"text": "Economic activity",
"after_paragraph_index": 11
},
{
"text": "Inflation",
"after_paragraph_index": 17
},
{
"text": "Risk assessment",
"after_paragraph_index": 22
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 23
},
{
"text": ... | The first paragraph of the last question was updated on 17 December 2021 at 14:40 to correct a transcription error.
Good afternoon, the Vice-President and I welcome you to our press conference.
The euro area economy continues to recover and the labour market is improving, helped by ample policy support. Growth is mod... | 29 | [
{
"text": "The plan that you just laid out in terms of asset purchases implies no interest rate hike until 2023, but given the high uncertainty surrounding the forecast at the moment, how can you feel confident to commit for such a long period? If you look at the policy meeting December last year, you projected... | [
"The plan that you just laid out in terms of asset purchases implies no interest rate hike until 2023, but given the high uncertainty surrounding the forecast at the moment, how can you feel confident to commit for such a long period? If you look at the policy meeting December last year, you projected inflation to ... | [
"You actually identified one factor, which is uncertainty. We certainly spent a large amount of our time during the Governing Council meeting addressing the issue of uncertainty, in the face of what I have described for you as a strong recovery. So you have on the one hand a strong recovery, with unemployment going... | The plan that you just laid out in terms of asset purchases implies no interest rate hike until 2023, but given the high uncertainty surrounding the forecast at the moment, how can you feel confident to commit for such a long period? If you look at the policy meeting December last year, you projected inflation to avera... | 40 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is211028~939f22970b.en.html | 2021-10-28 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The euro area economy continues to recover strongly, although momentum has moderated to some extent. Consumers continue to be confident and their spending remains strong. But shortages of materials, equipment and labour are holding ... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 10
},
{
"text": "Risk assessment",
"after_paragraph_index": 13
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 14
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The euro area economy continues to recover strongly, although momentum has moderated to some extent. Consumers continue to be confident and their spending remains strong. But shortages of materials, equipment and labour are holding back prod... | 18 | [
{
"text": "President Lagarde, thank you very much for taking my questions. I was wondering, because the markets were – well, everybody was anticipating that this meeting was all about inflation, so what have you been discussing, and what was on top of your agenda? Was there at least a slightly different assessm... | [
"President Lagarde, thank you very much for taking my questions. I was wondering, because the markets were – well, everybody was anticipating that this meeting was all about inflation, so what have you been discussing, and what was on top of your agenda? Was there at least a slightly different assessment to the nat... | [
"Actually, we talked about inflation, inflation, inflation. That has been a topic that has occupied a lot of our time and a lot of our debates. We went I think in-depth into analysing the factors that are driving inflation. We looked at, obviously, what is happening now, which is clearly of concern, particularly to... | President Lagarde, thank you very much for taking my questions. I was wondering, because the markets were – well, everybody was anticipating that this meeting was all about inflation, so what have you been discussing, and what was on top of your agenda? Was there at least a slightly different assessment to the nature o... | 54 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is210909~b2d882f724.en.html | 2021-09-09 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"The rebound phase in the recovery of the euro area economy is increasingly advanced. Output is expected to exceed its pre-pandemic level by the end of the year. With more than 70 per cent of European adults fully vaccinated, the eco... | [
{
"text": "Economic activity",
"after_paragraph_index": 5
},
{
"text": "Inflation",
"after_paragraph_index": 11
},
{
"text": "Risk assessment",
"after_paragraph_index": 14
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 15
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
The rebound phase in the recovery of the euro area economy is increasingly advanced. Output is expected to exceed its pre-pandemic level by the end of the year. With more than 70 per cent of European adults fully vaccinated, the economy has ... | 21 | [
{
"text": "I had two questions. The first was on the pace, on the discussion around reducing asset purchases. Some of your Council members have suggested that they would like to see the programme, the Pandemic Emergency Purchasing Programme (PEPP) coming to an end soon. Would you characterise this, or did you c... | [
"I had two questions. The first was on the pace, on the discussion around reducing asset purchases. Some of your Council members have suggested that they would like to see the programme, the Pandemic Emergency Purchasing Programme (PEPP) coming to an end soon. Would you characterise this, or did you characterise th... | [
"Well, thank you so much for your questions. I would preface my response to your first question by a quote, actually, in a way, which is, the lady isn’t tapering. Because what we are doing is recalibrating PEPP, which I’ll remind you is the Pandemic Emergency Purchase Programme, and we are recalibrating just as we ... | I had two questions. The first was on the pace, on the discussion around reducing asset purchases. Some of your Council members have suggested that they would like to see the programme, the Pandemic Emergency Purchasing Programme (PEPP) coming to an end soon. Would you characterise this, or did you characterise this in... | 38 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is210722~13e7f5e795.en.html | 2021-07-22 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Good afternoon, the Vice-President and I welcome you to our press conference.",
"At today’s meeting, the Governing Council focused on two main topics: first, the implications of our strategy review for our forward guidance on the key ECB interest rates; and, second, our assessment of the economy and our pandemic... | [
{
"text": "Economic activity",
"after_paragraph_index": 8
},
{
"text": "Inflation",
"after_paragraph_index": 12
},
{
"text": "Risk assessment",
"after_paragraph_index": 15
},
{
"text": "Financial and monetary conditions",
"after_paragraph_index": 16
},
{
"text": "... | Good afternoon, the Vice-President and I welcome you to our press conference.
At today’s meeting, the Governing Council focused on two main topics: first, the implications of our strategy review for our forward guidance on the key ECB interest rates; and, second, our assessment of the economy and our pandemic measures... | 22 | [
{
"text": "Could you run me through your discussion on changing the forward guidance? We hear that you couldn't get unanimity on the guidance two weeks ago. Did that happen today? Was the forward guidance supported unanimously or was there dissent? How is this guidance different than what you discussed two week... | [
"Could you run me through your discussion on changing the forward guidance? We hear that you couldn't get unanimity on the guidance two weeks ago. Did that happen today? Was the forward guidance supported unanimously or was there dissent? How is this guidance different than what you discussed two weeks ago?",
"Se... | [
"Well, I will need at least an hour to go through all your questions! You cover huge ground, so let me tackle your first question, which had to do with how we reached our decision in relation to forward guidance. Let me take you back just a little bit to our strategy review and the strategy – the monetary policy st... | Could you run me through your discussion on changing the forward guidance? We hear that you couldn't get unanimity on the guidance two weeks ago. Did that happen today? Was the forward guidance supported unanimously or was there dissent? How is this guidance different than what you discussed two weeks ago?
Second ques... | 50 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.sp210708~ab68c3bd9d.en.html | 2021-07-08 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Jump to the transcript of the questions and answers",
"The Vice-President and I are very pleased to welcome you to our special press conference. Yesterday the Governing Council unanimously approved the ECB’s new monetary policy strategy. This brings to a successful conclusion the strategic review that we have be... | [] | Jump to the transcript of the questions and answers
The Vice-President and I are very pleased to welcome you to our special press conference. Yesterday the Governing Council unanimously approved the ECB’s new monetary policy strategy. This brings to a successful conclusion the strategic review that we have been conduc... | 13 | [
{
"text": "You said you may tolerate a transitory period of moderately higher inflation when the economy is close to the lower bound. How much of an overshoot is the ECB willing to tolerate, and over what time frame?",
"role": "question"
},
{
"text": "now that the ECB's inflation goal has been clari... | [
"You said you may tolerate a transitory period of moderately higher inflation when the economy is close to the lower bound. How much of an overshoot is the ECB willing to tolerate, and over what time frame?",
"now that the ECB's inflation goal has been clarified, as you said, and strengthened, what is the ECB pre... | [
"Let me get back to the basics, as I call them, which are: symmetric 2%, medium-term orientation and the acknowledgement that the effective lower bound operates as a constraint. The essential feature of our strategy is our commitment to reach the target; to reach that 2%. When we say that it's a symmetric 2%, the G... | You said you may tolerate a transitory period of moderately higher inflation when the economy is close to the lower bound. How much of an overshoot is the ECB willing to tolerate, and over what time frame?
now that the ECB's inflation goal has been clarified, as you said, and strengthened, what is the ECB prepared to ... | 46 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is210610~115f4c0246.en.html | 2021-06-10 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"After the contraction in the first quarter of t... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
After the contraction in the first quarter of the year, ... | 28 | [
{
"text": "I have a question on the meeting: President Lagarde, can you tell us how was the discussion of the Governing Council meeting today; how was the mood as you said also the uncertainties remain, and what prevailed in the discussion as you decided to confirm the very accommodative monetary policy stance?... | [
"I have a question on the meeting: President Lagarde, can you tell us how was the discussion of the Governing Council meeting today; how was the mood as you said also the uncertainties remain, and what prevailed in the discussion as you decided to confirm the very accommodative monetary policy stance?",
"On the p... | [
"Well, thank you for that open question because it gives me a chance to tell you a little bit about how this meeting went. Let me start with what would be my take-away of the overall analysis that we conducted, the joint assessment that we had and the conclusion that we reached. I would say a steady hand. And let m... | I have a question on the meeting: President Lagarde, can you tell us how was the discussion of the Governing Council meeting today; how was the mood as you said also the uncertainties remain, and what prevailed in the discussion as you decided to confirm the very accommodative monetary policy stance?
Well, thank you f... | 45 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is210422~b0ad2d3414.en.html | 2021-04-22 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council.",
"While the recovery in global demand and the sizeable fiscal stimulus are supporting global and euro area activity, the near-term ec... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council.
While the recovery in global demand and the sizeable fiscal stimulus are supporting global and euro area activity, the near-term economic ou... | 23 | [
{
"text": "Two questions, if I may. Firstly I'd be interested to hear whether you think the outlook is improving sufficiently as your colleagues, Knot and Holzmann, have suggested to consider slowing the pace of PEPP purchases from the third quarter of this year, and whether this was something that was discusse... | [
"Two questions, if I may. Firstly I'd be interested to hear whether you think the outlook is improving sufficiently as your colleagues, Knot and Holzmann, have suggested to consider slowing the pace of PEPP purchases from the third quarter of this year, and whether this was something that was discussed at today's m... | [
"Well, thank you very much for your question, really it gives me a chance to go back to the key part of our deliberations, which has to do with really taking a good look at the economic situation both from a growth perspective, from an inflation perspective, from the financing terms that are available in the contex... | Two questions, if I may. Firstly I'd be interested to hear whether you think the outlook is improving sufficiently as your colleagues, Knot and Holzmann, have suggested to consider slowing the pace of PEPP purchases from the third quarter of this year, and whether this was something that was discussed at today's meetin... | 48 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is210311~d368d7151a.en.html | 2021-03-11 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"While the overall economic situation is expecte... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
While the overall economic situation is expected to impr... | 27 | [
{
"text": "You announced that the ECB will significantly increase bond buys over the next two months. Given the inbuilt flexibility that you have, what has kept you from increasing the purchases so far?",
"role": "question"
},
{
"text": "My second question would be: you said “significantly”. Could y... | [
"You announced that the ECB will significantly increase bond buys over the next two months. Given the inbuilt flexibility that you have, what has kept you from increasing the purchases so far?",
"My second question would be: you said “significantly”. Could you perhaps quantify that for us a little bit? Where does... | [
"Your first question is really why did we not start a bit earlier? I think the answer to that is that of course we have flexibility but we made a commitment back in December that we would preserve favourable financing conditions that would entail tightening that would prevent us from actually following the inflatio... | You announced that the ECB will significantly increase bond buys over the next two months. Given the inbuilt flexibility that you have, what has kept you from increasing the purchases so far?
My second question would be: you said “significantly”. Could you perhaps quantify that for us a little bit? Where does it start... | 40 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2021/html/ecb.is210121~e601112a72.en.html | 2021-01-21 | Frankfurt am Main | Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"The start of vaccination campaigns across t... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
The start of vaccination campaigns across the euro a... | 24 | [
{
"text": "President Lagarde, I have a question regarding the favourable financing conditions. You’ve been elaborating on the tightening of financial conditions in Europe, bank lending surveys, so how concerned are you about that tightening, and if that tightening were to continue, would that mean that the fina... | [
"President Lagarde, I have a question regarding the favourable financing conditions. You’ve been elaborating on the tightening of financial conditions in Europe, bank lending surveys, so how concerned are you about that tightening, and if that tightening were to continue, would that mean that the financing conditio... | [
"Well, thank you so much, and you actually give me a chance to reverse the order of your questions, because I would like to address the second part of your question, which had to do with the economic outlook, because I think that it in a way determines what was decided today at our monetary policy Governing Council... | President Lagarde, I have a question regarding the favourable financing conditions. You’ve been elaborating on the tightening of financial conditions in Europe, bank lending surveys, so how concerned are you about that tightening, and if that tightening were to continue, would that mean that the financing conditions ar... | 30 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is201210~9b8e5f3cdd.en.html | 2020-12-10 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"While the rebound of economic activity in t... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
While the rebound of economic activity in the third ... | 31 | [
{
"text": "I’d like to ask how did you arrive at € 500 billion in nine months, if you could give me a bit of a run down, what were the alternatives on the table, what was the discussion and in the end was it a unanimous decision? Second question again is about the appreciation of the euro, it’s an issue that’s ... | [
"I’d like to ask how did you arrive at € 500 billion in nine months, if you could give me a bit of a run down, what were the alternatives on the table, what was the discussion and in the end was it a unanimous decision? Second question again is about the appreciation of the euro, it’s an issue that’s come back over... | [
"Let me just sum up what we have decided and then I’ll go into the actual description of the package and the reasons behind it. What we have decided, as was anticipated as a result of the last October monetary policy discussions, is a recalibration of those instruments that we determined were most effective under t... | I’d like to ask how did you arrive at € 500 billion in nine months, if you could give me a bit of a run down, what were the alternatives on the table, what was the discussion and in the end was it a unanimous decision? Second question again is about the appreciation of the euro, it’s an issue that’s come back over the ... | 28 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is201029~80b00b5789.en.html | 2020-10-29 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"The resurgence in coronavirus (COVID-19) in... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
The resurgence in coronavirus (COVID-19) infections ... | 19 | [
{
"text": "Can I ask you about whether you have been discussing by how much you might enlarge your support programme by December, and which instruments you primarily have in mind? Is it an increase in APP or PEPP or both? Will it be a package?",
"role": "question"
},
{
"text": "Secondly, the Fed has... | [
"Can I ask you about whether you have been discussing by how much you might enlarge your support programme by December, and which instruments you primarily have in mind? Is it an increase in APP or PEPP or both? Will it be a package?",
"Secondly, the Fed has been quite quick in adjusting with a new inflation targ... | [
"Well, thank you very much. Let me maybe take the opportunity of your question to summarise for you what the Governing Council at large was in full agreement upon. The full Governing Council was in total agreement to analyse the current economic situation and to recognise and acknowledge the fact that risks are cle... | Can I ask you about whether you have been discussing by how much you might enlarge your support programme by December, and which instruments you primarily have in mind? Is it an increase in APP or PEPP or both? Will it be a package?
Secondly, the Fed has been quite quick in adjusting with a new inflation target. Would... | 49 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is200910~5c43e3a591.en.html | 2020-09-10 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"The incoming data since our last monetary p... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
The incoming data since our last monetary policy mee... | 20 | [
{
"text": "President Lagarde, your words indicate to me that the exchange rate was a topic of discussion in the Governing Council today, so could you give me a bit of detail about that discussion? How concerned are you about the current level of the euro? Do you think this strength is justified and how much doe... | [
"President Lagarde, your words indicate to me that the exchange rate was a topic of discussion in the Governing Council today, so could you give me a bit of detail about that discussion? How concerned are you about the current level of the euro? Do you think this strength is justified and how much does this affect ... | [
"Yes, indeed the Governing Council discussed the appreciation of the euro but as you know, we do not target the exchange rate. Our mandate is price stability and clearly to the extent that the appreciation of the euro exercises a negative pressure on prices, we have to monitor carefully such a matter. This was inde... | President Lagarde, your words indicate to me that the exchange rate was a topic of discussion in the Governing Council today, so could you give me a bit of detail about that discussion? How concerned are you about the current level of the euro? Do you think this strength is justified and how much does this affect the p... | 46 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is200716~3865f74bf8.en.html | 2020-07-16 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"Incoming information since our last monetar... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
Incoming information since our last monetary policy ... | 19 | [
{
"text": "My first question would be on what your response is to those who are suggesting that the full envelope of the PEPP might actually not be needed and that you perhaps could spare some of the money.",
"role": "question"
},
{
"text": "The second question is: there is a lot of talk also about ... | [
"My first question would be on what your response is to those who are suggesting that the full envelope of the PEPP might actually not be needed and that you perhaps could spare some of the money.",
"The second question is: there is a lot of talk also about the potential for a two-speed recovery in the Eurozone, ... | [
"Your first question on the PEPP as to whether it will be used in full or not, let me first of all remind you that the PEPP has a dual function and has had that function ever since inception. It was really in the birth certificate of PEPP on day one. The first function is to address the risk of market fragmentation... | My first question would be on what your response is to those who are suggesting that the full envelope of the PEPP might actually not be needed and that you perhaps could spare some of the money.
The second question is: there is a lot of talk also about the potential for a two-speed recovery in the Eurozone, with coun... | 42 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is200604~b479b8cfff.en.html | 2020-06-04 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"Incoming information confirms that the euro... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
Incoming information confirms that the euro area eco... | 21 | [
{
"text": "The first question is about the composition of PEPP. I'm wondering if you've discussed including junk bonds into PEPP, and if not, why not given that your own stability report highlights the risk of downgrades to stability.",
"role": "question"
},
{
"text": "The second question is about t... | [
"The first question is about the composition of PEPP. I'm wondering if you've discussed including junk bonds into PEPP, and if not, why not given that your own stability report highlights the risk of downgrades to stability.",
"The second question is about the German constitutional court’s ruling, and I wonder if... | [
"On your first question, which has to do with whether or not we include junk bonds, as you call them, in our purchase policies. We have defined parameters for our purchases. We want to insulate the way we conduct policy from the effect of the pandemic and avoid self-fulfilling pro-cyclicality. We will continue to o... | The first question is about the composition of PEPP. I'm wondering if you've discussed including junk bonds into PEPP, and if not, why not given that your own stability report highlights the risk of downgrades to stability.
The second question is about the German constitutional court’s ruling, and I wonder if you've d... | 49 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is200430~ab3058e07f.en.html | 2020-04-30 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"The euro area is facing an economic contrac... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
The euro area is facing an economic contraction of a... | 22 | [
{
"text": "We will very shortly take your questions but before that, on behalf of the entire Eurosystem and all members of the ECB, I would like to acknowledge once more that this is a global health crisis and that the highest priority has to go to trying to save lives and prevent the spread of the disease. Sin... | [
"thanks for taking my questions. The first one is about the asset purchases. I wanted to know if you discussed changing the composition or the pace of the asset purchases. Most particularly I'm interested in whether you discussed including junk-rated debt in the APP.",
"The second question is about OMT and whethe... | [
"We will very shortly take your questions but before that, on behalf of the entire Eurosystem and all members of the ECB, I would like to acknowledge once more that this is a global health crisis and that the highest priority has to go to trying to save lives and prevent the spread of the disease. Since our last pr... | We will very shortly take your questions but before that, on behalf of the entire Eurosystem and all members of the ECB, I would like to acknowledge once more that this is a global health crisis and that the highest priority has to go to trying to save lives and prevent the spread of the disease. Since our last press c... | 48 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is200312~f857a21b6c.en.html | 2020-03-12 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.",
"Since our last Governing Council meeting in... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.
Since our last Governing Council meeting in late Jan... | 21 | [
{
"text": "My first question would be about the rationale for not cutting interest rates today. Could you give us the reason why there was no rate cut today? Is it because there was not enough support for such a move within the Governing Council, or maybe you all considered this is counterproductive? That's my ... | [
"My first question would be about the rationale for not cutting interest rates today. Could you give us the reason why there was no rate cut today? Is it because there was not enough support for such a move within the Governing Council, or maybe you all considered this is counterproductive? That's my first question... | [
"I would, first of all, like to indicate to you that we very much operated in the same setting at the Governing Council of the ECB. In other words, some members were in the room, other members were online and participated fully to the discussions. We innovated. We had a good outcome, so much so that we actually had... | My first question would be about the rationale for not cutting interest rates today. Could you give us the reason why there was no rate cut today? Is it because there was not enough support for such a move within the Governing Council, or maybe you all considered this is counterproductive? That's my first question.
An... | 51 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2020/html/ecb.is200123~0bc778277b.en.html | 2020-01-23 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We expect them to... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We expect them to remain a... | 18 | [
{
"text": "Two questions for you. Firstly, trade seems to be the order of the day or the order of the week. What do you think about the prospects of a potential trade war between the US and the EU? Does that seem more or less likely since the start of the year?",
"role": "question"
},
{
"text": "Sec... | [
"Two questions for you. Firstly, trade seems to be the order of the day or the order of the week. What do you think about the prospects of a potential trade war between the US and the EU? Does that seem more or less likely since the start of the year?",
"Secondly, I'd like to hear your reaction to Sweden ending i... | [
"That's three questions in a row. Okay, on the trade front, I think you're quite right in signalling that trade is actually an important element in our considerations and particularly in assessing the downside risks. I think one critical development since our last meeting in late December has been the conclusion of... | Two questions for you. Firstly, trade seems to be the order of the day or the order of the week. What do you think about the prospects of a potential trade war between the US and the EU? Does that seem more or less likely since the start of the year?
Secondly, I'd like to hear your reaction to Sweden ending its experi... | 49 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is191212~c9e1a6ab3e.en.html | 2019-12-12 | Frankfurt am Main | Christine Lagarde, President of the ECB,Luis de Guindos, Vice-President of the ECB | Christine Lagarde | Luis de Guindos | true | [
"Ladies and gentlemen, welcome to our press conference. Today is the first time that I have had the privilege and pleasure of chairing the monetary policy meeting of the Governing Council of the ECB. I am delighted to proceed now with reporting on the outcome of our meeting, together with the Vice-President. The Go... | [] | Ladies and gentlemen, welcome to our press conference. Today is the first time that I have had the privilege and pleasure of chairing the monetary policy meeting of the Governing Council of the ECB. I am delighted to proceed now with reporting on the outcome of our meeting, together with the Vice-President. The Governi... | 19 | [
{
"text": "Before the questions I'm going to take just a couple of minutes of your time to tell you a few things. One is, each and every President has his or her own style of communicating. I know some of you are keen to compare and rate or rank. I will have my own style. As I've said before, don't over-interpr... | [
"My first question is about the inflation forecast that you just read out. The 2022 forecast is now 1.6. Is it compatible with your idea of close or below 2%?",
"Second question is about TLTRO. The auction this morning it's fair to say didn't go too well. Banks took out fewer loans than the ones they are set to r... | [
"Before the questions I'm going to take just a couple of minutes of your time to tell you a few things. One is, each and every President has his or her own style of communicating. I know some of you are keen to compare and rate or rank. I will have my own style. As I've said before, don't over-interpret, don't seco... | Before the questions I'm going to take just a couple of minutes of your time to tell you a few things. One is, each and every President has his or her own style of communicating. I know some of you are keen to compare and rate or rank. I will have my own style. As I've said before, don't over-interpret, don't second-gu... | 54 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is191024~78a5550bc1.en.html | 2019-10-24 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis, and the incoming President, Ms Lagarde.",
"Based on our ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis, and the incoming President, Ms Lagarde.
Based on our regular e... | 17 | [
{
"text": "The IMF just at their last meeting raised concerns about the effects of low interest rates on the financial system, so my first question would be: what makes you so confident that more of negative rates and quantitative easing or asset purchases is doing more good than harm?",
"role": "question"
... | [
"The IMF just at their last meeting raised concerns about the effects of low interest rates on the financial system, so my first question would be: what makes you so confident that more of negative rates and quantitative easing or asset purchases is doing more good than harm?",
"My second question would be on you... | [
"Well, the IMF didn't say that the negative rates are ineffective. As a matter of fact, the overall assessment of negative rates is generally positive. For us, it's very positive; it's been a very positive experience. Negative rates have stimulated the economy and affected positively employment, and so all in all w... | The IMF just at their last meeting raised concerns about the effects of low interest rates on the financial system, so my first question would be: what makes you so confident that more of negative rates and quantitative easing or asset purchases is doing more good than harm?
My second question would be on your legacy ... | 84 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is190912~658eb51d68.en.html | 2019-09-12 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we have conducted a thorough assessment of the economic and inflation outl... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we have conducted a thorough assessment of the economic and inflation outlook, also... | 25 | [
{
"text": "President.",
"role": "answer"
},
{
"text": "President Draghi: Good afternoon.",
"role": "answer"
},
{
"text": "The question, my first question would be about the dynamic in the room because going into the meeting we’ve seen quite a vocal opposition, especially to the restartin... | [
"The question, my first question would be about the dynamic in the room because going into the meeting we’ve seen quite a vocal opposition, especially to the restarting of the QE, so probably me and the others here would like to know how much support each of the instruments that were eventually adopted got and whet... | [
"President.",
"President Draghi: Good afternoon.",
"If I can, before giving you the sort of the chemistry of the meeting let me just spend a word trying to explain what we have actually done. I think as I kind of sketched in the Introductory Statement there were three elements that prompted action. Along the li... | President.
President Draghi: Good afternoon.
The question, my first question would be about the dynamic in the room because going into the meeting we’ve seen quite a vocal opposition, especially to the restarting of the QE, so probably me and the others here would like to know how much support each of the instruments... | 36 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is190725~547f29c369.en.html | 2019-07-25 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 15 | [
{
"text": "Draghi, could you perhaps elaborate whether this decision to pronounce a potential package as soon as September was taken unanimously?",
"role": "question"
},
{
"text": "The second question would be on the potential APP; are there any restrictions in terms of asset classes or do you look ... | [
"Draghi, could you perhaps elaborate whether this decision to pronounce a potential package as soon as September was taken unanimously?",
"The second question would be on the potential APP; are there any restrictions in terms of asset classes or do you look at the whole variety of what is out there?",
"The firs... | [
"First let me give a sort of summary account of our discussion as it's taken place. First of all, the first discussion where there was broad agreement, broad convergence of views, was the assessment of the current outlook; namely an outlook where you still see signs of strength in the economy as I just read. Labour... | Draghi, could you perhaps elaborate whether this decision to pronounce a potential package as soon as September was taken unanimously?
The second question would be on the potential APP; are there any restrictions in terms of asset classes or do you look at the whole variety of what is out there?
First let me give a s... | 66 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is190606~32b6221806.en.html | 2019-06-06 | Vilnius | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Chairman of the Board Vasiliauskas for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We wil... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Chairman of the Board Vasiliauskas for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now... | 20 | [
{
"text": "You said that interest rates will remain at their current levels through the first half of next year, but the market is actually pricing for the next interest rate move to be a cut. If you look at the market reaction after you issued the policy statement, it does look like investors were actually exp... | [
"You said that interest rates will remain at their current levels through the first half of next year, but the market is actually pricing for the next interest rate move to be a cut. If you look at the market reaction after you issued the policy statement, it does look like investors were actually expecting more. W... | [
"You have to distinguish between market-based expectations of interest rates and survey expectations. The extension of the six months of this forward guidance basically takes into account the prolongation of uncertainty with respect to what we saw and believed and deemed in March. We've seen the threat of rising pr... | You said that interest rates will remain at their current levels through the first half of next year, but the market is actually pricing for the next interest rate move to be a cut. If you look at the market reaction after you issued the policy statement, it does look like investors were actually expecting more. Would ... | 62 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is190410~c27197866f.en.html | 2019-04-10 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to ex... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them... | 15 | [
{
"text": "One question first of all, you mentioned that in the context of your regular assessment you will consider whether the preservation of favourable implications requires mitigation of possible side-effects on bank intermediation from, I understand, negative rates. You made comments to a similar effect a... | [
"One question first of all, you mentioned that in the context of your regular assessment you will consider whether the preservation of favourable implications requires mitigation of possible side-effects on bank intermediation from, I understand, negative rates. You made comments to a similar effect at the Watchers... | [
"Well, I would say to the second question, I would answer it's too early. It's just too early. If you read the statement I just gave, there is the - we, in a sense, - the Governing Council gives the criteria upon which this assessment for both the TLTRO III and the mitigation of possible side-effects would take pla... | One question first of all, you mentioned that in the context of your regular assessment you will consider whether the preservation of favourable implications requires mitigation of possible side-effects on bank intermediation from, I understand, negative rates. You made comments to a similar effect at the Watchers' con... | 57 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is190307~de1fdbd0b0.en.html | 2019-03-07 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we have c... | 17 | [
{
"text": "President, could you give us an idea about the reasons why you decided on the specific features of the TLTRO-III programme? For example why are the maturities two years? Why have you indexed it to the MRO, and also why is the start date in September when the funding becomes relevant for banks' Net St... | [
"President, could you give us an idea about the reasons why you decided on the specific features of the TLTRO-III programme? For example why are the maturities two years? Why have you indexed it to the MRO, and also why is the start date in September when the funding becomes relevant for banks' Net Stable Funding R... | [
"The design of the TLTRO responds to a variety of objectives. The key objective derives from how the situation of bank funding looks like over the next few years. In the coming years we will have a congestion for bank funding caused by the coming to maturity of the existing TLTROs, the coming to maturity of sizable... | President, could you give us an idea about the reasons why you decided on the specific features of the TLTRO-III programme? For example why are the maturities two years? Why have you indexed it to the MRO, and also why is the start date in September when the funding becomes relevant for banks' Net Stable Funding Ratios... | 61 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is190124~cd3821f8f5.en.html | 2019-01-24 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 13 | [
{
"text": "My first question relates to your assessment, that risks have moved to the downside. What sort of implication will that have for your policy and especially for your forward guidance?",
"role": "question"
},
{
"text": "My second question, you told us in December that at some point you aske... | [
"My first question relates to your assessment, that risks have moved to the downside. What sort of implication will that have for your policy and especially for your forward guidance?",
"My second question, you told us in December that at some point you asked committees to start work on TLTROs. Have they already ... | [
"Well, today we didn't discuss the implications. Today's meeting was essentially devoted to an assessment. Where are we? Why are we here? How long will this slowdown last? Is the slowdown going to worsen or stay as a shallow lower path? These were the questions that were asked.",
"On the second question, several ... | My first question relates to your assessment, that risks have moved to the downside. What sort of implication will that have for your policy and especially for your forward guidance?
My second question, you told us in December that at some point you asked committees to start work on TLTROs. Have they already been put ... | 72 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is181213.en.html | 2018-12-13 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the President of the Eurogroup, Mr Centeno.",
"Based on our regular economic and monetary analyses, we ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the President of the Eurogroup, Mr Centeno.
Based on our regular economic and monetary analyses, we decided t... | 15 | [
{
"text": "When it comes to flexibility of the reinvestments, perhaps you could let us know how flexible the investments will be and whether you are planning to phase in the new capital key or not. Then I would like to ask you quite broadly about next year's economic risks, which are the risks you are primarily... | [
"When it comes to flexibility of the reinvestments, perhaps you could let us know how flexible the investments will be and whether you are planning to phase in the new capital key or not. Then I would like to ask you quite broadly about next year's economic risks, which are the risks you are primarily focusing on, ... | [
"On the first question I think you have to wait for the press release at the end of this press conference. But what I can do is to read you one of the decision-making points which is the one you are probably asking for. The Governing Council decides that under the PSPP, the public sector purchase programme, as a ru... | When it comes to flexibility of the reinvestments, perhaps you could let us know how flexible the investments will be and whether you are planning to phase in the new capital key or not. Then I would like to ask you quite broadly about next year's economic risks, which are the risks you are primarily focusing on, which... | 54 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is181025.en.html | 2018-10-25 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 13 | [
{
"text": "Did you discuss downgrading your risk assessment to tilted to the downside? What were the main arguments for and against in the discussion?",
"role": "question"
},
{
"text": "Second question is about Italy, as you can imagine. In the past you said, “Look at the facts and not the words”, b... | [
"Did you discuss downgrading your risk assessment to tilted to the downside? What were the main arguments for and against in the discussion?",
"Second question is about Italy, as you can imagine. In the past you said, “Look at the facts and not the words”, but the facts have been coming in and then haven't been t... | [
"Let me answer the first question; it will require a little time. By and large, the Governing Council discussions you've seen from the introductory statement confirmed the balance of risks and of course didn't take any decision on monetary policy. There was acknowledgement of a somewhat weaker momentum, but in the ... | Did you discuss downgrading your risk assessment to tilted to the downside? What were the main arguments for and against in the discussion?
Second question is about Italy, as you can imagine. In the past you said, “Look at the facts and not the words”, but the facts have been coming in and then haven't been that good.... | 63 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is180913.en.html | 2018-09-13 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 15 | [
{
"text": "You've decided to reduce bond purchases from October. But you've still left the ending of the programme at the end of the year open to or dependent on the incoming data. Could you walk us through the arguments behind that decision; why leaving the ending of the programme still open?",
"role": "qu... | [
"You've decided to reduce bond purchases from October. But you've still left the ending of the programme at the end of the year open to or dependent on the incoming data. Could you walk us through the arguments behind that decision; why leaving the ending of the programme still open?",
"Based on the forecast you'... | [
"The answer to your second question is that we have seen growth rates now for some time above growth potential. To the first question, basically we haven't discussed this. My reading is here: we will reduce the monthly pace until the end of December. We anticipate that, subject to incoming data confirming our mediu... | You've decided to reduce bond purchases from October. But you've still left the ending of the programme at the end of the year open to or dependent on the incoming data. Could you walk us through the arguments behind that decision; why leaving the ending of the programme still open?
Based on the forecast you've receiv... | 62 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is180726.en.html | 2018-07-26 | Frankfurt am Main | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to ex... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them... | 13 | [
{
"text": "In the assessment you just presented, did you have a chance to review the agreement struck between the EU Commission President and the US President overnight with regard to trade? Is this assessment only regarding sentiment regarding protectionism? Or are you seeing an actual impact on growth already... | [
"In the assessment you just presented, did you have a chance to review the agreement struck between the EU Commission President and the US President overnight with regard to trade? Is this assessment only regarding sentiment regarding protectionism? Or are you seeing an actual impact on growth already materialising... | [
"On the first question really, we basically took note of that. It's too early to assess the actual content. I understand that this afternoon the Commission is having a meeting exactly for this reason. We took note of this meeting and if one can say something that's general, it's a good sign because it shows that th... | In the assessment you just presented, did you have a chance to review the agreement struck between the EU Commission President and the US President overnight with regard to trade? Is this assessment only regarding sentiment regarding protectionism? Or are you seeing an actual impact on growth already materialising?
Th... | 48 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is180614.en.html | 2018-06-14 | Riga | Mario Draghi, President of the ECB,Luis de Guindos, Vice-President of the ECB | Mario Draghi | Luis de Guindos | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Deputy Governor Razmusa for her kind hospitality and express our special gratitude to her staff for the excellent organisation of today’s meeting of the Governing Council. We will now repor... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Deputy Governor Razmusa for her kind hospitality and express our special gratitude to her staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on ... | 19 | [
{
"text": "[Christine Graeff: Before we start with the Q&A, let me thank Zoja Razmusa, who is with us today as representative of the hosting central bank. Razmusa will be taking questions on Latvia in general but will not answer questions on the Governing Council discussions on monetary policy, as she's not a m... | [
"[Christine Graeff: Before we start with the Q&A, let me thank Zoja Razmusa, who is with us today as representative of the hosting central bank. Razmusa will be taking questions on Latvia in general but will not answer questions on the Governing Council discussions on monetary policy, as she's not a member of the G... | [
"Well, frankly, we didn't discuss if we want to raise rates. We said at least through the summer – let me re-read this because it's quite important. I'll come back if I have the opportunity later. We keep them unchanged and we expect them to remain at their present levels at least, at least through the summer of 20... | [Christine Graeff: Before we start with the Q&A, let me thank Zoja Razmusa, who is with us today as representative of the hosting central bank. Razmusa will be taking questions on Latvia in general but will not answer questions on the Governing Council discussions on monetary policy, as she's not a member of the Govern... | 68 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is180426.en.html | 2018-04-26 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to ex... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them... | 13 | [
{
"text": "At your last press conference you said that strong incoming data on growth was helping to reduce the variance and the path of inflation. I'm wondering, now that we've seen some weaker-than-expected data, is there a risk that the variance in inflation could increase and potentially slow down the proce... | [
"At your last press conference you said that strong incoming data on growth was helping to reduce the variance and the path of inflation. I'm wondering, now that we've seen some weaker-than-expected data, is there a risk that the variance in inflation could increase and potentially slow down the process of converge... | [
"Let me answer first the second question. I think it's always wrong to fix attention to one specific week or one specific month. You know this - there is a certain amount of flexibility around purchases. So, what's happened here is that we had a higher seasonal amount of purchases at some point and therefore we kin... | At your last press conference you said that strong incoming data on growth was helping to reduce the variance and the path of inflation. I'm wondering, now that we've seen some weaker-than-expected data, is there a risk that the variance in inflation could increase and potentially slow down the process of convergence?
... | 54 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is180308.en.html | 2018-03-08 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to ex... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them... | 14 | [
{
"text": "I notice that you have changed somewhat your monetary policy statement, dropping the commitment to increase the size of quantitative easing, if necessary. Could you explain the reasons for that, especially against the backdrop of trade war talks that we have been hearing and somewhat slowing down of ... | [
"I notice that you have changed somewhat your monetary policy statement, dropping the commitment to increase the size of quantitative easing, if necessary. Could you explain the reasons for that, especially against the backdrop of trade war talks that we have been hearing and somewhat slowing down of survey indicat... | [
"First of all, the first question: let me just read to you the sentence we have removed. By the way, it was a sentence introduced in 2016, when we cut our monthly purchases from €80 to €60 billion. Thinking about that, you can just figure out, how different the situation was at that time. The sentence says: if the ... | I notice that you have changed somewhat your monetary policy statement, dropping the commitment to increase the size of quantitative easing, if necessary. Could you explain the reasons for that, especially against the backdrop of trade war talks that we have been hearing and somewhat slowing down of survey indicators f... | 64 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2018/html/ecb.is180125.en.html | 2018-01-25 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, first of all let me wish you a Happy New Year. The Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based ... | [] | Ladies and gentlemen, first of all let me wish you a Happy New Year. The Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our re... | 13 | [
{
"text": "I have a question concerning the asset purchase programme. When you launched the programme you decided to keep the purchases as strictly according to the ECB capital key. But now it turns out that you are increasingly deviating from this as a new survey or a new calculation from the Centre of Europea... | [
"I have a question concerning the asset purchase programme. When you launched the programme you decided to keep the purchases as strictly according to the ECB capital key. But now it turns out that you are increasingly deviating from this as a new survey or a new calculation from the Centre of European Economic Res... | [
"It's not so, it doesn't affect the neutrality of the purchases – and I'll tell you the reasons why you observe these deviations. The ECB doesn't favour certain countries over others in its PSPP purchase programme implementation. As you know, purchases are guided by the ECB's capital key, which takes into account G... | I have a question concerning the asset purchase programme. When you launched the programme you decided to keep the purchases as strictly according to the ECB capital key. But now it turns out that you are increasingly deviating from this as a new survey or a new calculation from the Centre of European Economic Research... | 69 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/ecb.is171214.en.html | 2017-12-14 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the President of the Eurogroup, Mr Dijsselbloem, and by the Commission Vice-President, Mr Dombrovskis.",
... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the President of the Eurogroup, Mr Dijsselbloem, and by the Commission Vice-President, Mr Dombrovskis.
Based ... | 15 | [
{
"text": "Given that you see inflation at 1.7% in 2020, do you consider that sufficient progress on inflation in the medium term? Does that in any way affect your current plans for the asset purchase programme?",
"role": "question"
},
{
"text": "My second question is on the corporate sector purchas... | [
"Given that you see inflation at 1.7% in 2020, do you consider that sufficient progress on inflation in the medium term? Does that in any way affect your current plans for the asset purchase programme?",
"My second question is on the corporate sector purchases. You said in October that they would remain sizeable.... | [
"The answer to the second question is: I can't elaborate. It remains sizeable. We haven't discussed that today. So the terms of language will remain the same as last time. On the first question, by and large the overall discussion today reflected the increasing confidence that we have in the convergence of inflatio... | Given that you see inflation at 1.7% in 2020, do you consider that sufficient progress on inflation in the medium term? Does that in any way affect your current plans for the asset purchase programme?
My second question is on the corporate sector purchases. You said in October that they would remain sizeable. Were any... | 54 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/ecb.is171026.en.html | 2017-10-26 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, today we ... | 16 | [
{
"text": "The first question is about the composition. Did you discuss at the Governing Council meeting the composition of the APP starting from January, so the proportions of the different components?",
"role": "question"
},
{
"text": "The second question is about the alternative scenarios; what a... | [
"The first question is about the composition. Did you discuss at the Governing Council meeting the composition of the APP starting from January, so the proportions of the different components?",
"The second question is about the alternative scenarios; what alternative scenarios did you discuss apart from the one ... | [
"No, we didn't discuss composition. There will be a press release, a press communique at 15:30 CET detailing more about – well, developing transparency and detailing more about the – how the asset purchase programme will evolve in 2017. But we didn't discuss really the composition. The only thing that I can say abo... | The first question is about the composition. Did you discuss at the Governing Council meeting the composition of the APP starting from January, so the proportions of the different components?
The second question is about the alternative scenarios; what alternative scenarios did you discuss apart from the one that fina... | 73 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/ecb.is170907.en.html | 2017-09-07 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We expect them to... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We expect them to remain a... | 14 | [
{
"text": "Did you have a preliminary discussion today. Did you discuss options for the future of QE?",
"role": "question"
},
{
"text": "My second question is on the euro exchange rate, which you mentioned, the volatility of the exchange rate is an economic concern. Do you think at its current level... | [
"Did you have a preliminary discussion today. Did you discuss options for the future of QE?",
"My second question is on the euro exchange rate, which you mentioned, the volatility of the exchange rate is an economic concern. Do you think at its current level the euro is a problem? Do you think it currently reflec... | [
"Well, your questions lead me to give you a pretty short account of the discussion that has taken place today in the Governing Council, so duly will respond to both of your questions. Clearly all members of the Governing Council intervene, speaking as far as the economic situation is concerned. They spoke on three ... | Did you have a preliminary discussion today. Did you discuss options for the future of QE?
My second question is on the euro exchange rate, which you mentioned, the volatility of the exchange rate is an economic concern. Do you think at its current level the euro is a problem? Do you think it currently reflects the fu... | 75 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/ecb.is170720.en.html | 2017-07-20 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 12 | [
{
"text": "Could you give us a bit of a flavour of the discussion at today’s meeting? Mainly, have you held any formal talks about your strategy for the asset purchase programme after December of this year?",
"role": "question"
},
{
"text": "My second question is more on the follow-up from your Sint... | [
"Could you give us a bit of a flavour of the discussion at today’s meeting? Mainly, have you held any formal talks about your strategy for the asset purchase programme after December of this year?",
"My second question is more on the follow-up from your Sintra speech. We’ve seen the euro strengthen on a trade-wei... | [
"Let me respond first to your first question and give you a sense of the discussion we had today. We reviewed the economic and financial developments in the euro area, where we took stock of the continuing improvement in growth momentum, but also of the fact that the inflation rate is still subdued - and really the... | Could you give us a bit of a flavour of the discussion at today’s meeting? Mainly, have you held any formal talks about your strategy for the asset purchase programme after December of this year?
My second question is more on the follow-up from your Sintra speech. We’ve seen the euro strengthen on a trade-weighted bas... | 53 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/ecb.is170608.en.html | 2017-06-08 | Tallinn | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Hansson for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on th... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Hansson for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on the out... | 14 | [
{
"text": "I have two questions. Regarding the two big changes in the communication today, has that been decided on a unanimous basis, so everybody was behind that?",
"role": "question"
},
{
"text": "On the forecast, if you're saying that inflation is around 1.6% for 2019, how much has QE factored i... | [
"I have two questions. Regarding the two big changes in the communication today, has that been decided on a unanimous basis, so everybody was behind that?",
"On the forecast, if you're saying that inflation is around 1.6% for 2019, how much has QE factored in that inflation forecast? Because you're saying the ass... | [
"On the first question, we didn't have a vote, so I can't really say unanimity. But basically I didn't hear any dissenting voice by any Governing Council member with respect to the proposals that have been just stated in the introductory statement.",
"The other thing – basically, we've defined our objective: our ... | I have two questions. Regarding the two big changes in the communication today, has that been decided on a unanimous basis, so everybody was behind that?
On the forecast, if you're saying that inflation is around 1.6% for 2019, how much has QE factored in that inflation forecast? Because you're saying the asset purcha... | 58 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/ecb.is170427.en.html | 2017-04-27 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 11 | [
{
"text": "Was there any support today from members of the Council to say that the risks to the outlook were now balanced rather than to the downside, or was that a majority view?",
"role": "question"
},
{
"text": "And should Emmanuel Macron secure victory on 7 May, would you then regard the risks t... | [
"Was there any support today from members of the Council to say that the risks to the outlook were now balanced rather than to the downside, or was that a majority view?",
"And should Emmanuel Macron secure victory on 7 May, would you then regard the risks to the economic outlook as balanced?",
"Let me follow u... | [
"The answer to the second question first: we actually don’t do monetary policy based on likely election outcomes.",
"On the first question, we actually had a discussion exactly on the balance of risks, as far as growth is concerned, not inflation. That’s an important distinction that I want to mark. And some of t... | Was there any support today from members of the Council to say that the risks to the outlook were now balanced rather than to the downside, or was that a majority view?
And should Emmanuel Macron secure victory on 7 May, would you then regard the risks to the economic outlook as balanced?
The answer to the second que... | 67 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/is170309.en.html | 2017-03-09 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to ex... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them... | 13 | [
{
"text": "In January you outlined four criteria to describe the sustained adjustment part of inflation. Could you give us a progress report, how far you feel you are in fulfilling each one of those?",
"role": "question"
},
{
"text": "There has also been a debate about introducing a small change to ... | [
"In January you outlined four criteria to describe the sustained adjustment part of inflation. Could you give us a progress report, how far you feel you are in fulfilling each one of those?",
"There has also been a debate about introducing a small change to the forward guidance and it is removing the clause that ... | [
"Well, let me give you the substance of the discussion we had at this Governing Council and in so doing, I will also answer your points. It's actually been built, if one was to summarise, on three blocks. The first one is the acknowledgement of success; namely our monetary policy has been successful. Let me give yo... | In January you outlined four criteria to describe the sustained adjustment part of inflation. Could you give us a progress report, how far you feel you are in fulfilling each one of those?
There has also been a debate about introducing a small change to the forward guidance and it is removing the clause that says that... | 66 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2017/html/is170119.en.html | 2017-01-19 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, first of all let me wish you a Happy New Year. The Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ... | [] | Ladies and gentlemen, first of all let me wish you a Happy New Year. The Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB inter... | 12 | [
{
"text": "Draghi, you indicated that the ECB stands ready to do more if the outlook deteriorates. Is the ECB also ready to do less if it continues to outperform? I think last time you indicated this was a high-class problem. I just wondered if you had any update on that.",
"role": "question"
},
{
"... | [
"Draghi, you indicated that the ECB stands ready to do more if the outlook deteriorates. Is the ECB also ready to do less if it continues to outperform? I think last time you indicated this was a high-class problem. I just wondered if you had any update on that.",
"The second question is on the US President-elect... | [
"Well, you asked me whether it's still a high-class problem and the answer is yes, it still is a high-class problem. We haven't discussed it anyway.",
"The second point, really it's very early for us to comment on the to-be President Trump’s statements. It's just early. The only thing that I can recall as far as ... | Draghi, you indicated that the ECB stands ready to do more if the outlook deteriorates. Is the ECB also ready to do less if it continues to outperform? I think last time you indicated this was a high-class problem. I just wondered if you had any update on that.
The second question is on the US President-elect, Donald ... | 42 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is161208.en.html | 2016-12-08 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we today ... | 15 | [
{
"text": "Two questions, please. Could you tell us if any other options were presented in today's meeting, and if so what they were?",
"role": "question"
},
{
"text": "And could you tell us please as well whether the decision today on the QE extension and the changes to the design were unanimous?",... | [
"Two questions, please. Could you tell us if any other options were presented in today's meeting, and if so what they were?",
"And could you tell us please as well whether the decision today on the QE extension and the changes to the design were unanimous?",
"When you decided to buy bonds with a maturity of les... | [
"Yes, the two options that have been presented were the ones that had been studied by the committees in the preceding months. One foresaw the option of continuing with €80 billion a month for six months, and the other one is the one that received a very, very broad consensus by the Governing Council.",
"First of ... | Two questions, please. Could you tell us if any other options were presented in today's meeting, and if so what they were?
And could you tell us please as well whether the decision today on the QE extension and the changes to the design were unanimous?
Yes, the two options that have been presented were the ones that ... | 64 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is161020.en.html | 2016-10-20 | Frankfurt am Main | Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to ex... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them... | 12 | [
{
"text": "Could you give us a bit of a clearer idea on how you will assess whether inflation is on a sustained path towards price stability? Some of your colleagues have said that perhaps you might want to see a period of overshooting; or will you be looking at core inflation? What are going to be the key para... | [
"Could you give us a bit of a clearer idea on how you will assess whether inflation is on a sustained path towards price stability? Some of your colleagues have said that perhaps you might want to see a period of overshooting; or will you be looking at core inflation? What are going to be the key parameters that yo... | [
"The answer to the second question is no, there was no discussion.",
"In answer to the first question, it's really nothing new. I myself and my colleagues, I think, said several times that when we speak of convergence to our objective, this convergence has to be sustainable and durable, and actually as a matter o... | Could you give us a bit of a clearer idea on how you will assess whether inflation is on a sustained path towards price stability? Some of your colleagues have said that perhaps you might want to see a period of overshooting; or will you be looking at core inflation? What are going to be the key parameters that you'll ... | 55 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is160908.en.html | 2016-09-08 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 14 | [
{
"text": "You said you've tasked relevant committees with looking at potential instruments going forward. My question is, how much time do they have to reassess and decide? And how close are we to the extension of the QE programme, considering that we're just six months away from your deadline for the end of i... | [
"You said you've tasked relevant committees with looking at potential instruments going forward. My question is, how much time do they have to reassess and decide? And how close are we to the extension of the QE programme, considering that we're just six months away from your deadline for the end of it?",
"You ha... | [
"We tasked the relevant committees to work, as I think I said, on the smooth implementation, and the changes that are needed to ensure a smooth implementation of our programme. And we discussed the assessment of the economy and we discussed the broad macroeconomic projections, but we didn't discuss anything else. [... | You said you've tasked relevant committees with looking at potential instruments going forward. My question is, how much time do they have to reassess and decide? And how close are we to the extension of the QE programme, considering that we're just six months away from your deadline for the end of it?
We tasked the r... | 53 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is160721.en.html | 2016-07-21 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis .",
"Based on our regular economic and monetary analyses,... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis .
Based on our regular economic and monetary analyses, we decid... | 14 | [
{
"text": "Brexit has revived concerns that you will run out of bonds to buy for the quantitative easing programme. Did the Governing Council consider today whether to relax the rules, or was there any discussion of whether to relax the rules for government bond purchases, including potentially moving from the ... | [
"Brexit has revived concerns that you will run out of bonds to buy for the quantitative easing programme. Did the Governing Council consider today whether to relax the rules, or was there any discussion of whether to relax the rules for government bond purchases, including potentially moving from the capital key ru... | [
"As I said before, we discussed the general economic conditions and we concluded that we didn't have yet information to take decisions, and we decided, as I said, that over the coming months when we have more information, including new staff projections, we'll be in a better position to reassess the underlying macr... | Brexit has revived concerns that you will run out of bonds to buy for the quantitative easing programme. Did the Governing Council consider today whether to relax the rules, or was there any discussion of whether to relax the rules for government bond purchases, including potentially moving from the capital key rule? A... | 62 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is160602.en.html | 2016-06-02 | Vienna | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB,Ewald Nowotny, Governor of Oesterreichische Nationalbank | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Nowotny for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on th... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Nowotny for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on the out... | 14 | [
{
"text": "I might have missed it, but I did not hear just now whether you expressed a view on whether the risks to inflation are now broadly balanced or tilted to the downside, whether that has changed. Could you please let us know?",
"role": "question"
},
{
"text": "My second question is, at the a... | [
"I might have missed it, but I did not hear just now whether you expressed a view on whether the risks to inflation are now broadly balanced or tilted to the downside, whether that has changed. Could you please let us know?",
"My second question is, at the accounts of your April meeting, you said that there was n... | [
"To the first question I'll answer, basically, reading again what is in the introductory statement: additional stimulus beyond the impetus already taken into account is expected from the monetary policy measures still to be implemented, namely the TLTRO II and the CSPP, and will contribute to further rebalancing th... | I might have missed it, but I did not hear just now whether you expressed a view on whether the risks to inflation are now broadly balanced or tilted to the downside, whether that has changed. Could you please let us know?
My second question is, at the accounts of your April meeting, you said that there was no conclus... | 55 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is160421.en.html | 2016-04-21 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decide... | 14 | [
{
"text": "My first question is on the corporate bond programme: if you could give us some more details on the composition, the maturity, how the purchases will be carried out, and what is the contribution that you expect from corporate buying to the €80 billion target of your purchase programmes?",
"role":... | [
"My first question is on the corporate bond programme: if you could give us some more details on the composition, the maturity, how the purchases will be carried out, and what is the contribution that you expect from corporate buying to the €80 billion target of your purchase programmes?",
"And you have said that... | [
"You'll get all the details of the corporate programme shortly after the press conference, but let me just say a few things here. I can tell you that the universe is addressed to all non-banks; also to insurance companies that have a certain rating. So if a company owns a bank but its parent company is not a bank, ... | My first question is on the corporate bond programme: if you could give us some more details on the composition, the maturity, how the purchases will be carried out, and what is the contribution that you expect from corporate buying to the €80 billion target of your purchase programmes?
And you have said that you rema... | 51 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is160310.en.html | 2016-03-10 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we have c... | 19 | [
{
"text": "My first question is about the forward guidance that you have given that rates will be lower for a long time, also after the end of asset purchases. Is the duration of the new TLTRO to be looked at in this respect? And this will also extend to past the end of your mandate, if I'm not mistaken, or alm... | [
"My first question is about the forward guidance that you have given that rates will be lower for a long time, also after the end of asset purchases. Is the duration of the new TLTRO to be looked at in this respect? And this will also extend to past the end of your mandate, if I'm not mistaken, or almost.",
"And ... | [
"On the TLTRO I just can give you a brief overview of what this operation is, keeping in mind there's going to be a press briefing at four today for all the further technical details that you may be interested in. Now, the TLTROs are refinancing operations that provide loans to banks with long maturity, and banks a... | My first question is about the forward guidance that you have given that rates will be lower for a long time, also after the end of asset purchases. Is the duration of the new TLTRO to be looked at in this respect? And this will also extend to past the end of your mandate, if I'm not mistaken, or almost.
And my second... | 69 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2016/html/is160121.en.html | 2016-01-21 | Frankfurt am Main | Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, first of all let me wish you a Happy New Year. The Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based ... | [] | Ladies and gentlemen, first of all let me wish you a Happy New Year. The Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our re... | 13 | [
{
"text": "You said in your opening statement that you could possibly reconsider the monetary policy stance as soon as March. What measures do you still have left, and what do you think they can do if these downside risks do materialise?",
"role": "question"
},
{
"text": "For my second question, wou... | [
"You said in your opening statement that you could possibly reconsider the monetary policy stance as soon as March. What measures do you still have left, and what do you think they can do if these downside risks do materialise?",
"For my second question, would it be possible for you and perhaps Constâncio as well... | [
"I will ask Constâncio to answer the second question. Keep in mind, however, that we are not the resolution authority in this. I think that's an important point to keep in mind. As far as your first question is concerned, let me just recall my speech in New York, which was actually quoted during our discussion toda... | You said in your opening statement that you could possibly reconsider the monetary policy stance as soon as March. What measures do you still have left, and what do you think they can do if these downside risks do materialise?
For my second question, would it be possible for you and perhaps Constâncio as well to clari... | 60 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is151203.en.html | 2015-12-03 | Frankfurt am Main | Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we today ... | 19 | [
{
"text": "With your deposit rate cut today are you at the lower bound, or is there more room to cut that rate?",
"role": "question"
},
{
"text": "And my second question is, it seems like what you've done is a little bit on the low end of the range of what the financial markets had expected, in term... | [
"With your deposit rate cut today are you at the lower bound, or is there more room to cut that rate?",
"And my second question is, it seems like what you've done is a little bit on the low end of the range of what the financial markets had expected, in terms of your stimulus package today. It seems like the init... | [
"Let me tell you how we came to take the decisions we've taken. In the last Governing Council we decided to assess whether the degree of monetary accommodation that we had achieved until then was adequate or needed to be recalibrated. This exercise basically showed three conclusions. The first is that we are witnes... | With your deposit rate cut today are you at the lower bound, or is there more room to cut that rate?
And my second question is, it seems like what you've done is a little bit on the low end of the range of what the financial markets had expected, in terms of your stimulus package today. It seems like the initial react... | 65 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is151022.en.html | 2015-10-22 | Malta | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Bonnici for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on th... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Bonnici for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on the out... | 11 | [
{
"text": "If I could ask you to develop the last point that you made. Governor Nowotny last week said that monetary policy may be coming up to its limits and perhaps it was up to fiscal policy to loosen a little bit to provide a bit of accommodation. Could you share your thoughts on this and perhaps even touch... | [
"If I could ask you to develop the last point that you made. Governor Nowotny last week said that monetary policy may be coming up to its limits and perhaps it was up to fiscal policy to loosen a little bit to provide a bit of accommodation. Could you share your thoughts on this and perhaps even touch on the Italia... | [
"On the first issue, I'm really commenting only on monetary policy, and as we said in the last part of the introductory statement, monetary policy shouldn't be the only game in town, but this can be viewed in a variety of ways, one of which is the way in which our colleague actually explored in examining the situat... | If I could ask you to develop the last point that you made. Governor Nowotny last week said that monetary policy may be coming up to its limits and perhaps it was up to fiscal policy to loosen a little bit to provide a bit of accommodation. Could you share your thoughts on this and perhaps even touch on the Italian bud... | 59 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is150903.en.html | 2015-09-03 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council. As usual, let me start with the decisions taken.",
"Based on our regular economic and monetary analysis, and in line with our forw... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council. As usual, let me start with the decisions taken.
Based on our regular economic and monetary analysis, and in line with our forward guida... | 17 | [
{
"text": "You have projected an inflation growth rate of 0.1% for this year. How do you assess the risks that the eurozone could experience deflation? Because you referred to the downside risks to your future projections. And what else can the ECB do, and at what point might it act in the future, to expand, pe... | [
"You have projected an inflation growth rate of 0.1% for this year. How do you assess the risks that the eurozone could experience deflation? Because you referred to the downside risks to your future projections. And what else can the ECB do, and at what point might it act in the future, to expand, perhaps, its qua... | [
"We may see negative numbers of inflation in the coming months. Is that deflation? The Governing Council tends to think that these are transitory effects, mostly due to oil price effects. However, as I said before, we will closely monitor all incoming information, and the Governing Council wanted to emphasise in th... | You have projected an inflation growth rate of 0.1% for this year. How do you assess the risks that the eurozone could experience deflation? Because you referred to the downside risks to your future projections. And what else can the ECB do, and at what point might it act in the future, to expand, perhaps, its quantita... | 55 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is150716.en.html | 2015-07-16 | Frankfurt am Main | Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, and in li... | 14 | [
{
"text": "Could I ask a first question on Greece? Is the financing, the short-term financing that's being discussed right now, sufficient for the ECB to raise ELA liquidity to the Greek banks?",
"role": "question"
},
{
"text": "Second question, regarding terminology: time out on the eurozone, a pot... | [
"Could I ask a first question on Greece? Is the financing, the short-term financing that's being discussed right now, sufficient for the ECB to raise ELA liquidity to the Greek banks?",
"Second question, regarding terminology: time out on the eurozone, a potential temporary Grexit that's been talked about in the ... | [
"The decision to raise ELA today is symmetrical to the one we took a few days ago to freeze it. As you know, ELA goes to solvent banks with adequate collateral. After the breakdown of negotiations and the likely default to the IMF, the ECB decided to freeze ELA at that level, applying what we call the proportionali... | Could I ask a first question on Greece? Is the financing, the short-term financing that's being discussed right now, sufficient for the ECB to raise ELA liquidity to the Greek banks?
Second question, regarding terminology: time out on the eurozone, a potential temporary Grexit that's been talked about in the last week... | 70 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is150603.en.html | 2015-06-03 | Frankfurt am Main | Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, and in li... | 15 | [
{
"text": "I was wondering if it would be possible for you to discuss the package agreed in Berlin on Monday night between yourself and the other Greek creditors, specifically how the ECB would react if Prime Minister Tsipras did not accept the package that’s now in the process of being tabled.",
"role": "q... | [
"I was wondering if it would be possible for you to discuss the package agreed in Berlin on Monday night between yourself and the other Greek creditors, specifically how the ECB would react if Prime Minister Tsipras did not accept the package that’s now in the process of being tabled.",
"For my second question, i... | [
"On your first question, the answer is no, because basically, and this also holds for all the other possible questions on this issue, negotiations are proceeding at this point in time, so there is no point in me commenting on different aspects of these negotiations and different proposals. Both the Greek government... | I was wondering if it would be possible for you to discuss the package agreed in Berlin on Monday night between yourself and the other Greek creditors, specifically how the ECB would react if Prime Minister Tsipras did not accept the package that’s now in the process of being tabled.
For my second question, in light o... | 71 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is150415.en.html | 2015-04-15 | Frankfurt am Main | Mario Draghi, President of the ECB,Vítor Constâncio | Mario Draghi | Vítor Constâncio | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference.",
"Based on our regular economic and monetary analyses, and in line with our forward guidance, we decided to keep the key ECB interest rates unchanged.",
"As regards non-standard monetary policy measures , o... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference.
Based on our regular economic and monetary analyses, and in line with our forward guidance, we decided to keep the key ECB interest rates unchanged.
As regards non-standard monetary policy measures , on 9 March we ... | 14 | [
{
"text": "I was hoping to ask you about Greece, Draghi, and I was wondering in particular, there have been some reports that you’ve extended the ELA for Greek banks. I was just wondering how much further you can go with the ELA, and is there any upper limit to what you can do in that regard?",
"role": "que... | [
"I was hoping to ask you about Greece, Draghi, and I was wondering in particular, there have been some reports that you’ve extended the ELA for Greek banks. I was just wondering how much further you can go with the ELA, and is there any upper limit to what you can do in that regard?",
"My first question is on QE.... | [
"I think the answer to your question is entirely in the hands of the Greek government. As you know, we approved the ELA and we’ll continue to do so, extending liquidity to the Greek banks while they are solvent and they have adequate collateral. So far, we have reached an exposure to Greece of €110 billion, which i... | I was hoping to ask you about Greece, Draghi, and I was wondering in particular, there have been some reports that you’ve extended the ELA for Greek banks. I was just wondering how much further you can go with the ELA, and is there any upper limit to what you can do in that regard?
I think the answer to your question ... | 69 |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is150305.en.html | 2015-03-05 | Nicosia | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference, here, in Nicosia. I would like to thank Governor Georghadji for her kind hospitality and to express our special gratitude to her staff for the excellent organisation of today’s meeting of the Governing Council."... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference, here, in Nicosia. I would like to thank Governor Georghadji for her kind hospitality and to express our special gratitude to her staff for the excellent organisation of today’s meeting of the Governing Council.
Base... | 17 | [
{
"text": "Draghi, could you explain to us what the Governing Council means by sustained adjustment in the path of inflation? That seems to be the criteria for success of your asset purchase programme.",
"role": "question"
},
{
"text": "My second question is about Greece. The Greek government would ... | [
"Draghi, could you explain to us what the Governing Council means by sustained adjustment in the path of inflation? That seems to be the criteria for success of your asset purchase programme.",
"My second question is about Greece. The Greek government would like to be able to fund its short-term obligations by is... | [
"The sustained improvement, it just says what it says. There is no other way to answer your first question. In other words, a material dislocation from the foreseen objective would be the criteria, but at this point in time, we see absolutely no reason to think or plan or act in any different way from what we’ve pl... | Draghi, could you explain to us what the Governing Council means by sustained adjustment in the path of inflation? That seems to be the criteria for success of your asset purchase programme.
My second question is about Greece. The Greek government would like to be able to fund its short-term obligations by issuing mor... | 56 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2015/html/is150122.en.html | 2015-01-22 | Frankfurt am Main | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. Let me wish you all a Happy New Year. I would also like to take this opportunity to welcome Lithuania as the nineteenth country to adopt the euro as its currency. Accordingly, Mr Vasiliauskas, the Chairman of th... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. Let me wish you all a Happy New Year. I would also like to take this opportunity to welcome Lithuania as the nineteenth country to adopt the euro as its currency. Accordingly, Mr Vasiliauskas, the Chairman of the Boa... | 18 | [
{
"text": "Two questions. You said that you’ll keep buying bonds until inflation is back on track. So basically, you have an open-ended programme. Do you see anything in terms of the percentage of outstanding debt that you can buy before you start overly influencing price formation on the secondary market, as t... | [
"Two questions. You said that you’ll keep buying bonds until inflation is back on track. So basically, you have an open-ended programme. Do you see anything in terms of the percentage of outstanding debt that you can buy before you start overly influencing price formation on the secondary market, as the European Co... | [
"The answer to the first question, yes we will buy government debt up to the percentage that will allow a proper market price formation. Therefore, we have two limits. The first one is an issuer limit, which is 33%, and another one is an issue limit, which is 25%. In other words, we won’t buy more than 25% of each ... | Two questions. You said that you’ll keep buying bonds until inflation is back on track. So basically, you have an open-ended programme. Do you see anything in terms of the percentage of outstanding debt that you can buy before you start overly influencing price formation on the secondary market, as the European Court o... | 75 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2014/html/is141204.en.html | 2014-12-04 | Frankfurt am Main | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to the first press conference in our new premises. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular econom... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to the first press conference in our new premises. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and mo... | 15 | [
{
"text": "You mentioned a couple of times early 2015 as a time when you’ll be reassessing your monetary policies. Are you comfortable that you will have enough information in seven weeks, when you meet again, towards the end of January, whether or not you will be able to make this type of decision, including w... | [
"You mentioned a couple of times early 2015 as a time when you’ll be reassessing your monetary policies. Are you comfortable that you will have enough information in seven weeks, when you meet again, towards the end of January, whether or not you will be able to make this type of decision, including whether to buy ... | [
"On the first question, you see, you are in a very intelligent way trying to extract from me the date of the next decisions, and you won’t get it. Early means early. It doesn’t mean at the next meeting. It depends very much on how our assessment will go. We’ll certainly have a lot of facts to examine, namely and es... | You mentioned a couple of times early 2015 as a time when you’ll be reassessing your monetary policies. Are you comfortable that you will have enough information in seven weeks, when you meet again, towards the end of January, whether or not you will be able to make this type of decision, including whether to buy gover... | 72 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2014/html/is141106.en.html | 2014-11-06 | Frankfurt am Main | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.",
"Based on our regular economic and monetary analyses, ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, and in li... | 14 | [
{
"text": "You have changed the Introductory Statement, which was signed off by the entire Governing Council, to include a reference value to the balance sheet. Does that mean that you now have an official balance sheet target?",
"role": "question"
},
{
"text": "My second question is, we all know th... | [
"You have changed the Introductory Statement, which was signed off by the entire Governing Council, to include a reference value to the balance sheet. Does that mean that you now have an official balance sheet target?",
"My second question is, we all know that the ECB generally prefers to take decisions with a st... | [
"I’ll answer both questions by reading the statement because the answers are contained there. To the first question, whether we now have a balance sheet target, I’ll read it. “Together with a series of targeted longer-term refinancing operations to be conducted until , these asset purchases will have a sizeable imp... | You have changed the Introductory Statement, which was signed off by the entire Governing Council, to include a reference value to the balance sheet. Does that mean that you now have an official balance sheet target?
My second question is, we all know that the ECB generally prefers to take decisions with a strong cons... | 65 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2014/html/is141026.en.html | 2014-10-26 | Frankfurt am Main | Vítor Constâncio, Vice-President of the ECB and Danièle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism (SSM) | Vítor Constâncio | true | [
"Welcome to this press conference about the results of the comprehensive assessment. And at the start, let me make four points. The first one is to underline that the comprehensive assessment has unique features. Namely, it combines an asset quality review with a macro stress test, which indeed is a very unique fea... | [
{
"text": "Vítor Constâncio, Vice-President of the ECB",
"after_paragraph_index": -1
},
{
"text": "Danièle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism",
"after_paragraph_index": 20
}
] | Welcome to this press conference about the results of the comprehensive assessment. And at the start, let me make four points. The first one is to underline that the comprehensive assessment has unique features. Namely, it combines an asset quality review with a macro stress test, which indeed is a very unique feature.... | 36 | [
{
"text": "The scenario for the stress test was published earlier in the year, so some of the things you mentioned would not have been considered. But indeed, what was considered is a severe shock being the growth of other countries. If you look to the scenario, you see that for the US, there is also a big dece... | [
"In the footnotes to the results, am I right in thinking that the two Greek banks that were shown to have shortfalls, if they are considered on a dynamic stress test basis, they're essentially done, they're in the clear and they don't have anything else to do? I just wonder if you could confirm the situation for th... | [
"The scenario for the stress test was published earlier in the year, so some of the things you mentioned would not have been considered. But indeed, what was considered is a severe shock being the growth of other countries. If you look to the scenario, you see that for the US, there is also a big deceleration of gr... | The scenario for the stress test was published earlier in the year, so some of the things you mentioned would not have been considered. But indeed, what was considered is a severe shock being the growth of other countries. If you look to the scenario, you see that for the US, there is also a big deceleration of growth ... | 62 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2014/html/is141002.en.html | 2014-10-02 | Naples | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Visco for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on the ... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. I would like to thank Governor Visco for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on the outco... | 16 | [
{
"text": "My first question would be, if you could give us some more details on the ABS purchase programme. What will be the size? How will it evolve, if the size of the purchase programme will be changing over time? And also what about the rating of the ABS you will buy, thinking specifically about those from... | [
"My first question would be, if you could give us some more details on the ABS purchase programme. What will be the size? How will it evolve, if the size of the purchase programme will be changing over time? And also what about the rating of the ABS you will buy, thinking specifically about those from Greece and Cy... | [
"First of all, all the details, almost all the details of the programme, will come out in the press release at 3.30 p.m. Let me say, it’s hard to assess a figure, to give a figure on this programme as such, because there are several interactions between the ABS programme, the covered bond programme and the TLTRO pr... | My first question would be, if you could give us some more details on the ABS purchase programme. What will be the size? How will it evolve, if the size of the purchase programme will be changing over time? And also what about the rating of the ABS you will buy, thinking specifically about those from Greece and Cyprus?... | 60 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2014/html/is140904.en.html | 2014-09-04 | Frankfurt am Main | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Katainen.",
"Based on our regular economic and monetary analyses, the... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Katainen.
Based on our regular economic and monetary analyses, the Governin... | 16 | [
{
"text": "My first question is, was this a unanimous decision on the interest rates and on the ABS and covered bond purchase programme? And my second question is about your previous comments about, for all intents and purposes, being at the lower bound on interest rates. You’ve cut interest rates further. Is t... | [
"My first question is, was this a unanimous decision on the interest rates and on the ABS and covered bond purchase programme? And my second question is about your previous comments about, for all intents and purposes, being at the lower bound on interest rates. You’ve cut interest rates further. Is there a risk th... | [
"The answer to the first question is no. It was not unanimous. And to the second question: no there isn’t such a risk, because we announced about the interest rates that they would be for all practical purposes at the lower bound, but technical adjustments could be possible, and that’s what we did. And now we are a... | My first question is, was this a unanimous decision on the interest rates and on the ABS and covered bond purchase programme? And my second question is about your previous comments about, for all intents and purposes, being at the lower bound on interest rates. You’ve cut interest rates further. Is there a risk that th... | 66 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2014/html/is140807.en.html | 2014-08-07 | Frankfurt am Main | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. The available inf... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. The available information ... | 14 | [
{
"text": "You were saying that the TLTROs would enhance our monetary policy stance. What do you exactly mean by that? And my second question is whether there is downside risk to your economic scenario having intensified, looking at the situation in Russia and the Ukraine?",
"role": "question"
},
{
... | [
"You were saying that the TLTROs would enhance our monetary policy stance. What do you exactly mean by that? And my second question is whether there is downside risk to your economic scenario having intensified, looking at the situation in Russia and the Ukraine?",
"Going back to the heightened geopolitical risk ... | [
"Indeed, the TLTROs will enhance our monetary policy stance in a sense because they implement a significant expansion in credit. They’re not really like the LTROs emergency funding. But these TLTROs are funding, they are to be used to lend to the real economy, to the non-financial companies, and especially to the S... | You were saying that the TLTROs would enhance our monetary policy stance. What do you exactly mean by that? And my second question is whether there is downside risk to your economic scenario having intensified, looking at the situation in Russia and the Ukraine?
Indeed, the TLTROs will enhance our monetary policy stan... | 94 | |
https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2014/html/is140703.en.html | 2014-07-03 | Frankfurt am Main | Mario Draghi, President of the ECB | Mario Draghi | true | [
"Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.",
"Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. The latest inform... | [] | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. The latest information sig... | 14 | [
{
"text": "You said earlier that you decided on some details for the TLTROs. Would you be so kind as to fill us in what these are? And my second question is concerning the forward guidance. You said a couple of weeks ago that interest rates would remain low for a longer period, and you referred to the extension... | [
"You said earlier that you decided on some details for the TLTROs. Would you be so kind as to fill us in what these are? And my second question is concerning the forward guidance. You said a couple of weeks ago that interest rates would remain low for a longer period, and you referred to the extension of the full a... | [
"Really, I don't think I ever made an explicit link between the extension of the fixed-rate full allotment or the four years' maturity for the lending and the period of time during which interest rates would remain at the present levels. I always said that the interest rates would remain at present levels for an ex... | You said earlier that you decided on some details for the TLTROs. Would you be so kind as to fill us in what these are? And my second question is concerning the forward guidance. You said a couple of weeks ago that interest rates would remain low for a longer period, and you referred to the extension of the full allotm... | 93 |
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