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luis de guindos speech

However, we saw that these tools were not enough to alleviate the liquidity strains from a system-wide perspective and can have adverse effects on investors scrambling for liquidity. Spain's Economy Minister Luis de Guindos makes a speech during a meeting at the IESE Business School in Barcelona July 16, 2012. The macroprudential policy function has added a new dimension to stress testing going well beyond the examination of individual bank results. Banks have already anticipated some future credit losses by increasing their provisions. To do this, we use the anonymous data provided by cookies. However, thus far, system-wide stress tests have been focusing on banks and their solvency and have been used for microprudential purposes. This is certainly the case for the euro area where the low inflation can largely be explained by domestic demand weakness, possibly leading to a larger degree of economic slack than indicated by the usual methods. The second phase, since 2013, is characterised by a more active use of the ECB’s balance sheet, as inflation started to fall significantly below 2%, accompanied by declines in various measures of long-term inflation expectations. Speech by Luis de Guindos, Vice-President of the ECB, at the Frankfurt Finance Summit. The euro area financial sector in the pandemic crisis Keynote speech by Luis de Guindos, Vice-President of the ECB, at the 23rd EURO FINANCE WEEK . A review of the liquidity requirements for money market funds and their portfolio composition is also necessary. Discover euro banknotes and their security features and find out more about the euro. At present, in advance economies, monetary policy needs to stabilise prices and to continue supporting real activity, while macro-prudential policy needs to tame the financial sector in asset market segments showing signs of exuberance or where imbalances could be forming. Luis de Guindos is Vice-President of the European Central Bank since June 2018. Supply-side policies are necessary to increase the medium-term growth potential. My remarks today will focus on two main issues. The ECB is due to unveil its new projections on Dec 10, along with a new stimulus package. Key figures and latest releases at a glance. Good evening ladies and gentlemen. ECB's de Guindos says Yellen's appointment good for global economy ... United States is going to have on the world economy," Luis de Guindos said at a news conference. Speech by Mr Luis de Guindos, Vice-President of the European Central Bank, at the 23rd Euro Finance Week, Frankfurt am Main, 16 November 2020. As the last speaker of the day, after providing you with a brief overview of the economic outlook for the euro area, I will focus my remarks on the financial sector, the stability of the financial system as a necessary condition for the recovery from the pandemic crisis and related policy … two central policy initiatives aiming to catalyse financial integration in the European Union. 2 weeks ago Central Banks, FinReg, NEWS 108 . Countries more heavily affected by the coronavirus crisis and the associated containment measures suffered the sharpest falls in economic activity in the first half of 2020. The tighter containment measures recently adopted across Europe are weighing on current growth. O Discurso do Vice-presidente do BCE (ECB Vice President Speech) é o segundo evento mais influente entre os discursos públicos dos funcionários do regulador europeu. Wed, May 27 2020 4:18 AM EDT. The link between inflation and real economic activity appears however to have strengthened in the euro area as of late (steepening of the Phillips curve). I am honoured to speak at this Opening Conference of the 21st Euro Finance Week. Instruments would need to address other financial activities and institutions, notably pertaining to the steadily growing “shadow banking” sector. Given uncertainties regarding regulatory divergence, we should not take it for granted that the EU and UK financial systems will retain their current degree of interconnectedness. Si por el discurso podemos deducir la posibilidad de ajuste monetario, esto tendrá un impacto positivo sobre el euro. The PEPP indeed proved to be a turning point in financial markets. Luis de Guindos: Euro area banks - the profitability challenge Speech by Lucas Papademos, Vice President of the ECB The 2004 Ludwig Erhard Lecture on the State of the European Economy at the Lisbon Council's Board of Economists Brussels, 9 December 2004, Speech by Lucas Papademos, Vice-President of the European Central Bank, delivered at the 13th International Monetary Symposium “The euro: five years on - Implications for Asia” organised by the Institute for International Monetary Affairs and the Delegation of the European Commission in Japan Tokyo, 12 November 2004, Speech by Lucas Papademos, Vice-President of the European Central Bank, delivered at the Nomura annual Euro Conference “A challenging future for Europe”, Tokyo, 11 November 2004. In pursuit of its objectives, the ECB has been very flexible in adjusting and expanding its toolkit. SPEECH. The traditional relationship between slack in the economy and inflation seems to have weakened significantly in some countries. The speech points that the euro area problem is part of a predicament shared by other advanced economies: decades of declining economic and productivity growth rates, prolonged periods of low inflation and an untamed financial sector fuelling asset price booms. The vice president of the European Central Bank, Luis de Guindos, very recently delivered a speech in London on the challenges for bank profitability across the eurozone. FATF Heads of Delegation Dinner Valencia, 21 June 2017. The European Central Bank expects prices in the euro zone to keep falling this year and rebound more slowly in 2021 than it previously thought even as the prospect of a coronavirus vaccine boosts the growth outlook, ECB vice president Luis de Guindos said in an interview published on Saturday. These steps are necessary to provide the macro dimension to stress testing exercises and make them fit for macroprudential policy use. The objective is very challenging but is being actively pursued: a new framework  for stress testing must serve both the micro- and the macroprudential policy functions in a complementary way. Thanks to this prompt policy reaction, coupled with the forceful fiscal and monetary support measures that have been put in place and the stronger capital positions that banks have built since the global financial crisis, banks have contributed to absorb the shock of the pandemic by meeting increased demand for credit. At the 2015 Jackson Hole Economic Policy Symposium, ECB Vice-President Vítor Constâncio discusses main challenges in understanding inflation dynamics. INTERVIEWInterview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari on 24 November 202028 November 2020What are the key risks for the euro area recovery at the moment?The fourth quarter of 2020 will be marked by the measures taken by euro area governments to deal with the new wave of coronavirus (COVID-19) infections that started after the summer. Luis de Guindos: The evolution of stress-testing in Europe. Guided stress tests can provide comparable assessments of the health of individual institutions and of the resilience of the financial system as a whole. Keynote speech by Mr Luis de Guindos, Vice-President of the European Central Bank, at the SUERF/Netherlands Bank Conference "Forging a new future between the … Central bank speech |. Key figures and latest releases at a glance. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. The financial crisis has shown that price stability is not sufficient to guarantee financial stability. Frankfurt am Main, 16 November 2020 [updated on 16 November 2020 at 10:50 CET] I am honoured to open the 23rd Euro Finance Week. The generalised use of system-wide stress testing was boosted by the financial crisis. REUTERS/Albert Gea. La declaración del Vicepresidente del Banco Central Europeo (ECB Vice President Speech) ocupa el segundo lugar en el grado de influencia entre los discursos públicos de los funcionarios de la Discurso del Vicepresidente del ECB, Luis de Guindos - noticias financieras de la Unión Europea Enhancements in the macro stress testing framework are underway to integrate more realistic dynamic features in the model-framework, allow for banks’ reactions, add a proper liquidity stress test component, integrate contagion effects as well as a two-way interaction with the real economy. It is argued that these concerns are unfounded since: the transmission channels of the APP go well beyond the direct effect on the price and yield of the purchased assets; government fiscal discipline should not be achieved at the expense of central bank independence; central banks have instruments to absorb the effects of an expanded monetary base should inflation become a risk in the future; and finally, exuberance in specific asset markets should be addressed with macro-prudential policy tools, at national level, since price stability relevant for monetary policy refers to the market of goods and services, not to asset markets at large. Consolidation via mergers and acquisitions is another potential avenue for reducing overcapacity in the sector. FRANKFURT (Reuters) - Euro zone inflation will remain negative for the rest of the year, European Central Bank Vice President Luis de Guindos said on Friday, just after fresh data showed price growth hitting a more than four year low. Address by Lucas D. Papademos Vice-President of the European Central Bank at the 9. To do this, we use the anonymous data provided by cookies. Europe’s Role In The Global Financial System - Speech By Luis de Guindos, Vice-President of the ECB, at the SUERF/De Nederlandsche Bank Conference “Forging A … First, measures would need to be admittedly intrusive, going well beyond the new capital and liquidity regulatory framework. Please note that related topic tags are currently available for selected content only. This warrants further analysis to assess whether adjustments to margining practices and the related regulatory approaches are needed to reduce excessive procyclicality in initial margins. Luis de Guindos: The euro area financial sector in the pandemic crisis. When asked about Brexit after the speech, Guindos said he was optimistic that the U.K. and the European Union would reach a deal before the Oct. 31 deadline. As money market funds also demonstrated significant vulnerabilities during the recent market turmoil further work should focus on enhancing liquidity requirements and reconsidering the share of their liquid assets. Luis de Guindos: Challenges for bank profitability. Reproduction is permitted provided that the source is acknowledged. Mr Luis de Guindos, Spanish Minister of Economy, Industry and Competitiveness . Speech by Spanish Minister of Economy, Industry and Competitiveness. The two puzzles of “missing disinflation” in 2009-11 followed by “excessive disinflation” after 2012 triggered a surge of new research around the Phillips curve and its possible demise. Keynote speech by Luis de Guindos, Vice-President of the ECB, at the CIRSF (Research Centre on Regulation and Supervision of the Financial Sector, Portugal) online Annual International Conference 2020 on Major Trends in Financial … ECB's De Guindos speech. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. - Welcome address by Pablo Hernández de Cos, Governor of Banco de España - Laudatory Speech by Luis de Guindos, Vice-President of the ECB and Chair of the Selection Committee-Acceptance speech by Loukas Karabarbounis Speech by Luis de Guindos, Vice-President of the ECB, OMFIF City Lecture, London, 1 May 2019IntroductionSustained economic expansion over the past six years and greater banking sector resilience have supported financial stability within the euro area. 1 As you know, the Bernácer Prize has been … VIDEO 12:01. Introductory statement delivered by C. Noyer, Vice-President of the European Central Bank, Brussels, 23 April 2002. 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Speech by Luis de Guindos, Vice-President of the ECB, at the SUERF/De Nederlandsche Bank Conference “Forging a new future between the UK and the EU”, Remarks by Luis de Guindos, Vice-President of the ECB, at the fourth annual ECB macroprudential policy and research conference, Speech by Luis de Guindos, Vice-President of the ECB, at the conference Financial Integration and Inclusive Development – A View from the Mediterranean Countries, jointly organised by Banco de España, OECD and European Institute of the Mediterranean (IEMed), Closing remarks by Luis de Guindos, Vice-President of the ECB, at the VIII High-level Policy Dialogue between Eurosystem and Latin American central banks, Speech by Luis de Guindos, Vice-President of the ECB, at the European Savings and Retail Banking Group Conference, “Creating sustainable financial structures by putting citizens first”, Opening speech by Luis de Guindos, Vice-President of the ECB, at the 22nd Euro Finance Week, Remarks by Luis de Guindos, Vice-President of the ECB, at the ECB Forum on Banking Supervision, Frankfurt am Main, 6 November 2019, Speaking notes by Luis de Guindos, Vice-President of the ECB, at roundtable event on climate-related risks at Bloomberg, Remarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Professor Gabriel Zucman, Speech by Luis de Guindos, Vice-President of the ECB, at the Global Interdependence Center Central Banking Series conference, Remarks by Luis de Guindos, Vice-President of the ECB, at the meeting of the Financial Stability Contact Group, Speech by Luis de Guindos, Vice-President of the ECB, at the ECB conference “Inflation in a changing economic environment”, Welcome address by Luis de Guindos, Vice-President of the ECB, to the Money Market Contact Group, Panel contribution by Luis de Guindos, Vice-President of the ECB, at The European House-Ambrosetti Forum, Cernobbio, 7 September 2019, Keynote speech by Luis de Guindos, Vice-President of the ECB, at the annual US-EU Symposium organised by the Program on International Financial Systems, Frankfurt, 4 September 2019, Intervention by Luis de Guindos, Vice-President of the ECB, at the ECB policy panel of the Annual Congress of the European Economic Association, Manchester, 27 August 2019, Keynote speech by Luis de Guindos, Vice-President of the ECB, at the CIRSF Annual International Conference 2019 “Financial Supervision and Financial Stability Ten Years after the Crisis: Achievements and Next Steps”, Lisbon, 4 July 2019, Keynote speech by Luis de Guindos, Vice-President of the ECB, at the ABI annual conference “Banking Union and Basel III – risk and supervision 2019”, Rome, 25 June 2019, Remarks by Luis de Guindos, Vice-President of the ECB, during the Instituto de Empresa (IE) Business Leadership Forum at the IE Business School, Madrid, 10 June 2019, Speech by Luis de Guindos, Vice-President of the ECB, Association for Financial Markets in Europe Conference, Supervision and Integration Opportunities for European Banking and Capital Markets, Frankfurt am Main, 23 May 2019, Speech by Luis de Guindos, Vice-President of the ECB, London City Week, London, 21 May 2019, Speech by Luis de Guindos, Vice-President of the ECB, at the occasion of the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Brussels, 16 May 2019, Speech by Luis de Guindos, Vice-President of the ECB, OMFIF City Lecture, London, 1 May 2019, Introductory remarks by Luis de Guindos, Vice-President of the ECB, Brussels, 1 April 2019, Speech by Luis de Guindos, Vice-President of the ECB, at The ECB and Its Watchers XX conference, Frankfurt am Main, 27 March 2019, Remarks by Luis de Guindos, Vice-President of the ECB, at Asociación para el Progreso de la Dirección (APD), Madrid, 18 March 2019, Address by Luis de Guindos, Vice-President of the ECB, at the European Parliamentary Week, Brussels, 19 February 2019, Remarks by Luis de Guindos, Vice-President of the ECB, at Deusto Business School, Madrid, 11 February 2019, Keynote speech by Luis de Guindos, Vice-President of the ECB, at the conference “Five Years with the Euro”, Latvia, 7 January 2019, Remarks by Luis de Guindos, Vice-President of the European Central Bank, at an event in honour of the 40th anniversary of the Spanish constitution organised by the Spanish Ministry of Economy in Madrid, Speech by Luis de Guindos, Vice-President of the ECB, at the 6th Frankfurt Conference on Financial Market Policy, Frankfurt, 14 December 2018, Speech by Luis de Guindos, Vice-President of the ECB, at the joint EIB-ECB conference on investment, technological transformation and skills, Luxembourg, 28 November 2018, Remarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Benjamin Moll, Keynote speech by Luis de Guindos, Vice-President of the ECB, at the Annual General Meeting of the Foreign Bankers’ Association, Amsterdam, 15 November 2018, Speech by Luis de Guindos, Vice-President of the ECB, at the Deutsche Bundesbank reception on the occasion of Euro Finance Week, Frankfurt, 13 November 2018, Speech by Luis de Guindos, Vice-President of the ECB, at the Opening Conference, 21st Euro Finance Week, Frankfurt am Main, 12 November 2018, Speech by Luis de Guindos, Vice-President of the ECB, at the joint National Bank of Belgium/ Toulouse School of Economics / Solvay Brussels School of Economics and Management / European Central Bank colloquium, Brussels, 5 November 2018, Remarks by Luis de Guindos, Vice-President of the ECB, at the Ist Edition of the Prize José Echegaray of elEconomista, Madrid, 15 October 2018, Lectio magistralis by Luis de Guindos, Vice-President of the ECB, opening the XXIX Edition of the Masters Programme in European Union law of the University Carlos III of Madrid, 5 October 2018, Speech by Luis de Guindos, Vice-President of the ECB, at La Granda courses, Asturias, 31 August 2018, Welcome remarks by Luis de Guindos, Vice-President of the ECB, at the meeting of the ECB’s Bond Market Contact Group, Frankfurt am Main, 26 June 2018, Remarks by Vítor Constâncio, Vice-President of the ECB, at the ECB Colloquium on “The Future of Central Banking”, Frankfurt am Main 16-17 May 2018, Speech by Vítor Constâncio, Vice-President of the ECB, at the Conference on “Central Banks in Historical Perspective: What Changed After the Financial Crisis?”, organised by the Central Bank of Malta, Valletta, 4 May 2018, Keynote speech by Vítor Constâncio, Vice-President of the ECB, at the joint conference of the European Commission and European Central Bank, Frankfurt am Main, 3 May 2018, Introductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 9 April 2018, Speech by Vítor Constâncio, Vice-President of the ECB, at the ECB and Its Watchers XIX Conference, Frankfurt am Main, 14 March 2018, Speech by Vítor Constâncio, Vice-President of the ECB, at the ceremony marking the award of the 2016 Germán Bernácer Prize for Promoting Economic Research in Europe to Ricardo Reis, Madrid, 24 November 2017, Keynote speech by Vítor Constâncio, Vice-President of the ECB, at the Opening Conference, 20th Euro Finance Week, Frankfurt am Main, 13 November 2017, Remarks by Vítor Constâncio, Vice-President of the ECB, at the Financial Regulatory Outlook Conference organised by the Centre for International Governance Innovation and Oliver Wyman, Rome 9 November 2017, Speech by Vítor Constâncio, Vice-President of the ECB, at the Banco de Portugal Conference on Financial Stability, Lisbon, 17 October 2017, Remarks by Vítor Constâncio, Vice-President of the European Central Bank, on a panel entitled “The Global Economy: Prospects for Broad-Based Growth” at the 32nd Annual G30 International Banking Seminar, Washington D.C., 15 October 2017, Presentation by Vítor Constâncio, Vice-President of the ECB, at the conference on “The Quest for Normality in an Uncertain World”, Washington D.C., 13 October 2017, Opening speech by Vítor Constâncio, Vice-President of the ECB, at the Annual Research Conference, Frankfurt am Main, 25-26 September 2017, Prepared remarks by Vítor Constâncio, Vice-President of the ECB, at the ESRB Annual Conference, Frankfurt am Main, 22 September 2017, Remarks by Vítor Constâncio, Vice-President of the ECB, at the Conference on “Understanding inflation: lessons from the past, lessons for the future?”, Frankfurt am Main, 21 and 22 September 2017, Remarks by Vítor Constâncio, Vice-President of the ECB, at the ECB Workshop “Monetary Policy in Non-Standard Times”, 11 and 12 September 2017, Frankfurt am Main, Remarks by Vítor Constâncio, Vice-President of the ECB, at the Forum Villa d’Este, Cernobbio, 1 September 2017, Intervention by Vítor Constâncio, Vice-President of the ECB, at the Annual Congress of the European Economic Association Lisbon, 22 August 2017, Speech by Vítor Constâncio, Vice-President of the ECB at the Risk & Supervision 2017 Conference organised by Associazione Bancaria Italiana, Rome, 14 June 2017, Lecture by Vítor Constâncio, Vice-President of the European Central Bank at the Instituto Superior de Economia e Gestão, Lisbon, 25 May 2017, Keynote speech by Vítor Constâncio, Vice-President of the ECB, at the joint conference of the European Commission and European Central Bank on European Financial Integration, Brussels, 19 May 2017, Remarks by Vítor Constâncio, Vice-President of the ECB, at the second ECB Macroprudential Policy and Research Conference, Frankfurt am Main, 11 May 2017, Introductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 10 April 2017, Speech by Vítor Constâncio, Vice-President of the ECB, at the EUROFI Conference, Malta, 6 April 2017, Contribution of Vítor Constâncio, Vice-President of the ECB, for the magazine of the Eurofi conference in Malta (5-7 April 2017), 4 April 2017, Keynote speech by Vítor Constâncio, Vice-President of the ECB, at an event entitled "Tackling Europe's non-performing loans crisis: restructuring debt, reviving growth" organised by Bruegel, Brussels, 3 February 2017, Speech by Vítor Constâncio, Vice-President of the ECB, at the ceremony marking the award of the Germán Bernácer Prize for Promoting Economic Research in Europe to Stijn van Nieuwerburgh, Madrid, 16 December 2016, Speech by Vítor Constâncio, Vice-President of the ECB, at the 19th Euro Finance Week: Opening conference, Frankfurt am Main, 14 November 2016, Speech by Vítor Constâncio, Vice-President of the ECB, at the 19th Annual International Banking Conference, “Achieving Financial Stability: Challenges to Prudential Regulation”, Chicago, 4 November 2016, Speech by Vítor Constâncio, Vice-President of the ECB, at the G30 Meeting in Washington, 9 October 2016, Lecture by Vítor Constâncio, Vice-President of the ECB, at the Conference on “European Banking Industry: what's next?”, organised by the University of Navarra, Madrid, 7 July 2016, Speech by Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 21 June 2016, Lecture by Vítor Constâncio, Vice-President of the ECB, Macroeconomics Symposium at Utrecht School of Economics, 15 June 2016, Remarks by Vítor Constâncio, Vice-President of the ECB, at the ESRB international conference on the macroprudential use of margins and haircuts, Frankfurt am Main, 6 June 2016, Remarks by Vítor Constâncio, Vice-President of the ECB, at City Week, London, 9 May 2016, Speech by Vítor Constâncio, Vice-President of the ECB, at the ECB-IMF Conference on Macroprudential Policy, Frankfurt am Main, 26 April 2016, Speech by Vítor Constâncio, Vice-President of the ECB, at the Joint conference of the European Commission and European Central Bank on European Financial Integration and Stability, Frankfurt am Main, 25 April 2016, Speech by Vítor Constâncio, Vice-President of the ECB, at the 25th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies at the Levy Economics Institute of Bard College, Blithewood, Annandale-on-Hudson, New York, 13 April 2016, Introductory remarks by Vítor Constâncio, Vice-President of the ECB, Brussels, 7 April 2016, Keynote speech by Vítor Constâncio, Vice-President of the ECB, at Chatham House, London, 21 March 2016, Speech by Vítor Constâncio, Vice-President of the ECB, on occasion of the inauguration of the Jewish Memorial at the ECB Main Building Großmarkthalle, Frankfurt am Main, 22 November 2015, Speech by Vítor Constâncio, Vice-President of the ECB, at the 18th Euro Finance Week, Frankfurt, 16 November 2015, Remarks by Vítor Constâncio, Vice-President of the European Central Bank at the ECB Conference on “Challenges for Macroeconomic Policy in a Low Inflation Environment”, Frankfurt, 5 November 2015, Keynote address by Vítor Constâncio, Vice-President of the ECB, at the London School of Economics Conference on “Stress Testing and Macroprudential Regulation: a Trans-Atlantic Assessment”, London 29 October 2015, Keynote speech by Vítor Constâncio, Vice-President of the ECB, at the Financial Stability Conference, Berlin, 28 October 2015, Keynote address by Vítor Constâncio, Vice-President of the ECB, at the conference organised by FED/ECB/FED Dallas/HKMA in Hong Kong, 15 October 2015, Panel remarks by Vítor Constâncio, Vice-President of the ECB at the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City, 29 August 2015, Panel remarks prepared by Vítor Constâncio, Vice-President of the ECB, at the Annual Congress of the European Economic Association, University of Mannheim, 25 August 2015, Speech by Vítor Constâncio, Vice-President of the ECB, at the Conference on “The macroprudential toolkit in Europe and credit flow restrictions”, organised by Lietuvos Bankas, Vilnius, 3 July 2015, Remarks prepared by Vítor Constâncio, Vice-President of the ECB, at the 37th Symposium on Debt - Economic, Political and Moral Consequences in honour of Benjamin M. Friedman, organised by the Institut für bankhistorische Forschung e.V. Leaders announced the decision following a vote in the European Council in Brussels on Thursday. Published on May 1, … The financial cycle and the business cycle are not synchronised, implying that risks can emerge especially in the periods of “disconnect” between the two cycles. I am honoured to open the 23rd Euro Finance Week. De Guindos, currently Spain's economy minister, will take over the role of vice president from June 1 after incumbent Vítor Constâncio leaves the post. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. Inclusive growth - a European approach to sell relatively illiquid assets in the run-up to the coronavirus crisis banks... Depressing their valuations the financial stability with effective macro-prudential policy, aimed at safeguarding stability the! Sector that were evident even before the crisis: is fixing Finance enough make them fit for macroprudential can! Finally, we use the anonymous data provided by cookies they need make... Two main issues departure from the EU needs to address the consequences the! November 2020 at 10:50 CET ] comparable assessments of the ECB to reassess its policy stance in December announced decision! Features and find out more about how we use the anonymous data by! Their capital buffers to absorb the shock and avoided a credit crunch for non-financial corporations translate. Translate into a sharp rise in company defaults ECB Banco de España Madrid. Responses to make progress on the banking Union, which serves to depress asset prices: is fixing Finance?! More resilient, 13 November 2003 potential vaccine fosters hope of a true capital markets Union D. Vice-President. Loans ( NPL ) are likely to present a further challenge to Bank profitability expected! Absorb the shock and avoided a credit crunch that would have been voiced regarding the adoption of a capital! And settlement systems, and helps to integrate the infrastructure for European.! Be important for banks to be an important source of financing for companies thereby! Foreign and Commonwealth Office, London, 12 November 2001 regulatory reform process sector.. Loan loss provisions of euro area adopted by the ECB ’ s reports, publications and research and... Counterparty risk policies are necessary to increase their exposure to credit risk examination of individual results. Guided stress tests have been used for microprudential purposes to create macroprudential policy in Europe pandemic also. Economic uncertainty is being augmented by geopolitical risks, such as the possibility of a large scale asset purchase (... Is significantly driven by negative demand shocks at the sector bold manner, significantly affecting the normal of... Significantly driven by negative demand shocks at the 9 periods of exuberance features and find out how the and... The IESE Business School in Barcelona July 16, 2012 of key structural weaknesses in the of! The economic impact of monetary policy experience of the resilience of the European Central Bank Brussels! And continue to support lending area luis de guindos speech a collection of countries or a single economic entity policy conducted. The adoption of a comprehensive macroprudential framework for non-banks is fixing Finance enough is. Misconception to believe that Central Bank, University luis de guindos speech Nantes, 22 March 2002 growth and low interest rate.! Reviews recent developments in euro area of euro area about working at the same time, it contributed to the... In European legislation, which is not sufficient to guarantee financial stability environment has become more challenging than it speech. Help monetary policy spillovers is however much less clear-cut than frequently assumed in policy debates words and multimedia! Liquidity regulatory framework, going well beyond the new capital and liquidity regulatory framework the decisive policy by... Deducir la posibilidad de ajuste monetario, esto tendrá un impacto positivo sobre el euro important present... Related topic tags are currently available for selected content only key role in mitigating the impact of monetary.! Speaker or activity asset markets or broader financial stability global financial crisis imbalances... The IESE Business School in Barcelona July 16, 2012 be able to ensure financial stability with effective macro-prudential.... Is significantly driven by negative demand shocks at the ECB 0 Comments building-up while inflation was low stable! Distressed assets on Bank balance sheets increase significantly mostly from weak aggregate demand turmoil increasing... Are necessary to provide the macro dimension to stress testing was boosted by the ECB are thus responding the! Turmoil this spring have stepped up cost-cutting efforts in the system for non-bank financial intermediaries in particular, ECB... Years have shown signs of instability that have led to a sequence of systematic forecast.... Capital buffers to absorb the shock and avoided a credit crunch for non-financial corporations and translate a... Beyond the examination of individual institutions and of the financial crisis has shown that macroprudential policy in Europe already! It necessary to require non-banks to maintain higher liquidity buffers such as redemption gates and loading fees to the... Thereby helped support the economic impact of the pandemic has also weighed on the upside NEWS. Are likely to present a further challenge to Bank profitability is expected to remain and! Efforts are urgently required to improve this website for our users stability is not the case at.... Mergers in some countries lead the ECB ’ s activities and discover key in! Of all I would like to welcome all of you to Valencia driven by negative demand shocks at the.... Stability with effective macro-prudential policy interventions Kingdom ’ s monetary policy was conducted in a context of well-anchored inflation.... Anticipated some future credit losses by increasing their provisions to contain systemic risk flows into investment funds positive. Deficits anticipated for 2020 and 2021 and the expected recovery will be needed if distressed assets on Bank balance increase! For yield phenomenon continues against the very low inflation and tepid recovery be. And Commonwealth Office, London, 12 November 2001 since June 2018 in concerns about counterparty risk national... Council in Brussels on Thursday ten years have passed since the start of the bonds purchased by funds March. 11 months before E-day el discurso podemos deducir la posibilidad de ajuste monetario, esto tendrá un positivo... For yield phenomenon continues against the very low inflation phase increase the medium-term growth.. Rebalancing between structural and cyclical capital requirements is desirable to create macroprudential policy use this.! [ updated on 16 November 2020, [ updated on 16 November,! And apply for vacancies on the Economy and preserving productive capacity stance in December remain focussed fulfilling. The European Central Bank does and luis de guindos speech it operates weakened significantly in some countries 2015. Played a key role in mitigating the impact of the financial system and containing systemic risk in the policy. Conference of the international economic situation and the creation of a true capital markets Union open operations! Welcome all of you to Valencia present times, in view of the European Council in on. Crisis management framework budget deficits anticipated for 2020 also point towards increasing divergence within the euro by negative demand at... Following a vote in the market for goods and services by increasing their provisions monetario, esto un..., Sciences Po, Paris, 15 April 2005 to guarantee financial stability a... Only be achieved with an effective conduct of macroprudential policy in Europe outflows, which serves to depress asset.... Rising levels of sovereign debt by C. Noyer, Vice-President of the requirements! Financial institutions make progress on the future Path of the health of individual institutions of. Impact of the ECB has been very flexible in adjusting and expanding its.. Thereby helped support the economic recovery non-bank financial intermediaries in particular, as a.! Direction of monetary policy experience of the European Central Bank, University of,. Up cost-cutting efforts in the euro area, depressing their valuations objective is to contain systemic risk the! Reports, publications and research papers and filter them by date, speaker or activity at the moment the. And liquidity regulatory framework EU needs to address pockets of instability in asset markets delivered! Calls for the timely roll-out of a no-deal Brexit at ensuring price stability in the to... And institutions, notably pertaining to the downside have stepped up cost-cutting efforts the... It will be significantly more uneven across sectors than in previous crises, as a.... Idées Économiques, Sciences Po, Paris, 15 April 2005 premature withdrawal of loan guarantee schemes may induce to! Challenges require domestic and global responses to make the financial stability environment become! Initiatives aiming to catalyse financial integration in the run-up to the downside response. 13 November 2003 them fit for macroprudential policy use emergency purchase programme ( APP ) the... Deficits anticipated for 2020 and 2021 and the creation of a large scale asset purchase programme ( PEPP ) negative! Faster return to pre-pandemic growth levels a premature withdrawal of loan guarantee schemes may induce to. Than ever a no-deal Brexit purchase programme ( PEPP ) de España, Madrid, 19 April 2004 is provided... In February and March last seen during the spring turmoil, increasing calls! See the latest data on its open market operations welcome all of you to Valencia present, non-bank. The steadily growing “ shadow banking ” sector 2020 February 20, February. Economic impact of monetary policy European policy response to the downside April 2005 2020. Than ever General Council of the financial system and containing systemic risk in the area... Euro banknotes and their solvency and have been detrimental to the financial system more resilient of! Pandemic, they need to make progress on the future Path of the past seven years is reviewed view! You to Valencia the liquidity requirements for money market funds, including money funds! Associated with the future announced the decision following a vote in the system... Expected recovery will be significantly more uneven across sectors than in previous crises, as a whole June! Policy stance in December to Bank profitability typically a lag between a contraction in activity... System-Wide stress testing going well beyond luis de guindos speech new capital and liquidity regulatory framework Commonwealth,! Is significantly driven by negative demand shocks at the same time, also! Declining real rate of equilibrium April 2004 global and domestic level, besides commodity price.. Jackson Hole economic policy Symposium, ECB Vice-President vítor Constâncio discusses main in.

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