Let’s take a trip down memory lane with some of our highlights from this year…
JANUARY: question time! We received more than 280 questions under the hashtag #AskDraghi, on cryptocurrencies, Europe’s economic recovery and the likelihood of another global crisis. Watch President Draghi’s response on bitcoin.
FEBRUARY: the discussion continued. Chief Economist Peter Praet answered questions in a live Twitter Q&A. You asked about central banking and beyond, with topics ranging from economic development to how he pronounces his last name (the “e” is silent) twitter.com/i/moments/9616…
MARCH … was enlightening! At the #Luminale2018 festival of light in Frankfurt, our main building transformed into a colourful #crosshatch light show.
APRIL: one year after we published our guidance on non-performing loans, banks supervised by the ECB had cut their non-performing loans by one fifth. The guidance spells out how fast we expect banks to get rid of, or provision for, loans that turn sour bankingsupervision.europa.eu/about/ssmexpla…
MAY: a new Vice-President for the ECB. With gratitude, we said farewell to Vítor Constâncio, who ended his term as Vice-President of the ECB. We welcomed Luis de Guindos, who took over as Mr Constâncio’s successor.
JUNE: our anniversary! We celebrated 20 years of working to keep prices stable for the 340 million people who share the euro as their currency. Check out our explainer on the ECB’s tasks to find out more about how our policies affect people’s daily lives ecb.europa.eu/explainers/tel…
JULY: research confirms that the ECB’s policy measures have lowered inequality in the eurozone. Watch our explainer on how our monetary policy has reduced inequality or read the full paper ecb.europa.eu/pub/pdf/scpwps…
AUGUST: united in diversity. On the occasion of the #EuropeanCulturalDays open air concert, Lithuanian musicians gathered in front of the ECB. Together we celebrated the 100th anniversary of the country’s independence.
SEPTEMBER: we revealed our new €100 and €200 #banknotes. With brighter colours, a fresh design and enhanced security features, the new banknotes from the Europa series will be available from 28 May 2019 ecb.europa.eu/euro/banknotes…
OCTOBER: have you ever thought that hackers could actually be the good guys? In a @TEDx talk at the University of Mannheim, our cyber resilience expert Emran Islam explained how #EthicalHacking helps against cyberattacks. Watch his talk
NOVEMBER: waiting days for your bank transfers to arrive could become a thing of the past! We launched TIPS, a brand new service your bank can use to make your electronic payments immediately, around the clock, anywhere in Europe ecb.europa.eu/paym/target/ti…
DECEMBER: one market with one money. With the euro turning 20 soon, President Mario Draghi looks back at the creation of the Single Market and its benefits in a speech @SantAnnaPisa in Italy. Read the full thread
President Christine @Lagarde and @LSEnews Director Minouche Shafik discussed the impact of gender bias on education, home life, the workplace and leadership in this episode of #TheECBPodcastpod.link/1481819425/epi…
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🧵 The digitalisation of finance has broadened payment options, with emerging fintechs, big techs and cryptos causing disruptions, says Executive Board member Fabio Panetta at the @bundesbank. We need to preserve an anchor of stability for the monetary and payments systems.
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Panetta: Safeguarding this anchor is what our digital euro project is all about. We want to ensure that central bank money remains available to everyone in the euro area. But we also need to modernise the payment infrastructure underpinning our financial system.
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Panetta: Central bank money already exists in digital form for wholesale purposes. Wholesale central bank digital currency projects are about making digital interbank transactions, such as securities settlement and cross-currency payments, safer and more efficient.
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🧵 We must be prudent, recognising what we can do, but also what we cannot do, Executive Board member Fabio Panetta tells @LaStampa. We have limited room to cool imported inflation but we must prevent the rise in inflation from becoming entrenched.
Panetta: With medium-term inflation around 2%, we can gradually reduce stimulus.
But we must remain data-driven. It would be unwise to act without fully understanding how the war and global factors will affect inflation, demand and production. Uncertainty is enormous
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Panetta: We must prevent monetary adjustment from being accompanied by higher financial fragmentation. If the latter impedes monetary policy transmission, we should intervene decisively, building on the success of our pandemic purchase programme and the Next Generation EU
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The Russian invasion of Ukraine has cast a dark shadow over our continent, says Vice-President Luis de Guindos as he presents our 2021 Annual Report to the @Europarl_EN
De Guindos: The war in Ukraine is above all a human tragedy causing enormous suffering. But it is also affecting the economy in Europe. Growth will be slower than expected and inflation is likely to remain high in the coming months
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De Guindos: The war has also exposed major strategic vulnerabilities in Europe, including our dependency on fossil fuel imports. Speeding up the green transition is therefore crucial
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🧵 Globally coordinated efforts are needed to bring crypto-assets into a regulatory framework, says Executive Board member Fabio Panetta at @Columbia. We must not repeat past mistakes by waiting for the bubble to burst before acting ecb.europa.eu/press/key/date…
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Panetta: Unbacked crypto-assets can’t even fulfil their objective of facilitating payments, since they are too volatile to perform as money. We must decide how to regulate them, seeking a balance between innovation, financial stability and consumer protection
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Panetta: Crypto-assets already have a larger market than sub-prime mortgages had before the global financial crisis started. The longer we wait, the more exposures and vested interests build up. And the harder it will be to act
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