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I think I have read every single speech by Benoît Coeuré during his eight years at the ECB.
Here's my (very personal) Top 10.
#hommage
#10
"Central banks and the challenges of the zero lower bound" (Feb-12).
One of the first to deal with this topic, to be followed by many more on negative rates. Same applies to QE.
ecb.europa.eu/press/key/date…
#9
"Greece: progress, challenges and the way forward" (May-17).
Greece has always been a special topic close to Benoît's heart and decisions, as this week's colloquium made clear.
ecb.europa.eu/press/key/date…
#8
"What can monetary policy do about inequality?" (Oct-12)
ecb.europa.eu/press/key/date…
"Monetary policy and climate change" (Nov-18)
ecb.europa.eu/press/key/date…
Again, one of the very first to seriously discuss these topics (I'm cheating I know, but there are too many speeches).
#7
“What yield curves are telling us”
ecb.europa.eu/press/key/date…
Because the yield curve is a constant source of fantasy, but Benoît got it right.
#6
“The international dimension of the ECB’s asset purchase programme” (Jul-17)
ecb.europa.eu/press/key/date…
Great speech exploring the complex implications of QE on FX, going against a number of idées reçues.
#5
“Monetary policy: lifting the veil of effectiveness” (Dec-18)
ecb.europa.eu/press/key/date…
The final one, previewing the review, and more.
#4
“A budgetary capacity for the euro area” (Mar-16)
ecb.europa.eu/press/key/date…
Did I mention Benoît was among the first to discuss those crucial topics for the monetary union? This one among many more "political" speeches.
#3
“Sovereign debt in the euro area: too safe or too risky?” (Nov-16)
ecb.europa.eu/press/key/date…
Striking the right balance on a delicate topic, as he knows how to do. “If you give me good politics, I will give you good finances.”
#2
“The euro area’s three lines of defence” (Feb-18)
ecb.europa.eu/press/key/date…
Another classic must-read. Often imitated, never matched.
#1
“Scars or scratches? Hysteresis in the euro area” (May-17)
ecb.europa.eu/press/key/date…
Here it is, my favourite. One of the best ever written on the Phillips curve, which inspired me a lot. But I'm sure there will be many more in the future...
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Frederik Ducrozet
@fwred
The new limits of ECB policies – our latest, looking to the future on this special day. (1/n)
perspectives.group.pictet/sites/perspect…
It’s a silly question that we are asking. There are no limits, within the mandate of course. Problem is: (1) the side-effects of existing measures are increasing, and (2) the political appetite for policy innovation is shrinking. (2/n)
The elephant in the room is open-ended QE. Assuming a slow recovery in core inflation, we expect ECB QE to continue for two years, and issuer limits to be raised by the end of 2020 to free up enough buying space. (3/n)
Read 10 tweets
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Frederik Ducrozet
@fwred
Ouch. Long-term (5Y) inflation expectations from the ECB's Survey of Professional Forecasters fell to a new all-time low, from 1.74% to 1.67% in Q3. (1/n)
The distribution of SPF inflation outcomes - closely monitored by the ECB - has not deteriorated much further in Q3, but it remains too low and too flat overall. (2/n)
As a result, the risk of a 'low-flation' regime becoming entrenched in SPF expectations remains high, at 37% in Q3. (3/n)
Read 6 tweets
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Frederik Ducrozet
@fwred
[THREAD] Mario Draghi’s Greatest Hits, a Best Of.
8 years, 185 speeches, 77 press conferences, several interviews. Any errors, omissions and biases are all mine.
3 November 2011: first press conference.
"Continuity, credibility and consistency are of the essence in the way we carry out our jobs."
ecb.europa.eu/press/presscon… (pics from flickr.com/photos/europea…)
3 November 2011: first press conference.
"I have great admiration for the tradition of the Bundesbank. [...] As for the future, let me do my work and we will have periodic checks as to whether I am in sync with this tradition or deviating from it."
ecb.europa.eu/press/presscon…
Read 36 tweets

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@greg_doucette
Earlier today I learned about this #StandWithVic hashtag and the total gibberish sent by his lawyers as part of a LOLsuit

Reminder to check out the defamation basics #Law140 on why this is going to end poorly for him
You seem to have missed the thread explaining the law

Not entirely surprised literacy is not your strong suit though

Witty!

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@C_Barraud
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