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5 Jan, 4 tweets, 1 min read
Economie Bulletin box: Developments in the tourism sector during the COVID-19 pandemic ecb.europa.eu/pub/economic-b…
Economic Bulletin: Declining mobility amplified the COVID-19 shock in countries dependent on foreign tourism
Economic Bulletin: Domestic tourism has partially compensated for the drop in foreign tourism during the summer
Economic Bulletin: Renewed containment measures weigh on future prospects for travel and tourism

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More from @ecb

European Central Bank Profile picture
30 Nov 20
(THREAD) When investors go green, they go European, ongoing research by ECB and @DNB_NL economists shows. Home bias in the green bond market is much weaker than in the bond market as a whole 1/4
Buying green bonds from across Europe increases portfolio diversity, which makes investments less vulnerable to fluctuations and shocks in the domestic economy 2/4
Green bonds support a transition to a more sustainable economy and can help bring EU capital markets closer together as we strive for a fully fledged capital markets union. See more on this in an interview by Executive Board member @Isabel_Schnabel ecb.europa.eu/press/inter/da… 3/4
Read 4 tweets
European Central Bank Profile picture
27 Nov 20
(THREAD) Technological innovation opens up opportunities and risks, says Executive Board member Fabio Panetta at the @Bundesbank's conference “Future of Payments in Europe“. Our strategy is to empower Europeans with efficient, inclusive and secure payments in the digital age 1/5
Panetta: Big tech and stablecoins could disrupt the European financial system. While they could offer convenient and efficient payment solutions, they risk endangering competition, privacy, financial stability and even monetary sovereignty 2/5
Panetta: We are implementing a comprehensive policy to ensure that citizens’ payment needs are met, while safeguarding the integrity of the payment system and financial stability. We are also promoting safe, pan-European instant payments 3/5
Read 5 tweets
European Central Bank Profile picture
27 Nov 20
(THREAD) We cannot afford to be too optimistic, says Executive Board member Fabio Panetta to @Expresso. There should not be any doubt about our commitment to bring inflation back to our aim or about the continuity of our policies even when the recovery gets underway 1/4
Panetta: With the second wave, the starting point for the inflation outlook is now lower than a few months ago. Uncertainty might leave scars even after the economy recovers. We cannot hesitate to take decisive measures to avoid a disanchoring of inflation expectations 2/4
Panetta: We have the firepower, we have instruments that we can recalibrate, and we’re going to do so. Fiscal policy is also an essential element to respond to the crisis and to support our stabilisation goals 3/4
Read 4 tweets
European Central Bank Profile picture
26 Nov 20
(THREAD) Chief Economist Philip R. Lane reflects on the role of monetary policy in a pandemic.

Read the speech ecb.europa.eu/press/key/date… 1/5
Lane: While the recent news on vaccines is very welcome and reduces the likelihood of the most severe scenarios, the current surge in infections and the re-imposition of containment measures serve as warning signals that the recovery will still be long and fraught with risks 2/5
Lane: The impact of the pandemic varies across countries while the services sector is clearly bearing the brunt of the pandemic. Fiscal policy is in the best position to differentiate and channel economic support to where it is needed most 3/5
Read 5 tweets
European Central Bank Profile picture
20 Nov 20
(THREAD) The pandemic has rightly focused minds on the here and now, President Christine @Lagarde says in a speech at the European Banking Congress. Yet it also provides the opportunity to reassess how we will organise our economy in the future ecb.europa.eu/press/key/date… 1/4
Lagarde: Faster digitalisation offers many benefits. It could lead to a less resource-intensive economy, give a jolt to productivity and democratise access to essential services. But technological transitions have not always been smooth and can be a source of anxiety 2/4
Lagarde: If Europe is to be successful in sustaining growth, it will require progress along a number of dimensions, in particular in harnessing the opportunities offered by new technologies. This will require a clear focus on innovation and education 3/4
Read 4 tweets
European Central Bank Profile picture
11 Nov 20
(THREAD) The coronavirus has produced a highly unusual recession and is likely to give rise to an unsteady recovery, says President Christine Lagarde in her opening remarks at the #ECBForum on Central Banking ecb.europa.eu/press/key/date… 1/6
Lagarde: This unusual recession has posed exceptionally high risks and required an exceptional policy response. What has defined this response is the policy mix. Macroeconomic, supervisory and regulatory authorities have dovetailed and made each other’s efforts more powerful 2/6
Lagarde: A continued, powerful and targeted policy response is vital to protect the economy, at least until the health emergency passes and vaccination is well advanced. The right policy mix is essential 3/6
Read 6 tweets

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