Source: European Central Bank (video statements)
https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html
Civil society seminar: Digital euro – ensuring European autonomy and resilience
Source: European Central Bank (video statements)
Evelien Witlox, Programme Manager of the digital euro project, European Central Bank
Barbora Kalmaityte, offline expert in the digital euro project, European Central Bank
Fabian Geuther, Communication specialist digital euro project, European Central Bank
ECB Governing Council Press Conference – 24 July 2025
Source: European Central Bank (video statements)
ECB President Christine Lagarde explains the Governing Council’s monetary policy decisions and will answer questions from journalists at the Governing Council press conference to be held on Thursday, 24 July 2025 at 14:45 CEST in Frankfurt am Main.
Ask the ECB Forum: defence, tariffs and AI – insights from top experts
Source: European Central Bank (video statements)
Can an increase in defence spending affect investments in green energy and digital infrastructure? What do US tariff threats mean for the ECB? How does the ECB support smaller countries in the Eurosystem? And is AI an opportunity or a risk for the financial future?
In the last episode of our Sintra series, our host Stefania Secola takes us on a walk around the ECB Forum and gets top experts to answer your questions.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 9 July 2025 and recorded during the ECB Forum on Central Banking in Sintra between 30 June and 2 July 2025.
In this episode:
02:05 Defence spending
Can an increase in defence spending affect investments in green energy and digital infrastructure?
08:08 Tariffs
How do US tariff threats affect the economy? What do they mean for the ECB? And what are the opportunities for Europe?
14:14 Smaller vs. bigger economies in the Eurosystem
Does the ECB prioritise bigger economies over smaller ones? Do smaller countries, such as Slovenia, benefit from the ECB’s monetary policy?
18:55 Artificial intelligence
Is AI an opportunity or a risk for the financial future?
Further readings:
Gensler, G., Johnson, S., Panizza, U. and Weder di Mauro, B.: The Economic Consequences of The Second Trump Administration: A Preliminary Assessment
https://cepr.org/publications/books-and-reports/economic-consequences-second-trump-administration-preliminary
The ECB Podcast: AI: economic game changer or job taker?
ECB Instagram
https://www.instagram.com/europeancentralbank/
Focus Session – Advancing TARGET Services with DLT transactions in central bank money
Source: European Central Bank (video statements)
Focus Session – Advancing TARGET Services with DLT transactions in central bank money
https://www.ecb.europa.eu/press/intro/events/html/fs_20250715.en.html
10:10
Welcome address
The Eurosystem launched a strategy to settle transactions recorded on distributed ledger technology (DLT) using central bank money. The initiative follows a two-track approach – Pontes and Appia – and will be built on the exploratory work on new technologies for wholesale central bank money settlement done with market participants in 2024. Learn more about how this strategy supports the wider EU policies and contributes to a harmonised and integrated European financial ecosystem.
Dimitri Pattyn, Deputy Director General, ECB
10:20
Findings from the exploratory work
The Eurosystem tested three interoperability-type solutions in 2024 together with 64 participants which conducted 50 trials and experiments, with the aim of exploring the potential use of DLT to settle wholesale financial transactions. Learn more about the results of the exploratory work and the lessons learnt.
Holger Neuhaus, Head of Division, ECB
10:40
Short-term track: Pontes
Deep dive into one of the tracks – Pontes which will provide a short-term offering to the market – including a pilot phase. It will offer euro central bank money settlement, linking market DLT platforms and TARGET Services to settle financial transactions. Learn more about the project roadmap and how you can be involved.
George Kalogeropoulos, Deputy Head of Division, ECB
11:10
Long-term track: Appia
The ECB will provide insights on its work on the long-term integrated ecosystem using DLT, the collaboration with public and private stakeholders, and the international dimension.
Holger Neuhaus, Head of Division, ECB
11:25
Closing remark
Dimitri Pattyn, Deputy Director General, ECB
Challenges and opportunities: what lies ahead for the world economy?
Source: European Central Bank (video statements)
Tariffs and geopolitical conflicts have created uncertainty around the world. But how does the new trade environment affect inflation and the economy? How can central banks adapt? And what is the potential impact on the dominance of the US dollar ?
In the third episode of our special Sintra series of the ECB Podcast, our host Paul Gordon talks to London School of Economics Professor Silvana Tenreyro.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 4 July 2025 and recorded on 1 July 2025.
In this episode:
01:30 How is the world economy doing?
What developments are having an impact on our economy today? And what uncertainties are arising from tariffs, trade fragmentation and armed conflicts in different parts of the world?
03:30 Tariffs, trade fragmentation and the economy
How can trade tariffs and fragmentation affect economic growth and inflation in the euro area and beyond?
06:25 How are prices changing?
How are prices changing in different countries? Will tariffs cause prices in the United States to rise, and those in Asia and Europe to fall? And why?
07:55 Lessons for central banks
Given the extremely high level of uncertainty, what lessons from past shocks can central banks apply in the future? Why do we need clearly defined frameworks? And what role do governments play?
09:55 How can governments prepare for potential shocks?
Investing in technologies that are difficult to substitute, diversifying energy sources and creating buffers for critical inputs – why it’s crucial that governments have a strategy to withstand various shocks.
12:05 What is a dominant currency?
When is a currency considered internationally “dominant”? And what dominant currencies have there been in the past?
13:40 Dollar dominance and monetary policy transmission
Does dollar dominance in international trade transactions reduce the effectiveness of monetary policy?
17:30 The future of dollar dominance
How will the dominance of the US dollar develop in the future? Is its role as a primary reserve currency at risk due to the Trump Administration’s policies?
19:10 What keeps you up at night?
What happens to our economy if there is a sudden shortage of a certain input? What impact will AI have if it remains largely unregulated? And what do stablecoins and digital currencies mean for our economy?
21:00 Our guest’s hot tip
Silvana shares her hot tip with our listeners.
Further readings:
Michael McLeay and Silvana Tenreyro: Dollar dominance and the transmission of monetary policy
Sintra Series episode 1/4: Price stability in times of change
Sintra Series episode 2/4: Adapting to change: Ensuring price stability in a new geopolitical era
Silvana’s hot tip: I’m still here/Ainda estou aqui
ECB Instagram
https://www.instagram.com/europeancentralbank/
ECB Forum on Central Banking 2025 – Award ceremony and Closing remarks
Source: European Central Bank (video statements)
Award ceremony for the Young Economist Prize
Closing remarks
Christine Lagarde, President, European Central Bank
ECB Forum on Central Banking 2025 – Panel 2
Source: European Central Bank (video statements)
Panel 2: Central bank communication: current challenges
Chair: Philip R. Lane, Member of the Executive Board, European Central Bank
Alessandra Galloni, Editor-in-Chief, Reuters
Carolin Pflueger, Associate Professor, University of Chicago, Harris School of Public Policy
Anna Seim, Deputy Governor, Sveriges Riksbank
Alan Taylor, Professor, Columbia University and external member of the Monetary Policy Committee of the Bank of England
ECB Forum on Central Banking 2025 – A conversation about tapping Europe’s growth potential
Source: European Central Bank (video statements)
A conversation about tapping Europe’s growth potential
Philippe Aghion, Professor, Collège de France and London School of Economics
Lars Feld, Professor, University of Freiburg, and Director of the Walter Eucken Institute
Moderator: Beatrice Weder di Mauro, Professor, Graduate Institute of International and Development Studies Geneva, and President of the CEPR
ECB Forum on Central Banking 2025 – Session 3
Source: European Central Bank (video statements)
Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment
Chair: Luis de Guindos, Vice-President, European Central Bank
Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability”
Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice
(together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center)
Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York