Source: European Central Bank (video statements)
The digital euro would complement banknotes and extend the benefits of cash to the digital sphere.
This is important because euro cash brings us together. It’s our money.
Europeans would have the freedom to use the digital euro for any digital payment, online or offline, throughout the euro area.
Source: European Central Bank (video statements)
Today our Governing Council decided on monetary policy.
Listen to President Christine Lagarde present today’s decisions. The statement also covers:
• how the economy is performing
• how we expect prices to develop
• the risks to the economic outlook
• the dynamics behind financial and monetary conditions
Published and recorded during our press conference on 30 October 2025.
Our monetary policy statement at a glance, 30 October 2025
www.ecb.europa.eu/press/press_conf…_october.en.html
Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 October 2025
www.ecb.europa.eu/press/press_conf…74dde15e.en.html
Monetary policy decisions, 30 October 2025
www.ecb.europa.eu/press/pr/date/20…0540b5c0.en.html
Combined monetary policy decisions and statement, 30 October 2025
www.ecb.europa.eu/press/press_conf…5d99d5b1c.en.pdf
European Central Bank
www.ecb.europa.eu/home/html/index.en.html
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, 30 October 2025 at 14:45 CET in Florence, Italy.
Source: European Central Bank (video statements)
Session 5 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025.
Chair: Caterina Mendicino*, ECB
“The Systematic Origins of Monetary Policy Shocks”
Authors:
• Lukas Hack, ETH Zürich
• Klodiana Istrefi*, ECB and CEPR
• Matthias Meier, University of Mannheim
Discussant: Francesca Monti*, UCLouvain and CEPR
The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks.
WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists.
The conference took place on 20 and 21 October 2025 in Frankfurt am Main.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html
Source: European Central Bank (video statements)
Closing remarks by Fiorella De Fiore, Agnese Leonello, Caterina Mendicino, Helene Rey, Carolina Villegas Sanchez on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025.
The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks.
WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists.
The conference took place on 20 and 21 October 2025 in Frankfurt am Main.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html
Source: European Central Bank (video statements)
Session 5 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025.
Chair: Caterina Mendicino*, ECB
“Monetary Policy and Sovereign Risk in Emerging Economies”
Authors:
• Cristina Arellano, Federal Reserve Bank of Minneapolis
• Yan Bai*, University of Rochester and CEPR
• Gabriel Mihalache, Stony Brook University
Discussant: Ozge Akinci*, Federal Reserve Bank of New York and CEPR
The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks.
WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists.
The conference took place on 20 and 21 October 2025 in Frankfurt am Main.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html
Source: European Central Bank (video statements)
Session 5 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025.
Chair: Caterina Mendicino*, ECB
“A Tale of Two Margins: Monetary Policy and Capital Misallocation”
Authors:
• Silvia Albrizio, IMF
• Beatriz Gonzalez*, Banco de España
• Dmitry Khametshin, Banco de España
Discussant: Daria Finocchiaro*, Sveriges Riksbank and CEPR
The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks.
WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists.
The conference took place on 20 and 21 October 2025 in Frankfurt am Main.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html
Source: European Central Bank (video statements)
Session 4 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025.
Chair: Fiorella De Fiore*, BIS and CEPR
“HANKSSON”
Authors:
• Florin O. Bilbiie, University of Cambridge
• Sigurd Mølster Galaasen, Norges Bank
• Refet Gürkaynak, Bilkent University
• Mathis Mæhlum, Norges Bank
• Kristina Molnar*, Norwegian School of Economics
Discussant: Morgane Richard*, SciencesPo
The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks.
WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists.
The conference took place on 20 and 21 October 2025 in Frankfurt am Main.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html
Source: European Central Bank (video statements)
Session 4 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025.
Chair: Fiorella De Fiore*, BIS and CEPR
“Fiscal Policy and Sectoral Reallocation According to HANK-SAM-IO”
Authors:
• Alexey Gorn, University of Liverpool
• Nicolò Rizzotti, University of Chicago
• Antonella Trigari*, Bocconi University and CEPR
Discussant: Anna Rogantini Picco*, ECB and CEPR
The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks.
WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists.
The conference took place on 20 and 21 October 2025 in Frankfurt am Main.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html
Source: European Central Bank (video statements)
Session 3 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025.
Chair: Hélène Rey*, London Business School and CEPR
“Geopolitical Risk and Global Banking”
Authors:
• Friederike Niepmann, Board of Governors of the Federal Reserve System
• Leslie Shen*, Federal Reserve Bank of Boston
Discussant: Veronica De Falco*, Imperial College
The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks.
WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists.
The conference took place on 20 and 21 October 2025 in Frankfurt am Main.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html
