Board of directors

Isabel Schnabel: Interview with De Tijd

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Monday, June 19, 2023
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Key Points: 

ECB publishes progress report on digital euro and study on possible features of a digital wallet

Retrieved on: 
Wednesday, April 26, 2023
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- PRESS RELEASE

Key Points: 
  • - PRESS RELEASE
    ECB publishes progress report on digital euro and study on possible features of a digital wallet
    24 April 2023
    - Digital euro potentially available initially to euro area residents, merchants and governments
    - Digital euro could be made available via existing banking apps and Eurosystem app
    - Offline and person-to-person payments across euro area seen as highly valued
    The European Central Bank (ECB) today published the third progress report on the digital euro, as well as the findings of focus groups commissioned by the ECB concerning people’s views on the features of a potential digital wallet.
  • In its initial releases, a digital euro would be accessible to euro area residents, merchants and governments.
  • The report also anticipates the potential provision of cross-currency functionalities with other central bank digital currencies outside the euro area.
  • The digital euro project is for the people of Europe”, said Executive Board member Fabio Panetta, who chairs the High-Level Task Force on a digital euro.

Fabio Panetta: A digital euro: widely available and easy to use

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Wednesday, April 26, 2023
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Isabel Schnabel: Interview with Politico

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Wednesday, April 26, 2023
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Fabio Panetta: Interview with The New York Times

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Tuesday, April 4, 2023
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Philip R. Lane: Interview with Die Zeit

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Thursday, March 30, 2023
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And please remember that we had a severe banking crisis in the European Union 15 years ago.

Key Points: 
  • And please remember that we had a severe banking crisis in the European Union 15 years ago.
  • As a result of that, we now have very tight regulation and very tight supervision of the banks.
  • And please remember that we had a severe banking crisis in the European Union 15 years ago.
  • As a result of that, we now have very tight regulation and very tight supervision of the banks.
  • So our baseline is that the European banking system has a lot of capital and banks have been prudent in their lending decisions.
  • If banks had to be rescued in the EU, would taxpayers have to pay for it again?
  • These are not the circumstances in which, in the baseline, we expect to see the banking system come under significant pressure.
  • *At a recent conference, you called the financial turmoil we just saw a “non-event”.
  • But in the end, only certain types of banks with very specific problems were involved.
  • Of course people ask questions immediately after a policy intervention such as in the US or Switzerland.
  • But I think it remains the case that there’s no direct read-across to the euro area.
  • The next level up from a non-event is if the banks become risk-averse because of a loss of confidence.
  • Then there would be some impact on the economy, but it would still be limited.
  • So we’re monitoring, but it’s still too early to extrapolate that this is going to be a significant issue.
  • For many years, the European Central Bank and other institutions have run projects playing through what happens if interest rates go up suddenly.
  • The exact details of which particular bank, what particular scenario, of course, always contains an element of surprise.
  • But was the high pace of the rate hikes you decided upon at the ECB perhaps a surprise for people?
  • Number one is: behind the increase in interest rates is the fact that inflation rose quite quickly.
  • It should not be surprising to anyone that rates went from -0.5 per cent to, let’s say, about 2 per cent.