Payment systems are of vital importance for today's economies and are the core activity of central banks. To adapt to recent trends – including the decline in cash usage, the surge in online commerce and contactless forms of payment, and the creation of cryptocurrencies – central banks have, in recent years, explored the possibility of issuing digital currencies themselves. In this podcast, we’ll talk about digital currencies issued by central banks. We’ll look at the different design choices and examine the potential benefits and risks of such crypto-currencies.

EPRS policy podcast - Central bank digital currencies: Evolution or revolution?

Pangakontod on muutunud osaks meie igapäevaelust. Nende abil haldame oma raha, teeme veebioste ja maksame arveid. Ometi on paljudel liidu kodanikel endiselt raske panka vahetada või teises riigis pangakontot avada

Mida teeb Euroopa Liit pangakonto omanike heaks?

Kui pank läheb pankrotti, on hoiustajad enamasti viimased, kes sellest kuulevad. Hoiustajad ei saa pidevalt oma panga tegevust jälgida ja loota, et jõuavad enne selle pankrotti minekut hoiused välja võtta. Euroopa Liit püüab Teie raha kaitsta ja pangandussüsteemi stabiilsemaks muuta. Aga kuidas täpsemalt?

Mida teeb Euroopa Liit pangahoiuste omanike heaks?

Kas olete ettevõtte omanik või mõtlete oma äri alustamise peale? Või kaalute ehk pangalaenu võtmist? Siis on teil võimalik kasutada Euroopa Liidu vahendeid. Euroopa Liit aitab ettevõtete omanikke ja finantsvahendajaid järgmiselt.

Mida teeb Euroopa Liit kohalike ja piirkondlike pangateenuste osutajate heaks?

Every year the European Central Bank publishes an annual report on how it has carried out its supervisory responsibilities, it describes the tasks and activities of the European System of Central Banks (ESCB) and reports on the Eurosystem’s monetary policy. The report is usually published in April of the following year. The Chair of the Supervisory Board of the ECB presents the report to the European Parliament at a public hearing and then during a debate in plenary.

See more on this topic by visiting our <a href="https://multimedia.europarl.europa.eu/en/european-central-bank-annual-report-8th-parliamentary-term_4003_pk">package</a> for the 8th parliamentary term.

European Central Bank - annual report

The Annual Report describes the tasks and activities of the European System of Central Banks (ESCB) and reports on the Eurosystem’s monetary policy.

It is usually published in April of the following year and is presented by one of the ECB’s Executive Board members to the European Parliament at a public hearing.

The Annual Report includes the Annual Accounts of the ECB. These are also published as a separate document several weeks before the Annual Report.

European Central Bank annual report - 8th parliamentary term

On 2 July 2019, Christine Lagarde was nominated by the European Council to succeed Mario Draghi as President of the European Central Bank on 1 November 2019.

She is a French lawyer and politician serving as Managing Director and Chairwoman of the International Monetary Fund (IMF) since 2011.

During a vote in the Economics and Monetary Affairs Committee, Ms Lagarde received 37 votes in favour of her taking up the position, 11 against and 4 MEPs abstained. The recommendation will now be passed on to the plenary for a confirmatory vote, which is expected to take place during the September plenary session from the 16th to 19th September.

Christine LAGARDE, nominated as President of the European Central Bank

The Banking Union (BU) was created as a response to the financial crisis and is an essential complement to the Economic and Monetary Union (EMU) and the internal market, which aligns responsibility for supervision, resolution and funding at EU level and forces banks across the euro area to abide by the same rules. In particular, these rules ensure that banks take measured risks and that failing banks can be resolved in an orderly manner, with as little impact as possible on the real economy and public finances of the participating EU countries.

The Banking Union&nbsp;currently has two elements, the&nbsp;Single Supervisory Mechanism&nbsp;(SSM) and the&nbsp;Single Resolution Mechanism&nbsp;(SRM). The SSM supervises the largest and most important banks in the euro area directly at European level, while the purpose of the SRM is to resolve failing banks in an orderly manner with minimal costs for taxpayers and for the real economy.

The EP is currently following the recent developments on the EU and US markets with&nbsp;the failure of the Silicon Valley Bank and the implications for financial stability in Europe or the UBS’s rescue of the Bank Credit Suisse in Switzerland.

Banking sector

The European Investment Bank (EIB) furthers the objectives of the European Union by providing long-term project funding, guarantees and advice. It supports projects both within and outside the EU. Its shareholders are the Member States of the EU.

The EIB is the majority shareholder in the European Investment Fund (EIF) and the two organisations together make up the EIB Group.

Every year, a Parliament committee reviews the EIB’s activities and presents a report in plenary, to which the EIB President is invited. The EIB and the Commission have a number of reporting obligations towards Parliament, such as annual reports, ad hoc hearings and requests for information. Parliament was involved, as a co-legislator, in the adoption of the EFSI and InvestEU initiatives.

In the context of the COVID 19- pandemic the Bank has supported the health sector and vaccine research as well as financing BioNTech, one of the vaccine makers. It has joined the EU-backed Team Europe effort to tackle the pandemic in the European Union’s neighbouring countries and in fragile states around the world. Together with the European Investment Fund the EIB has given support to hard-hit SMEs. Now the Bank is investing in a green and inclusive recovery in Europe and in developing countries (source EIB).

Annual Report on the financial activities of the European Investment Bank

Since 2009, the EU has undertaken a large number of reforms to establish a safer, more resilient, transparent and responsible financial system, serving the economy and society as a whole.

However, the size and complexity of a number of banks remain an issue of concern. The balance sheet of some of these banks is larger than the GDP of their home countries. These banks remain 'too big to fail' and, as a result, take advantage of the presumption that the sovereign will bail them out with taxpayers' money in case of substantial trouble, instead of letting them fail.

#EUelections2019 - Safer banks

MEPs debate with European Central Bank President Christine Lagarde inflation, efforts to curb it, and possible interest rate cuts. During the annual plenary debate, MEPs concentrate on what happens next once inflation settles at the ECB’s 2% target and pay particular attention to the continuing significant divergences in inflation rates between member states. This is the last debate in the European Parliament for Ms Lagarde before the 6-9 June  European elections.

Plenary debate - European Central Bank: annual report 2023

EP Plenary session - Joint debate - Banking Union

ECON - European Central Bank - annual report 2024

EP Plenary session - Financial activities of the European Investment Bank - annual report 2023 - In the presence of Nadia Calviño, President of the European Investment Bank

EP Plenary session - European Central Bank – annual report 2023

Roberta METSOLA, EP President meets with Christine LAGARDE, President of the European Central Bank and Ursula von der LEYEN, President of the European Commission

ECON  - Exchange of views with Piero CIPOLLONE, Member of the Executive Board of the European Central Bank

ECON - Monetary Dialogue with Christine Lagarde, President of the European Central Bank

ECON - Appointment of the Chair of the Supervisory Board of the European Central Bank

EP Plenary session - Joint debate - European Investment Bank in the presence of Werner Hoyer, President of the EIB

Roberta METSOLA, EP President meets with Werner HOYER, President of the European Investment Bank

Roberta METSOLA, EP President meets with Christine LAGARDE, President of the European Central Bank (ECB)

REGI Committee - Exchange of views with Lyliana Pavlova, Vice-President of the European Investment Bank responsible for cohesion policy

Celebration to mark the 25th anniversary of the European Central Bank, in Frankfurt, Germany

ECON Committee - Exchange of views with Fabio Panetta, Member of the Executive Board of the European Central Bank

ECON Committee - Exchange of views on the failure of Silicon Valley Bank and the implications for financial stability in Europe with José Manuel CAMPA, Chair of the European Banking Authority and Andrea Enria, Chair of the Supervisory Board of the ECB

ECON Committee - Public Hearing on banks state of play

Monetary Dialogue with Christine LAGARDE, President of the European Central Bank.

EP Plenary session - The failure of the Silicon Valley Bank and the implications for financial stability in Europe

Istungjärgu jätkamine

Osaistungjärgu avamine

Istungi juhataja avaldused

Eelmise istungi protokolli kinnitamine

Parlamendi koosseis

Puutumatuse kaitsmise taotluse järelmeetmed

Fraktsioonide koosseis

Parlamendi komisjonide ja delegatsioonide koosseis

Parlamendi esimesele lugemisele eelnevad läbirääkimised (kodukorra artikkel 71)

Parandus (kodukorra artikkel 241)

Seadusandliku tavamenetluse kohaselt vastu võetud õigusaktide allkirjastamine (kodukorra artikkel 79)

Tööplaan

Istungi jätkamine

Euroopa Keskpanga 2023. aasta aruanne (arutelu)

Poliitreklaami läbipaistvus ja suunamine (arutelu)

Vajadus saada välja ummikseisust, kuhu nõukogu on platvormitöötajate direktiivi käsitlemisel jõudnud (arutelu)

Toiduainehindade inflatsiooni ning selle sotsiaalsete tagajärgede ja algpõhjustega tegelemine (arutelu)

Detergendid ja pindaktiivseid ained (arutelu)

Otsuse (EL) 2017/1324 muutmine: liidu osalemise jätkamine PRIMA partnerluses programmi „Euroopa horisont“ raames (lühiettekanne)

Keskkonna kaitsmine kriminaalõiguse kaudu (lühiettekanne)

Järgmise istungi päevakord

Käesoleva istungi protokolli kinnitamine

Istungi lõpp

Plenary session

Address by Roberta METSOLA, EP President, at the “25 years of European Central Bank” working dinner

Press conference by Valdis DOMBROVSKIS, EC Executive Vice-President and Mairead MCGUINNESS, Commissioner for financial services on the reform of the bank crisis management and deposit insurance (CMDI)

Eelmise istungi protokolli kinnitamine (vt protokoll)

Presidentuuri avaldus

Puutumatuse äravõtmise taotlus

Parlamendi esimesele lugemisele eelnevad läbirääkimised (kodukorra artikkel 71) (vt protokoll)

Parandused (kodukorra artikkel 241)

Seadusandliku tavamenetluse kohaselt vastu võetud õigusaktide allkirjastamine (kodukorra artikkel 79) (vt protokoll)

Euro 20. aastapäev

Euroopa Keskpanga 2021. aasta aruanne(arutelu)

Hääletus

Euroopa Keskpanga 2021. aasta aruanne(arutelu jätkamine)

Rakendamisraport põllumajandusloomade heaolu kohta(arutelu)

Euroopa Ombudsmani tegevus  – 2020. aasta aruanne(arutelu)

ELi avamere taastuvenergia strateegia(arutelu)

Hinnang Euroopa Liidu lepingu artikli 50 rakendamisele(lühiettekanne)

Kuuenda käibemaksudirektiivi rakendamine(lühiettekanne)

Hinnang Euroopa Liidu lepingu artikli 50 rakendamisele(jätk)

Riikide maksureformide mõju ELi majandusele(lühiettekanne)

Probleemid linnapiirkondades COVID-19 järgsel ajastul(lühiettekanne)

Üheminutilised sõnavõtud poliitiliselt olulistel teemadel

ECON / Poldep A - Workshop Boosting Bank Lending in COVID Times

ECON

ECON / Poldep A - Presentation of the Shadow Banking study

Eelmiste istungite protokollide kinnitamine (vt protokoll)

Parlamendi koosseis (vt protokoll)

Parlamendi komisjonide ja delegatsioonide koosseis (vt protokoll)

Nõukogu esimesele lugemisele eelnevad läbirääkimised (kodukorra artikkel 72) (vt protokoll)

Delegeeritud õigusaktid ja rakendusmeetmed (kodukorra artikli 111 lõige 6 ja artikli 112 lõike 4 punkt d) (vt protokoll)

Tööplaan (vt protokoll)

2020. aasta aruanne Euroopa Keskpanga kohta (arutelu)

Uus ringmajanduse tegevuskava (vt protokoll) (arutelu)

Parlamendi komisjonide koosseis (vt protokoll)

Inimkaubanduse vastase direktiivi rakendamine (arutelu)

Kestlikku konkurentsivõimet, sotsiaalset õiglust ja vastupanuvõimet toetav Euroopa oskuste tegevuskava (arutelu)

Ebavõrdsuse vähendamine, keskendudes eelkõige palgavaesusele (arutelu)

COVID-19 mõju noortele ja spordile

Varjupaigamenetluste direktiivi artikli 43 rakendamine

Üldsuse juurdepääs dokumentidele 2016.–2018. aastal (lühiettekanne)

Järgmise istungi päevakord (vt protokoll)

Appointment of the President of the European Central Bank

Euroopa Investeerimispanga finantstegevuse kontrolli aastaaruanne (2016) (arutelu)

Annual report on the control of the financial activities of the European Investment Bank for 2016 (debate)

Pangandusliit – 2017. aasta aruanne

Banking Union - Annual Report 2017

Euroopa Investeerimispanga finantstegevuse aastaaruanne

Annual report on the financial activities of the European Investment Bank

Välistegevuse tagatisfond - ELi tagatis Euroopa Investeerimispangale liiduväliste investeerimisprojektide toetamiseks sõlmitud finantstehingutest tekkida võiva kahjumi puhuks (arutelu)

Guarantee Fund for external actions - EU guarantee to the European Investment Bank against losses under financing operations supporting investment projects outside the Union (debate)

Euroopa Keskpanga 2016. aasta aruanne (arutelu)

European Central Bank Annual Report for 2016 (debate)

A. TAJANI - EP President - F-A. TOUADÉRA, President of Central African Republic - F. MOGHERINI - High Representative of EU for Foreign Affairs and Security Policy - and W. HOYER - President of EU Investment Bank

A. TAJANI - EP President - W. HOYER - President of EU Investment Bank - J. BROWN - Governor of California - M. ARIAS-CAÑETE - Commissioner for Climate Action and Energy - J. BUZEK - Chair of ITRE Committee

UNKN

Euroopa Keskpanga volitused ja järelevalve (arutelu)

Powers and control of the European Central Bank (debate)

Euroopa Investeerimispanga finantstegevuse kontrolli aastaaruanne (2015) - Euroopa Investeerimispanga finantstegevuse aastaaruanne (arutelu)

Annual report on the control of the financial activities of the European Investment Bank for 2015 - Annual report on the financial activities of the European Investment Bank (debate)

Pangandusliit - 2016. aasta aruanne (arutelu)

Banking Union - Annual Report 2016 (debate)

President of the European Investment Bank (EIB) Nadia CALVIÑO speaks at the end of the debate and vote on the annual report 2023.

Financial activities of the European Investment Bank - annual report 2023: extracts from the debate, from the vote and statement by Nadia CALVIÑO, President of the European Investment Bank (EIB)

Financial activities of the European Investment Bank - annual report 2023 in the presence of Nadia Calviño, President of the European Investment Bank. Closing statements by Kadri SIMSON, European Commissioner for Energy, Nadia CALVIÑO, President of the European Investment Bank (EIB) and David CORMAND (Greens/EFA, FR), Rapporteur.

Financial activities of the European Investment Bank - annual report 2023 in the presence of Nadia Calviño, President of the European Investment Bank: closing statements

Financial activities of the European Investment Bank - annual report 2023 in the presence of Nadia Calviño, President of the European Investment Bank. Opening statements by David CORMAND (Greens/EFA, FR), Rapporteur, Nadia CALVIÑO, President of the European Investment Bank (EIB), and Kadri SIMSON, European Commissioner for Energy. This transcription is a result of an automatic process. Please check against delivery.

Financial activities of the European Investment Bank - annual report 2023 in the presence of Nadia Calviño, President of the European Investment Bank: opening statements

Christine LAGARDE, President of the European Central Bank debates with MEPs on ECB annual report 2023.

European Central Bank - annual report 2023: extracts from the debate with Christine LAGARDE, President of the European Central Bank

MEPs debate with Christine LAGARDE, President of the ECB, inflation, efforts to curb it, and possible interest rate cuts. During the annual plenary debate, MEPs concentrate on what happens next once inflation settles at the ECB’s 2% target and pay particular attention to the continuing significant divergences in inflation rates between member states. This is the last debate in the European Parliament for Christine LAGARDE before the 6-9 June European elections. Closing statements by Christine LAGARDE, President of the European Central Bank (ECB) and by Johan VAN OVERTVELDT, Rapporteur, and by Mairead MCGUINNESS, European Commissioner for Financial Services, Financial Stability, and Capital Markets Union

European Central Bank – annual report 2023: Closing statements by Christine LAGARDE, President of the European Central Bank (ECB) and by Johan VAN OVERTVELDT, Rapporteur, and by Mairead MCGUINNESS, European Commissioner for Financial Services

MEPs debate with Christine LAGARDE, President of the ECB, inflation, efforts to curb it, and possible interest rate cuts. During the annual plenary debate, MEPs concentrate on what happens next once inflation settles at the ECB’s 2% target and pay particular attention to the continuing significant divergences in inflation rates between member states. This is the last debate in the European Parliament for Christine LAGARDE before the 6-9 June European elections. MEPs debate. This transcription is a result of an automatic process. Please check against delivery.

European Central Bank – annual report 2023: MEPs debate

MEPs debate with Christine LAGARDE, President of the ECB, inflation, efforts to curb it, and possible interest rate cuts. During the annual plenary debate, MEPs concentrate on what happens next once inflation settles at the ECB’s 2% target and pay particular attention to the continuing significant divergences in inflation rates between member states. This is the last debate in the European Parliament for Christine LAGARDE before the 6-9 June European elections. Opening statements by Christine LAGARDE, President of the European Central Bank (ECB), Johan VAN OVERTVELDT, Rapporteur, and by Mairead MCGUINNESS, European Commissioner for Financial Services, Financial Stability, and Capital Markets Union. This transcription is a result of an automatic process. Please check against delivery.

European Central Bank – annual report 2023: Opening statements by Christine LAGARDE, President of the European Central Bank (ECB), Johan VAN OVERTVELDT, Rapporteur, and by Mairead MCGUINNESS, European Commissioner for Financial Services

Members of the Economic and Monetary Affairs Committee (ECON) discuss with Christine LAGARDE, ECB President, the topic "Euro at 25: what's next for the European Monetary Union (EMU)?". Irene TINAGLI (S&D, IT), Chair of ECON and introductory remark by Christine LAGARDE, President of the European Central Bank (ECB) open the discussion, followed by a question and answers session by MEPs. This transcription is a result of an automatic process. Please check against delivery.

Economic Dialogue with Christine LAGARDE, ECB President: opening statements by Irene TINAGLI (S&D, IT), Chair of ECON and introductory remark by Christine LAGARDE, President of the European Central Bank (ECB)

The European Central Bank is the central institution of the Economic and Monetary Union and has been responsible for conducting monetary policy for the euro area since 1999. The President of the European Central Bank (ECB) takes part four times a year in a monetary dialogue with Parliament's Committee on Economic and Monetary Affairs (ECON) to report on monetary policy. MEPs of the Committee on Economic and Monetary Affairs (ECON) debate with Christine LAGARDE the latest developments of the monetary policies of the European Central Bank. Extracts and atmosphere shots from the monetary dialogue with the MEPs.

Monetary Dialogue with Christine LAGARDE, President of the European Central Bank: extracts and atmosphere shots

The European Central Bank is the central institution of the Economic and Monetary Union and has been responsible for conducting monetary policy for the euro area since 1999. The President of the European Central Bank (ECB) takes part four times a year in a monetary dialogue with Parliament's Committee on Economic and Monetary Affairs (ECON) to report on monetary policy. MEPs of the Committee on Economic and Monetary Affairs (ECON) debate with Christine LAGARDE the latest develepments of the monetary policies of the European Central Bank. Second part of the Q&As.

Monetary Dialogue with Christine LAGARDE, President of the European Central Bank: questions and answers with MEPs (part 2)

The European Central Bank is the central institution of the Economic and Monetary Union and has been responsible for conducting monetary policy for the euro area since 1999. The President of the European Central Bank (ECB) takes part four times a year in a monetary dialogue with Parliament's Committee on Economic and Monetary Affairs (ECON) to report on monetary policy. MEPs of the Committee on Economic and Monetary Affairs (ECON) debate with Christine LAGARDE the latest develepments of the monetary policies of the European Central Bank. First part of the Q&As.

Monetary Dialogue with Christine LAGARDE, President of the European Central Bank: questions and answers with MEPs (part 1)

The European Central Bank is the central institution of the Economic and Monetary Union and has been responsible for conducting monetary policy for the euro area since 1999. The President of the European Central Bank (ECB) takes part four times a year in a monetary dialogue with Parliament's Committee on Economic and Monetary Affairs (ECON) to report on monetary policy. MEPs of the Committee on Economic and Monetary Affairs (ECON) debate with Christine LAGARDE the latest developments of the monetary policies of the European Central Bank. Opening statements by Irene TINAGLI (S&D, IT), Chair of ECON and introductory remark by Christine LAGARDE, President of the ECB. This transcription is a result of an automatic process. Please check against delivery.

Monetary Dialogue with Christine LAGARDE, President of the European Central Bank: opening statements by Irene TINAGLI (S&D, IT), Chair of ECON and introductory remark by Christine LAGARDE, President of the ECB

The European Central Bank is the central institution of the Economic and Monetary Union and has been responsible for conducting monetary policy for the euro area since 1999. The ECB and the national central banks of all EU Member States constitute the European System of Central Banks. The President of the European Central Bank (ECB) takes part four times a year in a monetary dialogue with Parliament's Committee on Economic and Monetary Affairs (ECON) to report on monetary policy and answer question from MEPs. Although guaranteed independence under the Treaty, the ECB is accountable for its actions towards the European Parliament, and more precisely the ECON Committee. Christine LAGARDE, President of the European Central Bank, participates at the Monetary Dialogue with MEPs of the Committee on Economic and Monetary Affairs (ECON) (25/09). Extracts and atmosphere shots.

The European Central Bank is the central institution of the Economic and Monetary Union and has been responsible for conducting monetary policy for the euro area since 1999. The ECB and the national central banks of all EU Member States constitute the European System of Central Banks. The President of the European Central Bank (ECB) takes part four times a year in a monetary dialogue with Parliament's Committee on Economic and Monetary Affairs (ECON) to report on monetary policy. MEPs of the Committee on Economic and Monetary Affairs (ECON) debate with Christine LAGARDE the latest develepments of the monetary policies of the European Central Bank. Opening statement by Irene TINAGLI (S&D, IT), Chair of ECON and introductory remark by Christine LAGARDE, President of the European Central Bank. This transcription is a result of an automatic process. Please check against delivery.

Monetary Dialogue with Christine Lagarde, President of the European Central Bank: opening statement by Irene TINAGLI (S&D, IT), Chair of ECON and introductory remark by Christine LAGARDE, President of the European Central Bank

This Monetary Dialogue takes place in a still challenging environment, marked by uncertainty and inflationary pressures. While headline inflation has declined (to 7% in April) mostly due to the ongoing fall of energy prices, core inflation remains high and persistent, mostly driven by the rise in food and services prices. Since the last Monetary Dialogue in March, the ECB's Governing Council has continued on its monetary policy tightening path. The two specific topics of discussion as chosen by ECON (Committee on Economic and Monetary Affairs) for this Dialogue are: 1) Interaction between price stability and financial stability; and 2) The effects of high inflation and monetary tightening on the real economy. Questions & answers (part 3)

Monetary Dialogue with Christine Lagarde, President of the European Central Bank: Questions & answers (part 3)

This Monetary Dialogue takes place in a still challenging environment, marked by uncertainty and inflationary pressures. While headline inflation has declined (to 7% in April) mostly due to the ongoing fall of energy prices, core inflation remains high and persistent, mostly driven by the rise in food and services prices. Since the last Monetary Dialogue in March, the ECB's Governing Council has continued on its monetary policy tightening path. The two specific topics of discussion as chosen by ECON (Committee on Economic and Monetary Affairs) for this Dialogue are: 1) Interaction between price stability and financial stability; and 2) The effects of high inflation and monetary tightening on the real economy. Questions & answers (part 2)

Monetary Dialogue with Christine Lagarde, President of the European Central Bank: Questions & answers (part 2)

This Monetary Dialogue takes place in a still challenging environment, marked by uncertainty and inflationary pressures. While headline inflation has declined (to 7% in April) mostly due to the ongoing fall of energy prices, core inflation remains high and persistent, mostly driven by the rise in food and services prices. Since the last Monetary Dialogue in March, the ECB's Governing Council has continued on its monetary policy tightening path. The two specific topics of discussion as chosen by ECON (Committee on Economic and Monetary Affairs) for this Dialogue are: 1) Interaction between price stability and financial stability; and 2) The effects of high inflation and monetary tightening on the real economy. Questions & answers (part 1)

Monetary Dialogue with Christine Lagarde, President of the European Central Bank: Questions & answers (part 1)

This Monetary Dialogue takes place in a still challenging environment, marked by uncertainty and inflationary pressures. While headline inflation has declined (to 7% in April) mostly due to the ongoing fall of energy prices, core inflation remains high and persistent, mostly driven by the rise in food and services prices. Since the last Monetary Dialogue in March, the ECB's Governing Council has continued on its monetary policy tightening path. The two specific topics of discussion as chosen by ECON (Committee on Economic and Monetary Affairs) for this Dialogue are: the interaction between price stability and financial stability; and the effects of high inflation and monetary tightening on the real economy. Extracts from the dialogue.

Monetary Dialogue with Christine LAGARDE, President of the European Central Bank: extracts

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