Publications on Inflation

In 2021-22 inflation surged due to the direct and indirect effects of the energy shock, together with a set of pandemic-related factors and the Russian invasion of Ukraine. In this post on The ECB Blog, Chief Economist Philip R. Lane looks at the monetary policy actions taken by the ECB in response to these extraordinary inflation shocks.

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 7 March 2024

Speech by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament

Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament

Speech by Luis de Guindos, Vice-President of the ECB, at the 8th Annual Conference of Mediterranean Central Banks, organised by Hrvatska narodna banka, Banco de España, OECD, IEMed, and UfM

Speech by Philip R. Lane, member of the Executive Board of the ECB, Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Martin Arnold on 2 February 2024

Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the seminar at Einaudi Institute for Economics and Finance (EIEF) in Rome

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Kolja Rudzio

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 January 2024

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Federico Fubini

Speech by Luis de Guindos, Vice-President of the ECB, at the 14th edition of Spain Investors Day

Within the euro area, countries in central and eastern Europe have recently experienced the highest inflation rates. But why, exactly? The ECB Blog looks at the reasons for these higher prices and highlights the resulting risks and vulnerabilities.

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Meike Schreiber und Markus Zydra on 18 December 2023

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Emilio Ordiz and Jorge Millán

The ECB’s primary mandate is to maintain price stability. So why do we talk so much about climate change? In this post on The ECB Blog, we show how a hotter climate affects prices and the economy and discuss how this impacts the task of central banks.

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 14 December 2023

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balázs Korányi on 1 December 2023

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Ruben Mooijman and Ariane van Caloen, on 23 November 2023

Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the Michael Chae Seminar on Macroeconomic Policy, Harvard University

Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament

Slides by Isabel Schnabel, Executive Board Member at the European Central Bank, for a speech at the 35th anniversary of the Porto Business School

With rising inflation, people need more money to buy the same amount of goods. Governments can take measures to counteract this negative effect. The ECB Blog finds that recent euro area policies to support households were successful at first ­– but also very costly.

Slides by Isabel Schnabel, Member of the Executive Board of the ECB, at the International Economic Policy Lecture conference organised by the University of Würzburg in Würzburg

Speech by Christine Lagarde, President of the ECB, at the high-level public discussion “Inflation kills democracy” on the occasion of the 100th anniversary of the currency reform in Germany in 1923, organised by the German Ministry of Finance in Berlin, Germany

Speech by Luis de Guindos, Vice-President of the ECB, at the 26th Frankfurt Euro Finance Week

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Albina Kenda

Interview with Christine Lagarde, President of the ECB, conducted by Alexis Papahelas on 30 October

Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the annual Homer Jones Memorial Lecture

Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the University of Limerick, Ireland

Remarks by Luis de Guindos, Vice-President of the ECB at the Business Leadership Forum organised by IE University, Madrid, 30 October 2023

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Athens, 26 October 2023

Dinner speech by Luis de Guindos, Vice-President of the ECB, at the 5th ECB macroprudential policy and research conference jointly organised with the International Monetary Fund

Interview with Philip R. Lane, member of the Executive Board of the ECB, conducted by Marcel de Boer, Marijn Jongsma and Joost van Kuppeveld on 11 October 2023

Statement by Christine Lagarde, President of the ECB, at the forty-eight meeting of the International Monetary and Financial Committee

Interview with Christine Lagarde, President of the ECB, conducted by Marie-Pierre Gröndahl on 2 October 2023

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Marina Klepo on 29 September 2023

Keynote speech by Luis de Guindos, Vice-President of the ECB, at the First Annual Conference organised by the Central Bank of Cyprus

Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of Lithuania Annual Economics Conference

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Martin Arnold

Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Luke Heighton on 22 September 2023

Thünen Lecture by Isabel Schnabel, Member of the Executive Board of the ECB, at the annual conference of the Verein für Socialpolitik

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Jennifer Schonberger

Dinner speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Money Marketeers of New York University

Slides by Isabel Schnabel, Member of the Executive Board of the European Central Bank, at the Association of German Banks

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 14 September 2023

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Stephen Kinsella on 31 August 2023

Speech by Christine Lagarde, President of the ECB, at the Distinguished Speakers Seminar organised by the European Economics & Financial Centre

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a conference organised by the European Central Bank and the Federal Reserve Bank of Cleveland’s Center for Inflation Research on “Inflation: Drivers and Dynamics 2023”

Speech by Christine Lagarde, President of the ECB, at the annual Economic Policy Symposium "Structural Shifts in the Global Economy" organised by Federal Reserve Bank of Kansas City in Jackson Hole

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Bocconi University

Interview with Christine Lagarde, President of the ECB, conducted by Anne Cheyvialle and Florentin Collomp on 28 July 2023

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 27 July 2023

Keynote speech by Luis de Guindos, Vice-President of the ECB, at King’s College London

Interview with Christine Lagarde, President of the ECB, conducted by Geneviève Van Lède on 5 July 2023

Speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking 2023 on “Macroeconomic stabilisation in a volatile inflation environment” in Sintra, Portugal

Interview with Luis de Guindos, Vice-President of the ECB, conducted by María Jesús Pérez, John Müller and Daniel Caballero

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Euro50 Group conference on “New challenges for the Economic and Monetary Union in the post-crisis environment”

Background slides by Philip R. Lane, Member of the Executive Board of the ECB, for dialogue with Matteo Maggiori on the occasion of the award of the Germán Bernácer Prize

Remarks by Christine Lagarde, President of the ECB, at the G30 dinner in Amsterdam

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 15 June 2023

Unemployment has declined since the peak of the pandemic in August 2020, hitting a record low this April. But while more people have jobs, they are working fewer hours on average. In this post for The ECB Blog we shed light on this dichotomy and why it matters for the overall strength of the labour market.

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Wouter Vervenne and Kris van Hamme on 31 May 2023

Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Eric Albert

Speech by Christine Lagarde, President of the ECB, at “Deutscher Sparkassentag 2023”, Hanover

Panel discussion by Philip R. Lane, Member of the Executive Board of the ECB, at the 29th Dubrovnik Economic Conference

Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Conference on Financial Stability and Monetary Policy in the honour of Charles Goodhart

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Isabella Bufacchi

Interview with Christine Lagarde, President of the ECB, conducted by Shogo Akagawa on 8 May 2023

Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at Hessischer Kreis e. V.

Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the New Economy Forum in Berlin

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 4 May 2023

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Eric Albert on 18 April 2023

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Johanna Treeck on 20 April 2023

Slides by Isabel Schnabel, Member of the Executive Board of the ECB, at the Zentrum für Europäische Wirtschaftsforschung (ZEW) in Mannheim

Keynote address by Philip R. Lane, Member of the Executive Board of the ECB, at the Enterprise Ireland Summit 2023

Speech by Christine Lagarde, President of the ECB, at the Council on Foreign Relations’ C. Peter McColough Series on International Economics

Statement by Christine Lagarde, President of the ECB, at the forty-seventh meeting of the International Monetary and Financial Committee

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Gregory Savva on 5 April

Lecture by Philip R. Lane, Member of the Executive Board of the ECB, at the University of Cyprus

Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the 34th edition of “The outlook for the economy and finance”, organized by the European House – Ambrosetti

High energy prices have dented real incomes. How to allocate these losses is at the heart of recent negotiations between firms and workers. If both sides try to unilaterally offset any real income losses, this could trigger successive wage and price increases, and create risks of an upward spiral that could make everyone poorer.

Slides by Isabel Schnabel, Member of the Executive Board of the ECB, at the 39th Annual NABE Economic Policy Conference

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted on 22 March by Kolja Rudzio

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Daniel Murray

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at a panel on “Global shocks, policy spillovers and geo-strategic risks: how to coordinate policies” at The ECB and its Watchers XXIII Conference

Speech by Christine Lagarde, President of the ECB, at “The ECB and Its Watchers XXIII” conference

Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 16 March 2023

Croatian consumers have expressed concerns about price increases related to the euro changeover. Preliminary evidence presented in this ECB blog post shows that the changeover from kuna to euro has so far had relatively little impact on Croatian consumer prices and price perceptions.

Lecture by Philip R. Lane, Member of the Executive Board of the ECB, Trinity College Dublin

Interview with Christine Lagarde, President of the ECB, conducted by Adolfo Lorente, from El Correo

Speech and Slides by Isabel Schnabel at Money Market Contact Group (MMCG)

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Nicholas Owen

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted on Friday, 24 February 2023 by Balázs Korányi and Frank Siebelt

Interview with Christine Lagarde, President of the ECB, conducted M.C. Govardhana Rangan on 24 February 2023

Interview with Christine Lagarde, President of the ECB, conducted by Petri Sajari

Russia’s unjustified war against Ukraine and its people is first and foremost a human tragedy. It is also having an economic impact on Ukraine and beyond. This ECB Blog post – the first in a series about the economic effects of the war – focuses on inflation in the euro area.

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jana Randow and Alexander Weber on 15 February 2023

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at an event organised by the Centre for European Reform, the Delegation of the European Union to the United Kingdom and the ECB Representative Office in London

Speech by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 10 February 2023

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Markus Zydra and Meike Schreiber

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 2 February 2023

Speech by Christine Lagarde, President of the ECB, at the Deutsche Börse Annual Reception in Eschborn

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Wolf on 12 January 2023

Presentation by Philip R. Lane, Member of the Executive Board of the ECB, in panel discussion “Global Economic Outlook” organised by the National Association for Business Economics (NABE) at 2023 ASSA Annual Meeting, New Orleans

Interview with Luis de Guindos, Vice-President of the ECB, conducted on 16 December 2022

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Gerald Braunberger and Christian Siedenbiedel on 16 December 2022

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Éric Albert on 15 December and published on 22 December

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB

Welcome remarks by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board, at the sixth annual conference of the ESRB

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Francesco Ninfole

Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at the IG Metall Economic Talks

Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament

Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Bank of England Watchers’ Conference

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Luke Heighton on 16 November 2022

Speech by Christine Lagarde, President of the ECB, at the European Banking Congress

Speech by Luis de Guindos, Vice-President of the ECB, at the 25^th Frankfurt Euro Finance Week

Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the CEPR-EABCN conference on “Finding the Gap: Output Gap Measurement in the Euro Area” held at the European University Institute

Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the 23rd Jacques Polak Annual Research Conference

Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at Banka Slovenije

We need to intensify the greening of our economies despite the energy crisis. Hastening the process will reduce the costs of transition and help to ensure price stability in the long run. This is the third post in a series of climate-related entries on the occasion of COP27.

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Johanna Treeck on 3 November 2022

If we do not account for the impact of climate change on our economy, we risk missing a crucial part in our work to keep prices stable, argues Christine Lagarde in the ECB Blog. This is the second entry in a series of climate related entries on the occasion of COP27.

Lecture by Christine Lagarde, President of the ECB, organised by Eesti Pank and dedicated to Professor Ragnar Nurkse

Speech by Luis de Guindos, Vice-President of the ECB, at Energy Prospectives event organised by IESE Business School and Naturgy Foundation

Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the ECB Money Market Conference

Interview with Christine Lagarde, President of the ECB, conducted by Žanete Hāka

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB

Statement by Christine Lagarde, President of the ECB, at the forty-sixth meeting of the International Monetary and Financial Committee

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Dalius Simenas on 10 October 2022

Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the SUERF, CGEG|COLUMBIA|SIPA, EIB, SOCIÉTÉ GÉNÉRALE conference on “EU and US Perspectives: New Directions for Economic Policy”

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on the “Fight against inflation” at the IV Edition Foro La Toja

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the European Parliament conference on “Greening monetary policy in times of soaring inflation”

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by András Szigetvari on 20 September 2022

Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Florian Schmidt on 15 September 2022

Karl Otto Pöhl Lecture by Christine Lagarde, President of the ECB, organised by Frankfurter Gesellschaft für Handel, Industrie und Wissenschaft

Interview with Luis de Guindos, Vice-President of the ECB, conducted by João Silvestre on 9 September

Speech by Luis de Guindos, Vice-President of the ECB, at the CIRSF (Research Centre on Regulation and Supervision of the Financial Sector) Annual International Conference 2022 “The future of the EU financial system in a new geo-economic context”

Opening remarks by Philip R. Lane, Member of the Executive Board of the ECB, Meeting of the Money Market Contact Group

Women and men shop differently and have different perceptions of prices and inflation. This ECB Blog post examines how inflation expectations are formed and revised across gender and why that matters for central banks.

Welcome address by Isabel Schnabel, Member of the Executive Board of the ECB, at the seventh ECB Annual Research Conference

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB

Remarks for high-level panel “High Inflation and Other Challenges for Monetary Policy” by Philip R. Lane, Member of the Executive Board of the ECB, Annual Meeting 2022 of the Central Bank Research Association (CEBRA), Barcelona

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Jackson Hole Economic Policy Symposium organised by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming

Interview with Christine Lagarde, President of the ECB, conducted by Morgane Miel on 13 July 2022 and published on 25 August 2022

Communication with the general public matters for monetary policy. Although it is hard for central banks to reach out to the wider public, a recent study shows that explaining the inflation target and the ECB strategy to consumers can enhance its credibility.

Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at Hochschule der Deutschen Bundesbank

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balazs Koranyi and Frank Siebelt on 16 August 2022

As part of our monetary policy strategy review we adopted a new symmetric 2% inflation target. One year on, we examine how the strategy review has helped anchor financial analysts’ inflation expectations. We also show that recent policy normalisation is grounded in our strategy.

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Tõnis Oja on 25 July

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB

The ECB is reducing the carbon footprint in its portfolio and pushing banks to better manage climate risks. Within our mandate, we incorporate climate change considerations into our monetary policy and banking supervision, say Frank Elderson and Isabel Schnabel.

Remarks by Luis de Guindos, Vice-President of the ECB, at the Frankfurt Euro Finance Summit

Presentation by Isabel Schnabel, Member of the Executive Board of the ECB, at Petersberger Sommerdialog

Speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking 2022 on “Challenges for monetary policy in a rapidly changing world” in Sintra, Portugal

Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the Society of Professional Economists Annual Dinner

Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Dein Spiegel on 19 May 2022

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Maria Vasileiou

Commencement speech by Isabel Schnabel, Member of the Executive Board of the ECB, to the graduates of the Master Program in Money, Banking, Finance and Insurance of the Panthéon-Sorbonne University

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Nuño Rodrigo and Laura Salces on 25 May 2022

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at a policy lecture hosted by the SAFE Policy Center at Goethe University and the Centre for Economic Policy Research (CEPR)

As the expected date of interest rate lift-off draws closer, it gets more important to clarify the path of policy normalisation ahead of us – especially given the complex environment that monetary policy in the euro area is facing, says President Christine Lagarde in The ECB Blog.

Speech by Luis de Guindos, Vice-President of the ECB, at the 20th annual symposium on “Building the financial system of the 21st century: an agenda for Europe and the United States” organised by the Program on International Financial Systems and Harvard Law School (by videoconference)

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a conference organised by the Österreichische Vereinigung für Finanzanalyse und Asset Management

Speech by Christine Lagarde, President of the ECB, at the international conference to mark the 30th anniversary of Banka Slovenije

Interview with Christine Lagarde, President of the ECB, conducted by Miha Jenko and published on 7 May 2022

Speech by Philip R. Lane, Member of the Executive Board of the ECB, at Bruegel

Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Marco Zatterin

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe on 29 April 2022

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Adolfo Lorente and Manu Álvarez on 26 April

Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament

Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, International Association for Official Statistics (IAOS) Conference, Kraków

Statement by Christine Lagarde, President of the ECB, at the forty-fifth meeting of the International Monetary and Financial Committee

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jana Randow and Alessandra Migliaccio on 20 April 2022

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB