Speech by Christine Lagarde, President of the ECB, at "Les Essentiels des Bernardins", Paris It is both an honour and a privilege to address you at the esteemed Collège des Bernardins, a site rich in history and intellectual tradition. As I stand in this restored medieval college, I am reminded of the profound role that monastic institutions have played in spreading Christian values throughout Europe. In these environments, ideals of social responsibility flourished through communal living. The principle of “ora et labora”...

Read more

Today, the Council gave the final green light to a regulation establishing the first EU-level certification framework for permanent carbon removals, carbon farming and carbon storage in products. This voluntary framework will facilitate and encourage high-quality carbon removal and soil emission reduction activities in the EU, as a complement to sustained emission reductions.   Carbon removals and soil emission reductions The regulation will be the first step in introducing a comprehensive certification framework for carbon removals and soil emission reductions into EU legislation. It will help the EU to achieve its...

Read more

Combined measure allows for a deeper understanding of how wealth distribution affects the overall health of economies Blog post by Henning Ahnert, Francien Berry, Darja Milic, Jorrit Zwijnenburg | Economists monitor income disparities because they can harden into more structural wealth inequalities that concern policymakers. Wider wealth gaps may also impact monetary policy transmission and financial stability. Accordingly, the European System of Central Banks developed new experimental Distributional Wealth Accounts for the euro area and most European Union countries. Combining wealth information drawn from...

Read more

Reduced energy excise tax rates in many countries in response to the recent energy crisis led to lower implicit carbon prices in 2023, but the development of new emissions trading schemes should lead to a greater share of emissions being priced in the next five years, according to a new OECD report.  Pricing Greenhouse Gas Emissions 2024: Gearing Up to Bring Emissions Down tracks how emissions trading systems, carbon taxes, fuel and electricity excise taxes, and subsidies that lower pre-tax prices...

Read more

Honourable Member of the European Parliament, dear Mr Zijlstra, Thank you for your letter regarding the potential costs of the digital euro project, which was passed on to me by Ms Aurore Lalucq, Chair of the Committee on Economic and Monetary Affairs, accompanied by a cover letter dated 9 October 2024. In your letter, you raise the question of how the digital euro could be cheaper for merchants than private alternatives. I would like to highlight that international card schemes currently account...

Read more