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 Goldman Sachs European Financials Conference 2026 Thank you for inviting me to speak today. Europe is facing a set of unprecedented challenges. The geopolitical environment is becoming increasingly fragmented. Europe remains overly dependent on external providers for energy, technology, security and key financial infrastructures such as payment systems and capital markets. Reducing these dependencies is no longer a...

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Watch the live webcast of the press conference. The evolving conflict in the Middle East has become the dominant force shaping global economic prospects, prompting an energy shock that is driving inflationary pressures and is projected to have adverse impacts on growth, according to the OECD’s latest Economic Outlook. Due to the uncertainty around the evolution of the conflict, the Outlook sets out two scenarios: a time-limited disruption scenario, in which energy production and trade in the Gulf economies progressively return to pre-conflict...

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Blog | The euro’s international use has grown in recent years, but largely by circumstance rather than by design. In a more contested global monetary system, Europe needs to act deliberately to strengthen the role of its currency – building on solid foundations, keeping pace with global shifts and matching policy ambition with concrete steps. The international monetary system is becoming more contested. Major economies that once trusted the system to work on its own are now actively shaping the...

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Washington, May 29, 2026: The Heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organization met on May 28 as part of the high-level coordination group established in April to maximize their institutions’ response to the energy, trade, and economic impacts of the war in the Middle East. Following the meeting, they issued the statement below:  “The war in the Middle East is generating substantial and highly asymmetric impacts on energy supplies, food security,...

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Europe's startup and scaleup ecosystem has been growing steadily, according to the first-ever European Startup and Scaleup Scoreboard (ESSS) published today by the European Commission.  The scoreboard reveals a clear trend: pro-startup policies drive real results. Since 2020, the baseline year for the Scoreboard, 20 out of 27 EU Member States have improved their performance, proving that targeted support for founders fuels innovation, job creation, and economic growth. Where policy leads, founders follow The Scoreboard highlights a direct link between innovation-friendly regulations, access to...

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