Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 30 January 2025

Lamfalussy Lecture by Christine Lagarde, President of the ECB, at the Lamfalussy Lectures Conference organised by the Magyar Nemzeti Bank, pre-recorded in Frankfurt am Main on 15 January 2025

Slides by Piero Cipollone, Member of the Executive Board of the ECB, at Crypto Asset Lab conference organised by the University of Milano-Bicocca

Speech by Luis de Guindos, Vice-President of the ECB, at the 15th edition of Spain Investors Day

Slides by Philip R. Lane, Member of the Executive Board of the ECB, at HKIMR-ECB-BOFIT Joint Conference “Europe, Asia and the Changing Global Economy” in Hong Kong

Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Arend Clahsen and Han Dirk Hekking

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

Interview with Piero Cipollone, conducted by Federico Fubini

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Wouter van Bergen and Martin Visser

Contribution by Christine Lagarde, President of the ECB to The Economist

Remaining competitive is fundamental for Europe’s future. We need faster economic growth and higher productivity to protect the quality of life for Europeans – from their jobs and incomes to their security and welfare.

Stress tests are of crucial importance to assess banks’ resilience under adverse economic conditions. In previous stress tests, however, some banks submitted overly optimistic projections. Despite thorough quality assurance by supervisors, this behaviour makes it more likely that the risks some banks face are underestimated. To address this, we are now taking a closer look at insufficiently prudent projection submissions. In line with our supervisory focus on banks’ risk data aggregation and reporting capabilities, we are also looking more closely at poor data quality issues in stress tests.

Central banks project future developments based on past data patterns and a set of assumptions. Crises can change economic structures, complicating this forecasting. The ECB Blog explains how scenario, risk and sensitivity analyses address the new uncertainty.

Investments in R&D typically foster productivity growth. But the funding source matters. The ECB Blog shows that publicly funded R&D complements private investments and has greater effects on productivity growth because of its larger spillovers.

The rise of working-from-home during the pandemic dramatically changed the way we organise work. And teleworking is transforming more than just our professional lives: The ECB Blog looks at how this shift is affecting the housing market and inequality.