Isabel Schnabel 🇪🇺🇺🇦
@isabelschnabel.bsky.social
Executive Board of the European Central Bank, University of Bonn (on leave) #NieWiederIstJetzt
It was a pleasure to join @mickbroecker.bsky.social & his colleagues in the #TableToday podcast. We covered a lot of ground: monetary policy and inflation, the impact of tariffs, the emergence of a new European growth narrative, and fiscal challenges, with the following key messages. 1/8
Kann Europa der Gewinner des Handelskriegs werden?
Im Gespräch mit @mickbroecker.bsky.social spricht #EZB-Direktoriumsmitglied @isabelschnabel.bsky.social von einem „neuen europäischen Wachstumsnarrativ“.
Wie sie das deutsche Sondervermögen bewertet, hören Sie hier 👉 buff.ly/NwQAo9A
Im Gespräch mit @mickbroecker.bsky.social spricht #EZB-Direktoriumsmitglied @isabelschnabel.bsky.social von einem „neuen europäischen Wachstumsnarrativ“.
Wie sie das deutsche Sondervermögen bewertet, hören Sie hier 👉 buff.ly/NwQAo9A
May 20, 2025 at 6:55 AM
It was a pleasure to join @mickbroecker.bsky.social & his colleagues in the #TableToday podcast. We covered a lot of ground: monetary policy and inflation, the impact of tariffs, the emergence of a new European growth narrative, and fiscal challenges, with the following key messages. 1/8
In a recent #ECBblog post, jointly with our Heads of Market Operations, Imène Rahmouni-Rousseau, we take stock of the implementation of the pandemic emergency purchase programme (PEPP) after we ended reinvestment at the end of 2024. 1/6
In 2024, reinvestments under the pandemic emergency purchase programme came to an end. In a new blog post, Imène Rahmouni-Rousseau and @isabelschnabel.bsky.social revisit the programme’s implementation in the light of newly published data.
Read #TheECBBlog www.ecb.europa.eu/press/blog/d...
Read #TheECBBlog www.ecb.europa.eu/press/blog/d...
May 2, 2025 at 8:40 AM
In a recent #ECBblog post, jointly with our Heads of Market Operations, Imène Rahmouni-Rousseau, we take stock of the implementation of the pandemic emergency purchase programme (PEPP) after we ended reinvestment at the end of 2024. 1/6
It was a great honour and pleasure to deliver this year’s #MaisLecture at @bayesbschool.bsky.social @citystgeorges.bsky.social in which I argued that financial literacy matters for monetary policy transmission. This is why central banks have increased their efforts to foster financial literacy. 1/22
Financial literacy makes households more responsive to interest rates, fosters risk-taking and affects inflation expectations, says Executive Board member @isabelschnabel.bsky.social. This strengthens monetary transmission, making our policies more effective.
Read her speech europa.eu/!mnVk9Q
Read her speech europa.eu/!mnVk9Q
March 30, 2025 at 3:42 PM
It was a great honour and pleasure to deliver this year’s #MaisLecture at @bayesbschool.bsky.social @citystgeorges.bsky.social in which I argued that financial literacy matters for monetary policy transmission. This is why central banks have increased their efforts to foster financial literacy. 1/22
Last year we announced our new #OperationalFramework. In an @ecb.europa.eu blog post, the Chair of the Supervisory Board Claudia Buch and I discuss the role that central bank operations are to play in banks' liquidity management under the operational framework. 1/7
www.ecb.europa.eu/press/blog/d...
www.ecb.europa.eu/press/blog/d...
Managing liquidity in a changing environment
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...
www.ecb.europa.eu
March 18, 2025 at 1:33 PM
Last year we announced our new #OperationalFramework. In an @ecb.europa.eu blog post, the Chair of the Supervisory Board Claudia Buch and I discuss the role that central bank operations are to play in banks' liquidity management under the operational framework. 1/7
www.ecb.europa.eu/press/blog/d...
www.ecb.europa.eu/press/blog/d...
Today I had another exchange with German-speaking economists on the challenges facing the German and euro area economy and what this implies for monetary policy @ecb.europa.eu. One focus was how to make sure that the German packages for defence and infrastructure will become a success. 1/3
March 17, 2025 at 9:55 PM
Today I had another exchange with German-speaking economists on the challenges facing the German and euro area economy and what this implies for monetary policy @ecb.europa.eu. One focus was how to make sure that the German packages for defence and infrastructure will become a success. 1/3
Good news for researchers - don't miss out!
We just launched a pilot project @ecb.europa.eu to share anonymised data on bank balance sheets and interest rates for loans and deposits in the euro area. 1/2
www.ecb.europa.eu/press/pr/dat...
We just launched a pilot project @ecb.europa.eu to share anonymised data on bank balance sheets and interest rates for loans and deposits in the euro area. 1/2
www.ecb.europa.eu/press/pr/dat...
ECB launches pilot project for research access to confidential statistical data
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...
www.ecb.europa.eu
March 13, 2025 at 3:00 PM
Good news for researchers - don't miss out!
We just launched a pilot project @ecb.europa.eu to share anonymised data on bank balance sheets and interest rates for loans and deposits in the euro area. 1/2
www.ecb.europa.eu/press/pr/dat...
We just launched a pilot project @ecb.europa.eu to share anonymised data on bank balance sheets and interest rates for loans and deposits in the euro area. 1/2
www.ecb.europa.eu/press/pr/dat...
Happy Women's Day! On this occasion I gave an interview to Wochentaz (today they call themselves frauentaz 😀), this time not related to monetary policy, but about women in general and me in particular. 1/2
March 8, 2025 at 5:07 PM
Happy Women's Day! On this occasion I gave an interview to Wochentaz (today they call themselves frauentaz 😀), this time not related to monetary policy, but about women in general and me in particular. 1/2
Yesterday I delivered a speech with the title “No longer convenient? Safe asset abundance and r*” at the @bankofengland.bsky.social's #2025BEARconference. Let me summarise the main messages in a 🧵. 1/16
Moving from a global savings to a global bond glut is putting upward pressure on the real equilibrium rate, says Executive Board member @isabelschnabel.bsky.social. Monetary policy may be less restrictive and balance sheet policies less effective than thought.
www.ecb.europa.eu/press/key/da...
www.ecb.europa.eu/press/key/da...
February 26, 2025 at 9:38 AM
Yesterday I delivered a speech with the title “No longer convenient? Safe asset abundance and r*” at the @bankofengland.bsky.social's #2025BEARconference. Let me summarise the main messages in a 🧵. 1/16
In my interview with @financialtimes.com published today I explained my current thinking about the @ecb.europa.eu ’s monetary policy and gave some personal reflections on the upcoming update of our monetary policy strategy. Let me briefly summarise the main points in a 🧵. 1/16
As we can no longer be confident that our monetary policy is restrictive, the direction of travel is less clear, Executive Board member @isabelschnabel.bsky.social tells @financialtimes.com. We are nearing the point where we may need to pause or halt our rate cuts.
www.ecb.europa.eu/press/inter/...
www.ecb.europa.eu/press/inter/...
February 19, 2025 at 4:14 PM
In my interview with @financialtimes.com published today I explained my current thinking about the @ecb.europa.eu ’s monetary policy and gave some personal reflections on the upcoming update of our monetary policy strategy. Let me briefly summarise the main points in a 🧵. 1/16
Yesterday I joined an interesting discussion in Nuremberg on how to make Germany and Europe "fit for future".
In my introductory remarks, I stressed the structural factors that dampen productivity growth in the euro area, posing challenges for the future. 1/4
In my introductory remarks, I stressed the structural factors that dampen productivity growth in the euro area, posing challenges for the future. 1/4
Coming up today at 18:00 CET: Executive Board member @isabelschnabel.bsky.social joins a panel discussion on economic reforms for Germany and Europe. The event is organised by the Institute for Employment research.
Watch live (in German) www.youtube.com/live/HdUp74m...
Watch live (in German) www.youtube.com/live/HdUp74m...
February 12, 2025 at 5:48 PM
Yesterday I joined an interesting discussion in Nuremberg on how to make Germany and Europe "fit for future".
In my introductory remarks, I stressed the structural factors that dampen productivity growth in the euro area, posing challenges for the future. 1/4
In my introductory remarks, I stressed the structural factors that dampen productivity growth in the euro area, posing challenges for the future. 1/4
If you are a PhD student in economics or finance, please make sure to apply! This is an exceptional event with insightful discussions at a beautiful place and you will have the chance to promote your work in front of a distinguished audience. So don't hesitate! #Sintra #ECBforum #YoungEconomistPrize
Are you a PhD student studying economics and finance?
Do you want to present your research to top academics and policymakers and stand the chance to win €10,000 at this year’s #ECBForum on Central Banking?
Apply to the #YoungEconomistPrize by 12 February www.ecb.europa.eu/press/confer...
Do you want to present your research to top academics and policymakers and stand the chance to win €10,000 at this year’s #ECBForum on Central Banking?
Apply to the #YoungEconomistPrize by 12 February www.ecb.europa.eu/press/confer...
February 10, 2025 at 1:47 PM
If you are a PhD student in economics or finance, please make sure to apply! This is an exceptional event with insightful discussions at a beautiful place and you will have the chance to promote your work in front of a distinguished audience. So don't hesitate! #Sintra #ECBforum #YoungEconomistPrize
Many #ECB watchers have waited for this article. Chart A shows the huge model uncertainty surrounding the estimates. Adding parameter and filter uncertainty, data revisions and considering all models (not just those available for Q4 2024), you can see what we know about r* ... very little.
Updated estimates of the euro area natural interest rate remain broadly unchanged since the end of 2023 following a modest post-pandemic increase, our latest #EconomicBulletin finds.
Read more here www.ecb.europa.eu/press/econom...
Read more here www.ecb.europa.eu/press/econom...
February 7, 2025 at 6:05 PM
Many #ECB watchers have waited for this article. Chart A shows the huge model uncertainty surrounding the estimates. Adding parameter and filter uncertainty, data revisions and considering all models (not just those available for Q4 2024), you can see what we know about r* ... very little.
Tomorrow marks the 80th anniversary of the liberation of the Auschwitz-Birkenau concentration camp and we will gather at the @ecb to honour the memory of Holocaust victims, particularly those deported from the Großmarkthalle in Frankfurt, which forms part of our main building. 1/3
January 26, 2025 at 1:29 PM
Tomorrow marks the 80th anniversary of the liberation of the Auschwitz-Birkenau concentration camp and we will gather at the @ecb to honour the memory of Holocaust victims, particularly those deported from the Großmarkthalle in Frankfurt, which forms part of our main building. 1/3
It is great to talk to young people and explain to them what we do. In our Visitor Centre, we have a small version of our Governing Council table, creating an authentic atmosphere. One surprise for me was that quite a few of the young people said they prefer using cash to cards. #ourECB #ECBandYou
Did you know that we regularly welcome visitors to our main building in Frankfurt?
Just this week, Executive Board member @isabelschnabel.bsky.social met high-school students from Heidelberg to talk about who we are and what we do.
Visit us: www.ecb.europa.eu/ecb-and-you/...
Just this week, Executive Board member @isabelschnabel.bsky.social met high-school students from Heidelberg to talk about who we are and what we do.
Visit us: www.ecb.europa.eu/ecb-and-you/...
January 23, 2025 at 9:25 AM
It is great to talk to young people and explain to them what we do. In our Visitor Centre, we have a small version of our Governing Council table, creating an authentic atmosphere. One surprise for me was that quite a few of the young people said they prefer using cash to cards. #ourECB #ECBandYou
It was great fun to join @finanztip.bsky.social for an interview on inflation, monetary policy and the economic challenges lying ahead (available on YouTube). Thanks to Saidi & his team for coming to the ECB, and for your work on improving #FinancialLiteracy, which also matters for monetary policy.
How is inflation developing? What challenges lie ahead for our economy? And what role do central bankers play?
Executive Board member @isabelschnabel.bsky.social spoke to @finanztip.bsky.social to discuss these questions and more.
www.youtube.com/watch?v=fU-O...
Executive Board member @isabelschnabel.bsky.social spoke to @finanztip.bsky.social to discuss these questions and more.
www.youtube.com/watch?v=fU-O...
January 19, 2025 at 9:30 PM
It was great fun to join @finanztip.bsky.social for an interview on inflation, monetary policy and the economic challenges lying ahead (available on YouTube). Thanks to Saidi & his team for coming to the ECB, and for your work on improving #FinancialLiteracy, which also matters for monetary policy.
On Christmas Eve we are reminded that there is always hope for a more peaceful world. I wish all of you a Merry Christmas! We are thinking especially of those who are suffering and cannot celebrate in peace. ❤️🕊️⭐️🎄
December 24, 2024 at 4:31 PM
On Christmas Eve we are reminded that there is always hope for a more peaceful world. I wish all of you a Merry Christmas! We are thinking especially of those who are suffering and cannot celebrate in peace. ❤️🕊️⭐️🎄
In my speech “Navigating towards neutral”, delivered at the @cepr.org #ParisSymposium, I argue that monetary policy should proceed gradually towards neutral and remain data-dependent. Once price stability is restored, we can be more tolerant of moderate deviations from target. 1/22
December 17, 2024 at 6:37 PM
In my speech “Navigating towards neutral”, delivered at the @cepr.org #ParisSymposium, I argue that monetary policy should proceed gradually towards neutral and remain data-dependent. Once price stability is restored, we can be more tolerant of moderate deviations from target. 1/22
After the horrible attacks, we in Europe stand firmly with the people of Israel. #StandWithIsrael 🇮🇱🤝🇪🇺
October 9, 2023 at 12:57 PM
After the horrible attacks, we in Europe stand firmly with the people of Israel. #StandWithIsrael 🇮🇱🤝🇪🇺
In a wide-ranging interview with the Croatian newspaper Jutarnji List, I talk about the inflation outlook, excess liquidity, minimum reserve requirements, recession risks, the role of wages and profits, fiscal policy and what all that means for our monetary policy. The full transcript is here:
Interview with Jutarnji list
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...
www.ecb.europa.eu
October 6, 2023 at 9:04 AM
In a wide-ranging interview with the Croatian newspaper Jutarnji List, I talk about the inflation outlook, excess liquidity, minimum reserve requirements, recession risks, the role of wages and profits, fiscal policy and what all that means for our monetary policy. The full transcript is here:
>500 friendly followers - not bad! Just the #ECBsky is still quite empty. To have a discussion on monetary policy & financial markets we need some of those people here.
October 4, 2023 at 4:59 PM
>500 friendly followers - not bad! Just the #ECBsky is still quite empty. To have a discussion on monetary policy & financial markets we need some of those people here.
Welcome to my new followers on this platform, which looks quite promising. Today we indeed had a blue sky in Frankfurt, so I send you a picture of the place where I spend most of my time. Looking forward to fruitful exchanges! #ourECB #firstpost
October 3, 2023 at 8:32 PM
Welcome to my new followers on this platform, which looks quite promising. Today we indeed had a blue sky in Frankfurt, so I send you a picture of the place where I spend most of my time. Looking forward to fruitful exchanges! #ourECB #firstpost