Today our Governing Council decided on monetary policy. Listen to President Christine Lagarde present today’s decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 30 October 2025. Our monetary policy statement at a glance, 30 October 2025 www.ecb.europa.eu/press/press_conf…_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 October 2025 www.ecb.europa.eu/press/press_conf…74dde15e.en.html Monetary policy decisions, 30 October 2025 www.ecb.europa.eu/press/pr/date/20…0540b5c0.en.html Combined monetary policy decisions and statement, 30 October 2025 www.ecb.europa.eu/press/press_conf…5d99d5b1c.en.pdf European Central Bank www.ecb.europa.eu/home/html/index.en.html

Dal 29 al 30 ottobre 2025 la Banca d'Italia ospita a Firenze la riunione di politica monetaria del Consiglio direttivo della Banca centrale europea. Per approfondire visita il sito della Banca d'Italia. https://www.bancaditalia.it/media/notizia/riunione-del-consiglio-direttivo-della-banca-centrale-europea-a-firenze/

Andrea Cabrini (Class CNBC) intervista Chiara Scotti, Vice Direttrice Generale della Banca d’Italia – Salone dei Pagamenti Durante la sessione plenaria di apertura del Salone dei Pagamenti, Andrea Cabrini di Class CNBC intervista Chiara Scotti, Vice Direttrice Generale della Banca d’Italia. https://www.bancaditalia.it/media/notizia/banca-d-italia-al-salone-dei-pagamenti-2025-di-milano/?com.dotmarketing.htmlpage.language=102

Closing remarks by Fiorella De Fiore, Agnese Leonello, Caterina Mendicino, Helene Rey, Carolina Villegas Sanchez on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025. The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks. WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists. The conference took place on 20 and 21 October 2025 in Frankfurt am Main. Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html

Session 5 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025. Chair: Caterina Mendicino*, ECB “The Systematic Origins of Monetary Policy Shocks” Authors: • Lukas Hack, ETH Zürich • Klodiana Istrefi*, ECB and CEPR • Matthias Meier, University of Mannheim Discussant: Francesca Monti*, UCLouvain and CEPR The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks. WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists. The conference took place on 20 and 21 October 2025 in Frankfurt am Main. Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html

Session 5 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025. Chair: Caterina Mendicino*, ECB “A Tale of Two Margins: Monetary Policy and Capital Misallocation” Authors: • Silvia Albrizio, IMF • Beatriz Gonzalez*, Banco de España • Dmitry Khametshin, Banco de España Discussant: Daria Finocchiaro*, Sveriges Riksbank and CEPR The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks. WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists. The conference took place on 20 and 21 October 2025 in Frankfurt am Main. Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html

Session 5 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025. Chair: Caterina Mendicino*, ECB “Monetary Policy and Sovereign Risk in Emerging Economies” Authors: • Cristina Arellano, Federal Reserve Bank of Minneapolis • Yan Bai*, University of Rochester and CEPR • Gabriel Mihalache, Stony Brook University Discussant: Ozge Akinci*, Federal Reserve Bank of New York and CEPR The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks. WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists. The conference took place on 20 and 21 October 2025 in Frankfurt am Main. Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html

Session 4 on the second day of the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025. Chair: Fiorella De Fiore*, BIS and CEPR “HANKSSON” Authors: • Florin O. Bilbiie, University of Cambridge • Sigurd Mølster Galaasen, Norges Bank • Refet Gürkaynak, Bilkent University • Mathis Mæhlum, Norges Bank • Kristina Molnar*, Norwegian School of Economics Discussant: Morgane Richard*, SciencesPo The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS) and the European Central Bank (ECB) organised their 2025 conference WE_ARE_IN Macroeconomics and Finance. The aim of the conference is to bring together women in economics to present and discuss new research on macroeconomics and finance which is of particular interest to central banks. WE_ARE_IN stands for Women in Economics: Advancing Research in Economics Internationally. It complements the WE_ARE initiative, a CEPR seminar series in which junior women present their work and receive constructive feedback from their peers and from senior economists. The conference took place on 20 and 21 October 2025 in Frankfurt am Main. Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnv2PtaYv_V20Ae4cN18GNQ See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20251020_we_are_in.en.html