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 11 September 2025. Our monetary policy statement at a glance, 11 September 2025 www.ecb.europa.eu/press/press_conf…eptember.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 11 September 2025 www.ecb.europa.eu/press/press_conf…3675b834.en.html Monetary policy decisions, 11 September 2025 www.ecb.europa.eu/press/pr/date/20…fb7a9490.en.html Combined monetary policy decisions and statement, 11 September 2025 www.ecb.europa.eu/press/press_conf…f624f06ba.en.pdf Macroeconomic projections, 11 September 2025 www.ecb.europa.eu/press/projection…da697d54.en.html European Central Bank www.ecb.europa.eu/home/html/index.en.html

Episodio 4: L'euro digitale per tutti, anche per chi non ti aspetti Ma come funzionerebbe l’euro digitale? Semplice: attraverso un’app sul cellulare viene aperto un portafoglio elettronico, ricaricabile con il conto corrente di ciascuno di noi. L'euro digitale potrebbe essere un'opzione utile anche per le persone anziane, che magari non sono molto a proprio agio con le nuove tecnologie. L’euro digitale non vuole sostituire i contanti, ma offrirne una versione digitale, sicura e semplice: alla posta o in banca, con l’aiuto di un impiegato si potrebbe ricaricare il portafoglio elettronico attraverso il conto corrente o in contanti. Per pagare al supermercato, basterebbe usare l'app dell'euro digitale sul cellulare, magari con una mano da parte del cassiere. E se una persona non ha il cellulare? Potrebbe usare una carta fisica collegata al portafoglio elettronico, proprio come una carta prepagata. E per tutti coloro che temono che il contante scompaia, niente paura: l'euro digitale è progettato per essere un'opzione in più, per rendere i pagamenti più facili e sicuri. Più scelta significa più libertà per tutti. Insomma, l'euro digitale potrebbe offrirci un modo in più per pagare: semplice, sicuro, gratuito e universale! Il pagamento elettronico con la comodità del contante!

Special address by Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investment Union, at the ninth annual ESRB conference . The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.” Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html

Closing remarks by Francesco Mazzaferro, Head of the European Systemic Risk Board (ESRB) Secretariat, at the ninth annual ESRB conference. Senior policymakers, central bankers and leading academics gathered to discuss “Broadening Horizons: The ESRB’s Next Decade of Impact.” Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html

The expanding role of non-bank financial intermediaries and the rising interconnectedness within the financial system call for a system-wide approach to stress testing. This panel will explore how macroprudential authorities can address the challenges involved in implementing such an approach. Panellists: • Viral Acharya, C.V. Starr Professor of Economics, Leonard N. Stern School of Business • Nathanaël Benjamin, Executive Director, Financial Stability Strategy and Risk, Bank of England • Rama Cont, Professor, Oxford University • John Fell, Deputy Director-General, Macroprudential Policy and Financial Stability, European Central Bank Chair: Aino Bunge, Deputy Governor of Sveriges Riksbank, Vice-Chair of the ESRB Advisory Technical Committee The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.” Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html

Yoshua Bengio, Professor at the Université de Montréal, delivered a keynote speech on “The future of AI - and considerations for systemic risks” at the ninth annual European Systemic Risk Board conference. Response by Leonardo Gambacorta, Head of Emerging Markets at the Bank for International Settlements. The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.” Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html

The ESRB’s Advisory Scientific Committee awards the Ieke van den Burg prize to recognise outstanding research conducted by young scholars on a topic related to the ESRB’s mission. Co-authors Arved Fenner (University of Münster), Philipp Klein (University of Münster) and Carina Schlam (Deutsche Bundesbank and University of Münster), will present their award-winning paper, “Better Be Careful: The Replenishment of ABS backed by SME Loans,” which has been selected as the winner of the 2025 edition of the prize. Chair: Vasso Ioannidou, Member of the ESRB Advisory Scientific Committee, Professor, Bayes Business School Learn more about the prize and see past winners: https://www.esrb.europa.eu/about/orga/asc/ieke/html/index.en.html Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html

The EU financial system is challenged by a range of emerging threats, many of which originate outside the system itself. This panel will explore some of these challenges, including the evolving geopolitical landscape and its impact on government budgets, as well as the growing influence of non-bank financial intermediaries. Panellists: • Marco Buti, Professor, European University Institute • Ian Goldin, Professor, Oxford Martin School, Oxford University • Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, European Central Bank • Loriana Pelizzon, Vice-Chair of the ESRB Advisory Scientific Committee and Professor, Goethe University of Frankfurt Chair: Olli Rehn, ESRB First Vice-Chair, Governor of Suomen Pankki – Finlands Bank The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.” Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html