These are, first, an unwarranted tightening of monetary policy stance (from developments in short-term money markets, global bond markets or foreign exchange markets) that could be tackled through more conventional measures. And, faced with the effective lower bound and different contingencies, we had to explain our future policy intentions and clarify our more complex reaction function. Em termos da resposta da política monetária, a questão fundamental prende-se com o momento oportuno. Mais ce tableau masque l’hétérogénéité observée au sein de la zone euro. Aus diesem Grund hat der EZB-Rat die Erwartung geäußert, dass durch das Zusammenwirken aller beschlossenen geldpolitischen Maßnahmen die Bilanzsumme des Eurosystems eine Größenordnung wie Anfang 2012 erreichen werde, erklärte Draghi. Staatsobligaties moeten tevens fungeren als veilige haven in tijden van economische stress. Mais il existe deux facteurs spécifiques à la zone euro qui contribuent au bas niveau de l’inflation : la hausse du taux de change de l’euro et le processus d’ajustement des prix relatifs dans certains pays de la zone euro. Instead of providing a counter-cyclical buffer, these countries had to convince investors of their debt sustainability, making it unavoidable that fiscal consolidation was front-loaded. Internationales ZinsFORUM ”Zinsen 2009” Frankfurt am Main, 11 December 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the British Bankers Association's Annual Reception European Parliament Brussels, 8 December 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 8 December 2008, Jean-Claude Trichet, President of the ECB Cairo, 26 November 2008, Statement by Jean-Claude Trichet, President of the ECB Frankfurt am Main, 21 November 2008, Speech by Jean-Claude Trichet, President of the ECB The Lord Roll Memorial Lecture Organised by the Daiwa Anglo-Japanese Foundation Chatham House, London, 18 November 2008, Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 14 November 2008, Speech by Jean-Claude Trichet, President of the ECB at the Fifth ECB Central Banking Conference Frankfurt am Main, 13 November 2008, Jean-Claude Trichet, President of the ECB Dinner address on the Occasion of the 10th Anniversary of the Banque Centrale du Luxembourg Luxembourg, 12 November 2008, Speech by Jean-Claude Trichet, President of the ECB “Lunchtime discussions” with the Spanish business community Madrid, 27 October 2008, Speech by Jean-Claude Trichet, President of the ECB Delivered at the Economic Club of New York New York, 14 October 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the “European Banker of the Year 2007” award ceremony Frankfurt am Main, 30 September 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the “Slovakia Euro Changeover Conference” Bratislava, 22 September 2008, Speech by Jean-Claude Trichet, President of the ECB Bratislava, 21 September 2008, Speech by Jean-Claude Trichet, President of the ECB Römer, Frankfurt am Main, 15 September 2008, Speech by Jean-Claude Trichet, President of the ECB Delivered at the 2008 Eurofi Conference Nice, 11 September 2008, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 10 September 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the conference ‘The ECB and its Watchers X' Frankfurt am Main, 5 September 2008, Speech by Jean-Claude Trichet, President of the ECB delivered at the conference The euro's 10th anniversary: history and presence of the euro Munich, 10 July 2008, Speech by Jean-Claude Trichet, President of the ECB Strasbourg, 9 July 2008, Speech by Jean-Claude Trichet, President of the ECB Paris Europlace Financial Forum ”The Paris Marketplace Contribution to the Global Economy” 2-3 July, 2008, Intervention de Jean-Claude Trichet, Président de la BCE Luxembourg, 30 juin 2008, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 25 June 2008, Intervention de M. Jean-Claude Trichet, Président de la BCE, À l'invitation du Gouvernement wallon, Forum CréaWAL, Namur, le 20 juin 2008, Keynote address by Jean-Claude Trichet, President of the ECB, at the OECD Forum 2008 “Climate change, growth, stability” Paris, 4 June 2008, Speech by Jean-Claude Trichet, President of the ECB International Monetary Conference Barcelona, 3 June 2008, Jean-Claude Trichet, President of the ECB 2 June 2008 in Frankfurt am Main, Speech by Jean-Claude Trichet, President of the ECB delivered at the Brussels Economic Forum Brussels 16 May 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the International Capital Market Association's Annual Conference Vienna, 15 May 2008, Speech by Jean-Claude Trichet, President of the ECB Bocconi University and Corriere della Sera International Forum 2008 Milan, 12 May 2008, Introductory statement by Jean-Claude Trichet, President of the ECB at the press conference Frankfurt, 6 May 2008, Speech by Jean-Claude Trichet, President of the ECB Karlspreis Europa Forum - Contribution to the panel discussion - Aachen, 30 April 2008, Speech by Jean-Claude Trichet, President of the ECB at the 36th Economics Conference of the Oesterreichische Nationalbank on “Toward the First Decade of Economic and Monetary Union - Experiences and Perspectives” Vienna, 28 April 2008, Speech by Jean-Claude Trichet, President of the ECB Fourth ECB Conference on Statistics Frankfurt am Main, 24-25 April 2008, Speech by Jean-Claude Trichet, President of the ECB Joint ECB/European Commission conference Frankfurt am Main, 21-22 April 2008, Speech by Jean-Claude Trichet, President of the ECB at the celebration of the publication of Otmar Issing's book “Der Euro” Frankfurt am Main, 15 April 2008, Keynote address by Jean-Claude Trichet, President of the ECB, at the Policy Discussion "Global Economic Policy Forum 2008" New York University, New York, 14 April 2008, Speech by Jean-Claude Trichet, President of the ECB Berlin, 3 April 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 26 March 2008, Speech by Jean-Claude Trichet, President of the ECB at International Symposium on “Globalisation, Inflation and Monetary Policy” organised by the Banque de France Paris, 7 March 2008, Jean-Claude Trichet, President of the ECB Amsterdam, 28 February 2008, Speech by Jean-Claude Trichet, President of the ECB New Year's Reception Asia-Pacific 2008 of the German-Asian Business Circle Frankfurt am Main, 25 February 2008, Speech by Jean-Claude Trichet, President of the ECB Forum ABC Madrid, 15 February 2008, By Jean-Claude Trichet, President of the ECB Lecture to be held at the Barcelona Graduate School of Economics Barcelona, 14 February 2008, Speech by Jean-Claude Trichet, President of the ECB at the Second Symposium of the ECB-CFS research network on “Capital Markets and Financial Integration in Europe”, Frankfurt am Main, 13 February 2008, Keynote address by Jean-Claude Trichet, President of the ECB at the session "European Financial Supervision, Crisis Management on Financial Markets" European Parliament, Brussels, 23 January 2008, Speech by Jean-Claude Trichet, President of the ECB Speech at the Conference “Welcoming Cyprus to the euro area” Nicosia, 18 January 2008, Speech by Jean-Claude Trichet, President of the ECB at the conference organised by the ECB, the Banque de France and The Conference Board on 17 January 2008 in Frankfurt, Keynote address by Jean-Claude Trichet, President of the ECB at the 25th HORIZONT Award Ceremony Frankfurt am Main, 16 January 2008, Speech by Jean-Claude Trichet, President of the ECB Keynote address at the Euro Celebrations Valetta, 12 January 2008, Speech by Jean-Claude Trichet, President of the ECB Wiesbaden, 5 January 2008, Speech by Jean-Claude Trichet, President of the ECB Brussels, 19 December 2007, Speech delivered by Jean-Claude Trichet, President of the ECB at the award ceremony on the occasion of the “6. In his speech at the Finnish Parliament the President highlighted that, over the past crisis years, the ECB has acted forcefully to safeguard price stability and to contribute to financial stability in the euro area as a whole. To be true sources of opportunity, markets need policing. With our forward guidance, we aim to give guidance on the expected level of future interest rates, and to remove uncertainty about that level by strengthening communication on our reaction function. Die Zukunft der Marktwirtschaft" der Volksbanken Raiffeisenbanken organised by Genossenschaftsverband e.V., Frankfurt am Main, 7 November 2012, Speech by Mario Draghi, President of the ECB, Discussion on ECB policies with Members of Parliament, Berlin, 24 October 2012, Speech by Mario Draghi, President of the ECB, Ca' Foscari University of Venice, 13 October 2012, Introductory statement by Mario Draghi, President of the ECB, Brussels, 9 October 2012, Speech by Mario Draghi, President of the ECB, at the annual event “Day of the German Industries” organised by the Federation of German Industries, Berlin, 25 September 2012, Remarks by Mario Draghi, President of the ECB on receiving the M100 Media Award 2012 Potsdam, 6 September 2012, Contribution from Mario Draghi, President of the ECB, Published in "Die Zeit", 29 August 2012, Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012, Introductory Statement by Mario Draghi, President of the ECB, Brussels, 9 July 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 15 June 2012, Address by Mario Draghi, President of the ECB at the day in memory of Federico Caffè organised by the Faculty of Economics and the Department of Economics and Law at the Sapienza University Rome, 24 May 2012, Introductory remarks by Mario Draghi, President of the ECB, at the ECB colloquium held in honour of, Frankfurt am Main, 16 May 2012, Mario Draghi, President of the ECB, Frankfurt am Main, 8 May 2012, Speech by Mario Draghi, President of the ECB, at the ECB-EC conference “Financial integration and stability: towards a more resilient single financial market” Frankfurt am Main, 26 April 2012, Introductory statement by Mario Draghi, President of the ECB Brussels, 25 April 2012, Speech by Mario Draghi, President of the ECB at the Sixth ECB Statistics Conference, Frankfurt am Main, 17 April 2012, Speech by Mario Draghi, President of the ECB, Berlin, 26 March 2012, Speech by Mario Draghi, President of the ECB, at the colloquium “Les défis de la compétitivité”, organised by Le Monde and l'Association Française des Entreprises Privées (AFEP), Paris, 13 March 2012, Introductory statement Mario Draghi, President of the ECB, Brussels, 19 December 2011, Speech by Mario Draghi, President of the ECB, Ludwig Erhard Lecture, Berlin, 15 December 2011, Introductory statement by Mario Draghi, President of the ECB, Brussels, 1 December 2011, Introductory remarks by Mario Draghi, President of the ECB, at the 21st Frankfurt European Banking Congress “The Big Shift”, Frankfurt am Main, 18 November 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Humboldt University, Berlin, 24 October 2011, Address by Jean-Claude Trichet, President of the ECB, at the National Bank of Poland's conference, Warsaw, 21 October 2011, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 October 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 4 October 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bretton Woods Committee, International Council Meeting 2011 Washington, 23 September 2011, Speech by Jean-Claude Trichet, President of the ECB, Wroclaw, 15 September 2011, Jean-Claude Trichet, Président de la BCE, Discours d'introduction à la conférence de l'Institut Montaigne intitulée : « Trois ans après la chute de Lehman Brothers : leçons et défis de la crise » Paris, le 5 septembre 2011, Introductory statement by Jean-Claude Trichet, President of the ECB Brussels, 29 August 2011, Speech by Jean-Claude Trichet, President of the ECB at the Jackson Hole Economic Symposium Panel: Setting priorities for long-term growth Jackson Hole, U.S.A., 27 August 2011, Statement by Jean-Claude Trichet, President of the European Central Bank, Brussels, 21 July 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Gala Dinner of the State of the European Union conference “Revitalising the European Dream: A Corporate View”, Brussels, 28 June 2011, Remarks by Jean-Claude Trichet, President of the ECB, upon reception of the 2011 Global Economy Prize, Kiel, 19 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the US Sciences Po Foundation Annual Benefit in New York on 16 June 2011, Stamp Memorial Lecture by Jean-Claude Trichet, President of the ECB at the London School of Economics and Political Science London, 13 June 2011, Keynote address by Jean-Claude Trichet, President of the ECB at the “ECB and its Watchers XIII” conference Frankfurt am Main, 10 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Montreal, 6 June 2011, Speech by Jean-Claude Trichet, President of the ECB on receiving the Karlspreis 2011 in Aachen, 2 June 2011, Speech by Jean-Claude Trichet, President of the ECB, Rheinisch-Westfälische Technische Hochschule (RWTH), Aachen, 1 June 2011, Speech by Jean-Claude Trichet, President of the ECB, at the WDR Europa-Forum, Berlin, 26 May 2011, By Jean-Claude Trichet, President of the ECB, 15 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Madrid, 13 May 2011, Speech by Jean-Claude Trichet, President of the ECB at the Bank of Finland 200th Anniversary Conference Helsinki, 5 May 2011, Speech by Jean-Claude Trichet, President of the ECB, Deutsche Bundesbank Festakt, Frankfurt am Main, 2 May 2011, Speech by Jean-Claude Trichet, President of the ECB, at the Notre Europe Séminaire en Hommage à Tommaso Padoa-Schioppa, in the session “Quel bilan pour l'Union Economique et Monétaire”, Brussels, 4 April 2011, Intervention de Jean-Claude Trichet, Président de la BCE, Académie des Sciences morales et politiques, Paris, le 28 mars 2011, Speech by Jean-Claude Trichet, President of the ECB at the Frankfurt Main Finance Summit “The Future of Risk Management and Regulation: Smarter regulation, safer markets” Frankfurt, 23 March 2011, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 March 2011, Speech by Jean-Claude Trichet, President of the ECB at the conference of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament “What future for the euro?” Frankfurt, 18 March 2011, Remarks by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 11 March 2011, Speech by Jean-Claude Trichet, President of the ECB, Lecture at the University of Liège, Liège, 23 February 2011, Speech by Jean-Claude Trichet, President of the ECB, for the panel discussion on: “Global imbalances and financial stability” at the Eurofi G20 High Level Seminar, Paris, 18 February 2011, Jean-Claude Trichet, President of the ECB, Speech as the Guest of Honour at the Schaffermahlzeit, Bremen, 11 February 2011, Speech by Jean-Claude Trichet, President of the ECB, colloquium in honour of Tommaso Padoa-Schioppa, Bocconi University, Milan, 1 February 2011, Speech by Jean-Claude Trichet, President of the ECB, Klausurtagung der CSU Landesgruppe, Wildbad Kreuth, 7 January 2011, Jean-Claude Trichet, President of the European Central Bank, Frankfurt am Main, 13 December 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 8 December 2010, Speech by Jean-Claude Trichet, President of the ECB at the European American Press Club, Paris, 3 December 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 30 November 2010, Introductory statement by Jean-Claude Trichet, President of the ECB Strasbourg, 22 November 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the European Banking Congress, Frankfurt am Main, 19 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Opening address at the ECB Central Banking Conference Frankfurt, 18 November 2010, Speech by Jean-Claude Trichet, President of the ECB, Evangelische Akademie Tutzing, 13 November 2010, Opening address by Jean-Claude Trichet, President of the ECB at the fifth ECB conference on statistics “Central bank statistics: what did the financial crisis change?” Frankfurt, 19 October 2010, Speech by Jean-Claude Trichet, President of the ECB at the World Policy Conference Marrakech, 16 October 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Economic Club of New York, New York, 12 October 2010, Keynote address by Jean-Claude Trichet, President of the ECB, at the EUROFI Financial Forum 2010, Brussels, 29 September 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 13th conference of the ECB-CFS Research Network, Frankfurt am Main, 27 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Euro Conference hosted by Eesti Pank, Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB, on the occasion of the inauguration of the Euro Exhibition hosted by Eesti Pank Tallinn, 20 September 2010, Speech by Jean-Claude Trichet, President of the ECB on the occasion of the Euro Star Event at Eesti Pank Tallinn, 19 September 2010, Speech by Jean-Claude Trichet, President of the ECB at the gala event Bucharest, 5 September 2010, Speech by Jean-Claude Trichet, President of the ECB, at the symposium on “Macroeconomic challenges: the decade ahead”, Jackson Hole, Wyoming, 27 August 2010, Speech by Jean-Claude Trichet, President of the ECB at the conference “The ECB and Its Watchers” XII Frankfurt am Main, 9 July 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 21 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at 150th Anniversary of the Central Bank of the Russian Federation High-Level International Conference on “Central Banks and Development of the World Economy: New Challenges and a Look Ahead”, Moscow, 18 June 2010, Keynote by Jean-Claude Trichet, President of the ECB at the Institute of International Finance, Spring Membership Meeting Vienna, 10 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the Feri Foundation award ceremony Kaisersaal, Frankfurt am Main, 9 June 2010, Speech by Jean-Claude Trichet, President of the ECB, at the 38th Economic Conference of the Oesterreichische Nationalbank, Vienna, 31 May 2010, Video address by Jean-Claude Trichet, President of the European Central Bank, at the Bank of Korea International Conference 2010, Seoul, 31 May 2010, Remarks by Jean-Claude Trichet, President of the ECB Frankfurt, 28 May 2010, Introductory remarks by Jean-Claude Trichet, President of the ECB, at the Colloquium in honour of Lucas Papademos, Frankfurt am Main, 20 May 2010, Welcome address by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 19 May 2010, University lecture by Jean-Claude Trichet, President of the ECB, at the Universidade Nova de Lisboa, Lisbon, 6 May 2010, Speech by Jean-Claude Trichet, President of the ECB, Munich, 29 April 2010, Speech by Jean-Claude Trichet, President of the ECB, Susan Bies Lecture, Kellogg Distinguished Lecture Series, Evanston, Illinois, 27 April 2010, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the Council on Foreign Relations, New York, 26 April 2010, Speech by Jean-Claude Trichet, President of the ECB 19 April 2010, Warsaw, Poland, Speech by Jean-Claude Trichet, President of the ECB, Ceremonial address by Jean-Claude Trichet, President of the ECB at “100 Years of Confindustria” Parma, 10 April 2010, Speech by Jean-Claude Trichet, President of the ECB Lecture at Bocconi University, Aula Magna Milano, 9 April 2010, Speech by Jean-Claude Trichet, President of the ECB Münster City Hall, Westphalia, 26 March 2010, Contribution by Jean-Claude Trichet, President of the European Central Bank to Frankfurter Allgemeine Zeitung, 26 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 25 March 2010, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 22 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Brussels, 19 March 2010, Lunch remarks by Jean-Claude Trichet, President of the ECB at the SIEPR Economic Summit, Stanford University Stanford, 12 March 2010, Speech by Jean-Claude Trichet, President of the ECB, Frankfurt am Main, 10 March 2010, Jean-Claude Trichet, President of the ECB 11 February 2010, By Jean-Claude Trichet, President of the ECB, at the Symposium for the 50th anniversary of the Reserve Bank of Australia, Sydney, 9 February 2010, Speech by Jean-Claude Trichet, President of the ECB Tel Aviv, 21 January 2010, Commentary by Jean-Claude Trichet, President of the ECB 27 December 2009, Speech by Jean-Claude Trichet, President of the ECB The Economist's 2nd City Lecture London, 11 December 2009, Clare Distinguished Lecture in Economics and Public Policy by Jean-Claude Trichet, President of the ECB organised by the Clare College, University of Cambridge Cambridge, 10 December 2009, Discours d'ouverture de Jean-Claude Trichet, Président de la BCE au colloque « La justice face à la crise » organisé par la Cour d'appel de Paris Paris, le 7 décembre 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 7 December 2009, Speech by Jean-Claude Trichet, President of the ECB at the “Annual conference 2009” organised by the Asociación de Mercados Financieros Madrid, 23 November 2009, Jean-Claude Trichet, President of the ECB, Keynote speech at the 19th Frankfurt European Banking Congress: “After the Crisis”, Frankfurt am Main, Alte Oper, 20 November 2009, Speech by Jean-Claude Trichet, President of the ECB at the CEIOPS conference 2009 Frankfurt am Main, 18 November 2009, Speech by Jean-Claude Trichet, President of the ECB, Award ceremony organised by the Group of 20 +1, Frankfurt am Main, 17 November 2009, Keynote address by Jean-Claude Trichet, President of the European Central Bank, at the “Wirtschaftstag 2009” organised by the Volksbanken and Raiffeisenbanken, Frankfurt am Main, 15 October 2009, Lecture by Jean-Claude Trichet, President of the ECB at the University of Venice Venice, 9 October 2009, Speech by Jean-Claude Trichet, President of the ECB The Eurofi Financial Forum 2009 Göteborg, 30 September 2009, Introductory statement by Jean-Claude Trichet, President of the ECB, Brussels, 28 September 2009, Speech by Jean-Claude Trichet, President of the ECB at the ECB Watchers Conference Frankfurt, 4 September 2009, Intervention by Jean-Claude Trichet, President of the ECB, at the symposium on “Financial stability and macroeconomic policy” sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 22 August 2009, Speech by Jean-Claude Trichet, President of the ECB Frankfurt, 16 July 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the University of Munich Munich, 13 July 2009, Speech by Jean-Claude Trichet, President of the ECB at a Conference organised by the Nueva Economía Fórum and The Wall Street Journal Europe Madrid, 22 June 2009, Speech by Jean-Claude Trichet, President of the ECB At the Gala Event of the Celebration of 130th Anniversary of the Bulgarian National Bank in Sofia, 12 June 2009, Speech by Jean-Claude Trichet, President of the ECB at the Ceremony conferring the honorary title of Doctor Honoris Causa at the University of National and World Economy, Bulgaria in Sofia on 12 June 2009, Address by Jean-Claude Trichet, President of the ECB at the conference “20 years after the collapse of the socialist economy: transformation, economic growth and convergence in Poland and other central and eastern European countries” organised by the National Bank of Poland, Warsaw, 5 June 2009, Keynote address by Jean-Claude Trichet, President of the ECB at the international symposium marking the 50th anniversary of Bank Al-Maghrib.
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