The ECB Podcast

The euro family is growing. Bulgaria is gearing up to adopt the euro. But what hopes and fears come with the transition? And were there similar feelings in other countries? To explore these questions, our podcast team spoke with content creators Mihaela, Elena and Stefan (also known as Chefo) to hear their perspectives on the transition. Meanwhile, in the podcast studio, our host Stefania Secola explored the topic with ECB researcher Ferdinand Dreher, who shed light on why public sentiment towards the euro tends to improve once people start using it in their everyday lives. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded on 11 and 16 December. Published on 22 December 2025. In this episode: 00:53 Looking back at Germany’s adoption of the euro Ferdinand shares his personal memories of Germany’s transition to the euro. 04:46 What are the biggest concerns around Bulgaria’s euro adoption? Concerns arise with every major change. We asked three Bulgarian content creators – Mihaela, Elena and Stefan (also known as Chefo) – about their biggest concerns regarding euro adoption. 08:00 What does the research show? What do surveys reveal about people’s concerns? What are the biggest concerns, and what are the initial inconveniences of the transition? 13:07 What are the biggest hopes around Bulgaria’s euro adoption? Alongside fears, there are also hopes. Mihaela, Elena and Stefan share their perspectives on the positive aspects of euro adoption. 15:55 How do people’s feelings evolve after adoption? Surveys show a significant shift in sentiment from the last survey before adoption to the first survey after adoption. What drives this change? Does clear communication play a key role? 20:13 What about Eurosceptics? Does Euroscepticism persist after adoption? 21:30 What about concerns around national identity? Do people feel that their national identity is under threat? Euro coins have a European side and a national side – does this help? Can European and national identities coexist? 23:53 Concerns are normal, but benefits will come What is the message for countries who may adopt the euro in the future? 25:26 Our guest’s hot tip Ferdinand shares his hot tip with listeners. Blog post by Ferdinand Dreher and Nils Hernborg “Love at second sight: support for the euro before and after adoption” https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20251104~cf577c8f68.en.html Design of the euro coins – Bulgaria https://www.ecb.europa.eu/euro/coins/html/bg.en.html Bulgaria on the doorstep of the euro area https://www.ecb.europa.eu/euro/changeover/bulgaria/html/index.en.html ECB Instagram https://www.instagram.com/europeancentralbank/

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 18 December 2025. Our monetary policy statement at a glance, 18 December 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_december.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 18 December 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is251218~3a10402adb.en.html Monetary policy decisions, 18 December 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp251218~58b0e415a6.en.html Combined monetary policy decisions and statement, 18 December 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds251218~f264376788.en.pdf Macroeconomic projections, 18 December 2025 https://www.ecb.europa.eu/press/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

When it comes to the risks to financial stability, things seem to have settled down a bit. But with trade tensions, an unpredictable US economic policy, geopolitical issues, a potential AI bubble and the rise of stablecoins, there is plenty to keep an eye on. Has the global environment really become less uncertain? And how do all these factors impact financial stability? To explore these questions and more, our host Paul Gordon speaks with financial stability expert John Fell. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded on 24 November 2025 and published on 27 November 2025. In this episode: 01:25 How stable is the financial system? The EU and the United States reached a trade agreement, and the economic impact of trade uncertainty has been milder than expected. But the full effects of the policy changes are yet to be seen. So, what does this mean for financial stability? 04:14 Is there an AI bubble? The term “AI bubble” is on everyone’s lips right now . But bubbles are hard to identify and even harder to differentiate from legitimate growth. So, are valuations stretched? What about market concentration and circular funding in the AI industry? And how exactly are companies funding investment in AI? 06:15 If there is a bubble, what could cause it to burst? There is significant leverage behind AI investments. Returns will largely depend on how widely AI is adopted. Could AI become a general-purpose technology, like the railways did? 08:15 What about the rise of private credit? How do private credit markets differ from equity financing? Why are risks to euro area financial stability increasing as private markets expand? And how does all this relate to systemic risk in the banking sector and the build-up of AI infrastructure? 11:23 Are stablecoins really stable? Despite what the name suggests, stablecoins carry liquidity run risks that could affect financial stability. With rapid growth and increasing links to traditional finance, what risks does this innovation create? 15:11 What’s the situation for government financing? Governments have made progress in reducing debt levels since the pandemic. But in some euro area countries, debt remains too high and pressures to increase spending – for instance on defence – are rising. While this poses one of the biggest risks to financial stability, it could also be an opportunity for long-term growth if properly managed. 18:07 What about banks? Given the potential AI bubble, questions around the sustainability of government budgets and the rise in stablecoins, where does this leave euro area banks? Profitability is strong and non-performing loan ratios are historically low. So, how is the banking sector doing overall? 20:13 Our guest’s hot tip John Fell shares his hot tip with listeners. Financial Stability Review at a glance https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html Financial Stability Review, November 2025 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html Chip War, Chris Miller https://www.amazon.de/-/en/Chip-War-Worlds-Critical-Technology/dp/1982172002

Our payment habits are changing. With digital payments on the rise, we need to preserve people’s freedom to choose how to pay: there’s cash, card, online transfers – and soon, we could have a digital euro. But what is the digital euro, and how will it work? Will it replace cash? Concerns about data security and government control have sparked debate around the digital euro, often fuelled by disinformation. We separate fact from fiction as our host Stefania Secola teams up with Aidas Palubinskas from EU Finance Podcast to speak to Executive Board member Piero Cipollone about modernising our money. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded on 4 November 2025 and published on 13 November 2025. In this episode: 02:18 The digital what? What is the digital euro, and how will it work in practice? Don’t we already pay digitally? 13:48 What will happen to cash? Would introducing the digital euro mean the end of cash? And could it take away business from banks and other financial service providers? 16:25 How secure would the digital euro be really? What about hackers? Will our money be safe, and will the digital euro affect the integrity of the payments system? 19:31 Did someone say Big Brother? Will central banks, governments and other authorities have access to our data ? How private will our payments really be? 24:52 When will we have a digital euro? Where are we in the process and what are the next steps? How are EU institutions like the European Commission and the European Parliament involved in the digital euro project? 29:17 Our guests’ hot tips Piero Cipollone shares his hot tip. EU Finance Podcast – the future of finance https://finance.ec.europa.eu/eu-finance-podcast-future-finance_en Digital euro https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html President Lagarde explains the next digital euro phase https://www.instagram.com/reel/DQd60z9jfjV/?igsh=MTV2OW4zNXp5cHJvNA== The ECB Podcast: The digital euro, demystified https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod231024_episode71.en.html Press release: Eurosystem moving to next phase of digital euro project, 30 October 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html The ECB Blog: Making euro cash fit for the future https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250804~9d3993abe0.en.html Fit of the digital euro in the payment ecosystem https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep251030_digital_euro_fit_payment_ecosystem_report.en.pdf

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 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_october.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 October 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is251030~4f74dde15e.en.html Monetary policy decisions, 30 October 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp251030~cf0540b5c0.en.html Combined monetary policy decisions and statement, 30 October 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds251030~25d99d5b1c.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html