The ECB Podcast

How much do you spend on food every month?

Food is one expense we simply can’t go without – we all need to eat, after all! But you may have noticed that your morning eggs, lunchtime sandwich, or favourite late-night snack is costing more than it used to.

How have food prices changed over the past year? What’s driving the price increases? And what’s in store for our grocery bills in 2026?

Our host Stefania Secola speaks to economists Elisabeth Wieland and Zivile Zekaite to answer these questions.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Recorded on 20 January 2026 and published on 26 January 2026.

In this episode:

02:23 Is food really getting more expensive?

How do we track changes in food prices? How did food inflation develop in 2025? And what role does media coverage play?

05:39 Which foods are especially affected?

Some prices are up, others are down. Why have items like coffee, cocoa and meat been hit the hardest?

08:26 Have some products also become cheaper?

While meat and sweet treats have become more expensive, items like vegetables and butter have become cheaper. The overall food basket tells an interesting story and is influenced by its different components.

09:13 What’s driving price increases for certain products?

Raw material costs, climate change, and supply and demand factors all affect food prices. Rising wages and energy costs also play a role.

12:35 Why do food prices matter so much?

Food is a big part of our budget and cannot be replaced by other items. Also, since we go to the supermarket often, food prices play a big role in shaping our inflation expectations.

19:10 What can we do about rising food prices?

Temporary vs structural changes – how do they differ? And what’s the ECB’s role when it comes to inflation and food prices?

20:52 What’s in store for our grocery bills in 2026?

Good news: food inflation is set to ease in the coming year. So, what does this mean for your wallet?

22:06 Our guests’ hot tips

Elisabeth and Zivile share their hot tips.

Further reading:

Inside the food basket: what is behind recent food inflation? (Economic Bulletin Issue 8, 2025)

https://www.ecb.europa.eu/press/economic-bulletin/focus/2026/html/ecb.ebbox202508_07~8e10bb606b.en.html

Consumer Expectations Survey https://www.ecb.europa.eu/stats/ecb_surveys/consumer_exp_survey/html/index.en.html

Elisabeth’s hot tip: use food price comparison websites and apps for tracking prices

Zivile’s hot tip: look at the price per kilogram to find the best-value food

ECB Instagram
https://www.instagram.com/europeancentralbank/

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