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In this week's episode, brought to you in partnership with Practice Index, we're joined by Claire Houston from Practice Index, Paul Gordon from Atomos, and James Gransby from Azets to break down what the latest budget really means for general practice. We explore how tools like the salary calculator and benchmarking manager can support smarter decision making as practices respond to rising costs. They also look closely at how these budget changes affect personal finances, from the withdrawal of personal allowances for high earners to the long term impact of frozen tax thresholds. With insights on NHS pensions, future tax considerations, and the importance of revisiting financial plans, this episode offers straightforward guidance to help practice teams and individuals stay confident, informed, and financially resilient. The Budget (00:08) Benchmarking Manager (02:28) Reactions to the budget (03:30) What should people be doing differently now? (07:55) NHS Pension (09:09) What will be different? (10:58) Increase in the National Living Wage (14:27) The Carr-Hill formula (16:31) The timeframe (19:25) Other changes.. (20:34) ISA changes.. (21:37) Final thoughts.. (24:16) To book your free Benchmarking Manager demo, click here or to access the Salary Calculator, login here. To visit the Practice Index website, click here or contact James Dillon here. For all enquiries about the Ockham podcast, please contact Ben Gowland here.
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
A well-known name in the industry, Paul has been with Leconfield for many years and is famous for making outstanding Merlot and Cabs from the region, including a sensational Cab Franc. His Bordeaux blend with a touch of Riesling is his avant-garde wine that is also a must try.@thewineshowaustralia@leconfieldwines
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Biblical Theology of Psalms: Songs of the Wilderness Subtitle: Biblical Theology Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Teaching Date: 11/20/2025 Length: 52 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Sanctuaries and Sacrifices Subtitle: 1 Peter Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 11/16/2025 Bible: 1 Peter 2:4-5 Length: 47 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Overview of Psalms: Book Four Subtitle: The Writings Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 11/16/2025 Bible: Psalm 90-106 Length: 50 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Evil Leaders Subtitle: The Book of Jeremiah Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday - PM Date: 11/16/2025 Bible: Jeremiah 23 Length: 45 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Psalms of Realization, Ruin and Restoration Subtitle: Biblical Theology Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Teaching Date: 11/13/2025 Bible: Psalm 73-89 Length: 47 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Further Thoughts on Scripture and The Great Tradition Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 11/9/2025 Length: 59 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Believer's Honor Subtitle: 1 Peter Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 11/9/2025 Bible: 1 Peter 2:4-10 Length: 42 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Scripture and The Great Tradition Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 11/2/2025 Length: 58 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Biblical Theology of the Psalms: 7 Subtitle: Biblical Theology Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Teaching Date: 11/7/2025 Bible: Psalm 51-63 Length: 51 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Biblical Theology of the Psalms: 6 Subtitle: Biblical Theology Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Teaching Date: 10/30/2025 Bible: Psalm 42-49 Length: 51 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Overview of Psalms: Book Three Subtitle: The Writings Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 10/26/2025 Bible: Psalm 73-89 Length: 52 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Desiring God's Word Subtitle: 1 Peter Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 10/26/2025 Bible: 1 Peter 2:1-3 Length: 48 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Biblical Theology of the Psalms: 4 Subtitle: Biblical Theology Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Teaching Date: 10/25/2025 Length: 32 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Biblical Theology of the Psalms: 5 Subtitle: Biblical Theology Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Teaching Date: 10/23/2025 Bible: Psalm 33-41 Length: 44 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Overview of Psalms : Book Two Subtitle: The Writings Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 10/19/2025 Bible: Psalm 42-72 Length: 53 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Living and Abiding Word of God Subtitle: 1 Peter Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 10/19/2025 Bible: 1 Peter 1:22-25 Length: 49 min.
The verdict on climate change is bleaker than ever before. The remaining carbon budget to limit global warming to 1.5°C is rapidly shrinking – equivalent to just three years of emissions at current rates. What is the scientific framework known as planetary boundaries? What's science telling us about the economic impact of climate change? And how is the ECB addressing climate and nature-related risks? Our host Paul Gordon speaks to Johan Rockström, Director of the Potsdam Institute for Climate Impact Research, and Irene Heemskerk, head of the ECB's climate change centre, to find out why. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded on 8 October 2025 and published on 14 October 2025. In this episode: 01:48 Where do we stand in the fight against climate change? What is science telling us? What could get us back on track? 05:58 Is climate change attracting enough attention? Is it being overshadowed by other challenges, like the war in Ukraine or geopolitical fragmentation? How is climate change connected to the economy? And what level of risk are we facing? 10:30 What are planetary boundaries? What is the planetary boundaries framework? 14:50 The phases of climate change How has global warming evolved over time? Are we heading for disaster? Is the 1.5°C threshold a goal or a limit? 19:15 Why is our economy dependent on climate change? Why do climate insights matter to the work of a central bank? How does the ECB take climate change into account? What risks does climate change pose to our primary mandate, price stability? And is it too late for us to take action? 23:03 What is the “right pace” for transitioning to a carbon-neutral economy? How can we balance the need for rapid change with economic interests ? 26:15 Does every step matter? What's needed for an orderly transition? What progress has been made in recent years, and what decisions could accelerate it further? 31:55 Our guests' hot tips Johan and Irene share their hot tips. Johan's hot tip: The EAT-Lancet Commission on healthy, sustainable, and just food systems (published on 2 October 2025) https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(25)01201-2/abstract TED Talks by Johan Rockström https://www.youtube.com/watch?v=RgqtrlixYR4 (2010) https://www.youtube.com/watch?v=Rv-tDrv__mc (2018) https://www.youtube.com/watch?v=8Sl28fkrozE (2020) https://www.youtube.com/watch?v=Vl6VhCAeEfQ (2024) Climate change and the ECB https://www.ecb.europa.eu/ecb/climate/html/index.en.html The ECB Podcast: The ECB's climate and nature plan: our path to a greener future https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod240125_episode78.en.html The tipping points of climate change – and where we stand https://www.ted.com/talks/johan_rockstrom_the_tipping_points_of_climate_change_and_where_we_stand?subtitle=en&geo=de ECB Instagram https://www.instagram.com/europeancentralbank/
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Jesus Meets Doubting Thomas Subtitle: Jesus' Conversations in John Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday - PM Date: 10/12/2025 Bible: John 20:24-29 Length: 56 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Return to 1 Peter Subtitle: 1 Peter Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday - AM Date: 10/12/2025 Length: 41 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Overview of Psalms: Book One Subtitle: The Writings Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 10/12/2025 Bible: Psalm 3-41 Length: 52 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Bib. Theo. of the Psalms: 3: The Presence of the Lord Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 10/10/2025 Bible: Psalm 15-24 Length: 52 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Danger of Disordered Desire Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 10/5/2025 Bible: Exodus 20:17 Length: 40 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Unfaithful Witness Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 9/21/2025 Bible: Exodus 20:16 Length: 45 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Jesus Meets Mary Magdalene Subtitle: Jesus' Conversations in John Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday - PM Date: 9/21/2025 Bible: John 20:11-18 Length: 53 min.
Gone are the days of widespread resignations and job changes. Now, with voluntary quit rates at historically low levels, many organizations are experiencing a new workforce challenge called “job hugging.” Employees are staying in their roles due to a number of factors, including economic uncertainty, a tight job market, and concerns over change. As a result, HR leaders must keep an eye on the workforce, ensuring productivity and engagement levels remain high. On the latest episode of the HRO Today Educational Podcast, Paul Gordon, Senior Vice President of Sales at Rymax, shares how employee recognition can act as a powerful tool to boost engagement and productivity among workers. Listen in as Gordon speaks with HRO Today SVP and Editorial Director Debbie Bolla about the best approaches to recognition in today's market, and how HR leaders can navigate the challenges associated with “job hugging” employees.
We are so thrilled to welcomed the co-founders Paul Gordon, David Goldsmith, and Melody Munitz onto the latest Whisper in the Wings from Stage Whisper. They joined us to talk about their exciting new platform, Virtual Stage Lab. This is a wonderful new streaming service that is perfect for any theatre artist looking to discover and develop new works. So make sure you tune in and check out this fantastic new platform!Virtual Stage LabNow available for StreamingMore information available at virtualstagelab.comAnd be sure to follow our guests to stay up to date on all their upcoming projects and productions: Virtual Stage Lab: virtualstagelab.com and @virtualstagelabMelody: @melody_munitz and melodymunitz.com Paul: paulgordonmusic.com David: @davidgoldsmithlyrics and davidisawriter.com
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Final Thoughts on the Meaning of The Gospel Subtitle: The Biblical Gospel Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 9/17/2025 Bible: Ephesians 2:11-3:6 Length: 56 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: You Shall Not Steal Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 9/17/2025 Length: 37 min.
Why do some people manage their money efficiently, while others struggle to spend less than they make? And how can a global benefits leader make a positive impact on money habits to increase the financial wellbeing for thousands of employees across different countries and cultures? Listen to Gerry Winters, Sasha Francis and Aon's Global Financial Wellbeing leader Paul Gordon explore the challenges that multinational companies face in bringing greater financial wellness to employees, and how market leading companies have organized to achieve greater outcomes for global employee populations.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Gospel in Paul's Letters Subtitle: The Biblical Gospel Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 9/7/2025 Length: 56 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Jesus Meets Martha Subtitle: Jesus' Conversations in John Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday - PM Date: 9/7/2025 Bible: John 11:17-46 Length: 44 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The "Great Sin" of Adultery Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 9/7/2025 Bible: Exodus 20:14 Length: 45 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: "You Shall Not Murder" Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 8/31/2025 Bible: Exodus 20:13 Length: 44 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Gospel in the Gospels Subtitle: The Biblical Gospel Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 8/31/2025 Length: 58 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Good News of God's Reign Subtitle: The Biblical Gospel Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 8/24/2025 Length: 52 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Interconnectedness of The Ten Commandments Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 8/24/2025 Bible: Exodus 20:1-12 Length: 40 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Jesus Meets the Man Born Blind Subtitle: Jesus' Conversations in John Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday - PM Date: 8/24/2025 Bible: John 9 Length: 73 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Bearing The Name of the Lord Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 8/3/2025 Bible: Exodus 20:7 Length: 35 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Jesus Met The Woman At The Well Subtitle: Jesus' Conversations in John Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday - PM Date: 8/10/2025 Bible: John 4:1-30 Length: 68 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Honoring and Honorable Fathers and Mothers Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 8/17/2025 Bible: Exodus 20:12 Length: 42 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: The Two Goats of Leviticus 16 Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 8/17/2025 Bible: Leviticus 16 Length: 58 min.
Dr. Paul Gordon, St. Charles Unit District 303 Superintendent, joins Jon Hansen, in for Lisa Dent, to discuss their new cellphone policies to help limit distractions while in the classroom.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: Leviticus: The Journey Back to God's Presence Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday School Date: 8/10/2025 Bible: Leviticus Length: 52 min.
A new MP3 sermon from Grace Reformed Baptist of Pine Bush is now available on SermonAudio with the following details: Title: "Remember The Sabbath Day " Subtitle: Ten Commandments Speaker: Paul Gordon Broadcaster: Grace Reformed Baptist of Pine Bush Event: Sunday Service Date: 8/10/2025 Bible: Exodus 20:8-11 Length: 42 min.
Financial wellbeing is an increasingly important topic for both employers and employees. A survey of multinational companies by Aon found that 88 percent of employees surveyed experienced financial stress, which has a major impact on resilience, self-esteem and relationships. In this episode of Better Being, our experts — Paul Gordon, Aon's chief commercial officer for global financial wellbeing, and Fleur Iannazzo, financial wellbeing coach and content creator at Aon — explore how understanding and reshaping financial behaviors can lead to lasting financial security. Key Takeaways:There is a notable disconnect between what employees expect and what employers currently provide in terms of financial education and support.Understanding individual financial behaviors is essential for designing effective financial wellbeing programs that resonate with both employees and organizational goals.Financial wellbeing issues vary by sector — some industries face talent loss due to financial mismanagement, while others see spikes in cyber fraud during economic downturns. Experts in this episode:Paul Gordon, Chief Commercial Officer for Global Financial Wellbeing, Aon (Host)Fleur Iannazzo, Financial Wellbeing Coach and Content Creator, Aon Key moments:(3:24) Financial stress is felt across all salary levels and industries. (5:33) There's a big mismatch between employee expectations of financial wellbeing support and what employers are providing. (13:00) Financial wellbeing is coming to the top of everyone's agenda. Additional Resources:2025 Employee Sentiment Study Soundbites:Paul Gordon: "So just retaining your best people by helping them understand their attitudes to money and how they can do things differently helps that organization." Fleur Iannazzo: "When you feel secure financially and resilient financially, it really improves your relationships and your emotional connections to people because of that independence."
Tariffs and geopolitical conflicts have created uncertainty around the world. But how does the new trade environment affect inflation and the economy? How can central banks adapt? And what is the potential impact on the dominance of the US dollar ? In the third episode of our special Sintra series of the ECB Podcast, our host Paul Gordon talks to London School of Economics Professor Silvana Tenreyro. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 4 July 2025 and recorded on 1 July 2025. In this episode: 01:30 How is the world economy doing? What developments are having an impact on our economy today? And what uncertainties are arising from tariffs, trade fragmentation and armed conflicts in different parts of the world? 03:30 Tariffs, trade fragmentation and the economy How can trade tariffs and fragmentation affect economic growth and inflation in the euro area and beyond? 06:25 How are prices changing? How are prices changing in different countries? Will tariffs cause prices in the United States to rise, and those in Asia and Europe to fall? And why? 07:55 Lessons for central banks Given the extremely high level of uncertainty, what lessons from past shocks can central banks apply in the future? Why do we need clearly defined frameworks? And what role do governments play? 09:55 How can governments prepare for potential shocks? Investing in technologies that are difficult to substitute, diversifying energy sources and creating buffers for critical inputs – why it's crucial that governments have a strategy to withstand various shocks. 12:05 What is a dominant currency? When is a currency considered internationally “dominant”? And what dominant currencies have there been in the past? 13:40 Dollar dominance and monetary policy transmission Does dollar dominance in international trade transactions reduce the effectiveness of monetary policy? 17:30 The future of dollar dominance How will the dominance of the US dollar develop in the future? Is its role as a primary reserve currency at risk due to the Trump Administration's policies? 19:10 What keeps you up at night? What happens to our economy if there is a sudden shortage of a certain input? What impact will AI have if it remains largely unregulated? And what do stablecoins and digital currencies mean for our economy? 21:00 Our guest's hot tip Silvana shares her hot tip with our listeners. Further readings: Michael McLeay and Silvana Tenreyro: Dollar dominance and the transmission of monetary policy https://personal.lse.ac.uk/tenreyro/dominant_currency.pdf Sintra Series episode 1/4: Price stability in times of change https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod250702_episode110.en.html Sintra Series episode 2/4: Adapting to change: Ensuring price stability in a new geopolitical era https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod250625_episode109.en.html Silvana's hot tip I'm still here/Ainda estou aqui ECB Instagram https://www.instagram.com/europeancentralbank/
How does geopolitical uncertainty affect inflation? How do we keep monetary policy fit for purpose in a rapidly changing world? And what are the main topics at this year's ECB Forum in Sintra, Portugal? In the first episode of our special Sintra series for The ECB Podcast, our host Paul Gordon discusses all these questions and more with Chief Economist and Executive Board member, Philip R. Lane. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 June 2025 and recorded on 16 June 2025. In this episode: 01:28 The ECB Governing Council lowered key interest rates to 2%. What was the motivation behind the decision? 04:30 How do we ensure that risks and uncertainties are integrated into the monetary policy decision-making process? What is our baseline? What factors need to be taken into account? 06:44 Alternative scenarios in the latest projections Why do we communicate our “what if” scenarios? 08:11 Meeting-by-meeting, data-dependent approach Why do we follow this approach? 09:50 Strategy review How can we make sure our strategy is up to date? 12:02 High-level uncertainty How do we factor heightened uncertainty in our strategy? 13:50 ECB Forum on Central Banking in Sintra, Portugal What is the ECB Forum and what's behind it? What's the goal of the Forum? What's Philip R. Lane looking forward to? 16:53 Our guest's hot tip Philip R. Lane shares his hot tip. Programme of ECB Forum on Central Banking in Sintra, Portugal https://www.ecb.europa.eu/press/conferences/html/20250630_ecb_forum_on_central_banking.en.html Ken Rogoff "Our dollar, your problem" https://yalebooks.yale.edu/book/9780300275315/our-dollar-your-problem/ ECB Instagram https://www.instagram.com/europeancentralbank/ European Central Bank www.ecb.europa.eu ECB Banking Supervision https://www.bankingsupervision.europa.eu/home/html/index.en.html