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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more
SPEECH
20 March 2025
Maintaining the autonomy of the monetary system
The digital euro is not just about creating a new form of money, says Chief Economist Philip R. Lane. It is about ensuring that Europe retains control over its monetary and financial destiny in the digital age against a backdrop of increasing geopolitical fragmentation.
Read Philip R. Lane’s speech
BULLETIN ÉCONOMIQUE
20.3.2025
La BCE publie son Bulletin économique
Cette publication présente les informations économiques et monétaires sur lesquelles le Conseil des gouverneurs fonde ses décisions de politique monétaire. Elle paraît huit fois par an, deux semaines après chaque réunion de politique monétaire.
Lire le dernier Bulletin économique
BULLETIN ÉCONOMIQUE
17.3.2025
Évolutions du cycle des prix des logements dans la zone euro
Notre dernier Bulletin économique montre que le recul des prix des logements après la pandémie a été moins prononcé que lors des précédentes crises, grâce à la vigueur des marchés du travail, l’excédent d’épargne accumulé durant la pandémie et la solidité des finances des ménages.
Lire le premier article de notre Bulletin économique- 18 March 2025
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 18 March 2025
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 13 March 2025
- PRESS RELEASE
- 12 March 2025
- PRESS RELEASE
- 11 March 2025
- WEEKLY FINANCIAL STATEMENTEnglishOTHER LANGUAGES (22) +Annexes
- 11 March 2025
- WEEKLY FINANCIAL STATEMENT - COMMENTARY
- 7 March 2025
- PRESS RELEASE
- 20 March 2025
- Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, University College Cork Economics Society Conference 2025
- 20 March 2025
- Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European ParliamentAnnexes
- 20 March 2025
- 12 March 2025
- The ECB and Its Watchers XXV, Frankfurt am Main
- 12 March 2025
- Speech by Christine Lagarde, President of the ECB, at the 25th ECB and Its Watchers conference organised by the Institute for Monetary and Financial Stability at Goethe University Frankfurt
- 6 March 2025
- Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 6 March 2025EnglishOTHER LANGUAGES (23) +Related
- 16 March 2025
- Interview with Luis de Guindos, Vice-President of the ECB, conducted by Jon Ihle
- 7 March 2025
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patricia Hecht and Beate Willms on 5 February 2025
- 28 February 2025
- Contribution to Bancaria by Piero Cipollone, Member of the Executive Board of the ECB, based on remarks at the Crypto Asset Lab Conference on 17 January 2025
- 20 February 2025
- Interview with Frank Elderson, conducted by NVDE
- 19 February 2025
- Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Olaf Storbeck on 14 February 2025
- 18 March 2025
- As the normalisation of the Eurosystem balance sheet progresses, the aggregate amount of central bank liquidity available to banks in the euro area will fall over the coming years. This blog explains the role played by the Eurosystem’s refinancing operations within the operational framework for monetary policy implementation. The ECB, both as a monetary policy authority and as a supervisor, expects that banks should consider these operations as an integral part of their day-to-day liquidity management.Details
- JEL Code
- J50 : Labor and Demographic Economics→Labor?Management Relations, Trade Unions, and Collective Bargaining→General
- 7 March 2025
- The gender gap in labour markets is narrowing. But this process has slowed down. The ECB Blog gives an overview of recent developments for all euro area countries.Details
- JEL Code
- J16 : Labor and Demographic Economics→Demographic Economics→Economics of Gender, Non-labor Discrimination
J30 : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→General
- 20 February 2025
- Euro area firms hold on to their workforce, despite poor economic conditions. For a significant share of workers this means a lower workload than usual. In turn, many put more money aside as they worry about job security and wages, as the ECB Blog shows.Details
- JEL Code
- J20 : Labor and Demographic Economics→Demand and Supply of Labor→General
J30 : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→General
J50 : Labor and Demographic Economics→Labor?Management Relations, Trade Unions, and Collective Bargaining→General
J60 : Labor and Demographic Economics→Mobility, Unemployment, Vacancies, and Immigrant Workers→General
- 11 February 2025
- At the heart of the euro area’s competitiveness challenges lies weak productivity growth. The ECB Blog looks at how this makes it more difficult to carry out monetary policy.Details
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
- 5 February 2025
- The monetary policies of the ECB and the US Federal Reserve are not always in sync. But how does the Fed’s policy affect the euro area economy? This ECB Blog looks at how monetary policy in the United States travels across the Atlantic and what this means for the ECB.Details
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 20 March 2025
- ECONOMIC BULLETIN
- 20 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- This box describes the Eurosystem liquidity conditions and monetary policy operations in the seventh and eighth reserve maintenance periods of 2024, from 23 October 2024 to 4 February 2025.
- JEL Code
- E40 : Macroeconomics and Monetary Economics→Money and Interest Rates→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 20 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- This box examines euro area credit conditions from the perspective of banks and firms. The analysis uses data from the bank lending survey and the survey on the access to finance of enterprises. By offering qualitative insights into credit supply and demand, these surveys complement hard data in analysing how monetary policy is transmitted to firms through banks. The respective survey findings confirm that the general economic outlook and firm-specific conditions are significant factors affecting credit standards and the availability of bank loans. Although the surveys evaluate bank loan demand from different angles, both surveys indicate subdued demand developments in 2024. Furthermore, the latest data for both surveys, covering the fourth quarter of 2024, signal persistently weak loan demand, despite declining interest rates, and a renewed tightening of bank credit supply to firms in the euro area.
- JEL Code
- E4 : Macroeconomics and Monetary Economics→Money and Interest Rates
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G30 : Financial Economics→Corporate Finance and Governance→General
- 20 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- Historically, stronger dynamics in services prices than in non-energy industrial goods (NEIG) prices have led to a persistent positive gap between services and NEIG inflation rates. However, the relative price of goods versus services rose rapidly in 2021-2022 before subsequently falling back. This box reviews this episode and examines whether the pre-pandemic trend in this relative price development provides a good benchmark for future developments, also taking into account the potential impact of structural factors related to deglobalisation, digitalisation, demographic trends and climate change.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
- 20 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- This box explores the use of corporate earnings calls as a novel, high-frequency source of data for nowcasting and forecasting labour demand in the euro area. Labour demand has started to show signs of cooling following its post-pandemic peak. By applying textual analysis to transcripts of earnings calls, we construct an indicator that correlates strongly with the euro area job vacancy rate. This metric enables us to produce timely forecasts ahead of official data releases. Utilising a mixed data sampling (MIDAS) regression approach, we use this indicator to forecast the job vacancy rate. We also produce forecasts based on Indeed online job posting data. Our findings indicate a sustained moderation in labour demand, suggesting that the job vacancy rate will hover at around 2.5% through mid-2025. This method makes assessments of labour demand both more timely and more accurate.
- JEL Code
- C22 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
- 20 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- The use of artificial intelligence (AI) models has grown rapidly in recent years. This box explores how these models could affect energy demand in the future. Over the period from 2022 to 2026, the AI-related rise in global electricity consumption is projected to equal around 4% of the EU’s total electricity consumption and is likely to be met by either natural gas power plants or renewables. While this increase is significant in absolute terms, it is expected to have a limited impact on gas prices given the vast size of global natural gas markets. By contrast, the fragmented nature of national electricity markets means these markets are more vulnerable to AI-driven price pressures.
- JEL Code
- Q43 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy
Q47 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy Forecasting
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
- 18 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- This box compares euro area export performance in high-tech sectors with that of China and the United States. While the euro area has maintained market share in several fast-growing high-tech sectors, it has underperformed in large medium-high-tech sectors. The latter, by virtue of their size, drive overall export growth and account for most of the euro area’s losses and China’s gains in export market shares. Both the United States and China have introduced new policies to boost their exports in specific sectors, and the strong export performance of the United States may be attributed to incentives introduced by the Inflation Reduction Act and the CHIPS and Science Act.
- JEL Code
- F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F14 : International Economics→Trade→Empirical Studies of Trade
F62 : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 18 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- Business investment has grown less dynamically in the euro area than in the United States since the early 2000s, but in the aftermath of the pandemic the differential has been particularly marked. This box breaks business investment down by asset type and assesses some of the factors behind this disparity. Analysis suggests that demand, competitiveness, confidence and policy efficiency all contribute to higher tangible investment in the United States. Weaker investment growth in intangibles in the euro area seems to be related to less innovation at the firm level. In addition, firms see uncertainty, energy costs, and regulation in product and labour markets as more severe obstacles to investment in the EU than in the United States. Recent EU policy initiatives and the advancement of the capital market union can provide new impetus to closing the investment gap with the United States.
- JEL Code
- E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
N10 : Economic History→Macroeconomics and Monetary Economics, Industrial Structure, Growth, Fluctuations→General, International, or Comparative
- 18 March 2025
- WORKING PAPER SERIES - No. 3040Details
- Abstract
- Targeted longer-term refinancing operations (TLTROs)helped supporting bank lending to firms and to households in the course of the COVID-19 pandemic. The use of TLTRO funding for mortgage loans to households had explicitly not been included into the targeted loan categories of these schemes, thereby, limiting potential unintended side effects on residential real estate markets. This paper, by means of an empirical analysis, assesses the impact of the relaxation of TLTRO III conditions at the beginning of the COVID-19 pandemic on euro area banks' loan portfolio composition. Our findings suggest that the targeted funding instrument under the relaxed pandemic conditions might, to some extent, have contributed to further fuelling residential real estate vulnerabilities, especially for banks in already vulnerable countries. Our results also contribute to the discussion on policy design and the preservation of the targeted nature of such support measures going forward and their interaction with financial stability.
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G01 : Financial Economics→General→Financial Crises
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 18 March 2025
- WORKING PAPER SERIES - No. 3039Details
- Abstract
- We analyze the impact of negative reference rates on the interest rate behavior of more than 500 Austrian banks from 2009Q1 to 2021Q4. Using panel vector error correction analysis with the Engle-Granger procedure in two steps, we establish a cointegration vector that links bank-specific lending rates, deposit rates, the 3-month Euribor, and the ECB Deposit Facility Rate. We propose two hypotheses to evaluate the effects of negative 3-month Euribor on this vector. Firstly, we explore how an Austrian Supreme Court decision enforcing a zerolower bound on household deposits could decrease the lending-deposit rate spread. Secondly, we examine the emergence of two “true prices” for loans and deposits due to the negative 3-month Euribor. This is linked to an Austrian Supreme Court decision mandating the transmission of negative reference rates to bank-specific lending rates, potentially affecting cointegration with the 3-month Euribor. Our findings show a significant spread reduction after the introduction of negative reference rates, primarily driven by changes in the cointegration relationship between bank-specific lending rates and the 3-month Euribor. Additionally, by including the ECB Deposit Facility in our cointegration model, we capture the direct impact of the Targeted Long-Term Refinancing Operations on the lending rate.
- JEL Code
- C33 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Panel Data Models, Spatio-temporal Models
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
- 17 March 2025
- WORKING PAPER SERIES - No. 3038Details
- Abstract
- Are restrictions on fiscal policy necessary for monetary policy to be able to deliver price stability? When households are Ricardian, the net present value of future fiscal surpluses needs to equate the real value of government debt absent inflation. We show that when households are not Ricardian, fiscal requirements still exist but take the very different form of a limit on the debt-to-GDP ratio. The debt-to-GDP limit captures the idea that public debt cannot be so large that the wealth effect of public debt on aggregate spending can no longer be counter-balanced by interest rate hikes, however large. To implement price stability when the debt-to-GDP requirement is satisfied, monetary policy must respond to the level of public debt, not just to the inflation it creates.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
- 17 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- The ECB Consumer Expectations Survey (CES) provides regular and timely information on household rent expenditure. This information has been used to analyse developments and to construct an indicator for rent growth that is largely free of composition effects from respondents entering or leaving the panel of survey respondents. Combined with the rich micro data from the CES, this new indicator allows for a detailed analysis of rent growth and its drivers. According to this novel CES-based indicator, rent growth in the euro area peaked in the third quarter of 2023. It then declined but has remained above 3% up to the third quarter of 2024. Given the ease with which rent adjustments can be made, rent growth per square metre has been more than proportionally driven by new rental contracts.
- JEL Code
- C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
- 17 March 2025
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 2, 2025Details
- Abstract
- This article reviews developments in the euro area housing market during the recent house price cycle and compares them with previous cycles. The recent downturn in house prices was relatively mild and short-lived, as well as less pervasive, compared with the global financial crisis and the sovereign debt crisis and implied smaller adjustments to overvaluations. This limited decline in house prices effectively unwound the exceptional pandemic-related surge in housing demand and, therefore, did not bear the same hallmarks as an outright recession. This is because income remained solid owing to the favourable labour market conditions and excess savings had also accumulated during the pandemic. The role of tighter financing conditions in the adjustment of house prices was mitigated by relatively sound balance sheet positions, reflecting the macroprudential measures undertaken in the aftermath of the global financial crisis, a stronger prevalence of fixed rate mortgages and links between the housing and the rental market. With the combination of prevailing supply-side shortages and continuing sound demand fundamentals, house price developments may well continue on their upward path but still remain uncertain.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
R31 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Housing Supply and Markets
- 14 March 2025
- OCCASIONAL PAPER SERIES - No. 370Details
- Abstract
- Greenwashing is a generic term used for breaches and misleading claims about the sustainability credentials of various legal provisions, ranging from unfair competition, securities laws infringements and unethical advertising to wrong corporate disclosure. This paper focuses on the latter. Against the background of the significant financial flows needed to finance the transition to meet the objectives of the Paris Agreement and the EU Climate law, the EU corporate sustainability reporting rules integrated in the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), as well as the EU taxonomy constitute an ambitious legislative framework which is aimed at establishing common mandatory European Sustainability Reporting Standards for companies to report comparable and relevant information required by investors and other stakeholders. This framework’s aim is to support companies in the transition to a more sustainable economy and help stakeholders and investors understand the sustainability risks in their investments (and facilitate financial flows for the transition). This framework’s aim is to support companies in the transition to a more sustainable economy and help stakeholders and investors understand the sustainability risks in their investments (and facilitate financial flows for the transition). This will help mitigate greenwashing risks because this framework raises the responsibility for inaccurate disclosure. In addition, accurate data are important for central bank operations because they can ensure that prices and the risk control framework adequately reflect climate physical and transition risks. The success of the regulatory framework will rely heavily on its credible implementation, including penalties, which will help anchor expectations and condition the behaviour of economic agents. […]
- 13 March 2025
- WORKING PAPER SERIES - No. 3037Details
- Abstract
- During his reign from 1979 to 2005, Pope John Paul II visited 129 countries, more than the 263 Popes before him combined. I document a significant increase in exports to trading partners with a relatively high share of Catholics following a Pastoral visit, leading to a non-negligible increase in aggregate exports. The biggest beneficiaries in terms of increased trade are visited countries that are at lower stages of economic development and have relatively few Catholics and weak trade links. The effect is absent for other prominent episodes, such as global sports events or visits by political dignitaries.
- JEL Code
- Z12 : Other Special Topics→Cultural Economics, Economic Sociology, Economic Anthropology→Religion
O1 : Economic Development, Technological Change, and Growth→Economic Development
F1 : International Economics→Trade
- 12 March 2025
- WORKING PAPER SERIES - No. 3036Details
- Abstract
- Physical climate risks can have a large regional impact, which can influence mortgage loans’ credit risk and should be priced by the lenders. Motivated by the relevance of climate change for financial intermediaries, our paper aims at analysing if physical climate risks are being reflected in residential real estate loan rates of banks. We show that on average banks seem to demand a physical climate risk premium from mortgage borrowers and the premium has increased over recent years. However, there is significant heterogeneity in bank practices. Banks that were identified as “adequately” considering climate risk in the credit risk management by the ECB Banking Supervision charge higher risk premia which have been increasing particularly after the publication of supervisory expectations. In contrast, the lack of risk premia of certain banks shows that ECB diagnostics in the Thematic Review on Climate were accurate in identifying the banks that need stronger supervisory focus.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
Q51 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Valuation of Environmental Effects
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
R32 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Other Spatial Production and Pricing Analysis
- 12 March 2025
- WORKING PAPER SERIES - No. 3035Details
- Abstract
- We field a series of experiments in a population-representative survey of European consumers to examine their attitudes towards the possible introduction of a digital euro. First, we show that a short video explaining the key features of the digital euro is effective in changing consumers’ beliefs about such a new form of payment and increases the likelihood of adoption by 12pp relative to a control group that is not shown the video. Second, we find that on aggregate consumers would allocate a relatively small fraction from a positive wealth shock to digital euros and their allocation to other liquid assets would be little affected. Third, holding limits in the range of €1,000 to €10,000 have insignificant differential effects on the composition of liquid asset holdings. We also show that a non-trivial fraction of consumers report that they will not adopt the digital euro due to strong preferences for existing forms of payment.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
G51 : Financial Economics
- 11 March 2025
- OCCASIONAL PAPER SERIES - No. 369Details
- Abstract
- The European Union requires a single market for capital. Well-developed and integrated capital markets support economic growth and resilience across the region, offering benefits for businesses, households, and financial stability. This paper examines the importance of CMU in achieving five strategic objectives: supporting innovation and productivity, financing the twin transition, shoring up pension savings, strengthening alternatives to bank financing, and fostering convergence and inclusion. It highlights the progress made over the past decade, the challenges encountered, and the renewed impetus behind the CMU initiative. The paper proposes concrete steps to move forward, building on long-standing priorities supported by the ECB and the current policy debate on CMU. First, it suggests facilitating access to capital markets, via the creation of a new standard for a European savings and investment product. Second, it emphasises the importance of expanding capital markets across-borders which would be facilitated by improvements towards a more integrated supervisory ecosystem, an integrated trading and post-trading landscape leveraging on the potential benefits of digitalisation, and a more active securitisation market that does not compromise on financial stability. Third, the paper highlights the need to channel capital towards innovative and competitive firms by increasing opportunities for equity and venture capital financing. These actions should be complemented by longer-term initiatives, including continuing to address barriers stemming from the lack of harmonisation in insolvency, corporate and taxation regimes, designing a safe asset for Europe, completing the Banking Union, and promoting financial literacy and inclusion.
- JEL Code
- E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
G51 : Financial Economics
O16 : Economic Development, Technological Change, and Growth→Economic Development→Financial Markets, Saving and Capital Investment, Corporate Finance and Governance
- 10 March 2025
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 27Details
- Abstract
- Cyberattacks pose greater risk to financial stability than ever before as they have grown in both number and magnitude. A macroprudential perspective on cyber resilience stress testing is needed because cyber incidents can have a systemic impact as their effects spread across the financial sector via confidence, operational and financial mechanisms. While broader stress-testing principles also apply to cyber stress testing, stress testers need to focus in particular on clearly defining the overall objectives, determining the institutional perimeter, identifying material risk propagation channels, focusing on tail risks, considering relevant behavioural responses and combining the outcomes of bottom-up and top-down exercises. Based on these principles, cyber resilience stress tests can be executed following a bottom-up as well as a top-down approach. Top-down models can complement bottom-up results by providing harmonised modelling of system-wide financial interlinkages, behavioural responses and second-round effects.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
C63 : Mathematical and Quantitative Methods→Mathematical Methods, Programming Models, Mathematical and Simulation Modeling→Computational Techniques, Simulation Modeling
- 10 March 2025
- SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS
Taux d’intérêt
| Facilité de dépôt | 2,50 % |
| Opérations principales de refinancement (à taux fixe) | 2,65 % |
| Facilité de prêt marginal | 2,90 % |
Taux d’inflation
En savoir plus sur l’inflationTaux de change
| USD | US dollar | 1.0833 | |
| JPY | Japanese yen | 160.85 | |
| GBP | Pound sterling | 0.83690 | |
| CHF | Swiss franc | 0.9564 |
Stabilité financière
Nos missions Cadre institutionnel Financial Stability Review Mesures de politique macroprudentielleOpérations de marché
Opérations d’open market Programmes d’achats d’actifs Prêt d’avoirs au titre du PSPPVOUS N’ÊTES PAS UN(E) EXPERT(E) ? LISEZ NOS NOTES EXPLICATIVES
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