Keresési lehetőségek
Kezdőlap Média Kisokos Kutatás és publikációk Statisztika Monetáris politika Az €uro Fizetésforgalom és piacok Karrier
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Dario Esposito

30 June 2025
OCCASIONAL PAPER SERIES - No. 371
Workstream 1: Changing economic and inflation environment
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Abstract
This report offers a strategic view on the economic and inflation environment in the euro area as part of the monetary policy strategy assessment 2025. It reassesses the factors shaping the inflation and economic environment in light of the recent inflation experience, analyses changes in structural factors and examines the implications for the inflation environment the ECB is likely to face. It also draws conclusions regarding the enhancements that need to be made to the existing analytical toolkit and inflation forecasting.
26 September 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 6, 2024
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Abstract
Consumer confidence in the euro area plummeted when Russia launched its full-scale invasion of Ukraine and has remained at a low level since then, despite some recovery. This box analyses the underlying factors that explain this subdued consumer confidence and assesses the implications of persistently low confidence for private consumption going forward. It finds that rising inflation was the initial cause of the decline in consumer confidence compared with the pre-invasion period, followed later by the increasingly negative effects of higher borrowing costs coupled with declining house prices. Moreover, the fact that consumer confidence is still subdued suggests that private consumption will only improve moderately in the short term.
JEL Code
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E27 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Forecasting and Simulation: Models and Applications
E29 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Other