30 June 2025 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 stood at 3.9% in May 2025, unchanged from the previous month, averaging 3.8% in the three months up to May. The components of M3 showed the …
30 June 2025 Governing Council confirms symmetric 2% inflation target over the medium term Symmetry requires appropriately forceful or persistent policy response to large, sustained deviations of inflation from target in either direction All tools remain …
Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the BIS Annual General Meeting Basel, 27 June 2025 Cross-border retail payments are the subject of increasing attention. This is for two main reasons. First, they play a growing role …
27 June 2025 By Elena Banu, Johanne Evrard, Daniel Jonas Schmidt and Michael Wedow There is now an urgent need to channel retail savings into European capital markets in order to develop those markets and finance EU priorities. In this edition of the ECB …
Opening speech by Christine Lagarde, President of the ECB, at the 150th anniversary of the Münchner Opernfestspiele Munich, 26 June 2025 It is a pleasure to be here at the Munich Opera Festival. This festival draws on a tradition that stretches back 150 …
Prepared by Giorgia De Nora, Elena Durante, Adele Fontana, Marco Forletta, Gregorio Ghetti, Barbara Jarmulska, Cristian Perales and Valerio Scalone Published as part of the Macroprudential Bulletin 29, June 2025. This article looks into residential real …
Prepared by Elena Durante, Marek Rusnak and Eugen Tereanu[1] Published as part of the Macroprudential Bulletin 29, June 2025. Borrower-based measures (BBMs) are critical tools in the banking union’s macroprudential policy frameworks. They are designed to …
London, 24 June 2025 Since the extraordinary inflation surges in 2021-2022, the primary challenge facing monetary policy has been to return inflation to target in a timely manner.[1] In terms of interest rate policy, this required a rapid hiking cycle from …
by Andrea Caggese, Andrea Chiavari, Sampreet Goraya and Carolina Villegas‑Sanchez[1] The effects of climate change on aggregate productivity Climate change is one of the most pressing policy challenges of our time, occupying a central place in both public …
23 June 2025 Chart 1 Total assets of credit institutions headquartered in the EU (EUR billions) Source: ECB Note: Data for all reference periods relate to the EU27. Data on the aggregate of total assets of credit institutions headquartered in the EU Chart …
Prepared by Benjamin Hanssens, David Sandín de Vega and Hannah Franziska Sowa Published as part of the ECB Economic Bulletin, Issue 4/2025. 1 Introduction Post-trading is a crucial part of how European capital markets operate. After a trade is made, …
Prepared by Lorenz Emter, Michael Fidora, Fausto Pastoris, Martin Schmitz and Tobias Schuler Published as part of the ECB Economic Bulletin, Issue 4/2025. Affiliates of multinational enterprises (MNEs) headquartered in the United States contribute …
Prepared by Malin Andersson, Valerie Jarvis, Gwenaël Le Breton and Richard Morris Published as part of the ECB Economic Bulletin, Issue 4/2025. This box summarises the findings of a recent ECB survey of leading non-financial companies on the outlook for …
Prepared by Katalin Bodnár, Andrea Fabbri, Ieva Rubene and Zivile Zekaite Published as part of the ECB Economic Bulletin, Issue 4/2025. The disinflation in euro area services has been slower than that of the overall headline Harmonised Index of Consumer …
Prepared by Samuel Bieber and Anne-Lise Nguyen Published as part of the ECB Economic Bulletin, Issue 4/2025. This box describes the Eurosystem liquidity conditions and monetary policy operations in the first and second reserve maintenance periods of 2025. …
Overview At its meeting on 5 June 2025, the Governing Council decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which the Governing Council steers the …
20 June 2025 By David Barkhausen Memories of hyperinflation live on in public debates on money. In the case of Germany, the trauma of 1923 is widely seen as the source of the country’s preference for fiscal discipline and stability-oriented central banking …
Speech by Christine Lagarde, President of the ECB, at the ninth Annual Research Conference “Economic and financial integration in a stormy and fragmenting world” organised by the National Bank of Ukraine and Narodowy Bank Polski in Kyiv, Ukraine Kyiv, 19 …
Prepared by Pedro Baptista, Maarten Dossche, Andrew Hannon, Dorian Henricot, Omiros Kouvavas, Davide Malacrino and Larissa Zimmermann 1 Introduction Monetary policy affects consumption via multiple channels, with different effects on households’ decisions. …
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the SRB Legal Conference 2025 Brussels, 18 June 2025 Thank you for your kind invitation. It is a pleasure to join you this …
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