21 May 2026 Current account recorded €15 billion surplus in March 2026, down from €26 billion in previous month Current account surplus amounted to €275 billion (1.7% of euro area GDP) in the 12 months to March 2026, down from €368 billion (2.4%) one year …
20 May 2026 Credit terms and conditions eased slightly for most counterparty types, driven by improved market liquidity, competition among institutions and strong counterparty financial positions Securities financing markets saw higher demand for funding …
Prepared by Pablo Anaya Longaric, Lisa Bellinghausen, Laura Parisi, Lucia Quaglietti and Fons van Overbeek Published as part of the ECB Economic Bulletin, Issue 3/2026. Despite some progress on integration, euro area financial markets remain fragmented …
Prepared by Niccolò Battistini, Johannes Gareis and Richard Morris Published as part of the ECB Economic Bulletin, Issue 3/2026. Dispersion in euro area real GDP growth has declined recently and is relatively low by historical standards. Cross-country …
Prepared by Martin Eiglsperger, Katalin Bodnár, Rania Bouhaouita Haddad and Elisabeth Wieland Published as part of the ECB Economic Bulletin, Issue 3/2026. The January 2026 release of the HICP introduced a major change in how consumer products are …
Prepared by Isabella Moder, Tajda Spital, Virginia Di Nino, Lorenz Emter and Michael Fidora Published as part of the ECB Economic Bulletin, Issue 3/2026. Tariffs have re-emerged as a key policy tool amid rising protectionism, sparking debates about their …
Summary At its meeting on 30 April 2026, the Governing Council decided to keep the three key ECB interest rates unchanged. While the incoming information has been broadly consistent with its previous assessment of the inflation outlook, the upside risks to …
15 May 2026 By Dorian Henricot, Caterina Mendicino, Luis Molestina Vivar, Wouter Wakker, and Jakob Wenzl Non-bank financial institutions (NBFIs) are on the rise. This blog shows how shifts in their borrowing and investment portfolios constrain financing …
Dinner remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Centre for European Reform London, 13 May 2026 My aim in this speech is to outline some of the analysis carried out by ECB economists in relation to energy supply shocks. I …
Speech by Christine Lagarde, President of the ECB, at the dinner preceding the Charlemagne Prize ceremony in Aachen, Germany Aachen, 13 May 2026 It is a particular pleasure to be here in Aachen – the city of Charlemagne – to celebrate Mario Draghi, our …
Prepared by Nina Furbach and Afonso S. Moura The euro area is undergoing sizeable demographic changes that are visible even in the shorter run, with significant implications for employment. Demographic changes do not just affect the economy in the long …
Prepared by Agostino Consolo, António Dias da Silva, Nina Furbach and Ramon Gomez-Salvador 1 Introduction The euro area labour force has expanded significantly in recent years, driven by rising participation rates, demographic shifts and sustained net …
Prepared by Alessandra Amicucci, Nicolò Gnocato, Vanessa Gunnella, Clara Lindemann, Alfonso Merendino and Carlos Montes-Galdón China’s industrial rise is a key external force influencing euro area trade, production and prices by reducing costs and …
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 conference “Financing Europe: a new era of strategic investment” Brussels, 12 May 2026 Thank you for inviting me to speak …
Prepared by Niccolò Battistini, Alina Bobasu, Rodolfo Dinis Rigato and Hanno Kase Rising energy prices and heightened consumer uncertainty related to the war in the Middle East have renewed risks to the outlook for the household saving rate. After …
11 May 2026 You’ve been in the eye of the storm as ECB Vice-President for the past eight years. Your term is expiring amid the second energy price shock in four years. Is history repeating itself? The situation we had in 2021 and 2022 is very different …
10 May 2026 MoU updates previous MoU of 2015, responding to internal requirements of both institutions Christine Lagarde, President of the European Central Bank (ECB), and Sanjay Malhotra, Governor of the Reserve Bank of India (RBI), today signed a …
Speech by Christine Lagarde, President of the ECB, at the Banco de España LatAm Economic Forum in Roda de Bará, Spain Roda de Bará, 8 May 2026 It is a privilege to be at Castillo de Bará for the inaugural Banco de España LatAm Economic Forum. Few …
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Fifth Annual Charles Goodhart Lecture London, 7 May 2026 Central bank independence is at risk. That was the key message conveyed by Jerome Powell at his final press conference, …
7 May 2026 Financial integration in the euro area has strengthened since late 2022, supported by lower dispersion in euro area asset prices across markets Cross‑border activity has increased, supporting risk sharing and resilience, notably in debt markets …
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