27 February 2024 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 stood at 0.1% in January 2024, after 0.2% in December, averaging -0.2% in the three months up to January. The components of M3 showed …
Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 24-25 January 2024 22 February 2024 1. Review of financial, economic and monetary developments and policy …
22 February 2024 By Ulrich Bindseil and Jürgen Schaaf Bitcoin has failed on the promise to be a global decentralised digital currency. Instead it is used for illicit transactions. The latest approval of an ETF doesn’t change the fact that Bitcoin is not …
by Filippo Pallotti, Gonzalo Paz-Pardo, Jiri Slacalek, Oreste Tristani and Giovanni L. Violante[1] The 2021-22 surprise inflation surge had a major impact on households in the euro area. It reduced the real incomes and net wealth of most households as …
20 February 2024 Current account recorded €32 billion surplus in December 2023, up from €22 billion in previous month Current account surplus amounted to €260 billion (1.8% of euro area GDP) in 2023, after a €82 billion deficit (0.6% of euro area GDP) in …
19 February 2024 By Ulrich Bindseil, Piero Cipollone and Jürgen Schaaf Many banks worry their customers might withdraw deposits to hold digital euro instead. These fears are misplaced: a digital euro will be designed as a means of payment and not for …
13 February 2024 By Imène Rahmouni-Rousseau and Isabel Schnabel[1] When reading data on reinvestments under the pandemic emergency purchase programme (PEPP) one needs to understand how we implement purchases. Director General Market Operations Imène …
8 February 2024 By Diana Gomes and Anamaria Piloiu The Eurosystem has accepted Scope as a new rating agency alongside Fitch, Moody's, S&P and DBRS. This has a number of implications, including a wider range of credit opinions and expertise being …
1 February 2024 Bank interest rates for corporations Chart 1 Bank interest rates on new loans to, and deposits from, euro area corporations (percentages per annum) Data for cost of borrowing and deposit interest rates for corporations (Chart 1)The …
31 January 2024 The European Central Bank (ECB) today published the statistics on non-cash payments for the first half of 2023.[2] The statistics comprise indicators on access to and use of payment services, payment cards and terminals by the public, as …
by Sulkhan Chavleishvili, Manfred Kremer and Frederik Lund-Thomsen[1] When inflationary pressures started intensifying in 2022, the world’s major central banks faced a dilemma. They could rapidly tighten monetary policy at the risk of fuelling financial …
29 January 2024 By Piero Cipollone, Philip Lane and Isabel Schnabel The ECB can lend euro to non-euro area central banks to reduce the risk of financial stress spilling over to the euro area. Piero Cipollone, Philip Lane and Isabel Schnabel explain how we …
26 January 2024 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 increased to 0.1% in December 2023 from -0.9% in November, averaging -0.6% in the three months up to December. The components of M3 …
26 January 2024 Euro area net saving increased to €734 billion in four quarters to third quarter of 2023, compared with €685 billion one quarter earlier Household debt-to-income ratio decreased to 88.1% in third quarter of 2023 from 94.3% one year earlier …
Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 13-14 December 2023 18 January 2024 1. Review of financial, economic and monetary developments and policy …
10 January 2024 By Matteo Falagiarda Within the euro area, countries in central and eastern Europe have recently experienced the highest inflation rates. But why, exactly? The ECB Blog looks at the reasons for these higher prices and highlights the …
30 December 2023 By Paschal Donohoe (President of the Eurogroup), Christine Lagarde (President of the European Central Bank), Roberta Metsola (President of the European Parliament), Charles Michel (President of the European Council) and Ursula von der …
by Lukas Hack, Klodiana Istrefi and Matthias Meier[1] This column presents evidence on the role that US monetary policy plays in how fiscal spending affects the economy. A dovish Federal Open Market Committee (FOMC) delays policy rate increases, while a …
18 December 2023 By Friderike Kuik, Christiane Nickel, Miles Parker and Wolfgang Modery This is the sixth post in our series accompanying COP28. The ECB’s primary mandate is to maintain price stability. So why do we talk so much about climate change? In …
12 December 2023 By Ludivine Berret, Jean Boissinot, Marianna Caccavaio, Michael Grill, Paul Hiebert and Fabio Tamburrini This is the fifth post in our series accompanying COP28. Climate change can endanger financial stability. The ECB Blog looks at how a …
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