27 November 2025 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 stood at 2.8% in October 2025, unchanged from the previous month, averaging 2.9% in the three months up to October. The components of …
The international environment remains volatile, and the euro area – an open economy that is well integrated into global supply chains and international financial markets – could face strains ahead. While the acute risk of a widespread trade war appears to …
Prepared by Paolo Alberto Baudino, Magdalena Grothe, Maurizio Michael Habib, Ana-Simona Manu, Peter McQuade, Martino Ricci, Emilio Siciliano, Toma Tomov, Luca Tondo and Gibran Watfe Published as part of the Financial Stability Review, November 2025. Trade …
Prepared by Paul Bochmann, Daniel Dieckelmann, Maciej Grodzicki, Aoife Horan, Chloe Larkou and Francesca Lenoci[1] Linkages between euro area banks and entities in the non-bank financial intermediation (NBFI) sector may lead to the emergence of systemic …
Keynote speech by Christine Lagarde, President of the ECB, in the session “Central Banks in a Changing World” at the European Meeting of the Trilateral Commission in Vienna, Austria Vienna, 22 November 2025 It is a pleasure to be here in Vienna. The …
Speech by Christine Lagarde, President of the ECB, at the 35th Frankfurt European Banking Congress Frankfurt am Main, 21 November 2025 I would like to start with a quote: “The world around us does not stand still. In recent years, the global environment …
21 November 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 …
by Stefano Corradin, Alessandro Fontana, Christian Kubitza and Angela Maddaloni[1] The balance sheets of euro area insurers have become less liquid and more sensitive to market conditions. However, insurers still rely heavily on holdings of sovereign bonds …
20 November 2025 By Alessandro De Sanctis, Roberto A. De Santis, Daniel Kapp and Francesca Vinci To bridge Europe’s investment gap, we need both public and private funding. Well-designed EU investment programmes can act as a major catalyst for private …
19 November 2025 Current account recorded €23 billion surplus in September 2025, up from €22 billion in previous month Current account surplus amounted to €306 billion (2.0% of euro area GDP) in the 12 months to September 2025, down from €414 billion (2.7% …
19 November 2025 Patrick Amis appointed Director General Horizontal Line Supervision Korbinian Ibel appointed Director General Systemic and International Banks Thijs van Woerden appointed Director General Universal and Diversified Institutions The …
19 November 2025 By Luis de Guindos, Vice-President of the ECB Our 2025 macroprudential stress test report shows that banks are resilient. But when we look at risks not included in the EU-wide stress test, we see some pockets of vulnerability. These …
Prepared by Costanza Rodriguez d’Acri and Frances Shaw Published as part of the Macroprudential Bulletin 32, November 2025. This overview article provides an introduction to the 2025 Macroprudential Stress Test Extension Report (MaSTER), released as the …
Prepared by Cyril Couaillier, Ivan Dimitrov, Finn Faber, Marco Forletta, Ieva Mikaliūnaitė-Jouvanceau, André Nunes, Alessandro Pollastri and Nicola Röhm Published as part of the Macroprudential Bulletin 32, November 2025. Stress test simulations can …
Prepared by Alberto Grassi, Michael Kosiahn, Chiara Lelli, María Losa Martín, Michael Moers, Matthias Sydow, Michael Vincent and Garbrand Wiersema. Published as part of the Macroprudential Bulletin 32, November 2025. This article expands on the 2025 EU- …
Prepared by Aurora Abbondanza, Marianna Caccavaio, Valentina Gattinoni and Oana Maria Georgescu Published as part of the Macroprudential Bulletin 32, November 2025. As authorities across the euro area work towards including climate risks into regular …
Prepared by Juan Manuel Figueres, Barbara Montero Prieto, Valerio Scalone, James ’t Hooft, Lucas ter Steege and Clarissa Vallotto Published as part of the Macroprudential Bulletin 32, November 2025. The severity and the plausibility of stress test …
Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament Brussels, 17 November 2025 I am pleased to join you once again to provide an update on the …
17 November 2025 Haircut schedule for assets used as collateral to be updated Update aims to maintain adequate level of risk protection, improve consistency and enhance risk equivalence of assets, while ensuring collateral availability New haircut schedule …
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 ECB Forum on Banking Supervision 2025 Frankfurt, 14 November 2025 It is a pleasure to deliver the last keynote speech of …
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