27 August 2025 By Nina Furbach and Iván Ordoñez Martínez Services are playing a growing role in global trade. The ECB Blog shows that this trend has been driven by a decline in non-tariff trade barriers. The euro area has benefited more than other regions …
Opening panel remarks by Christine Lagarde, President of the ECB, at the annual Economic Policy Symposium “The policy implications of labour market transition” organised by the Federal Reserve Bank of Kansas City in Jackson Hole Jackson Hole, 23 August …
Geneva, 20 August 2025 The global economy is at a challenging juncture. But despite recent trade tensions and substantial uncertainty, global growth has remained broadly steady so far. This resilience has been mainly driven by tariff-induced distortions of …
19 August 2025 Current account recorded €36 billion surplus in June 2025, up from €32 billion in previous month Current account surplus amounted to €318 billion (2.0% of euro area GDP) in the 12 months to June 2025, down from €386 billion (2.6%) one year …
Prepared by Carsten Detken, Hannah S. Hempell and Mara Pirovano[1] Published as part of the Macroprudential Bulletin 31, August 2025. Amid changes in the global macro-financial environment, macroprudential policy within the banking union and beyond has …
14 August 2025 Europa Open Air concert in Frankfurt celebrates Europe’s diversity Popular and classical pieces performed by the Frankfurt Radio Symphony Opening act Frankfurt Radio Big Band featuring Wolfgang Haffner and Shantel ECB stand and interactive …
12 August 2025 By Pablo Anaya Longaric, Katharina Cera, Georgios Georgiadis and Christoph Kaufmann Investors who sell off sovereign bonds in times of stress are commonly referred to as “vigilantes” as they punish governments for what they consider to be …
Prepared by Martin Eiglsperger, Mario Porqueddu and Elisabeth Wieland Published as part of the ECB Economic Bulletin, Issue 5/2025. When assessing inflation developments, the ECB complements the monitoring of annual inflation rates by analysing measures of …
Prepared by Colm Bates, Katalin Bodnár, Vasco Botelho and Flavie Rousseau Published as part of the ECB Economic Bulletin, Issue 5/2025. Real wages in the euro area have largely recovered from their decline during the period of high inflation in 2022. …
Prepared by Adam Baumann, Cristina Checherita-Westphal, Georgi Kocharkov, Steffen Osterloh Published as part of the ECB Economic Bulletin, Issue 5/2025. Fiscal policies in the euro area are increasingly shaped by a focus on defence spending in response to …
Prepared by Cristina Checherita-Westphal, Christian Huber, Marta Rodríguez-Vives and Georg Müller Published as part of the ECB Economic Bulletin, Issue 5/2025. Government defence spending in the EU is expected to rise in response to heightened geopolitical …
Prepared by Benjamin Böninghausen Published as part of the ECB Economic Bulletin, Issue 5/2025. 1 Introduction Inflation-linked swap (ILS) rates are an important measure of private agents’ inflation expectations. Inflation expectations play a central role …
Summary At its meeting on 24 July 2025, the Governing Council decided to keep the three key ECB interest rates unchanged. Inflation is currently at the 2% medium-term target. The incoming information is broadly in line with the Governing Council’s previous …
Prepared by Maciej Grodzicki, Anton van der Kraaij, Ursula Vogel and Balázs Zsámboki[1] Published as part of the Macroprudential Bulletin 30, August 2025. Capital buffers for other systemically important institutions (O-SIIs) are set by national …
Prepared by Matteo Greco, Maciej Grodzicki and Ursula Vogel[1] Published as part of the Macroprudential Bulletin 30, August 2025. Unwarranted heterogeneity in O-SII buffer levels in the European banking union may have adverse consequences for financial …
Prepared by Maria-Grazia Attinasi, Lukas Boeckelmann, Rinalds Gerinovics and Baptiste Meunier 1 Recent trends in global trade Trade integration, a key driver of economic growth in recent decades, is at a crossroads amid growing geopolitical rivalries and …
Prepared by Adam Baumann, Luca Caprari, Maarten Dossche, Georgi Kocharkov and Omiros Kouvavas Consumer confidence plays an important role in determining economic activity. Thanks to timely availability and close co-movement with economic activity, analysts …
Prepared by Clémence Berson, Claudia Foroni, Vanessa Gunnella and Laura Lebastard Increased competition from China across global export markets has affected the euro area labour market in recent years. As China has moved up the value chain, its exports …
4 August 2025 By Piero Cipollone, Member of the Executive Board of the ECB Digital payments are increasing and people are using banknotes and coins less frequently. Is cash on the way out? Piero Cipollone explains why cash is still indispensable and how …
Prepared by Rebecca Clipal and Alejandro Zamora-Pérez 1 Introduction A central puzzle motivating modern payments research is the divergence between decades of predictions about a cashless society and the empirical reality of the enduring role cash plays. …
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