29 April 2026 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in March 2026 from 3.0% in February, averaging 3.2% in the three months up to March. The components of M3 showed the …
28 April 2026 Euro area net saving increased to €873 billion in 2025, compared with €867 billion in four quarter period ending on third quarter of 2025 Household debt-to-income ratio decreased to 81.4% in 2025 from 81.7% one year earlier Non-financial …
In the bank lending survey (BLS) on the first quarter of 2026, euro area banks reported a further net tightening of credit standards for loans or credit lines to firms (net percentage of banks of 10%; see Overview table). The tightening was larger than …
28 April 2026 Banks tightened credit standards across all loan categories, driven by higher perceived risks and lower risk tolerance Banks expect to also tighten credit standards in the second quarter, influenced by geopolitical tensions, energy …
28 April 2026 Compared with February 2026: median consumer perceptions of inflation over the past 12 months as well as median inflation expectations for the next 12 months and for three years ahead all increased significantly, while median inflation …
This report presents the main results of the 38th round of the Survey on the Access to Finance of Enterprises (SAFE) in the euro area, which was conducted between 19 February and 1 April 2026. In this survey round, firms from the 12 largest euro area …
24 April 2026 European Card Payment Cooperation (ECPC), nexo standards and Berlin Group to work with ECB to implement digital euro Standards to allow European payment solutions to minimise costs, expand geographical reach and diversify use cases Adoption …
Keynote speech by Christine Lagarde, President of the ECB, at the annual reception of the Association of German Banks on the occasion of their 75th anniversary Berlin, 20 April 2026 It is a pleasure to be here today for the 75th anniversary of the …
21 April 2026 By Oscar Arce, Karin Klieber, Michele Lenza, Joan Paredes Artificial intelligence (AI) can help track inflation risks in real time. A new ECB model based on machine learning informs experts how likely it is that inflation will be much higher …
Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 18-19 March 2026 16 April 2026 1. Review of financial, economic and monetary developments and policy options …
14 April 2026 Euro area must function more as a single jurisdiction, with capital and liquidity moving freely within banking groups Barriers still hold back cross-border banking integration and scale Resilient banks underpin sustainable growth and …
Keynote address by Piero Cipollone, Member of the Executive Board of the ECB, at the 24th Annual Symposium on “Building the Financial System of the 21st Century: an Agenda for Europe and the United States”, hosted by the Harvard Law School and the Program …
Prepared by Barbara Attinger, Johanne Evrard, Claudia Lambert, Noah Lens, Amika Matsui and Anton van der Kraaij Published as part of the Macroprudential Bulletin 33, April 2026. Tokenisation and distributed ledger technology (DLT) are moving from concept …
Prepared by Alexandra Born, Johanne Evrard, Claudia Lambert, Wagner Eduardo Schuster and Anna Tskhakaya Published as part of the Macroprudential Bulletin 33, April 2026. Tokenisation holds the promise to automate the issuance process for bonds, reduce …
Prepared by Elena Banu, Alexandra Born, Johanne Evrard, Claudia Lambert and Alessandro Spolaore Published as part of the Macroprudential Bulletin 33, April 2026. This article describes the current landscape of tokenised assets, illustrating the potential …
Prepared by Alexandra Born, Michael Grill, Claudia Lambert, Vanessa Schöller, David Staunton and Anna Tskhakaya Published as part of the Macroprudential Bulletin 33, April 2026. The market for tokenised money market funds (TMMFs) – money market funds (MMFs …
Prepared by Alexandra Born, Claudia Lambert, Benoît Nguyen, Oscar Soons, David Staunton and Anton van der Kraaij Published as part of the Macroprudential Bulletin 33, April 2026. Stablecoins denominated in US dollars have attracted considerable attention …
13 April 2026 By Alina Bobasu, Matteo Ciccarelli, Alex Grimaud, Martin Mandler and Andrejs Zlobins During the latest tightening episode, interest rate hikes were especially effective. This ECB Blog finds a strong policy transmission to inflation during …
7 April 2026 By Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB Europe’s energy dependence increasingly complicates the task of maintaining price stability. Meeting the continent’s clean‑energy …
2 April 2026 By Vagia Iskaki, Tobias Linzert, Yannik Schneider, Marta Skrzypińska and Olivier Vergote As the Eurosystem normalises its balance sheet, central bank reserves – banks’ most liquid asset – keep declining. This post examines how banks adapt to …
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