Gennemse publikationer efter emne

This report provides a summary of the assessments1 of the implementation of the European Systemic Risk Board’s Recommendation of 11 December 2015 on recognising and setting countercyclical buffer (CCyB) rates for exposures to third countries (ESRB/2015/1) (hereinafter “the Recommendation”), addr...

This is the second edition of the European Central Bank’s biennial report on financial integration and structure in the euro area. As explained in greater detail in the preface to the first edition in March 2020, it is designed to focus on structural developments in the financial system of the e...

This biennial report provides a quality review of the national balance of payments (b.o.p.), international investment position (i.i.p.) and international reserves template of the Eurosystem (international reserves), as well as the associated euro area aggregates. The report fulfils the formal re...

The Russian invasion of Ukraine will have a material impact on economic activity and inflation through higher energy and commodity prices, the disruption of international commerce and weaker confidence. The extent of these effects will depend on how the conflict evolves, on the impact of current...

The euro area economy was struck by the extraordinary and severe coronavirus (COVID-19) pandemic shock in 2020. Economic activity contracted sharply during the first half of the year as a consequence of lockdown measures and heightened risk aversion. The strong and coordinated monetary and fisca...

This report supports the ESRB Recommendation and provides (i) an overview of the systemic vulnerabilities of MMFs and of the main issues identified in the short-term debt securities market, (ii) the economic rationale for the Recommendation and (iii) an assessment of its impact...

The results reported in the January 2022 bank lending survey (BLS) relate to changes observed during the fourth quarter of 2021 and expectations for the first quarter of 2022. The survey was conducted between 13 December 2021 and 11 January 2022. A total of 152 banks were surveyed in this round,...

This paper clarifies the main features of the European Central Bank's revised inflation target in light of international practices, discusses the role of financial stability in the medium-term orientation of monetary policy decisions, and quantifies the possible impacts of the inclusion of the c...