Aggregate exchange rate pass-through (ERPT) to import and consumer prices in the EU is currently lower than it was in the 1990s and is non-linear. Low estimated aggregate ERPT to consumer prices does not at all mean that exchange rate movements do not have an impact on inflation, as aggregate ru...
Facing today’s climate and environmental emergency, the Commission has committed in its Green Deal for the European Union to take action and to reach zero net emissions of greenhouse gases in 2050, while maintaining its economy competitive, thus making the EU “carbon neutral”. The transition to ...
Digitalisation can be viewed as a major supply/technology shock affecting macroeconomic aggregates that are important for monetary policy, such as output, productivity, investment, employment and prices. This paper takes stock of developments in the digital economy and their possible impacts acr...
This paper summarises the economic analyses of the potential impact of Brexit on the United Kingdom, European Union (EU) and euro area performed by members of and contributors to the Brexit Task Force, a group reporting to the International Relations Committee of the European System of Central B...
We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments (b.o.p.). This is possible because the net external assets of the monetary financial institutions (MFIs) are present in two statistical frameworks that follow similar convention...
This document summarises outcomes from the EC individual expert reports delivered through its ‘Valorisation of NBS Projects’ initiative. EU research and innovation projects were scanned for results pertaining to key areas such as biodiversity, climate change mitigation and adaptation (including ...
Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed overview of the academic and empirical literature on...
The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate a...
Mergers and acquisitions (M&A) entail the substantial reallocation of economic activities. When they involve distant acquiring and target companies, they transfer control and diffuse knowledge across locations, which in turn facilitates the process of the integration of business systems. This st...
Cross-border financial integration has increased the need to make suitable multilateral arrangements for global financial cooperation and oversight – these include more intense and more effective financial sector surveillance by the International Monetary Fund (IMF). The financial sector has a c...
