6 May 2024 By Óscar Arce and David Sondermann Surprisingly strong employment growth in an environment of weak economic activity has recently led to declining labour productivity in the euro area. The ECB Blog discusses causes and prospects for a cyclical …
6 May 2024 Question: The euro area is struggling to keep pace with growth in the United States and China. Are you in any way concerned about Europe falling behind those two economies? Or do you think it’s something temporary and we’ll catch up eventually? …
3 May 2024 Bank interest rates for corporations Chart 1 Bank interest rates on new loans to, and deposits from, euro area corporations (percentages per annum) Data for cost of borrowing and deposit interest rates for corporations (Chart 1)The composite …
Guest lecture by Philip R. Lane, Member of the Executive Board of the ECB, at Stanford Graduate School of Business Stanford, 2 May 2024 Introduction My aim today is to review the ECB’s monetary policy tightening cycle.[1] The tightening began in December …
2 May 2024 By Claudio Bassi, Markus Behn, Michael Grill, Massimo Libertucci, Pär Torstensson and Peter Welz Some banks reduce balance sheet items around reporting dates. Such “window dressing” camouflages the true risks of a bank, impairs markets as well …
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at a Euro 50 Group meeting London, 29 April 2024 Inflation As regards inflation in the euro area, we have come a long way, but there is still work to be done. Nevertheless, we are heading …
26 April 2024 As of April 2024, ECB quarterly financial accounts provide new details on household holdings of investment fund shares/units broken down by underlying asset and counterpart sector. Notably, household exposure to rest of world assets is …
26 April 2024 Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 increased to 0.9% in March 2024 from 0.4% in February, averaging 0.4% in the three months up to March. The components of M3 showed the …
26 April 2024 Compared with February 2024: median consumer inflation perceptions over the previous 12 months and inflation expectations for the next 12 months decreased, while inflation expectations three years ahead remained unchanged; expectations for …
Prepared by Anna Beschin, Katalin Bodnár, Ramon Gomez-Salvador, Eduardo Gonçalves, Marcel Tirpák and Marco Weißler Published as part of the ECB Economic Bulletin, Issue 3/2024. Headline and core inflation levels and momentum dynamics in the euro area are …
Prepared by Laura Lebastard, Laura Olivero and Giacomo Pongetti Published as part of the ECB Economic Bulletin, Issue 3/2024. Euro area imports were subdued in 2023 despite supply bottlenecks easing significantly. During the pandemic, euro area trade …
Prepared by Bruno Fagandini, Eduardo Goncalves, Ieva Rubene, Omiros Kouvavas, Katalin Bodnar and Gerrit Koester Published as part of the ECB Economic Bulletin, Issue 3/2024. Understanding the role of different factors behind inflation developments is …
Prepared by Asger Munch Grønlund, Kasper Jørgensen and Fabian Schupp Published as part of the ECB Economic Bulletin, Issue 3/2024. This box looks at whether euro area inflation-linked swap (ILS) rates purely reflect inflation compensation – or if these …
Prepared by Othman Bouabdallah, Cristina Checherita-Westphal, Sebastian Hauptmeier and Philip Muggenthaler Published as part of the ECB Economic Bulletin, Issue 3/2024. This box presents a preliminary assessment of the potential macroeconomic implications …
Summary At its meeting on 11 April 2024, the Governing Council decided to keep the three key ECB interest rates unchanged. The incoming information broadly confirmed the Governing Council’s previous assessment of the medium-term inflation outlook. …
Prepared by Luca Dedola, Lukas Henkel, Christian Höynck, Chiara Osbat and Sergio Santoro 1 Introduction Inflation depends on whether individual firms decide to change the prices of their goods and services and, if so, by how much. Each month, some prices …
Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the ECB conference on “An innovative and integrated European retail payments market” Frankfurt, 24 April 2024 It is a great pleasure to welcome you to this conference today. The Single …
23 April 2024 The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident …
Prepared by Ferdinand Dreher 1 Introduction Trust in the ECB among euro area residents is important for the efficacy of the ECB’s monetary policy. The euro itself relies on the trust of its users, as is the case with any fiat currency, and increased trust …
23 April 2024 In March, inflation in the euro area was 2.4%, close to your 2% target. Has the battle against inflation been won? The battle isn’t over, but we have notched up several important victories along the road to disinflation. We have gone from 10% …
