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% …
Speech by Christine Lagarde, President of the ECB, at Yale University in New Haven, USA New Haven, USA, 22 April 2024 It is a pleasure to be here. The Yale Jackson School of Global Affairs attracts some of the sharpest minds of each generation, shaping …
Prepared by Omiros Kouvavas and Desislava Rusinova In recent quarters, euro area households have been faced with higher housing costs, including mortgage costs. According to the ECB Consumer Expectations Survey, in the years since the outbreak of the COVID …
Prepared by Niccolò Battistini and Johannes Gareis Housing investment in the euro area as a whole has fallen significantly from its post-pandemic peak. Housing investment in the euro area fell by about 4% between the first quarter of 2022 and the fourth …
Statement by Christine Lagarde, President of the ECB, at the forty-ninth meeting of the International Monetary and Financial Committee IMF Spring Meetings, 19 April 2024 Introduction Since our last meeting in October, the global growth outlook has improved …
