CINXE.COM

<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>Macroprudential measures</title> <meta name = "citation_title" content="Macroprudential measures"> <meta name = "citation_online_date" content="18 April 2024"> <meta property="article:published_time" content="2024-04-18"> <link rel="canonical" href="https://www.ecb.europa.eu/paym/macroprudential-measures/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency."> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'en'; ECB.isoLocalLanguageName = 'English'; ECB.isLive = true; ECB.version = '2990411'; ECB.navigationVersion = '1740672481'; ECB.clientTimeError = 1740859247 - (new Date().getTime()); ECB.availableLanguages = [{"en": "English"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2990411" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1 January 1970"> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="Macroprudential measures"> <meta property="og:url" content="https://www.ecb.europa.eu/paym/macroprudential-measures/html/index.en.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/paym/shared/img/socialmedia/social-default.jpg?5609fefdb059590b375eafe2c236bf5c"> <meta property="og:image" content="https://www.ecb.europa.eu/paym/shared/img/socialmedia/social-default.jpg?5609fefdb059590b375eafe2c236bf5c" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage){var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/;const r=["www.ecb.europa.eu","www.bankingsupervision.europa.eu","www.esrb.europa.eu"];for(var e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&function(t){let e=t.getAttribute("href");if(!e)return!1;if(-1===e.indexOf(":"))return!0;t=e.match(/^https?:\/\/([^/]+)/);return t&&t[1]&&r.includes(t[1])}(a)&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2990411"></script> </head> <body class="project-ecb section-paym sub-macroprudential-measures "> <div id="skip-links"> <div class="skip-links-content"> <span>Skip to:</span> <a href="#navwrapper"><span class="sr-only">Skip to </span>navigation</a> <a href="#main-content"><span class="sr-only">Skip to </span>content</a> <a href="#ecb-doc-footer"><span class="sr-only">Skip to </span>footer</a> </div> </div> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <button id="toggle-sticky-nav" aria-haspopup="true" ></button> <div class="logo-name"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.en.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_EN.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" aria-haspopup="true"><i></i><span class="ecb-full">EN</span></div> <div id="language-values"> <a href="index.bg.html" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="selected available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/mopo/html/index.en.html">Monetary policy & markets</a><a href="#" class="subpages" title="toggle subpages for Monetary policy & markets"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetary policy & markets</div> <p>Our monetary policy strategy, the tools we use and the impact they have</p> <a href="/mopo/html/index.en.html">Overview of monetary policy and markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">30 January 2025</div> </a> </div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.en.html">Introduction</a><a href="#" class="subpages" title="toggle subpages for Introduction"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.en.html">Benefits of price stability</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.en.html">Scope of monetary policy</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.en.html">Transmission mechanism</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.en.html">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.en.html">Monetary policy strategy</a><a href="#" class="subpages" title="toggle subpages for Monetary policy strategy"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.en.html">Medium-term orientation</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.en.html">Two per cent inflation target</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.en.html">Economic, monetary and financial analysis</a><a href="#" class="subpages" title="toggle subpages for Economic, monetary and financial analysis"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.en.html">Economic analysis</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.en.html">Monetary and financial analysis</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.en.html">Instruments</a><a href="#" class="subpages" title="toggle subpages for Instruments"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.en.html">Open market operations</a><a href="#" class="subpages" title="toggle subpages for Open market operations"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.en.html">TLTROs</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a><a href="#" class="subpages" title="toggle subpages for Asset purchase programmes"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.en.html">Securities lending</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.en.html">Pandemic emergency purchase programme</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.en.html">Standing facilities</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.en.html">Minimum reserves</a><a href="#" class="subpages" title="toggle subpages for Minimum reserves"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.en.html">Two-tier system</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.en.html">International market operations</a><a href="#" class="subpages" title="toggle subpages for International market operations"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html">Euro central bank liquidity lines</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.en.html">Emergency liquidity assistance (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.en.html">Liquidity analysis</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.en.html">Collateral</a><a href="#" class="subpages" title="toggle subpages for Collateral"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.en.html">Eligibility criteria and assessment</a><a href="#" class="subpages" title="toggle subpages for Eligibility criteria and assessment"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.en.html">Mobilising collateral</a><a href="#" class="subpages" title="toggle subpages for Mobilising collateral"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.en.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.en.html">Risk mitigation</a><a href="#" class="subpages" title="toggle subpages for Risk mitigation"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.en.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.en.html">Risk control</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.en.html">Haircut categories</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.en.html">Valuation</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.en.html">Loan-level requirements</a><a href="#" class="subpages" title="toggle subpages for Loan-level requirements"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.en.html">Data templates</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.en.html">Eligibility requirements</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.en.html">Contacts</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.en.html">Structure of the euro area economy</a><a href="#" class="subpages" title="toggle subpages for Structure of the euro area economy"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.en.html">Economic policy</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.en.html">Fiscal policies</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.en.html">External trade</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.en.html">Effective exchange rates</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.en.html">Financial structure</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.en.html">Financial markets</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.en.html">Financial intermediaries</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.en.html">Economic diversity</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.en.html">Labour market</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.en.html">Market contact groups</a><a href="#" class="subpages" title="toggle subpages for Market contact groups"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.en.html">Bond market (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.en.html">Money market (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.en.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.en.html">ECB Operations managers group (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.en.html">Foreign exchange (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.en.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments and market infrastructures</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news & events</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</a></li> </ul> </div> <a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.en.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix -current"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Study on the payment attitudes of consumers in the euro area (SPACE) – 2024</div> <div class="image-date">19 December 2024</div> </a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.en.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.en.html">Future banknotes</a><a href="#" class="subpages" title="toggle subpages for Future banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html">Redesign process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.en.html">Current banknotes</a><a href="#" class="subpages" title="toggle subpages for Current banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.en.html">Banknote production and stocks</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.en.html">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.en.html">Environment, health and safety</a><a href="#" class="subpages" title="toggle subpages for Environment, health and safety"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.en.html">Product environmental footprint</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.en.html">Research and development</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.en.html">Images and reproduction rules</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.en.html">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.en.html">Coins</a><a href="#" class="subpages" title="toggle subpages for Coins"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.en.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.en.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.en.html">50 cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.en.html">20 cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.en.html">10 cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.en.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.en.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.en.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.en.html">Common sides</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.en.html">€2 commemorative coins</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.en.html">Security features</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.en.html">Collector coins</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.en.html">Joining the euro area</a><a href="#" class="subpages" title="toggle subpages for Joining the euro area"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.en.html">Croatia (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.en.html">Lithuania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.en.html">Latvia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.en.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.en.html">Slovakia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.en.html">Cyprus (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.en.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.en.html">Slovenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.en.html">Initial changeover (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.en.html">Exchanging national cash</a><a href="#" class="subpages" title="toggle subpages for Exchanging national cash"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.en.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.en.html">Belgium</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.en.html">Croatia</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.en.html">Cyprus</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.en.html">Estonia</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.en.html">Finland</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.en.html">France</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.en.html">Germany</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.en.html">Greece</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.en.html">Ireland</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.en.html">Italy</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.en.html">Latvia</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.en.html">Lithuania</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.en.html">Luxembourg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.en.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.en.html">The Netherlands</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.en.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.en.html">Slovakia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.en.html">Slovenia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.en.html">Spain</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.en.html">Visually impaired people</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.en.html">Research</a><a href="#" class="subpages" title="toggle subpages for Research"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Research</div> <p>In-depth studies and expert analyses covering diverse topics and fields</p> <a href="/pub/html/index.en.html">Overview of ECB research</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/press/conferences/html/index.en.html">Conferences & seminars</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a></li> </ul> </div> <a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Research Bulletin</div> </a> </div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.en.html">Economic research</a><a href="#" class="subpages" title="toggle subpages for Economic research"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.en.html">Research agenda</a><a href="#" class="subpages" title="toggle subpages for Research agenda"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.en.html">Monetary policy, strategy and implementation</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.en.html">Fiscal policy and governance within EMU</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.en.html">International macro and finance</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.en.html">Real sector and microeconomic analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.en.html">Forecasting and business cycle analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.en.html">Macro-finance, systemic risk and macroprudential policy</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.en.html">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a><a href="#" class="subpages" title="toggle subpages for Opportunities for researchers"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.en.html">Wim Duisenberg Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.en.html">Regular Research Visitors</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.en.html">Lamfalussy Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.en.html">Summer Research Graduate Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.en.html">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.en.html">Legal Research</a><a href="#" class="subpages" title="toggle subpages for Legal Research"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.en.html">Legal conferences and seminars</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.en.html">Legal Research Programme</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.en.html">Research papers</a><a href="#" class="subpages" title="toggle subpages for Research papers"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.en.html">Papers by authors</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.en.html">ECB researchers</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.en.html">Research networks</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.en.html">News & publications</a><a href="#" class="subpages" title="toggle subpages for News & publications"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">News & Publications</div> <a href="/press/pubbydate/html/index.en.html">Browse all news & publications</a> <hr> </div> </div><ul><li><span>News</span></li><li><a href="/press/pr/html/index.en.html">Press releases</a></li><li><a href="/press/stats/html/index.en.html">Statistical releases</a></li><li><a href="/press/key/html/index.en.html">Speeches</a></li><li><a href="/press/inter/html/index.en.html">Interviews</a></li><li><a href="/press/blog/html/index.en.html">The ECB Blog</a></li><li><a href="/press/tvservices/html/index.en.html">Podcasts & webcasts</a></li><li><a href="/press/intro/html/index.en.html">Payments news & events</a></li><li><a href="/press/contacts/html/index.en.html">Media contacts</a></li></ul></div><ul><li class="clearfix"><span>Publications</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.en.html">Governing Council decisions</a><a href="#" class="subpages" title="toggle subpages for Governing Council decisions"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.en.html">Monetary policy decisions</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.en.html">Other decisions</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.en.html">Monetary policy accounts</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.en.html">Economic Bulletin</a><a href="#" class="subpages" title="toggle subpages for Economic Bulletin"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.en.html">Articles</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.en.html">Focus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.en.html">Monthly Bulletin</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.en.html">Macroeconomic projections</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.en.html">Annual reports & financial statements</a><a href="#" class="subpages" title="toggle subpages for Annual reports & financial statements"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.en.html">Annual Report</a><a href="#" class="subpages" title="toggle subpages for Annual Report"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.en.html">Annual Accounts</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.en.html">Eurosystem balance sheet</a><a href="#" class="subpages" title="toggle subpages for Eurosystem balance sheet"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.en.html">Monetary policy operations</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.en.html">Weekly financial statements</a><a href="#" class="subpages" title="toggle subpages for Weekly financial statements"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.en.html">Disaggregated data</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.en.html">Financial stability publications</a><a href="#" class="subpages" title="toggle subpages for Financial stability publications"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.en.html">Financial Stability Review</a><a href="#" class="subpages" title="toggle subpages for Financial Stability Review"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.en.html">Special features & boxes</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.en.html">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.en.html">Research publications</a><a href="#" class="subpages" title="toggle subpages for Research publications"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.en.html">Research Bulletin</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.en.html">Working papers</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.en.html">Discussion papers</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.en.html">Occasional papers</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.en.html">Legal working papers</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.en.html">Statistics papers</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.en.html">Other publications</a><a href="#" class="subpages" title="toggle subpages for Other publications"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.en.html">Letters to MEPs</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.en.html">Convergence Report</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.en.html">International Role of the Euro</a></li></ul></li><li class="clearfix"><span>Events & calendars</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.en.html">Monetary policy press conference</a><a href="#" class="subpages" title="toggle subpages for Monetary policy press conference"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.en.html">Monetary policy statements</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.en.html">Monetary policy statements at a glance</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.en.html">Conferences & seminars</a><a href="#" class="subpages" title="toggle subpages for Conferences & seminars"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.en.html">Forum on Central Banking</a><a href="#" class="subpages" title="toggle subpages for Forum on Central Banking"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.en.html">Young Economist Prize</a></li><li class="clearfix"><a href="/press/conferences/ecbforum/previous_fora/html/index.en.html">Past editions</a></li></ul></li><li class="clearfix"><a href="/press/conferences/civil_society_engagement/html/index.en.html">Civil society engagement</a></li></ul></li><li class="has-subpages"><a href="/press/calendars/html/index.en.html">Calendars</a><a href="#" class="subpages" title="toggle subpages for Calendars"></a><ul><li class="clearfix"><a href="/press/calendars/weekly/html/index.en.html">Weekly schedule</a></li><li class="clearfix"><a href="/press/calendars/mgcgc/html/index.en.html">Meetings of the Governing Council and the General Council</a></li><li class="has-subpages"><a href="/press/calendars/statscal/html/index.en.html">Statistical calendars</a><a href="#" class="subpages" title="toggle subpages for Statistical calendars"></a><ul><li class="clearfix"><a href="/press/calendars/statscal/mfm/html/index.en.html">Money, banking and financial markets</a></li><li class="clearfix"><a href="/press/calendars/statscal/eaa/html/index.en.html">Euro area economic and financial developments by institutional sector</a></li><li class="clearfix"><a href="/press/calendars/statscal/ext/html/index.en.html">External transactions and positions</a></li><li class="clearfix"><a href="/press/calendars/statscal/ges/html/index.en.html">Prices, output, demand and labour</a></li><li class="clearfix"><a href="/press/calendars/statscal/gf/html/index.en.html">Government finance</a></li><li class="clearfix"><a href="/press/calendars/statscal/sps/html/index.en.html">Supervisory and prudential statistics</a></li></ul></li><li class="clearfix"><a href="/press/calendars/caleu/html/index.en.html">Eurosystem's tender operations</a></li><li class="clearfix"><a href="/press/calendars/reserve/html/index.en.html">Reserve maintenance period</a></li></ul></li></ul></div></li><li class="clearfix -ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.en.html">Banking Supervision<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.en.html">About us</a><a href="#" class="subpages" title="toggle subpages for About us"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">About us</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.en.html">All about us</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.en.html">Our leadership</a><a href="#" class="subpages" title="toggle subpages for Our leadership"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.en.html">Executive Board</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.en.html">Governing Council</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.en.html">General Council</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.en.html">Supervisory Board</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.en.html">Our organisation</a><a href="#" class="subpages" title="toggle subpages for Our organisation"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.en.html">ECB, ESCB and the Eurosystem</a><a href="#" class="subpages" title="toggle subpages for ECB, ESCB and the Eurosystem"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.en.html">ECB mission</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.en.html">Eurosystem mission</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.en.html">Strategic intents</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.en.html">Organisational principles</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.en.html">Our tasks and responsibilities</a><a href="#" class="subpages" title="toggle subpages for Our tasks and responsibilities"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.en.html">Monetary policy</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.en.html">Statistics</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.en.html">Financial stability and macroprudential policy</a><a href="#" class="subpages" title="toggle subpages for Financial stability and macroprudential policy"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.en.html">Our tasks</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.en.html">Strategy</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.en.html">Institutional framework</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.en.html">Banknotes</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.en.html">Payments & securities</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.en.html">European relations</a><a href="#" class="subpages" title="toggle subpages for European relations"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.en.html">European cooperation</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.en.html">EMU economic governance</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.en.html">International affairs</a><a href="#" class="subpages" title="toggle subpages for International affairs"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.en.html">International relations and analysis</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.en.html">International central bank cooperation</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.en.html">Foreign reserves and own funds</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.en.html">Foreign exchange operations</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.en.html">Organisation chart of the ECB</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.en.html">Capital subscription</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.en.html">Corporate governance</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.en.html">Our values</a><a href="#" class="subpages" title="toggle subpages for Our values"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.en.html">Independence</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.en.html">Transparency</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.en.html">Accountability</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.en.html">Ethics – working with integrity</a><a href="#" class="subpages" title="toggle subpages for Ethics – working with integrity"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.en.html">Ethics Network of Multilateral Organizations (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.en.html">Our history, arts and culture</a><a href="#" class="subpages" title="toggle subpages for Our history, arts and culture"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.en.html">Our history</a><a href="#" class="subpages" title="toggle subpages for Our history"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.en.html">25 years of the ECB</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.en.html">Economic and Monetary Union</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.en.html">EU enlargement</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.en.html">European Union</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.en.html">Archives</a><a href="#" class="subpages" title="toggle subpages for Archives"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.en.html">Committee of Governors</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.en.html">European Monetary Cooperation Fund</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.en.html">Delors Committee</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.en.html">European Monetary Institute</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.en.html">European Central Bank</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.en.html">Arts and culture</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.en.html">Our legal framework</a><a href="#" class="subpages" title="toggle subpages for Our legal framework"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.en.html">EUR-Lex - Frequently asked questions</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.en.html">Institutional framework</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.en.html">Climate change and the ECB</a><a href="#" class="subpages" title="toggle subpages for Climate change and the ECB"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.en.html">Our climate and nature plan</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.en.html">Climate-related financial disclosures</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html">Managing climate-related risks</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.en.html">Supporting the green transition</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.en.html">Fostering wider action</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.en.html">Our approach</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.en.html">Environmental protection</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.en.html">Climate Insurance Protection Gap</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.en.html">Sanctions imposed by the ECB</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.en.html">Procurement</a><a href="#" class="subpages" title="toggle subpages for Procurement"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.en.html">Tenders</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.en.html">Archive</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.en.html">Electronic tendering system</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a><a href="#" class="subpages" title="toggle subpages for Access to documents"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.en.html">Public Register of Documents</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.en.html">Contacts</a><a href="#" class="subpages" title="toggle subpages for Contacts"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.en.html">Address</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.en.html">ECB public holidays</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.en.html">ECB & You</a><a href="#" class="subpages" title="toggle subpages for ECB & You"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">ECB & You</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.en.html">All about ECB & You</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.en.html">Explainers</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.en.html">Test your knowledge</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.en.html">Youth initiatives</a><a href="#" class="subpages" title="toggle subpages for Youth initiatives"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.en.html">Girls' IT Bootcamp</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/financial_literacy_europe/html/index.en.html">Financial literacy in Europe</a></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.en.html">Everyone needs stability</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.en.html">ECB & You broadcasts</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.en.html">Ask us</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.en.html">Visit us</a><a href="#" class="subpages" title="toggle subpages for Visit us"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.en.html">Main building</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.en.html">Careers</a><a href="#" class="subpages" title="toggle subpages for Careers"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Careers</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.en.html">All about careers</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.en.html">Vacancies</a></li><li class="has-subpages"><a href="/careers/working-at-the-ecb/html/index.en.html">Who we are</a><a href="#" class="subpages" title="toggle subpages for Who we are"></a><ul><li class="clearfix"><a href="/careers/working-at-the-ecb/about/html/index.en.html">About the ECB</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/employee-portraits/html/index.en.html">Meet our people</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.en.html">Life in Frankfurt</a></li></ul></li><li class="has-subpages"><a href="/careers/why-we-value-diversity/html/index.en.html">Why we value diversity</a><a href="#" class="subpages" title="toggle subpages for Why we value diversity"></a><ul><li class="clearfix"><a href="/careers/why-we-value-diversity/women/html/index.en.html">Women@ECB</a></li><li class="clearfix"><a href="/careers/why-we-value-diversity/diversity-networks/html/index.en.html">Diversity networks</a></li></ul></li><li class="has-subpages"><a href="/careers/what-we-offer/html/index.en.html">What we offer</a><a href="#" class="subpages" title="toggle subpages for What we offer"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/benefits/html/index.en.html">Benefits & rewards</a></li><li class="has-subpages"><a href="/careers/what-we-offer/contract/html/index.en.html">Contract types</a><a href="#" class="subpages" title="toggle subpages for Contract types"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/contract/fixed/html/index.en.html">Fixed-term</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/short/html/index.en.html">Short-term</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/escb/html/index.en.html">ESCB/IO</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/other/html/index.en.html">Other</a></li></ul></li><li class="clearfix"><a href="/careers/what-we-offer/traineeship/html/index.en.html">Traineeship</a></li><li class="clearfix"><a href="/careers/what-we-offer/graduate/html/index.en.html">Graduate programme</a></li><li class="clearfix"><a href="/careers/what-we-offer/wecs/html/index.en.html">ECB Scholarship for Women</a></li><li class="clearfix"><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.en.html">ECB Scholarship for Ukrainian graduates</a></li></ul></li><li class="has-subpages"><a href="/careers/before-you-apply/html/index.en.html">How you can join us</a><a href="#" class="subpages" title="toggle subpages for How you can join us"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/how-to-apply/html/index.en.html">How to apply</a></li><li class="clearfix"><a href="/careers/before-you-apply/how-we-hire/html/index.en.html">How we hire</a></li><li class="has-subpages"><a href="/careers/before-you-apply/newcomers/html/index.en.html">You have been selected, what next?</a><a href="#" class="subpages" title="toggle subpages for You have been selected, what next?"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.en.html">Fixed-term employee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/short-term/html/index.en.html">Short-term employee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/trainee/html/index.en.html">Trainee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/cost-free/html/index.en.html">Cost-free secondee</a></li></ul></li></ul></li><li class="clearfix"><a href="/careers/faq/html/index.en.html">FAQs</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">ANYTIME <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">PAST MONTH <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">PAST YEAR <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Search Options</div> <div id="text-image-preview" class="title-option hidden">Image Preview</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Sort by</label> <div id="dropdownFilter" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">ANYTIME </option> <option value="month" class="count-hits-month">PAST MONTH </option> <option value="year" class="count-hits-year">PAST YEAR </option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Suggestions</label> <div id="dropdownSuggestions" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="adsearch-result-shadows" style="display: none;"></div> <div class="result-main-panel">  <div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"> <span id="adcat_home">Home</span> <span id="adcat_press">Media</span> <span id="adcat_explainers">Explainers</span> <span id="adcat_pub">Research & Publications</span> <span id="adcat_stats">Statistics</span> <span id="adcat_mopo">Monetary Policy</span> <span id="adcat_euro">The €uro</span> <span id="adcat_paym">Payments & Markets</span> <span id="adcat_career">Careers</span> </div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"> <span>Suggestions</span> <div id="suggestions-container"> </div> </div> <div id="result-sortBy"> <span>Sort by</span> <div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Relevance </label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Date </label> </div> </div> </div> </div> <div id="addsearch-image-container" aria-hidden="true"><img src="" id="addsearch-image" alt="" /></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/paym/shared/img/header.webp" data-image="/paym/shared/img/header.jpg"> <div data-image="/paym/shared/img/header.jpg" data-image-webp="/paym/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main >  <div class="title"> <h1>Macroprudential measures</h1> </div> <div class="section"> <p>Macroprudential measures aim to increase the financial system’s resilience to shocks by addressing identified systemic risks. Macroprudential authorities monitor the financial system, identifying risks and vulnerabilities, and implement measures to ensure financial stability.</p> <p>Under the Single Supervisory Mechanism (SSM) Regulation (<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013R1024">Council Regulation (EU) No 1024/2013</a>), the ECB is responsible for assessing macroprudential measures adopted by national authorities in the countries participating in European banking supervision.<br></p> <p>If necessary to address risks to financial stability, the ECB has the power to apply more stringent measures than those adopted nationally. These powers are based on Article 5 of the SSM Regulation and Article 13h of the <a href="https://eur-lex.europa.eu/eli/dec/2004/257/oj">Rules of Procedure of the ECB</a>.<br></p> <h2>Measures taken by macroprudential authorities in countries participating in European banking supervision since 1 October 2024</h2> <p class="ecb-small">Last updated: 31 December 2024 </p> <h3>Countercyclical capital buffer (Article 130 of the Capital Requirements Directive) </h3> <p>In October 2024, Spain <a href="https://www.bde.es/wbe/en/areas-actuacion/politica-macroprudencial/herramientas-macroprudenciales/colchon-capital-anticiclico/">announced an increase in the CCyB to 0.5%</a>, applicable as of 1 October 2025.</p><p>In October 2024, Greece <a href="https://www.bankofgreece.gr/en/news-and-media/press-office/news-list/news?announcement=c4038e6e-9f20-414b-bc5a-687c3e8fb55e">announced an increase in the CCyB to 0.25%</a>, applicable as of 1 October 2025. </p><p>In December 2024, Portugal <a href="https://www.bportugal.pt/en/comunicado/press-release-banco-de-portugal-countercyclical-capital-buffer-0">announced an increase in the CCyB to 0.75%</a>, applicable as of 1 January 2026. </p> <h3>Capital buffers for other systemically important institutions (O-SIIs; Article 131 of the Capital Requirements Directive) </h3> <p>In November 2024, Estonia announced <a href="https://www.eestipank.ee/en/financial-stability/systemically-important-credit-institutions">the designation of two additional institutions</a> as O-SIIs, applicable as of 1 January 2025.</p> <p>In November 2024, Portugal announced an <a href="https://www.bportugal.pt/en/page/other-systemically-important-institutions-capital-buffer">increase in the O-SII buffer rate</a> for one institution, applicable as of 1 January 2025. </p> <p>In December 2024, Austria announced<a href="https://www.fma.gv.at/en/banks/macroprudential-supervision/details-osii-buffer/"> changes in the O-SII buffer rate calibration</a> for three institutions at the consolidated level and for two institutions at the individual level. The new rates are applicable as of 1 January 2025. </p> <p>In December 2024, France announced an <a href="https://acpr.banque-france.fr/fr/professionnels/lacpr-vous-accompagne/banque/decouvrir-le-controle-bancaire/entites-systemiques-du-secteur-bancaire">increase in the O-SII buffer rate</a> for one institution, applicable as of 1 January 2026. </p> <p>In December 2024, Germany announced <a href="https://www.bafin.de/EN/Aufsicht/BankenFinanzdienstleister/Eigenmittelanforderungen/ASRI/asri_node_en.html">changes in the O-SII buffer rate calibration</a> for two institutions. Additionally, one institution has been removed from the list of O-SIIs. The changes are applicable as of 1 January 2025. </p> <p>In December 2024, Latvia announced a <a href="https://www.bank.lv/en/operational-areas/financial-stability/macroprudential-measures-introduced-in-latvia/capital-buffer-for-other-systemically-important-institutions">decrease in the O-SII buffer rate for two institutions</a>, applicable as of 16 December 2024. </p> <p>In December 2024, Slovenia announced an <a href="https://www.bsi.si/en/financial-stability/macroprudential-supervision/macroprudential-instruments/capital-buffer-for-other-systemically-important-institutions-o-sii-buffer">increase in the O-SII buffer rate</a> for one institution, applicable as of 1 January 2026. </p> <h3>Capital buffers for global systemically important institutions (G-SIIs; Article 131 of the Capital Requirements Directive)</h3> <p>In December 2024, France announced an <a href="https://acpr.banque-france.fr/fr/professionnels/lacpr-vous-accompagne/banque/decouvrir-le-controle-bancaire/entites-systemiques-du-secteur-bancaire">increase in the G-SII buffer rate</a> for one institution, applicable as of 2 January 2026.</p> <h3>Systemic risk buffer (Article 133 of the Capital Requirements Directive) </h3> <p>In November, Lithuania <a href="https://www.lb.lt/en/financial-stability-instruments-1#ex-1-4">announced the extension of the SyRB</a> applicable to all retail exposures to natural persons that are secured by residential property located in the Member State until 1 November 2026. </p> <p>In December 2024, Austria <a href="https://www.fma.gv.at/en/banks/macroprudential-supervision/details-systemic-risk-buffer/">announced the extension of the SyRB</a> until 1 September 2026 and the introduction of a 0.5% SyRB rate for one additional institution, applicable as of 1 January 2025. </p> <p>In December 2024, Croatia <a href="https://www.hnb.hr/en/core-functions/financial-stability/cnb-s-macroprudential-policy/systemic-risk-buffer">announced the extension of the SyRB</a> until 1 January 2027, applicable as of 1 January 2025.</p> <h3>Risk weight requirements (Article 124, Article 458 of the Capital Requirements Regulation) </h3> <p>In October 2024, the Netherlands <a href="https://www.dnb.nl/publicaties/publicaties-toezicht/consultatie-2024/consultatie-verlenging-regeling-risicoweging-hypothecaire-leningen-2024/">announced the extension of the application of minimum average risk weights</a> for the calculation of regulatory capital requirements applicable to exposures to natural persons secured by mortgages on residential property located in the Member State. The stricter requirement is applicable to credit institutions using the internal ratings-based (IRB) approach for calculating regulatory capital requirements. The measure is applicable for two years as of 1 December 2024. </p> <p>In December 2024, owing to the implementation of Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor, Croatia reviewed the discretions granted by Article 124 of the Capital Requirements Regulation regarding the establishment of stricter criteria for exposures secured by mortgages on residential properties and the application of a higher risk weight for exposures secured by mortgages on commercial properties. As a result of the review, <a href="https://www.hnb.hr/c/document_library/get_file?uuid=718bafa8-1c18-2223-4dd2-3f193f6d3152&groupId=20182&p_auth=FfHbYet1">Croatia decided</a> to drop two out of the four previously implemented stricter criteria for residential real estate exposures, to adjust to the updated definition of “residential property”, and to revoke the application of the higher (100%) risk weight requirement for commercial real estate exposures. The changes are applicable as of 1 January 2025. </p> <p>In December 2024, owing to the implementation of Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor, <a href="https://www.bank.lv/en/operational-areas/financial-stability/macroprudential-measures-introduced-in-latvia">Latvia revoked the application of a higher risk weights</a> on exposures fully and completely secured by mortgages on commercial immovable property registered in the Member State. The change is applicable as of 1 January 2025. </p> <h2>Overview of macroprudential measures implemented in countries participating in European banking supervision that the ECB has been notified of </h2> <p>Below is a list of all the macroprudential measures that the ECB has been notified of that have been implemented or publicly announced in countries participating in European banking supervision. </p> <p>Last updated: 31 December 2024 </p> <a href="/press/financial-stability-publications/fsr/shared/pdf/measures/Overview_of_measures_notified_to_ECB_31_december_2024.xlsx">Overview of measures that the ECB has been notified of under Article 5 of the SSM Regulation</a> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>All pages in this section</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" id="feedback-content">Information not useful</a> <a class="button -inverted-color" id="feedback-design">Design not attractive</a> <a class="button -inverted-color" id="feedback-other">Something else</a> </div> <div class="final hidden"> <div class="title">Thank you for letting us know!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"> <a href="/home/sitedir/html/index.en.html" title="Site Directory">Site directory</a> </div> <div class="socialLinks"> <a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Official social media channels">FOLLOW US</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS news feeds"></a> </div> </div><div class="ecb-footerBottom"> <p><span>Copyright 2025, </span>European Central Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Useful links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Work with us</a></li> <li><a href="/services/glossary/html/index.en.html">Glossary</a></li> <li><a href="/services/links/html/index.en.html">Other institutions</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Using our site</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Disclaimer & Copyright</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li> <li><a href="/services/using-our-site/technical-updates/html/index.en.html">Technical updates to this site</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Corporate Policies</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Data Protection</a></li> <li><a href="/services/html/accessibility-statement.en.html">Accessibility statement</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a></li> <li><a href="/services/responsible-disclosure/html/index.en.html">Responsible disclosure</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Contact</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li> <li><a href="/services/contacts/address/html/index.en.html">Address</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2990411" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Our website uses cookies</h2> <p>We use functional cookies to store user preferences; analytics cookies to improve website performance; third-party cookies set by third-party services integrated into the website. </p> <p> You have the choice to accept or reject them. For more information or to review your preference on the cookies and server logs we use, we invite you to: </p> <p><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_website.en.html">Read our privacy statement </a></p> <p><a href="/services/data-protection/privacy-statements/html/ecb.privacy_statement_cookiepolicy.en.html">Learn more about how we use cookies</a></p>  <div class="consentButtons initial cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-medium">I do not accept the use of cookies</a> </div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="updated hidden"> <h2>We have updated our privacy policy</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">See what has changed in our privacy policy</a> </p> <div class="consentButtons updated cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatLeft highlight-medium">I do not accept the use of cookies</a> </div> </div> <div class="expired hidden"> <h2>Your cookie preference has expired</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a> </p> <div class="consentButtons expired cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatLeft highlight-medium">I do not accept the use of cookies</a> </div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">This feature requires cookies.</div> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="button">Privacy statement</a> </div> </div> <script src="/shared/js/analytics/pa_events.js?v=2734826" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>