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>European Central Bank</title> <link rel="canonical" href="https://www.ecb.europa.eu/home/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 = '2646225'; ECB.navigationVersion = '1732198280'; ECB.clientTimeError = 1732359227 - (new Date().getTime()); ECB.availableLanguages = [{"bg": "Български"},{"cs": "Čeština"},{"da": "Dansk"},{"de": "Deutsch"},{"el": "Eλληνικά"},{"en": "English"},{"es": "Español"},{"et": "Eesti keel"},{"fi": "Suomi"},{"fr": "Français"},{"ga": "Gaeilge"},{"hr": "Hrvatski"},{"hu": "Magyar"},{"it": "Italiano"},{"lt": "Lietuvių"},{"lv": "Latviešu"},{"mt": "Malti"},{"nl": "Nederlands"},{"pl": "Polski"},{"pt": "Português"},{"ro": "Română"},{"sk": "Slovenčina"},{"sl": "Slovenščina"},{"sv": "Svenska"}]; </script> <link rel="stylesheet" href="/shared/dist/css/homepage-ecb.min.css?2646225" 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="website"> <meta property="og:type" content="website"> <meta property="og:title" content="European Central Bank"> <meta property="og:url" content="https://www.ecb.europa.eu/home/html/index.en.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/home/shared/img/socialmedia/social-default.jpg?bff2a4769f7b2c4f45183e6e783e7424"> <meta property="og:image" content="https://www.ecb.europa.eu/home/shared/img/socialmedia/social-default.jpg?bff2a4769f7b2c4f45183e6e783e7424" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <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)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&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=2646225"></script> </head> <body class="project-ecb section-home"> <header id="ecb-doc-header" class="v2 nav-homepage"> <div class="headerHolder"> <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" tabindex="1" aria-haspopup="true"><i></i><span class="ecb-full">EN</span></div> <div id="language-values"> <a href="index.bg.html" class="available" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" class="available" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" class="available" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" class="available" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" class="available" 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" class="available" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" class="available" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" class="available" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" class="available" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" class="available" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" class="available" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" class="available" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" class="available" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" class="available" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" class="available" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" class="available" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" class="available" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" class="available" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" class="available" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" class="available" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" class="available" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" class="available" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" class="available" 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="#" class="subpages icon" title="toggle subpages for Monetary policy & markets"></a><a href="/mopo/html/index.en.html" title="visit page Monetary policy & markets">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">17 October 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Introduction"></a><a href="/mopo/intro/html/index.en.html" title="visit page Introduction">Introduction</a><ul><li><a href="/mopo/intro/benefits/html/index.en.html" title="visit page Benefits of price stability">Benefits of price stability</a></li><li><a href="/mopo/intro/role/html/index.en.html" title="visit page Scope of monetary policy">Scope of monetary policy</a></li><li><a href="/mopo/intro/transmission/html/index.en.html" title="visit page Transmission mechanism">Transmission mechanism</a></li></ul></li><li><a href="/mopo/decisions/html/index.en.html" title="visit page Decisions, statements & accounts">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy strategy"></a><a href="/mopo/strategy/html/index.en.html" title="visit page Monetary policy strategy">Monetary policy strategy</a><ul><li><a href="/mopo/strategy/strategy-review/html/index.en.html" title="visit page Strategy review">Strategy review</a></li><li><a href="/mopo/strategy/medium-term-orientation/html/index.en.html" title="visit page Medium-term orientation">Medium-term orientation</a></li><li><a href="/mopo/strategy/pricestab/html/index.en.html" title="visit page Two per cent inflation target">Two per cent inflation target</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic, monetary and financial analysis"></a><a href="/mopo/devel/html/index.en.html" title="visit page Economic, monetary and financial analysis">Economic, monetary and financial analysis</a><ul><li><a href="/mopo/devel/ecana/html/index.en.html" title="visit page Economic analysis">Economic analysis</a></li><li><a href="/mopo/devel/monan/html/index.en.html" title="visit page Monetary and financial analysis">Monetary and financial analysis</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Instruments"></a><a href="/mopo/implement/html/index.en.html" title="visit page Instruments">Instruments</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Open market operations"></a><a href="/mopo/implement/omo/html/index.en.html" title="visit page Open market operations">Open market operations</a><ul><li><a href="/mopo/implement/omo/tltro/html/index.en.html" title="visit page TLTROs">TLTROs</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Asset purchase programmes"></a><a href="/mopo/implement/app/html/index.en.html" title="visit page Asset purchase programmes">Asset purchase programmes</a><ul><li><a href="/mopo/implement/app/lending/html/index.en.html" title="visit page Securities lending">Securities lending</a></li></ul></li><li><a href="/mopo/implement/pepp/html/index.en.html" title="visit page Pandemic emergency purchase programme">Pandemic emergency purchase programme</a></li><li><a href="/mopo/implement/sf/html/index.en.html" title="visit page Standing facilities">Standing facilities</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Minimum reserves"></a><a href="/mopo/implement/mr/html/index.en.html" title="visit page Minimum reserves">Minimum reserves</a><ul><li><a href="/mopo/implement/mr/two-tier/html/index.en.html" title="visit page Two-tier system">Two-tier system</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for International market operations"></a><a href="/mopo/international-market-operations/html/index.en.html" title="visit page International market operations">International market operations</a><ul><li><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html" title="visit page Euro central bank liquidity lines">Euro central bank liquidity lines</a></li></ul></li><li><a href="/mopo/ela/html/index.en.html" title="visit page Emergency liquidity assistance (ELA)">Emergency liquidity assistance (ELA)</a></li><li><a href="/mopo/liq/html/index.en.html" title="visit page Liquidity analysis">Liquidity analysis</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Collateral"></a><a href="/mopo/coll/html/index.en.html" title="visit page Collateral">Collateral</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eligibility criteria and assessment"></a><a href="/mopo/coll/standards/html/index.en.html" title="visit page Eligibility criteria and assessment">Eligibility criteria and assessment</a><ul><li><a href="/mopo/coll/standards/marketable/html/index.en.html" title="visit page Marketable assets">Marketable assets</a></li><li><a href="/mopo/coll/standards/nonmarketable/html/index.en.html" title="visit page Non-marketable assets">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for List of eligible marketable assets"></a><a href="/mopo/coll/assets/html/index.en.html" title="visit page List of eligible marketable assets">List of eligible marketable assets</a><ul><li><a href="/mopo/coll/assets/guide/html/index.en.html" title="visit page User guide">User guide</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Mobilising collateral"></a><a href="/mopo/coll/coll/html/index.en.html" title="visit page Mobilising collateral">Mobilising collateral</a><ul><li><a href="/mopo/coll/coll/ccbm/html/index.en.html" title="visit page CCBM">CCBM</a></li><li><a href="/mopo/coll/coll/eligiblesss/html/index.en.html" title="visit page Eligible SSSs">Eligible SSSs</a></li><li><a href="/mopo/coll/coll/ssslinks/html/index.en.html" title="visit page Eligible links">Eligible links</a></li><li><a href="/mopo/coll/coll/triparty/html/index.en.html" title="visit page Eligible triparty agents">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Risk mitigation"></a><a href="/mopo/coll/risk/html/index.en.html" title="visit page Risk mitigation">Risk mitigation</a><ul><li><a href="/mopo/coll/risk/ecaf/html/index.en.html" title="visit page ECAF">ECAF</a></li><li><a href="/mopo/coll/risk/riskcontrol/html/index.en.html" title="visit page Risk control">Risk control</a></li><li><a href="/mopo/coll/risk/liquidity/html/index.en.html" title="visit page Haircut categories">Haircut categories</a></li><li><a href="/mopo/coll/risk/valuation/html/index.en.html" title="visit page Valuation">Valuation</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Loan-level requirements"></a><a href="/mopo/coll/loanlevel/html/index.en.html" title="visit page Loan-level requirements">Loan-level requirements</a><ul><li><a href="/mopo/coll/loanlevel/transmission/html/index.en.html" title="visit page Data templates">Data templates</a></li><li><a href="/mopo/coll/loanlevel/implementation/html/index.en.html" title="visit page Eligibility requirements">Eligibility requirements</a></li><li><a href="/mopo/coll/loanlevel/faq/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li><a href="/mopo/coll/contacts/html/index.en.html" title="visit page Contacts">Contacts</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Structure of the euro area economy"></a><a href="/mopo/eaec/html/index.en.html" title="visit page Structure of the euro area economy">Structure of the euro area economy</a><ul><li><a href="/mopo/eaec/ecopolicy/html/index.en.html" title="visit page Economic policy">Economic policy</a></li><li><a href="/mopo/eaec/fiscal/html/index.en.html" title="visit page Fiscal policies">Fiscal policies</a></li><li><a href="/mopo/eaec/trade/html/index.en.html" title="visit page External trade">External trade</a></li><li><a href="/mopo/eaec/eer/html/index.en.html" title="visit page Effective exchange rates">Effective exchange rates</a></li><li><a href="/mopo/eaec/structure/html/index.en.html" title="visit page Financial structure">Financial structure</a></li><li><a href="/mopo/eaec/markets/html/index.en.html" title="visit page Financial markets">Financial markets</a></li><li><a href="/mopo/eaec/intermediaries/html/index.en.html" title="visit page Financial intermediaries">Financial intermediaries</a></li><li><a href="/mopo/eaec/diversity/html/index.en.html" title="visit page Economic diversity">Economic diversity</a></li><li><a href="/mopo/eaec/labour/html/index.en.html" title="visit page Labour market">Labour market</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Market contact groups"></a><a href="/mopo/market-contact-groups/html/index.en.html" title="visit page Market contact groups">Market contact groups</a><ul><li><a href="/mopo/market-contact-groups/bmcg/html/index.en.html" title="visit page Bond market (BMCG)">Bond market (BMCG)</a></li><li><a href="/mopo/market-contact-groups/mmcg/html/index.en.html" title="visit page Money market (MMCG)">Money market (MMCG)</a></li><li><a href="/mopo/market-contact-groups/dimcg/html/index.en.html" title="visit page Debt Issuance Market Contact Group (DIMCG)">Debt Issuance Market Contact Group (DIMCG)</a></li><li><a href="/mopo/market-contact-groups/omg/html/index.en.html" title="visit page ECB Operations managers group (ECB OMG)">ECB Operations managers group (ECB OMG)</a></li><li><a href="/mopo/market-contact-groups/fxcg/html/index.en.html" title="visit page Foreign exchange (FXCG)">Foreign exchange (FXCG)</a></li><li><a href="/mopo/market-contact-groups/iid/html/index.en.html" title="visit page Institutional Investor Dialogue (IID)">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Payments & financial stability"></a><a href="/paym/html/index.en.html" title="visit page Payments & financial stability">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 infrastructure</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</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><span>Payments</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGET Services"></a><a href="/paym/target/html/index.en.html" title="visit page TARGET Services">TARGET Services</a><ul><li><a href="/paym/target/coco/html/index.en.html" title="visit page Shared features">Shared features</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2"></a><a href="/paym/target/t2/html/index.en.html" title="visit page T2">T2</a><ul><li><a href="/paym/target/t2/governance/html/index.en.html" title="visit page Governance">Governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for T2S"></a><a href="/paym/target/t2s/html/index.en.html" title="visit page T2S">T2S</a><ul><li><a href="/paym/target/t2s/governance/html/index.en.html" title="visit page Governance">Governance</a></li><li><a href="/paym/target/t2s/facts/html/index.en.html" title="visit page Facts and figures">Facts and figures</a></li><li><a href="/paym/target/t2s/pricing/html/index.en.html" title="visit page Pricing">Pricing</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TIPS"></a><a href="/paym/target/tips/html/index.en.html" title="visit page TIPS">TIPS</a><ul><li><a href="/paym/target/tips/governance/html/index.en.html" title="visit page Governance">Governance</a></li><li><a href="/paym/target/tips/facts/html/index.en.html" title="visit page Facts and figures">Facts and figures</a></li><li><a href="/paym/target/tips/onboarding/html/index.en.html" title="visit page Onboarding">Onboarding</a></li></ul></li><li><a href="/paym/target/ecms/html/index.en.html" title="visit page ECMS">ECMS</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for TARGET professional use documents & links"></a><a href="/paym/target/target-professional-use-documents-links/html/index.en.html" title="visit page TARGET professional use documents & links">TARGET professional use documents & links</a><ul><li><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html" title="visit page Shared features documents & links">Shared features documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html" title="visit page T2 documents & links">T2 documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html" title="visit page T2S documents & links">T2S documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html" title="visit page TIPS documents & links">TIPS documents & links</a></li><li><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html" title="visit page ECMS documents & links">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Integration and innovation"></a><a href="/paym/integration/html/index.en.html" title="visit page Integration and innovation">Integration and innovation</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Distributed ledger technologies"></a><a href="/paym/integration/distributed/html/index.en.html" title="visit page Distributed ledger technologies">Distributed ledger technologies</a><ul><li><a href="/paym/integration/distributed/exploratory/html/index.en.html" title="visit page Exploratory work">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Retail payments"></a><a href="/paym/integration/retail/html/index.en.html" title="visit page Retail payments">Retail payments</a><ul><li><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html" title="visit page Retail payments strategy">Retail payments strategy</a></li><li><a href="/paym/integration/retail/ecb/html/index.en.html" title="visit page ECB as a catalyst">ECB as a catalyst</a></li><li><a href="/paym/integration/retail/sepa/html/index.en.html" title="visit page SEPA">SEPA</a></li><li><a href="/paym/integration/retail/instant_payments/html/index.en.html" title="visit page Instant payments">Instant payments</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Collateral management harmonisation"></a><a href="/paym/integration/collateral/html/index.en.html" title="visit page Collateral management harmonisation">Collateral management harmonisation</a><ul><li><a href="/paym/integration/collateral/implementation/html/index.en.html" title="visit page Implementation">Implementation</a></li><li><a href="/paym/integration/collateral/faq/html/index.en.html" title="visit page FAQ">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cyber resilience"></a><a href="/paym/cyber-resilience/html/index.en.html" title="visit page Cyber resilience">Cyber resilience</a><ul><li><a href="/paym/cyber-resilience/fmi/html/index.en.html" title="visit page Financial market infrastructures">Financial market infrastructures</a></li><li><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html" title="visit page TIBER-EU">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Oversight"></a><a href="/paym/pol/html/index.en.html" title="visit page Oversight">Oversight</a><ul><li><a href="/paym/pol/systems/html/index.en.html" title="visit page Payment systems">Payment systems</a></li><li><a href="/paym/pol/target2-securities/html/index.en.html" title="visit page TARGET2-Securities">TARGET2-Securities</a></li><li><a href="/paym/pol/instr/html/index.en.html" title="visit page Electronic payments">Electronic payments</a></li><li><a href="/paym/pol/clearing/html/index.en.html" title="visit page Securities settlement systems and central counterparties">Securities settlement systems and central counterparties</a></li><li><a href="/paym/pol/critical/html/index.en.html" title="visit page Critical service providers">Critical service providers</a></li><li><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html" title="visit page Correspondent and custodian banks">Correspondent and custodian banks</a></li><li><a href="/paym/pol/forum/html/index.en.html" title="visit page SecuRe Pay forum">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Reserve management services"></a><a href="/paym/erms/html/index.en.html" title="visit page Reserve management services">Reserve management services</a><ul><li><a href="/paym/erms/aspects/html/index.en.html" title="visit page Key aspects">Key aspects</a></li><li><a href="/paym/erms/service/html/index.en.html" title="visit page Range of services">Range of services</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cash professionals"></a><a href="/paym/cashprof/html/index.en.html" title="visit page Cash professionals">Cash professionals</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Cash handling"></a><a href="/paym/cashprof/cashhand/html/index.en.html" title="visit page Cash handling">Cash handling</a><ul><li><a href="/paym/cashprof/cashhand/devices/html/index.en.html" title="visit page Authentication devices">Authentication devices</a></li><li><a href="/paym/cashprof/cashhand/recycling/html/index.en.html" title="visit page Recirculation of banknotes">Recirculation of banknotes</a></li></ul></li><li><a href="/paym/cashprof/cdispec/html/index.en.html" title="visit page Common detector interface specifications">Common detector interface specifications</a></li><li><a href="/paym/cashprof/accreditation/html/index.en.html" title="visit page Banknote manufacturer accreditation">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Payment contact groups"></a><a href="/paym/groups/html/index.en.html" title="visit page Payment contact groups">Payment contact groups</a><ul><li><a href="/paym/groups/ami/html/index.en.html" title="visit page Advisory groups on market infrastructures">Advisory groups on market infrastructures</a></li><li><a href="/paym/groups/euro-cyber-board/html/index.en.html" title="visit page Euro Cyber Resilience Board">Euro Cyber Resilience Board</a></li><li><a href="/paym/groups/erpb/html/index.en.html" title="visit page Euro Retail Payments Board (ERPB)">Euro Retail Payments Board (ERPB)</a></li><li><a href="/paym/groups/efip/html/index.en.html" title="visit page European Forum for Innovation in Payments (EFIP)">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li><span>Financial stability</span></li><li><a href="/paym/financial-stability/html/index.en.html" title="visit page Introduction to financial stability">Introduction to financial stability</a></li><li><a href="/paym/macroprudential-measures/html/index.en.html" title="visit page Macroprudential Measures">Macroprudential Measures</a></li><li><a href="/paym/financial_stability_contact_groups/html/index.en.html" title="visit page Financial stability contact groups">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Statistics"></a><a href="/stats/html/index.en.html" title="visit page Statistics">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><span>Frequently accessed</span></li><li><a href="/stats/euro-exchange-rates/html/index.en.html" title="visit page Euro exchange rates">Euro exchange rates</a></li><li><a href="/stats/key-ecb-interest-rates/html/index.en.html" title="visit page Key ECB interest rates">Key ECB interest rates</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Euro short-term rate (€STR)"></a><a href="/stats/euro-short-term-rates/html/index.en.html" title="visit page Euro short-term rate (€STR)">Euro short-term rate (€STR)</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Interest rate benchmarks"></a><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html" title="visit page Interest rate benchmarks">Interest rate benchmarks</a><ul><li><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html" title="visit page Working group on euro risk-free rates">Working group on euro risk-free rates</a></li></ul></li></ul></li><li><a href="/stats/inflation/html/index.en.html" title="visit page Inflation">Inflation</a></li><li><a href="/stats/euro-area-yield-curves/html/index.en.html" title="visit page Euro area yield curves">Euro area yield curves</a></li><li><span>All statistics & background</span></li><li><a href="/stats/all-key-statistics/html/index.en.html" title="visit page All key statistics">All key statistics</a></li><li><a href="/stats/accessing-our-data/html/index.en.html" title="visit page All data services">All data services</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Data reporting & standards"></a><a href="/stats/ecb_statistics/html/index.en.html" title="visit page Data reporting & standards">Data reporting & standards</a><ul><li><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html" title="visit page Governance and quality framework">Governance and quality framework</a></li><li><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html" title="visit page Co-operation and standards">Co-operation and standards</a></li><li><a href="/stats/ecb_statistics/reporting/html/index.en.html" title="visit page Banks’ data reporting">Banks’ data reporting</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for AnaCredit"></a><a href="/stats/ecb_statistics/anacredit/html/index.en.html" title="visit page AnaCredit">AnaCredit</a><ul><li><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html" title="visit page AnaCredit Q&A">AnaCredit Q&A</a></li></ul></li><li><a href="/stats/ecb_statistics/consultations/html/index.en.html" title="visit page Public consultations">Public consultations</a></li><li><a href="/stats/ecb_statistics/dialogue/html/index.en.html" title="visit page Banking industry dialogue on ESCB statistics and integrated reporting">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li><a href="/stats/ecb_statistics/sdmx/html/index.en.html" title="visit page SDMX – statistical data exchange model">SDMX – statistical data exchange model</a></li><li><a href="/stats/ecb_statistics/inexda/html/index.en.html" title="visit page INEXDA - granular data network">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for The euro"></a><a href="/euro/html/index.en.html" title="visit page The euro">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="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">First progress report on the preparation phase of a digital euro</div> <div class="image-date">24 June 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Digital euro"></a><a href="/euro/digital_euro/html/index.en.html" title="visit page Digital euro">Digital euro</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for What it is"></a><a href="/euro/digital_euro/features/html/index.en.html" title="visit page What it is">What it is</a><ul><li><a href="/euro/digital_euro/features/privacy/html/index.en.html" title="visit page Digital euro and privacy">Digital euro and privacy</a></li></ul></li><li><a href="/euro/digital_euro/how-it-works/html/index.en.html" title="visit page How it works">How it works</a></li><li><a href="/euro/digital_euro/why-we-need-it/html/index.en.html" title="visit page Why we need it">Why we need it</a></li><li><a href="/euro/digital_euro/progress/html/index.en.html" title="visit page Timeline and progress">Timeline and progress</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for In-depth information"></a><a href="/euro/digital_euro/timeline/html/index.en.html" title="visit page In-depth information">In-depth information</a><ul><li><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html" title="visit page Governance and stakeholder engagement">Governance and stakeholder engagement</a></li><li><a href="/euro/digital_euro/timeline/profuse/html/index.en.html" title="visit page Technical documents and research">Technical documents and research</a></li><li><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html" title="visit page Scheme rulebook">Scheme rulebook</a></li></ul></li><li><a href="/euro/digital_euro/faqs/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li><span>Cash</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for The Eurosystem cash strategy"></a><a href="/euro/cash_strategy/html/index.en.html" title="visit page The Eurosystem cash strategy">The Eurosystem cash strategy</a><ul><li><a href="/euro/cash_strategy/cash_role/html/index.en.html" title="visit page The role of cash">The role of cash</a></li><li><a href="/euro/cash_strategy/issuance/html/index.en.html" title="visit page Issuance and circulation">Issuance and circulation</a></li><li><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html" title="visit page Access to and acceptance of cash">Access to and acceptance of cash</a></li><li><a href="/euro/cash_strategy/faqs/html/index.en.html" title="visit page Frequently asked questions">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Banknotes"></a><a href="/euro/banknotes/html/index.en.html" title="visit page Banknotes">Banknotes</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Future banknotes"></a><a href="/euro/banknotes/future_banknotes/html/index.en.html" title="visit page Future banknotes">Future banknotes</a><ul><li><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html" title="visit page Redesign process">Redesign process</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Current banknotes"></a><a href="/euro/banknotes/current/html/index.en.html" title="visit page Current banknotes">Current banknotes</a><ul><li><a href="/euro/banknotes/current/denominations/html/index.en.html" title="visit page Denominations">Denominations</a></li><li><a href="/euro/banknotes/current/design/html/index.en.html" title="visit page Design elements">Design elements</a></li><li><a href="/euro/banknotes/current/security/html/index.en.html" title="visit page Security features">Security features</a></li></ul></li><li><a href="/euro/banknotes/ac/html/index.en.html" title="visit page Anti-counterfeiting">Anti-counterfeiting</a></li><li><a href="/euro/banknotes/production/html/index.en.html" title="visit page Banknote production and stocks">Banknote production and stocks</a></li><li><a href="/euro/banknotes/damaged/html/index.en.html" title="visit page Damaged and inked-stained banknotes">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Environment, health and safety"></a><a href="/euro/banknotes/environmental/html/index.en.html" title="visit page Environment, health and safety">Environment, health and safety</a><ul><li><a href="/euro/banknotes/environmental/pef/html/index.en.html" title="visit page Product environmental footprint">Product environmental footprint</a></li></ul></li><li><a href="/euro/banknotes/research/html/index.en.html" title="visit page Research and development">Research and development</a></li><li><a href="/euro/banknotes/images/html/index.en.html" title="visit page Images and reproduction rules">Images and reproduction rules</a></li><li><a href="/euro/banknotes/info/html/index.en.html" title="visit page Information and training materials">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Coins"></a><a href="/euro/coins/html/index.en.html" title="visit page Coins">Coins</a><ul><li><a href="/euro/coins/2euro/html/index.en.html" title="visit page €2">€2</a></li><li><a href="/euro/coins/1euro/html/index.en.html" title="visit page €1">€1</a></li><li><a href="/euro/coins/50cents/html/index.en.html" title="visit page 50 cent">50 cent</a></li><li><a href="/euro/coins/20cents/html/index.en.html" title="visit page 20 cent">20 cent</a></li><li><a href="/euro/coins/10cents/html/index.en.html" title="visit page 10 cent">10 cent</a></li><li><a href="/euro/coins/5cents/html/index.en.html" title="visit page 5 cent">5 cent</a></li><li><a href="/euro/coins/2cents/html/index.en.html" title="visit page 2 cent">2 cent</a></li><li><a href="/euro/coins/1cent/html/index.en.html" title="visit page 1 cent">1 cent</a></li><li><a href="/euro/coins/common/html/index.en.html" title="visit page Common sides">Common sides</a></li><li><a href="/euro/coins/comm/html/index.en.html" title="visit page €2 commemorative coins">€2 commemorative coins</a></li><li><a href="/euro/coins/security/html/index.en.html" title="visit page Security features">Security features</a></li><li><a href="/euro/coins/collect/html/index.en.html" title="visit page Collector coins">Collector coins</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Joining the euro area"></a><a href="/euro/changeover/html/index.en.html" title="visit page Joining the euro area">Joining the euro area</a><ul><li><a href="/euro/changeover/croatia/html/index.en.html" title="visit page Croatia (2023)">Croatia (2023)</a></li><li><a href="/euro/changeover/lithuania/html/index.en.html" title="visit page Lithuania (2015)">Lithuania (2015)</a></li><li><a href="/euro/changeover/latvia/html/index.en.html" title="visit page Latvia (2014)">Latvia (2014)</a></li><li><a href="/euro/changeover/estonia/html/index.en.html" title="visit page Estonia (2011)">Estonia (2011)</a></li><li><a href="/euro/changeover/slovakia/html/index.en.html" title="visit page Slovakia (2009)">Slovakia (2009)</a></li><li><a href="/euro/changeover/cyprus/html/index.en.html" title="visit page Cyprus (2008)">Cyprus (2008)</a></li><li><a href="/euro/changeover/malta/html/index.en.html" title="visit page Malta (2008)">Malta (2008)</a></li><li><a href="/euro/changeover/slovenia/html/index.en.html" title="visit page Slovenia (2007)">Slovenia (2007)</a></li><li><a href="/euro/changeover/2002/html/index.en.html" title="visit page Initial changeover (2002)">Initial changeover (2002)</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Exchanging national cash"></a><a href="/euro/exchange/html/index.en.html" title="visit page Exchanging national cash">Exchanging national cash</a><ul><li><a href="/euro/exchange/au/html/index.en.html" title="visit page Austria">Austria</a></li><li><a href="/euro/exchange/be/html/index.en.html" title="visit page Belgium">Belgium</a></li><li><a href="/euro/exchange/hr/html/index.en.html" title="visit page Croatia">Croatia</a></li><li><a href="/euro/exchange/cy/html/index.en.html" title="visit page Cyprus">Cyprus</a></li><li><a href="/euro/exchange/et/html/index.en.html" title="visit page Estonia">Estonia</a></li><li><a href="/euro/exchange/fi/html/index.en.html" title="visit page Finland">Finland</a></li><li><a href="/euro/exchange/fr/html/index.en.html" title="visit page France">France</a></li><li><a href="/euro/exchange/de/html/index.en.html" title="visit page Germany">Germany</a></li><li><a href="/euro/exchange/gr/html/index.en.html" title="visit page Greece">Greece</a></li><li><a href="/euro/exchange/ir/html/index.en.html" title="visit page Ireland">Ireland</a></li><li><a href="/euro/exchange/it/html/index.en.html" title="visit page Italy">Italy</a></li><li><a href="/euro/exchange/lv/html/index.en.html" title="visit page Latvia">Latvia</a></li><li><a href="/euro/exchange/lt/html/index.en.html" title="visit page Lithuania">Lithuania</a></li><li><a href="/euro/exchange/lu/html/index.en.html" title="visit page Luxembourg">Luxembourg</a></li><li><a href="/euro/exchange/mt/html/index.en.html" title="visit page Malta">Malta</a></li><li><a href="/euro/exchange/nl/html/index.en.html" title="visit page The Netherlands">The Netherlands</a></li><li><a href="/euro/exchange/pt/html/index.en.html" title="visit page Portugal">Portugal</a></li><li><a href="/euro/exchange/slovakia/html/index.en.html" title="visit page Slovakia">Slovakia</a></li><li><a href="/euro/exchange/sl/html/index.en.html" title="visit page Slovenia">Slovenia</a></li><li><a href="/euro/exchange/es/html/index.en.html" title="visit page Spain">Spain</a></li></ul></li><li><a href="/euro/visually/html/index.en.html" title="visit page Visually impaired people">Visually impaired people</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Research"></a><a href="/pub/html/index.en.html" title="visit page Research">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="#" class="subpages icon" title="toggle subpages for Economic research"></a><a href="/pub/economic-research/html/index.en.html" title="visit page Economic research">Economic research</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research agenda"></a><a href="/pub/economic-research/research_agenda/html/index.en.html" title="visit page Research agenda">Research agenda</a><ul><li><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.en.html" title="visit page Monetary policy, strategy and implementation">Monetary policy, strategy and implementation</a></li><li><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.en.html" title="visit page Fiscal policy and governance within EMU">Fiscal policy and governance within EMU</a></li><li><a href="/pub/economic-research/research_agenda/international/html/index.en.html" title="visit page International macro and finance">International macro and finance</a></li><li><a href="/pub/economic-research/research_agenda/real_sector/html/index.en.html" title="visit page Real sector and microeconomic analysis">Real sector and microeconomic analysis</a></li><li><a href="/pub/economic-research/research_agenda/forecasting/html/index.en.html" title="visit page Forecasting and business cycle analysis">Forecasting and business cycle analysis</a></li><li><a href="/pub/economic-research/research_agenda/macro-finance/html/index.en.html" title="visit page Macro-finance, systemic risk and macroprudential policy">Macro-finance, systemic risk and macroprudential policy</a></li><li><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.en.html" title="visit page Financial institutions, microprudential policy, financial markets and payments">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Opportunities for researchers"></a><a href="/pub/economic-research/programmes/html/index.en.html" title="visit page Opportunities for researchers">Opportunities for researchers</a><ul><li><a href="/pub/economic-research/programmes/duisenberg/html/index.en.html" title="visit page Wim Duisenberg Fellowship">Wim Duisenberg Fellowship</a></li><li><a href="/pub/economic-research/programmes/visitors/html/index.en.html" title="visit page Regular Research Visitors">Regular Research Visitors</a></li><li><a href="/pub/economic-research/programmes/lamfalussy/html/index.en.html" title="visit page Lamfalussy Fellowship">Lamfalussy Fellowship</a></li><li><a href="/pub/economic-research/programmes/graduate/html/index.en.html" title="visit page Summer Research Graduate Programme">Summer Research Graduate Programme</a></li><li><a href="/pub/economic-research/programmes/traineeship/html/index.en.html" title="visit page Student Research Traineeship Programme">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Legal Research"></a><a href="/pub/legal-research/html/index.en.html" title="visit page Legal Research">Legal Research</a><ul><li><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.en.html" title="visit page Legal conferences and seminars">Legal conferences and seminars</a></li><li><a href="/pub/legal-research/legal-research-programme/html/index.en.html" title="visit page Legal Research Programme">Legal Research Programme</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research papers"></a><a href="/pub/research/html/index.en.html" title="visit page Research papers">Research papers</a><ul><li><a href="/pub/research/authors/html/index.en.html" title="visit page Papers by authors">Papers by authors</a></li></ul></li><li><a href="/pub/researchers/html/index.en.html" title="visit page ECB researchers">ECB researchers</a></li><li><a href="/pub/research-networks/html/index.en.html" title="visit page Research networks">Research networks</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for News & publications"></a><a href="/press/html/index.en.html" title="visit page News & publications">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</a></li><li><a href="/press/contacts/html/index.en.html">Media contacts</a></li></ul></div><ul><li><span>Publications</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Governing Council decisions"></a><a href="/press/govcdec/html/index.en.html" title="visit page Governing Council decisions">Governing Council decisions</a><ul><li><a href="/press/govcdec/mopo/html/index.en.html" title="visit page Monetary policy decisions">Monetary policy decisions</a></li><li><a href="/press/govcdec/otherdec/html/index.en.html" title="visit page Other decisions">Other decisions</a></li></ul></li><li><a href="/press/accounts/html/index.en.html" title="visit page Monetary policy accounts">Monetary policy accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Economic Bulletin"></a><a href="/press/economic-bulletin/html/index.en.html" title="visit page Economic Bulletin">Economic Bulletin</a><ul><li><a href="/press/economic-bulletin/articles/html/index.en.html" title="visit page Articles">Articles</a></li><li><a href="/press/economic-bulletin/focus/html/index.en.html" title="visit page Focus">Focus</a></li><li><a href="/press/economic-bulletin/mb/html/index.en.html" title="visit page Monthly Bulletin">Monthly Bulletin</a></li></ul></li><li><a href="/press/projections/html/index.en.html" title="visit page Macroeconomic projections">Macroeconomic projections</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Annual reports & financial statements"></a><a href="/press/annual-reports-financial-statements/html/index.en.html" title="visit page Annual reports & financial statements">Annual reports & financial statements</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Annual Report"></a><a href="/press/annual-reports-financial-statements/annual/html/index.en.html" title="visit page Annual Report">Annual Report</a><ul><li><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.en.html" title="visit page Annual Accounts">Annual Accounts</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Eurosystem balance sheet"></a><a href="/press/annual-reports-financial-statements/annual/balance/html/index.en.html" title="visit page Eurosystem balance sheet">Eurosystem balance sheet</a><ul><li><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.en.html" title="visit page Monetary policy operations">Monetary policy operations</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Weekly financial statements"></a><a href="/press/annual-reports-financial-statements/wfs/html/index.en.html" title="visit page Weekly financial statements">Weekly financial statements</a><ul><li><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.en.html" title="visit page Disaggregated data">Disaggregated data</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial stability publications"></a><a href="/press/financial-stability-publications/html/index.en.html" title="visit page Financial stability publications">Financial stability publications</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial Stability Review"></a><a href="/press/financial-stability-publications/fsr/html/index.en.html" title="visit page Financial Stability Review">Financial Stability Review</a><ul><li><a href="/press/financial-stability-publications/fsr/special/html/index.en.html" title="visit page Special features & boxes">Special features & boxes</a></li></ul></li><li><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.en.html" title="visit page Macroprudential Bulletin">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Research publications"></a><a href="/press/research-publications/html/index.en.html" title="visit page Research publications">Research publications</a><ul><li><a href="/press/research-publications/resbull/html/index.en.html" title="visit page Research Bulletin">Research Bulletin</a></li><li><a href="/press/research-publications/working-papers/html/index.en.html" title="visit page Working papers">Working papers</a></li><li><a href="/press/research-publications/discussion-papers/html/index.en.html" title="visit page Discussion papers">Discussion papers</a></li><li><a href="/press/research-publications/occasional-papers/html/index.en.html" title="visit page Occasional papers">Occasional papers</a></li><li><a href="/press/research-publications/legal-working-papers/html/index.en.html" title="visit page Legal working papers">Legal working papers</a></li><li><a href="/press/research-publications/statistics-papers/html/index.en.html" title="visit page Statistics papers">Statistics papers</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Other publications"></a><a href="/press/other-publications/html/index.en.html" title="visit page Other publications">Other publications</a><ul><li><a href="/press/other-publications/mep-letters/html/index.en.html" title="visit page Letters to MEPs">Letters to MEPs</a></li><li><a href="/press/other-publications/convergence/html/index.en.html" title="visit page Convergence Report">Convergence Report</a></li><li><a href="/press/other-publications/ire/html/index.en.html" title="visit page International Role of the Euro">International Role of the Euro</a></li></ul></li><li><span>Events & calendars</span></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Monetary policy press conference"></a><a href="/press/press_conference/html/index.en.html" title="visit page Monetary policy press conference">Monetary policy press conference</a><ul><li><a href="/press/press_conference/monetary-policy-statement/html/index.en.html" title="visit page Monetary policy statements">Monetary policy statements</a></li><li><a href="/press/press_conference/visual-mps/html/index.en.html" title="visit page Monetary policy statements at a glance">Monetary policy statements at a glance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Conferences & seminars"></a><a href="/press/conferences/html/index.en.html" title="visit page Conferences & seminars">Conferences & seminars</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Forum on Central Banking"></a><a href="/press/conferences/ecbforum/html/index.en.html" title="visit page Forum on Central Banking">Forum on Central Banking</a><ul><li><a href="/press/conferences/ecbforum/YE_competition/html/index.en.html" title="visit page Young Economist Prize">Young Economist Prize</a></li><li><a href="/press/conferences/ecbforum/previous_fora/html/index.en.html" title="visit page Past editions">Past editions</a></li></ul></li><li><a href="/press/conferences/civil_society_engagement/html/index.en.html" title="visit page Civil society engagement">Civil society engagement</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Calendars"></a><a href="/press/calendars/html/index.en.html" title="visit page Calendars">Calendars</a><ul><li><a href="/press/calendars/weekly/html/index.en.html" title="visit page Weekly schedule">Weekly schedule</a></li><li><a href="/press/calendars/mgcgc/html/index.en.html" title="visit page Meetings of the Governing Council and the General Council">Meetings of the Governing Council and the General Council</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Statistical calendars"></a><a href="/press/calendars/statscal/html/index.en.html" title="visit page Statistical calendars">Statistical calendars</a><ul><li><a href="/press/calendars/statscal/mfm/html/index.en.html" title="visit page Money, banking and financial markets">Money, banking and financial markets</a></li><li><a href="/press/calendars/statscal/eaa/html/index.en.html" title="visit page Euro area economic and financial developments by institutional sector">Euro area economic and financial developments by institutional sector</a></li><li><a href="/press/calendars/statscal/ext/html/index.en.html" title="visit page External transactions and positions">External transactions and positions</a></li><li><a href="/press/calendars/statscal/ges/html/index.en.html" title="visit page Prices, output, demand and labour">Prices, output, demand and labour</a></li><li><a href="/press/calendars/statscal/gf/html/index.en.html" title="visit page Government finance">Government finance</a></li><li><a href="/press/calendars/statscal/sps/html/index.en.html" title="visit page Supervisory and prudential statistics">Supervisory and prudential statistics</a></li></ul></li><li><a href="/press/calendars/caleu/html/index.en.html" title="visit page Eurosystem's tender operations">Eurosystem's tender operations</a></li><li><a href="/press/calendars/reserve/html/index.en.html" title="visit page Reserve maintenance period">Reserve maintenance period</a></li></ul></li></ul></div></li><li class="-ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.en.html" title="visit page Banking Supervision">Banking Supervision<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for About us"></a><a href="/ecb/html/index.en.html" title="visit page About us">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> <a href="/ecb">Overview of About us</a><hr> </div> </div></div><ul><li><a href="/ecb/all-about-us/html/index.en.html" title="visit page All about us">All about us</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our leadership"></a><a href="/ecb/decisions/html/index.en.html" title="visit page Our leadership">Our leadership</a><ul><li><a href="/ecb/decisions/eb/html/index.en.html" title="visit page Executive Board">Executive Board</a></li><li><a href="/ecb/decisions/govc/html/index.en.html" title="visit page Governing Council">Governing Council</a></li><li><a href="/ecb/decisions/genc/html/index.en.html" title="visit page General Council">General Council</a></li><li><a href="/ecb/decisions/ssm/html/index.en.html" title="visit page Supervisory Board">Supervisory Board</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our organisation"></a><a href="/ecb/orga/html/index.en.html" title="visit page Our organisation">Our organisation</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for ECB, ESCB and the Eurosystem"></a><a href="/ecb/orga/escb/html/index.en.html" title="visit page ECB, ESCB and the Eurosystem">ECB, ESCB and the Eurosystem</a><ul><li><a href="/ecb/orga/escb/ecb-mission/html/index.en.html" title="visit page ECB mission">ECB mission</a></li><li><a href="/ecb/orga/escb/eurosystem-mission/html/index.en.html" title="visit page Eurosystem mission">Eurosystem mission</a></li><li><a href="/ecb/orga/escb/strategic-intents/html/index.en.html" title="visit page Strategic intents">Strategic intents</a></li><li><a href="/ecb/orga/escb/organisational-principles/html/index.en.html" title="visit page Organisational principles">Organisational principles</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our tasks and responsibilities"></a><a href="/ecb/orga/tasks/html/index.en.html" title="visit page Our tasks and responsibilities">Our tasks and responsibilities</a><ul><li><a href="/ecb/orga/tasks/monpol/html/index.en.html" title="visit page Monetary policy">Monetary policy</a></li><li><a href="/ecb/orga/tasks/statistics/html/index.en.html" title="visit page Statistics">Statistics</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Financial stability and macroprudential policy"></a><a href="/ecb/orga/tasks/stability/html/index.en.html" title="visit page Financial stability and macroprudential policy">Financial stability and macroprudential policy</a><ul><li><a href="/ecb/orga/tasks/stability/tasks/html/index.en.html" title="visit page Our tasks">Our tasks</a></li><li><a href="/ecb/orga/tasks/stability/strategy/html/index.en.html" title="visit page Strategy">Strategy</a></li><li><a href="/ecb/orga/tasks/stability/framework/html/index.en.html" title="visit page Institutional framework">Institutional framework</a></li></ul></li><li><a href="/ecb/orga/tasks/euro/html/index.en.html" title="visit page Banknotes">Banknotes</a></li><li><a href="/ecb/orga/tasks/paym/html/index.en.html" title="visit page Payments & securities">Payments & securities</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for European relations"></a><a href="/ecb/orga/tasks/europe/html/index.en.html" title="visit page European relations">European relations</a><ul><li><a href="/ecb/orga/tasks/europe/cooperation/html/index.en.html" title="visit page European cooperation">European cooperation</a></li><li><a href="/ecb/orga/tasks/europe/emu/html/index.en.html" title="visit page EMU economic governance">EMU economic governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for International affairs"></a><a href="/ecb/orga/tasks/international/html/index.en.html" title="visit page International affairs">International affairs</a><ul><li><a href="/ecb/orga/tasks/international/institutions/html/index.en.html" title="visit page International relations and analysis">International relations and analysis</a></li><li><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.en.html" title="visit page International central bank cooperation">International central bank cooperation</a></li></ul></li><li><a href="/ecb/orga/tasks/reserves/html/index.en.html" title="visit page Foreign reserves and own funds">Foreign reserves and own funds</a></li><li><a href="/ecb/orga/tasks/forex/html/index.en.html" title="visit page Foreign exchange operations">Foreign exchange operations</a></li></ul></li><li><a href="/ecb/orga/orgachart/html/index.en.html" title="visit page Organisation chart of the ECB">Organisation chart of the ECB</a></li><li><a href="/ecb/orga/capital/html/index.en.html" title="visit page Capital subscription">Capital subscription</a></li><li><a href="/ecb/orga/governance/html/index.en.html" title="visit page Corporate governance">Corporate governance</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our values"></a><a href="/ecb/our-values/html/index.en.html" title="visit page Our values">Our values</a><ul><li><a href="/ecb/our-values/independence/html/index.en.html" title="visit page Independence">Independence</a></li><li><a href="/ecb/our-values/transparency/html/index.en.html" title="visit page Transparency">Transparency</a></li><li><a href="/ecb/our-values/accountability/html/index.en.html" title="visit page Accountability">Accountability</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Ethics – working with integrity"></a><a href="/ecb/our-values/ethics/html/index.en.html" title="visit page Ethics – working with integrity">Ethics – working with integrity</a><ul><li><a href="/ecb/our-values/ethics/enmo/html/index.en.html" title="visit page Ethics Network of Multilateral Organizations (ENMO)">Ethics Network of Multilateral Organizations (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our history, arts and culture"></a><a href="/ecb/history-arts-culture/html/index.en.html" title="visit page Our history, arts and culture">Our history, arts and culture</a><ul><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our history"></a><a href="/ecb/history-arts-culture/history/html/index.en.html" title="visit page Our history">Our history</a><ul><li><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.en.html" title="visit page 25 years of the ECB">25 years of the ECB</a></li><li><a href="/ecb/history-arts-culture/history/emu/html/index.en.html" title="visit page Economic and Monetary Union">Economic and Monetary Union</a></li><li><a href="/ecb/history-arts-culture/history/enlargement/html/index.en.html" title="visit page EU enlargement">EU enlargement</a></li><li><a href="/ecb/history-arts-culture/history/ec/html/index.en.html" title="visit page European Union">European Union</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Archives"></a><a href="/ecb/history-arts-culture/archives/html/index.en.html" title="visit page Archives">Archives</a><ul><li><a href="/ecb/history-arts-culture/archives/cog/html/index.en.html" title="visit page Committee of Governors">Committee of Governors</a></li><li><a href="/ecb/history-arts-culture/archives/emcf/html/index.en.html" title="visit page European Monetary Cooperation Fund">European Monetary Cooperation Fund</a></li><li><a href="/ecb/history-arts-culture/archives/delors/html/index.en.html" title="visit page Delors Committee">Delors Committee</a></li><li><a href="/ecb/history-arts-culture/archives/emi/html/index.en.html" title="visit page European Monetary Institute">European Monetary Institute</a></li><li><a href="/ecb/history-arts-culture/archives/european/html/index.en.html" title="visit page European Central Bank">European Central Bank</a></li></ul></li><li><a href="/ecb/history-arts-culture/artsculture/html/index.en.html" title="visit page Arts and culture">Arts and culture</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Our legal framework"></a><a href="/ecb/legal/html/index.en.html" title="visit page Our legal framework">Our legal framework</a><ul><li><a href="/ecb/legal/faqs/html/index.en.html" title="visit page EUR-Lex - Frequently asked questions">EUR-Lex - Frequently asked questions</a></li><li><a href="/ecb/legal/fsla/html/index.en.html" title="visit page Institutional framework">Institutional framework</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Climate change and the ECB"></a><a href="/ecb/climate/html/index.en.html" title="visit page Climate change and the ECB">Climate change and the ECB</a><ul><li><a href="/ecb/climate/our-climate-and-nature-plan/html/index.en.html" title="visit page Our climate and nature plan">Our climate and nature plan</a></li><li><a href="/ecb/climate/climate-related-financial-disclosures/html/index.en.html" title="visit page Climate-related financial disclosures">Climate-related financial disclosures</a></li><li><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html" title="visit page Managing climate-related risks">Managing climate-related risks</a></li><li><a href="/ecb/climate/green_transition/html/index.en.html" title="visit page Supporting the green transition">Supporting the green transition</a></li><li><a href="/ecb/climate/wider_action/html/index.en.html" title="visit page Fostering wider action">Fostering wider action</a></li><li><a href="/ecb/climate/our_approach/html/index.en.html" title="visit page Our approach">Our approach</a></li><li><a href="/ecb/climate/green/html/index.en.html" title="visit page Environmental protection">Environmental protection</a></li><li><a href="/ecb/climate/climate/html/index.en.html" title="visit page Climate Insurance Protection Gap">Climate Insurance Protection Gap</a></li></ul></li><li><a href="/ecb/sanctions/html/index.en.html" title="visit page Sanctions imposed by the ECB">Sanctions imposed by the ECB</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Procurement"></a><a href="/ecb/jobsproc/html/index.en.html" title="visit page Procurement">Procurement</a><ul><li><a href="/ecb/jobsproc/tenders/html/index.en.html" title="visit page Tenders">Tenders</a></li><li><a href="/ecb/jobsproc/archive/html/index.en.html" title="visit page Archive">Archive</a></li><li><a href="/ecb/jobsproc/sourcing/html/index.en.html" title="visit page Electronic tendering system">Electronic tendering system</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Access to documents"></a><a href="/ecb/access_to_documents/html/index.en.html" title="visit page Access to documents">Access to documents</a><ul><li><a href="/ecb/access_to_documents/document/html/index.en.html" title="visit page Public Register of Documents">Public Register of Documents</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Contacts"></a><a href="/ecb/contacts/html/index.en.html" title="visit page Contacts">Contacts</a><ul><li><a href="/ecb/contacts/address/html/index.en.html" title="visit page Address">Address</a></li><li><a href="/ecb/contacts/working-hours/html/index.en.html" title="visit page ECB public holidays">ECB public holidays</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for ECB & You"></a><a href="/ecb-and-you/html/index.en.html" title="visit page ECB & You">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> <a href="/ecb-and-you">Overview of ECB & You</a><hr> </div> </div></div><ul><li><a href="/ecb-and-you/educational/html/index.en.html" title="visit page All about ECB & You">All about ECB & You</a></li><li><a href="/ecb-and-you/explainers/html/index.en.html" title="visit page Explainers">Explainers</a></li><li><a href="/ecb-and-you/test-your-knowledge/html/index.en.html" title="visit page Test your knowledge">Test your knowledge</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Youth initiatives"></a><a href="/ecb-and-you/youth-initiatives/html/index.en.html" title="visit page Youth initiatives">Youth initiatives</a><ul><li><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.en.html" title="visit page Girls' IT Bootcamp">Girls' IT Bootcamp</a></li></ul></li><li><a href="/ecb-and-you/everyone-needs-stability/html/index.en.html" title="visit page Everyone needs stability">Everyone needs stability</a></li><li><a href="/ecb-and-you/ecb_and_you/html/index.en.html" title="visit page ECB & You broadcasts">ECB & You broadcasts</a></li><li><a href="/ecb-and-you/ask_us/html/index.en.html" title="visit page Ask us">Ask us</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Visit us"></a><a href="/ecb-and-you/visits/html/index.en.html" title="visit page Visit us">Visit us</a><ul><li><a href="/ecb-and-you/visits/premises/html/index.en.html" title="visit page Main building">Main building</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="#" class="subpages icon" title="toggle subpages for Careers"></a><a href="/careers/html/index.en.html" title="visit page Careers">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> <a href="/careers">Overview of Careers</a><hr> </div> </div></div><ul><li><a href="/careers/all-about-careers/html/index.en.html" title="visit page All about careers">All about careers</a></li><li><a href="/careers/vacancies/html/index.en.html" title="visit page Vacancies">Vacancies</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Who we are"></a><a href="/careers/working-at-the-ecb/html/index.en.html" title="visit page Who we are">Who we are</a><ul><li><a href="/careers/working-at-the-ecb/about/html/index.en.html" title="visit page About the ECB">About the ECB</a></li><li><a href="/careers/working-at-the-ecb/employee-portraits/html/index.en.html" title="visit page Meet our people">Meet our people</a></li><li><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.en.html" title="visit page Life in Frankfurt">Life in Frankfurt</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Why we value diversity"></a><a href="/careers/why-we-value-diversity/html/index.en.html" title="visit page Why we value diversity">Why we value diversity</a><ul><li><a href="/careers/why-we-value-diversity/women/html/index.en.html" title="visit page Women@ECB">Women@ECB</a></li><li><a href="/careers/why-we-value-diversity/diversity-networks/html/index.en.html" title="visit page Diversity networks">Diversity networks</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for What we offer"></a><a href="/careers/what-we-offer/html/index.en.html" title="visit page What we offer">What we offer</a><ul><li><a href="/careers/what-we-offer/benefits/html/index.en.html" title="visit page Benefits & rewards">Benefits & rewards</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for Contract types"></a><a href="/careers/what-we-offer/contract/html/index.en.html" title="visit page Contract types">Contract types</a><ul><li><a href="/careers/what-we-offer/contract/fixed/html/index.en.html" title="visit page Fixed-term">Fixed-term</a></li><li><a href="/careers/what-we-offer/contract/short/html/index.en.html" title="visit page Short-term">Short-term</a></li><li><a href="/careers/what-we-offer/contract/escb/html/index.en.html" title="visit page ESCB/IO">ESCB/IO</a></li><li><a href="/careers/what-we-offer/contract/other/html/index.en.html" title="visit page Other">Other</a></li></ul></li><li><a href="/careers/what-we-offer/traineeship/html/index.en.html" title="visit page Traineeship">Traineeship</a></li><li><a href="/careers/what-we-offer/graduate/html/index.en.html" title="visit page Graduate programme">Graduate programme</a></li><li><a href="/careers/what-we-offer/wecs/html/index.en.html" title="visit page ECB Scholarship for Women">ECB Scholarship for Women</a></li><li><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.en.html" title="visit page ECB Scholarship for Ukrainian graduates">ECB Scholarship for Ukrainian graduates</a></li></ul></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for How you can join us"></a><a href="/careers/before-you-apply/html/index.en.html" title="visit page How you can join us">How you can join us</a><ul><li><a href="/careers/before-you-apply/how-to-apply/html/index.en.html" title="visit page How to apply">How to apply</a></li><li><a href="/careers/before-you-apply/how-we-hire/html/index.en.html" title="visit page How we hire">How we hire</a></li><li class="has-subpages"><a href="#" class="subpages icon" title="toggle subpages for You have been selected, what next?"></a><a href="/careers/before-you-apply/newcomers/html/index.en.html" title="visit page You have been selected, what next?">You have been selected, what next?</a><ul><li><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.en.html" title="visit page Fixed-term employee">Fixed-term employee</a></li><li><a href="/careers/before-you-apply/newcomers/short-term/html/index.en.html" title="visit page Short-term employee">Short-term employee</a></li><li><a href="/careers/before-you-apply/newcomers/trainee/html/index.en.html" title="visit page Trainee">Trainee</a></li><li><a href="/careers/before-you-apply/newcomers/cost-free/html/index.en.html" title="visit page Cost-free secondee">Cost-free secondee</a></li></ul></li></ul></li><li><a href="/careers/faq/html/index.en.html" title="visit page FAQs">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> </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="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"> <main> <div class="slider-large -right -gradient-box"> <div class="slider_image fast image-attribution" data-image="/home/shared/img/bas/slide-1_4b624887d6f229260ba26e86ffe348d8.jpg" data-image-webp="/home/shared/img/bas/slide-1_4b624887d6f229260ba26e86ffe348d8.webp" ></div> <div class="slider_content_container"> <div class="slider_text"> <div class="slider_header_container"> <div class="slider_text_sub_title"> <p>SPEECH</p> </div> <div class="slider_text_heading"> <h2>Channelling savings into investment and innovation</h2> </div> </div> <div class="slider_text_content"> <p>Europe needs to refocus efforts on a capital markets union, says President Christine Lagarde at the European Banking Congress. Rather than the current piecemeal approach, there are three key issues to tackle.</p> <a href="/press/key/date/2024/html/ecb.sp241122~fb84170883.en.html" class="button">Read President Lagarde’s speech</a> </div> </div> </div> </div><div class="tabs-container -white-blue -homepage"> <input id="t1" name="homepage-tab-group" type="radio" checked=""> <label for="t1"><span class="arrow"></span>In focus</label> <div class="tab-content"> <div class="boxes"> <div class="box"> <div data-image="/home/shared/img/bas/box-1_c5d489c9c69232ae528890f932dc6e09.jpg" data-image-webp="/home/shared/img/bas/box-1_c5d489c9c69232ae528890f932dc6e09.webp" > </div> <div> <div> <span class="type">SPEECH</span> <span class="date">21 November 2024</span> </div> <h3> Navigating economic bottlenecks <br></h3> <p>We must future-proof Europe’s economy against bottlenecks caused by geopolitical tensions, economic fragmentation and climate and nature hazards, says Executive Board member Frank Elderson. For monetary policy, this means maintaining flexibility while staying laser-focused on our mandate.</p> <a href="/press/key/date/2024/html/ecb.sp241121_1~c83f445c4d.en.html">Read the speech</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-2_03a6d20204f40555fbd236e61900204c.jpg" data-image-webp="/home/shared/img/bas/box-2_03a6d20204f40555fbd236e61900204c.webp" > </div> <div> <div> <span class="type">SPEECH</span> <span class="date">21 November 2024</span> </div> <h3> Cyber defence for the new geopolitical season <br></h3> <p>The geopolitical environment is tilting the threat landscape further towards state actors, says Executive Board member Piero Cipollone. For some time now, they have been responsible for the most serious cyber threats, and this is likely to continue.</p> <a href="/press/key/date/2024/html/ecb.sp241121~c14201450d.en.html">Read his speech</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-3_21bbac8e01e3b73262b839b806bd4eec.jpg" data-image-webp="/home/shared/img/bas/box-3_21bbac8e01e3b73262b839b806bd4eec.webp" > </div> <div> <div> <span class="type">FINANCIAL STABILITY REVIEW</span> <span class="date">20 November 2024</span> </div> <h3> Financial stability risks remain elevated <br></h3> <p>Financial stability vulnerabilities remain elevated in an environment of heightened geopolitical and policy uncertainty and rising global trade tensions.</p> <a href="/press/financial-stability-publications/fsr/html/index.en.html">Read our Financial Stability Review</a> </div> </div> </div> </div> <input id="t2" name="homepage-tab-group" type="radio"> <label for="t2"><span class="arrow"></span>Press releases</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.en.html" >Euro area financial stability vulnerabilities remain elevated in a volatile environment</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.de.pdf" data-label="German"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.fr.pdf" data-label="French"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.en.html" >Consolidated financial statement of the Eurosystem as at 15 November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(22)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="bg" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="hu" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.mt.html"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT - COMMENTARY</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.en.html" >Commentary</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="es" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.de.pdf" data-label="German"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.fr.pdf" data-label="French"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FAQ</div><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" >Can our financial system support the green transition when the going gets tough?</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">BALANCE OF PAYMENTS (MONTHLY)</div><div class="title"><a href="/press/stats/bop/2024/html/ecb.bp241119~ecead08a33.en.html" >Euro area monthly balance of payments: September 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/stats/bop/2024/html/ecb.bp241119~ecead08a33.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/stats/bop/2024/html/ecb.bp241119~ecead08a33.de.pdf" data-label="German"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/stats/bop/2024/html/ecb.bp241119~ecead08a33.es.pdf" data-label="Spanish"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/stats/bop/2024/html/ecb.bp241119~ecead08a33.fr.pdf" data-label="French"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">BALANCE OF PAYMENTS (MONTHLY)</div><div class="title"><a href="/press/stats/bop/2024/html/ecb.bp241119_annex~cb3d488d4a.en.pdf?bbed237fb9f3e9034d9fc42f49fa0b54" >Table</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/stats/bop/2024/html/ecb.bp241119_annex~cb3d488d4a.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">MONETARY POLICY ACCOUNT</div><div class="title"><a href="/press/accounts/2024/html/ecb.mg241114~c0e6f53cf7.en.html" >Meeting of 16-17 October 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/accounts/2024/html/ecb.mg241114~c0e6f53cf7.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-10-17"><div class="date">17 October 2024</div></dt><dd><div class="category">MONETARY POLICY DECISION</div><div class="title"><a href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html" >Monetary policy decisions</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(23)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="bg" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="ga" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.ga.html"> <span class="ecb-full">Gaeilge</span><span class="ecb-short">GA</span></a><a lang="hr" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="hu" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.hu.html"> <span class="ecb-full">Magyar</span><span class="ecb-short">HU</span></a><a lang="it" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="mt" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.mt.html"> <span class="ecb-full">Malti</span><span class="ecb-short">MT</span></a><a lang="nl" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div></dd></dl></div></div></div></dd> </dl> </div> <div class="click-for-more"> <a href="/press/pr/html/index.en.html" class="arrow">ALL PRESS RELEASES</a> </div> </div> <input id="t3" name="homepage-tab-group" type="radio"> <label for="t3"><span class="arrow"></span>Speeches</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241122_1~bb56860134.en.html" >Isabel Schnabel: Reassessing monetary policy tools in a volatile macroeconomic environment</a></div><div class="subtitle">Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the BIS Colloquium in honour of Claudio Borio, Head of the Monetary and Economic Department, in Basel, Switzerland</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241122_1~bb56860134.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241114~af51032e63.en.html" >Reassessing monetary policy tools in a volatile macroeconomic environment</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241114~af51032e63.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241122~fb84170883.en.html" >Christine Lagarde: Follow the money: channelling savings into investment and innovation in Europe</a></div><div class="subtitle">Speech by Christine Lagarde, President of the ECB, at the 34th European Banking Congress: "Out of the Comfort Zone: Europe and the New World Order"</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(4)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="de" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="es" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div></dd><dt isoDate="2024-11-21"><div class="date">21 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf?0a074e9d5dd77aa234f5fff02e030156" >Philip R. Lane: Navigating a fragmenting global trading system: insights for central banks</a></div><div class="subtitle">Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the 27th Annual Research Conference “The Macroeconomic Effects of Geopolitical Uncertainty” organised by De Nederlandsche Bank in Amsterdam, Netherlands</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-21"><div class="date">21 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241121_1~c83f445c4d.en.html" >Frank Elderson: Securing stability in an insecure environment: navigating a bottleneck economy</a></div><div class="subtitle">Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the University of Cyprus, Nicosia</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241121_1~c83f445c4d.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-21"><div class="date">21 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241121~c14201450d.en.html" >Piero Cipollone: Building a solid cyber defence for the new geopolitical season</a></div><div class="subtitle">Introductory remarks by Piero Cipollone, Member of the Executive Board of the ECB, at the tenth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241121~c14201450d.en.html"> <span class="ecb-full">English</span></a></span></div></dd> </dl> </div> <div class="click-for-more"> <a href="/press/key/html/index.en.html" data-label="English" class="arrow">ALL SPEECHES</a> </div> </div> <input id="t4" name="homepage-tab-group" type="radio"> <label for="t4"><span class="arrow"></span>Interviews</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-10-31"><div class="date">31 October 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.en.html" >Christine Lagarde: Interview with Le Monde </a></div><div class="subtitle">Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="fr" href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-10-29"><div class="date">29 October 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241029~d42f1b23df.en.html" >Luis de Guindos: Interview with ANSA</a></div><div class="subtitle">Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241029~d42f1b23df.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="it" href="/press/inter/date/2024/html/ecb.in241029~d42f1b23df.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div></dd><dt isoDate="2024-10-08"><div class="date">8 October 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241008~392614af30.en.html" >Frank Elderson: Interview with Delo</a></div><div class="subtitle">Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Miha Jenko</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241008~392614af30.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="sl" href="/press/inter/date/2024/html/ecb.in241008~392614af30.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a></div></div></div></dd><dt isoDate="2024-09-20"><div class="date">20 September 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in240920~d2c166895d.en.html" >Luis de Guindos: Interview with Expresso</a></div><div class="subtitle">Interview with Luis de Guindos, Vice-President of the ECB, conducted by Gonçalo Almeida on 13 September</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in240920~d2c166895d.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="pt" href="/press/inter/date/2024/html/ecb.in240920~d2c166895d.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a></div></div></div></dd><dt isoDate="2024-09-04"><div class="date">4 September 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in240904~46dea8ce42.en.html" >Piero Cipollone: Interview with Le Monde</a></div><div class="subtitle">Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Eric Albert</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in240904~46dea8ce42.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="fr" href="/press/inter/date/2024/html/ecb.in240904~46dea8ce42.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd> </dl> </div> <div class="click-for-more"> <a href="/press/inter/html/index.en.html" data-label="English" class="arrow">ALL INTERVIEWS</a> </div> </div> <input id="t5" name="homepage-tab-group" type="radio"> <label for="t5"><span class="arrow"></span>The ECB Blog</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" >Luis de Guindos: Can our financial system support the green transition when the going gets tough?</a></div><div class="subtitle">Meeting the EU’s climate neutrality targets calls for deep structural changes and significant private funding, requiring a healthy financial system. That’s why we’ve tested how resilient banks, investment funds and insurers are to stresses arising during the green transition. ECB Vice-President Luis de Guindos explains the findings.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog241114~6a3182c0bd.en.html" >Quantitative Tightening: How do shrinking Eurosystem bond holdings affect long-term interest rates?</a></div><div class="subtitle">The Eurosystem has started to reduce its bond holdings. This ECB Blog post investigates how strongly the shrinking balance sheet affects long-term interest rates. Estimates based on the Survey of Monetary Analysts suggest: an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 bps.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/yldz-akkaya.en.html" >Yıldız Akkaya</a></li><li><a href="/pub/research/authors/profiles/john-hutchinson.en.html" >John Hutchinson</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog241114~6a3182c0bd.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd><dt isoDate="2024-11-12"><div class="date">12 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241112~8eff6b9405.en.html" >Christine Lagarde: Mind the gap: what it takes to finance a greener future</a></div><div class="subtitle">Complacency in fighting climate change and preserving biodiversity is endangering our economic survival. The longer we wait, the higher the costs will be. Christine Lagarde, President of the European Central Bank, warns of the growing gap between the commitments made and the investment needed.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241112~8eff6b9405.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-01"><div class="date">1 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html" >Piero Cipollone: The digital euro: what’s in it for you?</a></div><div class="subtitle">As they juggle various cards, apps and devices, most Europeans find that digital payments have fallen short of their promise to provide a convenient euro area-wide solution. The ECB’s Piero Cipollone explains how a digital euro would blend the simplicity of cash with digital convenience. </div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(15)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="de" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div></dd><dt isoDate="2024-10-24"><div class="date">24 October 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241024~a31e84aa61.en.html" >Cross-border deposits: growing trust in the euro area</a></div><div class="subtitle">People have tended to be quite hesitant to trust banks abroad. That seems to be changing. The ECB Blog shows that cross-border bank deposits of private households have picked up recently.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/matthias-rumpf.en.html" >Matthias Rumpf</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241024~a31e84aa61.en.html"> <span class="ecb-full">English</span></a></span></div></dd> </dl> </div> <div class="click-for-more"> <a href="/press/blog/html/index.en.html" class="arrow">ALL BLOG POSTS</a> </div> </div> <input id="t6" name="homepage-tab-group" type="radio"> <label for="t6"><span class="arrow"></span>Publications</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="category">OTHER PUBLICATION</div><div class="title"><a href="/pub/pdf/other/ecb.eurosystem_response_EUcommission_on_macroprudential_policies_NBFI_202411~a38ef4423d.en.pdf?2997f7ff2386e7d174deab18354444cd" >Eurosystem response to EU Commission’s consultation on macroprudential policies for non-bank financial intermediation (NBFI)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.eurosystem_response_EUcommission_on_macroprudential_policies_NBFI_202411~a38ef4423d.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 2477</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp2477~e636f9c496.en.pdf?40ef1a51d08a631d24cf27ff05706a50" >Green asset pricing</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/ghassane-benmir.en.html" >Ghassane Benmir</a></li><li><a href="/pub/research/authors/profiles/ivan-jaccard.en.html" >Ivan Jaccard</a></li><li><a href="/pub/research/authors/profiles/gauthier-vermandel.en.html" >Gauthier Vermandel</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp2477~e636f9c496.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper demonstrates that empirically grounding the discount factor significantly influences the determination of the carbon price. Using two complementary nonlinear statistical approaches, we assess which utility formulations and corresponding stochastic discount factors best align with U.S. data. We provide evidence that habit formation is essential for capturing the time variation in the stochastic discount factor necessary to match the data. This increased time variation raises the carbon price by 32% and makes it five times more procyclical compared to standard models. The heightened procyclicality reduces aggregate risk, the risk premium, and the need for precautionary savings.</dd><dt>JEL Code</dt><dd><strong>Q58</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy<br/><strong>G12</strong> : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates<br/><strong>E32</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW</div><div class="title"><a href="/press/financial-stability-publications/fsr/html/ecb.fsr202411~dd60fc02c3.en.html" >Financial Stability Review, November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/html/ecb.fsr202411~dd60fc02c3.en.html"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/fsr/ecb.fsr202411~dd60fc02c3.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW</div><div class="title"><a href="/pub/pdf/fsr/ecb.fsr202411_annex~630e55881a.en.zip?64eecdcb71228cecf6a16fd9ad963e9a" >Statistical data</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='download' lang="en" href="/pub/pdf/fsr/ecb.fsr202411_annex~630e55881a.en.zip"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_05~1327f6cf66.en.html" >The potential impact on the euro area bond market of forced asset sales by euro area investment funds</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andrzej-sowinski.en.html" >Andrzej Sowiński</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_05~1327f6cf66.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Structural liquidity mismatches within euro area investment funds are both a source and an amplifier of systemic risk. These funds often offer more favourable redemption terms than the liquidity of their holdings justifies, potentially creating financial stability risks. Negative market shocks can quickly lead to large investor outflows, necessitating substantial asset sales that exert downward pressure on asset prices. This can result in a self-reinforcing cycle of further outflows and increased volatility. Investment funds have a larger footprint in euro area corporate bonds, which tend to be less liquid than other assets. This makes corporate bonds especially susceptible to sharp price declines under forced sale conditions, heightening the likelihood of disorderly market corrections. By contrast, euro area sovereign bonds are relatively resilient due to their higher liquidity and the more diversified investor base, reducing the market impact of sales by specific types of investors. This analysis highlights the need for regulatory adjustments to better safeguard financial stability. Extending redemption notice periods for funds with less liquid assets is a key recommendation, as such measures can help stabilise markets during times of stress by allowing more orderly liquidation and reducing abrupt price impacts.</dd><dt>JEL Code</dt><dd><strong>G17</strong> : Financial Economics→General Financial Markets→Financial Forecasting and Simulation<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_04~9a4d04b582.en.html" >Euro area banks as intermediators of US dollar liquidity via repo and FX swap markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/benjamin-klaus.en.html" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/luca-mingarelli.en.html" >Luca Mingarelli</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_04~9a4d04b582.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This box examines the role of euro area banks in the intermediation of US dollar liquidity and maps the global structure of funding markets and their evolution. Euro area banks have significantly increased their involvement in US dollar repo and FX swap markets, particularly since the onset of the monetary policy tightening cycle in 2022. This increased intermediation exposes euro area banks and their counterparties to potential liquidity risks, especially during periods of market stress. The short-term nature of these markets, combined with high market concentration and the off-balance-sheet nature of FX swaps, can amplify the transmission of shocks. Central bank swap lines are crucial for providing dollar liquidity and mitigating these financial stability risks during times of stress.</dd><dt>JEL Code</dt><dd><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/><strong>F31</strong> : International Economics→International Finance→Foreign Exchange<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_02~7d5aa38bbd.en.html" >Rents or rates: what is driving the commercial real estate market?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/alessandro-cavalleri.en.html" >Alessandro Cavalleri</a></li><li><a href="/pub/research/authors/profiles/giorgia-de-nora.en.html" >Giorgia De Nora</a></li><li><a href="/pub/research/authors/profiles/ellen-ryan.en.html" >Ellen Ryan</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_02~7d5aa38bbd.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Understanding the drivers of the current downturn in commercial real estate (CRE) can provide insights into the outlook for the market and potential spillovers to the financial system and wider economy. This box uses a BVAR model to show that monetary policy and adverse CRE demand shocks have been the main factors pushing CRE prices down since the start of 2022. Alongside falling prices, asset write-downs have been the primary driver of the recent sharp drop in the headline profits of real estate firms. Moreover, in many cases real estate firms’ revenue growth has not kept pace with their financing costs, which has potential implications for their repayment capacity.</dd><dt>JEL Code</dt><dd><strong>R30</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→General<br/><strong>R33</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Nonagricultural and Nonresidential Real Estate Markets<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_01~f8e75ebd78.en.html" >Financial markets and investor behaviour in times of stress in euro area sovereign bond markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/pablo-anaya-longaric.en.html" >Pablo Anaya Longaric</a></li><li><a href="/pub/research/authors/profiles/katharina-cera.en.html" >Katharina Cera</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" >Christoph Kaufmann</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_01~f8e75ebd78.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Recent episodes of widening sovereign bond spreads have led to renewed concerns about financial stability related to sovereign risk in the euro area. Against this backdrop, this box presents an empirical analysis of the shifts in financing conditions for both sovereigns and non-financial corporations, as well as changes in the sovereign bond holdings of domestic and foreign investors following a sovereign stress shock. The analysis finds that financing conditions for sovereigns and firms deteriorate after sovereign stress events, while financial and political uncertainty increase. When sovereign stress events occur, investment funds and global investors withdraw from euro sovereign debt markets, while domestic investors step in.</dd><dt>JEL Code</dt><dd><strong>F34</strong> : International Economics→International Finance→International Lending and Debt Problems<br/><strong>F45</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - ARTICLE</div><div class="title"><a href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_01~9942a246e3.en.html" >Communication for financial crisis prevention: a tale of two decades</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/john-fell.en.html" >John Fell</a></li><li><a href="/pub/research/authors/profiles/sandor-gardo.en.html" >Sándor Gardó</a></li><li><a href="/pub/research/authors/profiles/benjamin-klaus.en.html" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/jonas-wendelborn.en.html" >Jonas Wendelborn</a></li><li><a href="/pub/research/authors/profiles/stefan-wredenborg.en.html" >Stefan Wredenborg</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_01~9942a246e3.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This edition of the ECB’s Financial Stability Review (FSR) marks the 20th anniversary of its inaugural publication. The FSR was originally launched to help in preventing financial crises, and this special feature draws lessons from two decades of experience in identifying, analysing and communicating about systemic risks via this publication. Although risk analysis and risk communication are distinct processes, the special feature emphasises that they are inextricably intertwined in a seamless cycle where each informs and enhances the other. Effective risk identification is founded on the ability to combine structured, data-driven assessments with qualitative insights and expert judgement. Such an approach requires a comprehensive and adaptive framework that continuously integrates broad reviews of indicators with focused analyses on emerging risks. Early identification of vulnerabilities enables timely intervention, but the complex, non-linear way that the financial system functions means that flexibility remains essential. Clear and transparent communication of systemic risks supports this analytical process by shaping expectations and enhancing market discipline, creating a feedback loop that strengthens both policy response and risk awareness. However, central banks face the challenge of balancing communication frequency and depth in order to avoid false alarms while at the same time maintaining credibility. As the ECB’s FSR has evolved, it has sought to become more accessible and data-driven, while utilising diverse media channels to broaden its audience. Experience confirms that targeted, proactive communication reinforces financial stability by aligning policymakers and markets, underscoring the symbiotic relationship between risk analysis and effective communication in maintaining financial system resilience.</dd><dt>JEL Code</dt><dd><strong>D81</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/></dd></dl></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">OTHER PUBLICATION</div><div class="title"><a href="/pub/pdf/other/ecb.report_fit-for-55_stress_test_exercise~7fec18f3a8.en.pdf?4ac4d9871ed7c8e8eaa9cde5c3452dcf" >Fit-for-55 climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.report_fit-for-55_stress_test_exercise~7fec18f3a8.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">ANNEX</div><div class="title"><a href="/pub/pdf/annex/ecb.report_fit-for-55_stress_test_exercise_chartdata.en.xlsx?031d230fa955218cdef7ed314d6b9a96" >Underlying chart data</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='xls' lang="en" href="/pub/pdf/annex/ecb.report_fit-for-55_stress_test_exercise_chartdata.en.xlsx"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FAQ</div><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" >Can our financial system support the green transition when the going gets tough?</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_03~87408e7fb3.en.html" >Passive investing and its impact on return co-movement, market concentration and liquidity in euro area equity markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/daniel-dieckelmann.en.html" >Daniel Dieckelmann</a></li><li><a href="/pub/research/authors/profiles/emilio-siciliano.en.html" >Emilio Siciliano</a></li><li><a href="/pub/research/authors/profiles/andrzej-sowinski.en.html" >Andrzej Sowiński</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_03~87408e7fb3.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The continuing shift from active to passive investing in equity markets over the past decade raises questions about the implications for financial stability along three dimensions. First, empirical evidence suggests that passive investing may increase co-movement among stock returns, making markets more volatile. Second, passive funds may increase equity market concentration, potentially exposing investors to heightened idiosyncratic risks from the largest companies. And third, the ability of equity markets to absorb shocks may be inhibited by the growing concentration of liquidity at closing auctions impacted by passive investing. In summary, passive investing continues to provide benefits to individual investors but might also adversely affect market functioning, thus highlighting the importance of investor heterogeneity.</dd><dt>JEL Code</dt><dd><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/><strong>G12</strong> : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates<br/><strong>G14</strong> : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-18"><div class="date">18 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - ARTICLE</div><div class="title"><a href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_02~4161cc6124.en.html" >Low firm productivity: the role of finance and the implications for financial stability</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/desislava-andreeva.en.html" >Desislava Andreeva</a></li><li><a href="/pub/research/authors/profiles/vasco-botelho.en.html" >Vasco Botelho</a></li><li><a href="/pub/research/authors/profiles/alessandro-ferrante.en.html" >Alessandro Ferrante</a></li><li><a href="/pub/research/authors/profiles/lucyna-grnicka.en.html" >Lucyna Gόrnicka</a></li><li><a href="/pub/research/authors/profiles/francesca-lenoci.en.html" >Francesca Lenoci</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_02~4161cc6124.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Productivity growth in the euro area has been declining for several decades. In light of the importance of bank lending as a source of external funding for euro area firms, this special feature investigates the link between firm productivity and bank credit allocation. Bank credit in the euro area has been skewed towards sectors that have contributed only marginally to aggregate productivity growth, such as real estate. Additionally, bank loans tilted towards less-productive firms within the same sectors during the COVID-19 pandemic, supported by state credit guarantees. Banks with weaker balance sheets lent more to less-productive firms during this period than other banks did. The tilt towards less-productive firms could have an indirect effect on aggregate productivity if the survival of less-productive firms suppresses the profitability of more-productive competitors, discouraging market entry and investment. A more diversified external funding structure could help boost the productivity of euro area firms, to the benefit of financial stability.</dd><dt>JEL Code</dt><dd><strong>D24</strong> : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity<br/><strong>E22</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/></dd></dl></div></div></dd><dt isoDate="2024-11-15"><div class="date">15 November 2024</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter241115_Zijlstra~344bb2c155.en.pdf?473b5d69c44caeaffbae78e95d68a60d" >Letter from the ECB President to Mr Auke Zijlstra, MEP, on the digital euro</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter241115_Zijlstra~344bb2c155.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-15"><div class="date">15 November 2024</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 361</div><div class="title"><a href="/pub/pdf/scpops/ecb.op361~145e704503.en.pdf?6d703007dff111e961aa41059ae93eca" >Keep calm, but watch the outliers: deposit flows in recent crisis episodes and beyond</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/luisa-fascione.en.html" >Luisa Fascione</a></li><li><a href="/pub/research/authors/profiles/koen-oosterhek.en.html" >Koen Oosterhek</a></li><li><a href="/pub/research/authors/profiles/beatrice-scheubel.en.html" >Beatrice Scheubel</a></li><li><a href="/pub/research/authors/profiles/livio-stracca.en.html" >Livio Stracca</a></li><li><a href="/pub/research/authors/profiles/nadya-wildmann.en.html" >Nadya Wildmann</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op361~145e704503.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Since the March 2023 banking turmoil, a policy debate has emerged concerning the unprecedented scale and speed of the observed deposit outflows. Have recent stress episodes and developments in technology structurally changed depositors’ behaviour? Are the Basel III liquidity coverage ratio (LCR) run-off assumptions for cash outflows still fit for purpose? Leveraging on monthly liquidity reporting for a sample of 110 significant institutions (SIs) between 2016 and 2024, we shed light on some stylised facts pertaining to the composition of deposit flows in the banking union. Overall, we find limited evidence of a structural change in the statistical behaviour of deposit flows to date. For all but one of the deposit classes included in the analysis, more than 90% of observable net outflows remained below the LCR run-off assumptions during the whole sample period. Some extreme deposit outflows recorded during the COVID-19 pandemic and for a few SIs assessed as failing or likely to fail (FOLTF) remain rare tail events for which the LCR standard was not designed.</dd><dt>JEL Code</dt><dd><strong>G20</strong> : Financial Economics→Financial Institutions and Services→General<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/></dd></dl></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_gui_2024_37.en.pdf?bd579990e66a7e6ab6973080664906e0" >Guideline ECB_2024_37 repealing Guideline ECB_2024_23 and amending Guideline ECB_2014_60 (Gen_Doc)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_gui_2024_37.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_gui_2024_36.en.pdf?835a920e7da23b6b9e4911e53967eca4" >Guideline ECB_2024_36 amending Guideline ECB_2024_22 on the management of collateral in Eurosystem credit operations</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_gui_2024_36.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3001</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3001~2650b4b003.en.pdf?10f15586e9ccf06b6ad71338f95814a6" >Real effects of credit supply shocks: evidence from Danish banks, firms, and workers</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/christofer-schroeder.en.html" >Christofer Schroeder</a></li><li><a href="/pub/research/authors/profiles/simon-juul-hviid.en.html" >Simon Juul Hviid</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3001~2650b4b003.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Contractions in credit supply can lead firms to reduce their level of employment, yet little is known about how these shocks affect the composition of firms’ employees and outcomes at the worker level. This paper investigates how bank distress affects credit provision and its effects on employment beyond firm-level aggregates. To do so, we use a novel dataset built from administrative and tax records linking all banks, firms, and workers in Denmark. We show that banks that were particularly exposed to the 2008-09 financial crisis cut lending to firms, and firms were unable to fully compensate with financing from alternate sources. The decrease in credit supply led to a drop in firm-level employment, with effects concentrated among firms with low pre-crisis liquidity, and on employment of low-educated and nonmanagerial workers. At the worker level, we find that positive effects on unemployment were driven by effects on low-educated, non-managerial and short-tenured workers. Our estimates suggest that cuts in bank lending can account for at least 5% of the fall in employment of low-educated workers in our sample, and are an important factor behind heterogeneous employment dynamics in times of contractionary credit.</dd><dt>JEL Code</dt><dd><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>J23</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Labor Demand<br/></dd></dl></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3000</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3000~33d4540ff4.en.pdf?8cf4cb94ad950937d58d32074c6f2830" >Banks and non-banks stressed: liquidity shocks and the mitigating role of insurance companies</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/matthias-sydow.en.html" >Matthias Sydow</a></li><li><a href="/pub/research/authors/profiles/gabor-fukker.en.html" >Gábor Fukker</a></li><li><a href="/pub/research/authors/profiles/tomasz-dubiel-teleszynski.en.html" >Tomasz Dubiel-Teleszynski</a></li><li><a href="/pub/research/authors/profiles/fabio-franch.en.html" >Fabio Franch</a></li><li><a href="/pub/research/authors/profiles/helmut-gruendl.en.html" >Helmut Gründl</a></li><li><a href="/pub/research/authors/profiles/debora-miccio.en.html" >Debora Miccio</a></li><li><a href="/pub/research/authors/profiles/michela-pellegrino.en.html" >Michela Pellegrino</a></li><li><a href="/pub/research/authors/profiles/sebastien-gallet.en.html" >Sébastien Gallet</a></li><li><a href="/pub/research/authors/profiles/stelios-kotronis.en.html" >Stelios Kotronis</a></li><li><a href="/pub/research/authors/profiles/sebastian-schluetter.en.html" >Sebastian Schlütter</a></li><li><a href="/pub/research/authors/profiles/matteo-sottocornola.en.html" >Matteo Sottocornola</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3000~33d4540ff4.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper documents the extension of the system-wide stress testing framework of the ECB with the insurance sector for a more thorough assessment of risks to financial stability. The special nature of insurers is captured by the modelling of the liability side and its loss absorbing capacity of technical provisions as the main novel feature of the model. Leveraging on highly granular data and information on bilateral exposures, we assess the impact of liquidity and solvency shocks and demonstrate how a combined endogenous reactions of banks, investment funds and insurance companies can further amplify losses in the financial system. The chosen hypothetical scenario and subsequent simulation results show that insurers’ ability to transfer losses to policyholders reduces losses for the entire financial sector. Furthermore, beyond a certain threshold, insurance companies play a crucial role in mitigating both direct and indirect contagion.</dd><dt>JEL Code</dt><dd><strong>D85</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Network Formation and Analysis: Theory<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/><strong>L14</strong> : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Transactional Relationships, Contracts and Reputation, Networks<br/></dd></dl></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 360</div><div class="title"><a href="/pub/pdf/scpops/ecb.op360~35915b25bd.en.pdf?b9e3ff558f75a346731f7edde2d4a816" >The impact of central bank digital currency on central bank profitability, risk-taking and capital</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/ulrich-bindseil.en.html" >Ulrich Bindseil</a></li><li><a href="/pub/research/authors/profiles/marco-marrazzo.en.html" >Marco Marrazzo</a></li><li><a href="/pub/research/authors/profiles/stephan-sauer.en.html" >Stephan Sauer</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op360~35915b25bd.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>As digital payments become increasingly popular, many central banks are looking into the issuance of retail central bank digital currency (CBDC) as a new central bank monetary liability in addition to banknotes and commercial bank reserves. CBDC will have broadly the same balance sheet and profit implications as the issuance of banknotes. While the decision to issue CBDC is often thought to likely increase the size of central banks’ balance sheets, the net impact of digitalisation on balance sheet size could also be negative, as the number of banknotes in circulation may decline and CBDC’s design features could limit its take-up as a store of value. We use scenario analyses to illustrate the key drivers of the impact of CBDC on central bank profitability, with the part of CBDC that does not derive from an exchange of banknotes being an important factor. The financial risk implications of CBDC for central banks can be managed via well-established frameworks and relate primarily to the impact on balance sheet size and asset composition. The paper concludes with a discussion on how the profit and risk channels affect central bank capital.</dd><dt>JEL Code</dt><dd><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd><dt isoDate="2024-11-08"><div class="date">8 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 2999</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp2999~15454f4a4c.en.pdf?4abd2107f85529df0be2b5ffb108074e" >Financial returns, sentiment and market volatility. A dynamic assessment.</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/stefano-borgioli.en.html" >Stefano Borgioli</a></li><li><a href="/pub/research/authors/profiles/giampiero-m-gallo.en.html" >Giampiero M. Gallo</a></li><li><a href="/pub/research/authors/profiles/chiara-ongari.en.html" >Chiara Ongari</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp2999~15454f4a4c.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>In 1936, John Maynard Keynes proposed that emotions and instincts are pivotal in decision-making, particularly for investors. Both positive and negative moods can influence judgments and decisions, extending to economic and financial choices. Intuitions, emotional states, and biases significantly shape how people think and act. Measuring mood or sentiment is challenging, but surveys and data collection methods, such as confidence indices and consensus forecasts, offer some solutions. Recently, the availability of web data, including search engine queries and social media activity, has provided high-frequency sentiment measures. For example, the Italian National Statistical Institute’s Social Mood on Economy Index (SMEI) uses Twitter data to assess economic sentiment in Italy. The relationship between SMEI and financial market activity, specifically the FTSE MIB index and its volatility, is examined using a trivariate Vector Autoregressive model, taking into account the impact of the COVID-19 pandemic.</dd><dt>JEL Code</dt><dd><strong>C1</strong> : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General<br/><strong>C32</strong> : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes<br/><strong>C53</strong> : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods<br/><strong>G4</strong> : Financial Economics<br/></dd></dl></div></div></dd> </dl> </div> <div class="click-for-more"> <a href="/pub/pubbydate/html/index.en.html" data-label="English" class="arrow">ALL PUBLICATIONS</a> </div> </div> </div><div class="call-to-action -clear -light-blue "> <a href="/paym/digital_euro/html/index.en.html"> <div class="image" data-image="../shared/img/callToAction/digitaleuro_2560x124_2.jpg"></div> <div class="wrapper"> <div class="call -logo">Digital euro</div> <div class="action"> <div class="action-wrapper"> <div class="title">Read more</div> <div class="icon"></div> </div> </div> </div> </a> </div><section class="statistics-box"> <div class="container"> <div class="box"> <h2>Interest rates</h2> <table class="stats-table"> <tr> <td class="stats-table-figure">Marginal lending facility</td> <td class="stats-table-percentage">3.65 %</td> </tr> <tr> <td class="stats-table-figure">Main refinancing operations (fixed rate)</td> <td class="stats-table-percentage">3.40 %</td> </tr> <tr> <td class="stats-table-figure">Deposit facility</td> <td class="stats-table-percentage">3.25 %</td> </tr> </table> <span class="stats-table-footnote">23 October 2024</span> <a href="/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html">Past key ECB interest rates</a> </div> <div class="box"> <script type="text/javascript"> // The chart's filters/dimensions are defined here var filters = [["Chart"]]; // Choose the default value for each filter/dimension here in the same order as above var current_state = ["Chart"]; // The text that is displayed when data is being loaded var loadingText = "Please wait, data is loading..."; var oneBalloonOnly = false; var showBalloons = true; var isDraggable = false; var cssName= 'chart_home.css'; var jsRoot = '/shared/js/'; var amChartFolder = 'amcharts_graph/'; var license = '140820'; var dateFormat = "YYYY-MM"; //Add header with var addHeader = false; var colors = ["#328dd2"]; var lineWidth = 2; var maxNumPoints = 10000; var currencyCode = 'usd'; var addInverseOption = false; var addPeriodSelector = false; var addChartSelector = false; var addExport = false; var height = 180; var showLastThreeValues = true; var d = new Date(); d.setMonth(d.getMonth() - 10); var beginDate = d.getFullYear()+'-'+d.getMonth()+'-'+d.getDay(); var ieFallBack = '<img src="http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=122.ICP.M.U2.N.000000.4.ANR&start='+d.getDay()+'-'+d.getMonth()+'-'+d.getFullYear()+'&chartOnly=Y&submitOptions.y=2&notxt=y&mrkr=MU11&avg=n&width=280&height=210" width="100%" height="'+height+'px "/>'; var homePageStyling = true; // This function should return a filename based on current filter/dimension state (in current_state) function get_filename() { var xmlpath = document.querySelector("#chart-load").getAttribute("data-chart-xml"); var result = {} result[xmlpath] = "Inflation"; return result; } </script> <h2>Inflation rate</h2> <div id='chart-load' class="ecb-chart" style="width:100%;height:180px" data-chart-xml="../shared/data/inflation.xml?h=3fcd92450957c7d3c888639ee5dfdcc7"></div> <div></div> <a class="arrow" href="/stats/macroeconomic_and_sectoral/hicp/html/index.en.html">More on inflation</a> </div> <div class="box"> <h2>Exchange rates</h2> <table class="stats-table"><tr> <td class="stats-table-currency-shortcode">USD</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html">US dollar</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">1.0412</td> </tr> <tr> <td class="stats-table-currency-shortcode">JPY</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-jpy.en.html">Japanese yen</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">160.84</td> </tr> <tr> <td class="stats-table-currency-shortcode">GBP</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-gbp.en.html">Pound sterling</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">0.83205</td> </tr> <tr> <td class="stats-table-currency-shortcode">CHF</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-chf.en.html">Swiss franc</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">0.9272</td> </tr> </table> <span class="stats-table-footnote">Last update: 22 November 2024</span> <a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" title="Exchange rates" class="stats-teaser-footnoteX arrow">Euro foreign exchange rates</a> </div> <div class="box"> <h2>Financial stability</h2> <a class="arrow" href="/ecb/tasks/stability/tasks/html/index.en.html">Our tasks</a> <a class="arrow" href="/ecb/tasks/stability/framework/html/index.en.html">Institutional framework</a> <a class="arrow" href="/pub/fsr/html/index.en.html">Financial Stability Review</a> <a class="arrow" href="/pub/fsr/html/measures.en.html">Macroprudential policy measures</a> <h2>Market operations</h2> <a class="arrow" href="/mopo/implement/omo/html/index.en.html">Open market operations</a> <a class="arrow" href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a> <a class="arrow" href="/mopo/implement/app/lending/html/index.en.html">Lendings of holdings under PSPP</a> </div> </div> </section> <div class="component-joiner"> <div class="explainer-box -bottom-arrow" data-image-webp='../shared/img/explainer-2560x750.webp' data-image='../shared/img/explainer-2560x750.jpg'> <div class="wrapper"> <div class="bubble-box">NOT AN EXPERT? <strong>CHECK OUT OUR EXPLAINERS</strong></div> <a href="/explainers/tell-me-more/html/anniversary.en.html"> <div><span>LEARN MORE</span></div>What is the European Central Bank? </a> </div> </div> <div class="carousel -homepage -no-click-for-more"> <h3>Curious for more?</h3> <div class="slider -left"></div> <div class="items"> <div class="item -large"> <a href="/press/tvservices/podcast/html/ecb.pod241101_episode96.en.html"> <div data-image="/home/shared/img/bas/box-cfm_81c66416b97b72718900b325c553c489.jpg"></div> <p class="metadata">PODCAST</p> <p class="date">1 November 2024 </p> <p class="title">The financial fallout from a warming world</p> </a> </div> <div class="item"> <a href="/press/tvservices/podcast/html/ecb.pod241017_episode95.en.html "> <div data-image="/home/shared/img/bas/box-cfm_191bb5b269913228064e81dcb9b923b9.jpg"></div> <p class="metadata">PODCAST</p> <p class="date">17 October 2024</p> <p class="title">Tune in to our latest decisions</p> </a> </div> <div class="item"> <a href="/press/press_conference/visual-mps/2024/html/mopo_statement_explained_october.en.html "> <div data-image="/home/shared/img/bas/box-cfm_fd08cefead0e63e87acd2dddc61aefbc.jpg"></div> <p class="metadata">MONETARY POLICY</p> <p class="date">17 October 2024</p> <p class="title">Our monetary policy statement at a glance</p> </a> </div> <div class="item"> <a href="/press/tvservices/podcast/html/ecb.pod241005_episode94.en.html "> <div data-image="/home/shared/img/bas/box-cfm_ce6ed2d87346dc81c8c8b728ed29790a.jpg"></div> <p class="metadata">PODCAST</p> <p class="date">5 October 2024</p> <p class="title">“Swiftflation”, banknotes and the digital euro</p> </a> </div> <div class="item"> <a href="https://www.flickr.com/photos/europeancentralbank/albums/72177720320451018/ "> <div data-image="/home/shared/img/bas/box-cfm_f3a1b1907f607a1772356d8d517f85b2.jpg"></div> <p class="metadata">EVENT PHOTOS</p> <p class="date">20 September 2024</p> <p class="title">Ninth ECB Annual Research Conference</p> </a> </div> <div class="item"> <a href="/press/tvservices/podcast/html/ecb.pod240912_episode93.en.html "> <div data-image="/home/shared/img/bas/box-cfm_191bb5b269913228064e81dcb9b923b9.jpg"></div> <p class="metadata">PODCAST</p> <p class="date">12 September 2024</p> <p class="title">Tune in to our latest decisions</p> </a> </div> <div class="item"> <a href="/press/press_conference/visual-mps/2024/html/mopo_statement_explained_september.en.html "> <div data-image="/home/shared/img/bas/box-cfm_e9ceb3a0ebec59fba2449a6da3e2abef.jpg"></div> <p class="metadata">MONETARY POLICY</p> <p class="date">12 September 2024</p> <p class="title">Our monetary policy statement at a glance</p> </a> </div> </div> <div class="slider -right"></div>  </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 2024, </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="/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?2646225" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Our website uses cookies</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 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-extra-light">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 floatRight highlight-extra-light">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 floatRight highlight-extra-light">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=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> <script> var ECB = ECB || {}; window.ECB.autoUpdate=true; ECB.homePageAutoUpdateElements = {"timestamp":1732359227,"hashes":{"box1":{"cssSelector":"#t1 + label + div.tab-content .boxes .box:first-child","fancyName":"first 'In Focus' box","hash":"235acd2605cc8e052d2119c32709a4d5"},"box2":{"cssSelector":"#t1 + label + div.tab-content .boxes .box:nth-child(2)","fancyName":"second 'In Focus' box","hash":"e62d44c14b2228ac909c00e1686cfa40"},"box3":{"cssSelector":"#t1 + label + div.tab-content .boxes .box:nth-child(3)","fancyName":"third box from the left","hash":"48a815d45ab57bf68bc0c09992049cda"},"slider":{"cssSelector":".slider-large","fancyName":"slider","hash":"42f0dc5cebe29534c333c56d1be1b430"},"press":{"cssSelector":"#t2 + label + div.tab-content > .definition-list > dl","fancyName":"press releases","hash":"b6c6faadbb7c70437a5216083e7f468c"},"speeches":{"cssSelector":"#t3 + label + div.tab-content > .definition-list > dl","fancyName":"speeches","hash":"6658c0c0989cff67083d977b6e03fd13"},"interviews":{"cssSelector":"#t4 + label + div.tab-content > .definition-list > dl","fancyName":"interviews","hash":"39d617a3481da8750de0546da85a3c83"},"blog":{"cssSelector":"#t5 + label + div.tab-content > .definition-list > dl","fancyName":"blog","hash":"0d251740a97f68507be3a91b52c32349"},"publications":{"cssSelector":"#t6 + label + div.tab-content > .definition-list > dl","fancyName":"publications","hash":"1689cdf5a1a81ac659cc3d7a351b6726"},"inflation":{"cssSelector":".statistics-box > .container > div:nth-child(2)","fancyName":"HICP inflation rates","hashFileName":["\/web\/ecb\/home\/shared\/data\/inflation_hash.xml"],"hash":"3fcd92450957c7d3c888639ee5dfdcc7"},"reference_rate":{"cssSelector":".statistics-box > .container > div:nth-child(3)","fancyName":"foreign exchange reference rates","hash":"c979e74089fe9373893b679c98f60284"},"market_operations":{"cssSelector":".statistics-box > .container > div:nth-child(4)","fancyName":"financial stability and Market operations links","hash":"89513c7ca7d7983c9c02055cd5ffb2a2"}}}; </script> </body> </html>