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class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.bg.html">МКОЦБ</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.bg.html">Допустими ССЦК</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.bg.html">Допустими връзки</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.bg.html">Допустими тристранни агенти</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.bg.html">Редуциране на риска</a><a href="#" class="subpages" title="toggle subpages for Редуциране на риска"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.bg.html">Рамка на Евросистемата за кредитна оценка</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.bg.html">Контрол на риска</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.bg.html">Категории на дисконтиране</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.bg.html">Оценка</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.bg.html">Инициатива на равнище кредит</a><a href="#" class="subpages" title="toggle subpages for Инициатива на равнище кредит"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.bg.html">Образци за данни</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.bg.html">Изисквания за допустимост</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.bg.html">Контакти</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.bg.html">Структура на икономиката на еврозоната</a><a href="#" class="subpages" title="toggle subpages for Структура на икономиката на еврозоната"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.bg.html">Икономическа политика</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.bg.html">Фискални политики</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.bg.html">Външна търговия</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.bg.html">Ефективни обменни курсове</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.bg.html">Финансова структура</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.bg.html">Финансови пазари</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.bg.html">Финансови посредници</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.bg.html">Икономическо многообразие</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.bg.html">Пазар на труда</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.bg.html">Контактни групи за пазарите</a><a href="#" 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href="/paym/html/index.bg.html">Плащания и финансова стабилност</a><a href="#" class="subpages" title="toggle subpages for Плащания и финансова стабилност"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Плащания и финансова стабилност</div> <p>Поглед към работата ни в областта на финансовата стабилност и платежната инфраструктура</p><a href="/paym/html/index.en.html">Обзор на темата за плащанията и финансовата стабилност</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Цифрово евро</a></li> <li><a href="/press/intro/html/index.en.html">Новини в сферата на плащанията</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET за професионалисти – документи и връзки</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">Най-новото издание на Преглед на финансовата стабилност</div> <div class="image-date">16 май 2024 г.</div></a></div></div><ul><li class="clearfix"><span>Плащания</span></li><li class="has-subpages"><a href="/paym/target/html/index.bg.html">Услуги в TARGET</a><a href="#" class="subpages" title="toggle subpages for Услуги в TARGET"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.bg.html">Общи характеристики</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.bg.html">Т2</a><a href="#" class="subpages" title="toggle subpages for Т2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.bg.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.bg.html">Управление</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.bg.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.bg.html">Управление</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.bg.html">Факти и числа</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.bg.html">Ценообразуване</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.bg.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.bg.html">Управление</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.bg.html">Факти и числа</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.bg.html">Включване в системата</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.bg.html">Система за управление на обезпеченията в 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връзки</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.bg.html">Интеграция и иновации</a><a href="#" class="subpages" title="toggle subpages for Интеграция и иновации"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.bg.html">Технологии на децентрализирания регистър</a><a href="#" class="subpages" title="toggle subpages for Технологии на децентрализирания регистър"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.bg.html">Изследвания</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.bg.html">Плащания на дребно</a><a href="#" class="subpages" title="toggle subpages for Плащания на дребно"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.bg.html">Стратегия за плащанията на дребно</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.bg.html">ЕЦБ като катализатор</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.bg.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.bg.html">Незабавни плащания</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.bg.html">Хармонизация на управлението на обезпечения</a><a href="#" class="subpages" title="toggle subpages for Хармонизация на управлението на обезпечения"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.bg.html">Прилагане</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.bg.html">Често задавани въпроси</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.bg.html">Киберустойчивост</a><a href="#" class="subpages" title="toggle subpages for Киберустойчивост"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.bg.html">Инфраструктури на финансовите пазари</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.bg.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.bg.html">Надзор</a><a href="#" class="subpages" title="toggle subpages for Надзор"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.bg.html">Платежни системи</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.bg.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.bg.html">Електронни плащания</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.bg.html">Системи за сетълмент на ценни книжа и централни контрагенти</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.bg.html">Доставчици на критично важни услуги</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.bg.html">Кореспондентски банки и банки попечители</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.bg.html">Форум SecuRe Pay</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.bg.html">Услуги по управление на резервите</a><a href="#" class="subpages" title="toggle subpages for Услуги по управление на резервите"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.bg.html">Основни аспекти</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.bg.html">Спектър на услугите</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.bg.html">Професионално боравещи с пари в брой</a><a href="#" class="subpages" title="toggle subpages for Професионално боравещи с пари в брой"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.bg.html">Обработка на пари в брой</a><a href="#" class="subpages" title="toggle subpages for Обработка на пари в брой"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.bg.html">Устройства за проверка на 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href="/paym/groups/efip/html/index.bg.html">Европейски форум за иновации в плащанията</a></li></ul></li><li class="clearfix"><span>Финансова стабилност</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.bg.html">Въведение в темата за финансовата стабилност</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.bg.html">Макропруденциални мерки</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.bg.html">Контактни групи за финансова стабилност</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.bg.html">Статистика</a><a href="#" class="subpages" title="toggle subpages for Статистика"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Статистика</div> <p>Достъп до всички статистически данни на ЕЦБ и съпътстваща информация</p><a href="/stats/html/index.en.html">Обзор на темата за статистиката в ЕЦБ</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Най-важните числа</a></li> <li><a href="https://data.ecb.europa.eu/">Порталът за данни на ЕЦБ</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Всички услуги, свързани с данни</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">БЛОГ НА ЕЦБ – По-добри данни: как изменението на климата засяга банките</div> <div class="image-date">18 април 2024 г.</div></a></div></div><ul><li class="clearfix"><span>Най-четени страници</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.bg.html">Обменни курсове на еврото</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.bg.html">Основни лихвени проценти на ЕЦБ</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.bg.html">Краткосрочен лихвен процент в евро (€STR)</a><a href="#" class="subpages" title="toggle subpages for Краткосрочен лихвен процент в евро (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.bg.html">Референтни лихвени проценти</a><a href="#" class="subpages" title="toggle subpages for Референтни лихвени проценти"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.bg.html">Работна група за безрисковите лихвени проценти в евро</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.bg.html">Инфлация</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.bg.html">Криви на доходността в еврозоната</a></li><li class="clearfix"><span>Всички статистически данни и общи въпроси</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.bg.html">Всички основни статистически данни</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.bg.html">Всички услуги за данни</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.bg.html">Отчитане на данни и стандарти</a><a href="#" class="subpages" title="toggle subpages for Отчитане на данни и стандарти"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.bg.html">Рамка за управление и качество</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.bg.html">Сътрудничество и стандарти</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.bg.html">Отчитане на данни от банките</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.bg.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.bg.html">Въпроси и отговори за AnaCredit</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.bg.html">Публични консултации</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.bg.html">Диалог с банковия сектор за статистиката на ЕСЦБ и интегрирано отчитане</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.bg.html">SDMX – модел за обмен на статистически данни</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.bg.html">INEXDA - мрежа за подробни данни</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.bg.html">За еврото</a><a href="#" class="subpages" title="toggle subpages for За еврото"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">За еврото</div> <p>Всичко, което трябва да знаете за нашата обща парична единица</p><a href="/euro/html/index.en.html">Обзор на темата за еврото</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Професионално боравещи с пари в брой</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Статистика за банкнотите и монетите</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Обменни курсове на еврото</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">Втори доклад за напредъка по подготвителния етап за цифрово евро</div> <div class="image-date">2 декември 2024 г.</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.bg.html">Цифрово евро</a><a href="#" class="subpages" title="toggle subpages for Цифрово евро"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.bg.html">Характеристики</a><a href="#" class="subpages" title="toggle subpages for Характеристики"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.bg.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.bg.html">Как функционира</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.bg.html">Защо ни е нужно</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.bg.html">График и напредък</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.bg.html">Подробна информация</a><a href="#" class="subpages" title="toggle subpages for Подробна информация"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.bg.html">Управление и участие на заинтересованите страни</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.bg.html">Технически документи и изследвания</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.bg.html">Правилник за схемата</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="clearfix"><span>Парите в брой</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.bg.html">Стратегия на Евросистемата за парите в брой</a><a href="#" class="subpages" title="toggle subpages for Стратегия на Евросистемата за парите в брой"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.bg.html">Роля на парите в брой</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.bg.html">Емитиране и обращение</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.bg.html">Достъп до и приемане на пари в брой</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.bg.html">Банкноти</a><a href="#" class="subpages" title="toggle subpages for Банкноти"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.bg.html">Бъдещите банкноти</a><a href="#" class="subpages" title="toggle subpages for Бъдещите банкноти"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.bg.html">Процес на изготвяне на новия дизайн</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.bg.html">Сегашните банкноти</a><a href="#" class="subpages" title="toggle subpages for Сегашните банкноти"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.bg.html">Купюри</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.bg.html">Елементи на дизайна</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.bg.html">Защитни елементи</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.bg.html">Мерки за борба с фалшифицирането</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.bg.html">Производство и наличности на банкноти</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.bg.html">Повредени и изцапани с мастило банкноти</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.bg.html">Околна среда, здраве и безопасност</a><a href="#" class="subpages" title="toggle subpages for Околна среда, здраве и безопасност"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.bg.html">Продуктов отпечатък върху околната среда</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.bg.html">Научноизследователска и развойна дейност</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.bg.html">Изображения и правила за възпроизвеждане</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.bg.html">Информационни и обучителни материали</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.bg.html">Монети</a><a href="#" class="subpages" title="toggle subpages for Монети"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.bg.html">2 €</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.bg.html">1 €</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.bg.html">50 цента</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.bg.html">20 цента</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.bg.html">10 цента</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.bg.html">5 цента</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.bg.html">2 цента</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.bg.html">1 цент</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.bg.html">Общи страни на монетите</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.bg.html">Възпоменателни монети от 2 €</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.bg.html">Защитни елементи</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.bg.html">Колекционерски монети</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.bg.html">Присъединяване към еврозоната</a><a href="#" class="subpages" title="toggle subpages for Присъединяване към еврозоната"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.bg.html">Хърватия (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.bg.html">Литва (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.bg.html">Латвия (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.bg.html">Естония (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.bg.html">Словакия (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.bg.html">Кипър (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.bg.html">Малта (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.bg.html">Словения (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.bg.html">Първоначално преминаване към еврото (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.bg.html">Обмяна на национална валута</a><a href="#" class="subpages" title="toggle subpages for Обмяна на национална валута"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.bg.html">Австрия</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.bg.html">Белгия</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.bg.html">Хърватия</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.bg.html">Кипър</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.bg.html">Естония</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.bg.html">Финландия</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.bg.html">Франция</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.bg.html">Германия</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.bg.html">Гърция</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.bg.html">Ирландия</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.bg.html">Италия</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.bg.html">Латвия</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.bg.html">Литва</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.bg.html">Люксембург</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.bg.html">Малта</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.bg.html">Нидерландия</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.bg.html">Португалия</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.bg.html">Словакия</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.bg.html">Словения</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.bg.html">Испания</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.bg.html">За хора с увредено зрение</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.bg.html">Изследвания</a><a href="#" class="subpages" title="toggle subpages for Изследвания"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Изследвания</div> <p>Задълбочени изследвания и експертни анализи в широк спектър от теми и области</p><a href="/pub/html/index.en.html">Обзор на темата за научните изследвания в ЕЦБ</a> <hr> <div class="nav-title">Преки връзки</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Конференции и семинари</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Възможности за изследователи</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">Изследователски бюлетин</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.bg.html">Икономически изследвания</a><a href="#" class="subpages" title="toggle subpages for Икономически изследвания"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.bg.html">Изследователска програма</a><a href="#" class="subpages" title="toggle subpages for Изследователска програма"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.bg.html">Парична политика, стратегия и провеждане</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.bg.html">Фискална политика и управление в икономическия и паричен съюз</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.bg.html">Международна макроикономика и финанси</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.bg.html">Реален сектор и микроикономически анализи</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.bg.html">Прогнози и анализ на бизнес цикъла</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.bg.html">Макрофинанси, системен риск и макропруденциална политика</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.bg.html">Финансови институции, микропруденциална политика, финансови пазари и плащания</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.bg.html">Възможности за изследователи</a><a href="#" class="subpages" title="toggle subpages for Възможности за изследователи"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.bg.html">Стипендиантска програма „Вим Дуйзенберг“</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.bg.html">Гостуващи изследователи</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.bg.html">Стипендиантска програма „Ламфалуси“</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.bg.html">Лятна програма за наскоро завършили висшисти</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.bg.html">Програма за студентски изследователски стажове</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.bg.html">Правни изследвания</a><a href="#" class="subpages" title="toggle subpages for Правни изследвания"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.bg.html">Правни конференции и семинари</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.bg.html">Програма за правни изследвания</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.bg.html">Научни доклади</a><a href="#" class="subpages" title="toggle subpages for Научни доклади"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.bg.html">Доклади по автори</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.bg.html">Изследователите в ЕЦБ</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.bg.html">Изследователски мрежи</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.bg.html">Публикации</a><a href="#" class="subpages" title="toggle subpages for Публикации"></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">Публикации</div><a href="/press/pubbydate/html/index.en.html">Разгледайте всички новини и публикации</a><hr> </div> </div><ul><li><span>Новини</span></li><li><a href="/press/pr/html/index.bg.html">Прессъобщения</a></li><li><a href="/press/stats/html/index.bg.html">Статистически прессъобщения</a></li><li><a href="/press/key/html/index.bg.html">Речи</a></li><li><a href="/press/inter/html/index.bg.html">Интервюта</a></li><li><a href="/press/blog/html/index.bg.html">Блог на ЕЦБ</a></li><li><a href="/press/tvservices/html/index.bg.html">Подкаст и излъчване в интернет</a></li><li><a href="/press/intro/html/index.bg.html">Ново в областта на плащанията</a></li><li><a href="/press/contacts/html/index.bg.html">Данни за контакт за медиите</a></li></ul></div><ul><li class="clearfix"><span>Публикации</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.bg.html">Решения на Управителния съвет</a><a href="#" class="subpages" title="toggle subpages for Решения на Управителния съвет"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.bg.html">Решения по паричната политика</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.bg.html">Други решения</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.bg.html">Съобщения за заседанията по паричната политика</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.bg.html">Икономически бюлетин</a><a href="#" class="subpages" title="toggle subpages for Икономически бюлетин"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.bg.html">Статии</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.bg.html">Централна тема</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.bg.html">Месечен бюлетин</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.bg.html">Макроикономически прогнози</a></li><li class="has-subpages"><a 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Как очакваме да се развива икономиката? Това е обяснено накратко и на достъпен език в нагледната версия на изявлението.</p> <a href="/press/press_conference/visual-mps/2024/html/mopo_statement_explained_december.bg.html">Още по темата</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-2_1857aef902fb5cf67889025a30149175.jpg" data-image-webp="/home/shared/img/bas/box-2_1857aef902fb5cf67889025a30149175.webp" > </div> <div> <div> <span class="type">КОМЕНТАРНА СТАТИЯ</span> <span class="date">4 декември 2024 г.</span> </div> <h3> Статия в The Economist <br></h3> <p>В Европа не липсват идеи, новатори или спестявания, пише председателят на ЕЦБ Кристин Лагард. Често обаче идеите трудно се превръщат в нови технологии, които могат да подкрепят растежа. За да се постигне това, трябва усилията да се пренасочат към съюз на капиталовите пазари.</p> <a href="/press/inter/date/2024/html/ecb.in241204~20c888bea1.bg.html" data-label="английски">Прочетете статията</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-3_191bb5b269913228064e81dcb9b923b9.jpg" > </div> <div> <div> <span class="type">ПОДКАСТ</span> <span class="date">12 декември 2024 г.</span> </div> <h3> Чуйте последните ни решения <br></h3> <p>Нашият Управителен съвет прие решения по паричната политика, с които определя какво е необходимо за своевременното връщане на инфлацията към целевото равнище от 2%. Чуйте този епизод! В него председателят на ЕЦБ Кристин Лагард представя решенията на нашата пресконференция.</p> <a href="/press/tvservices/podcast/html/ecb.pod241212_episode98.bg.html" data-label="английски">Подкаст на ЕЦБ</a> </div> </div></div> </div> <input id="t2" name="homepage-tab-group" type="radio"> <label for="t2"><span class="arrow"></span>Прессъобщения</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-12-12"><div class="date">12 December 2024</div></dt><dd><div class="category">MONETARY POLICY DECISION</div><div class="title"><a href="/press/pr/date/2024/html/ecb.mp241212~2acab6e51e.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.mp241212~2acab6e51e.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 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isoDate="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241204~18b9ac26a0.en.html" data-label="английски" >ECB announces new timeline for harmonisation of banks’ statistical reporting </a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241204~18b9ac26a0.en.html" data-label="английски"> <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.pr241204~18b9ac26a0.de.pdf" data-label="немски"> <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.pr241204~18b9ac26a0.es.pdf" data-label="испански"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241204~18b9ac26a0.fr.pdf" data-label="френски"> <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="2024-07-23"><div class="date">23 July 2024</div></dt><dd><div class="category">PAGE</div><div class="title"><a href="/stats/ecb_statistics/reporting/IReF/html/index.en.html" data-label="английски" >Integrated Reporting Framework (IReF)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/stats/ecb_statistics/reporting/IReF/html/index.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="category">MFI INTEREST RATE STATISTICS</div><div class="title"><a href="/press/stats/mfi/html/ecb.mir2412~744dbd4a1b.en.html" data-label="английски" >Euro area bank interest rate statistics: October 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/stats/mfi/html/ecb.mir2412~744dbd4a1b.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pdf/mfi/ecb.mir2412~744dbd4a1b.de.pdf" data-label="немски"> <span class="ecb-full">Deutsch</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 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href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241203.es.pdf" data-label="испански"> <span class="ecb-full">Español</span></a></span></div></dd></dl></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/pr/html/index.en.html" data-label="английски" class="arrow">ВСИЧКИ ПРЕССЪОБЩЕНИЯ</a></div> </div> <input id="t3" name="homepage-tab-group" type="radio"> <label for="t3"><span class="arrow"></span>Речи</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-12-12"><div class="date">12 December 2024</div></dt><dd><div class="title"><a href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.en.html" >Christine Lagarde, Luis de Guindos: Monetary policy statement (with Q&A)</a></div><div class="subtitle">Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 December 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(20)</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/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.da.html"> <span 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href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/press_conference/monetary-policy-statement/2024/html/ecb.is241212~ce143b3bc8.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">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-12-12"><div class="date">12 December 2024</div></dt><dd><div class="title"><a href="/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds241212~154574b25f.en.pdf?d78d546abed599de6ca4726a84321897" data-label="английски" >Combined monetary policy decisions and statement</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds241212~154574b25f.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241204_1~1a69c1e83e.en.html" data-label="английски" >Christine Lagarde: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament</a></div><div class="subtitle">Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241204_1~1a69c1e83e.en.html" data-label="английски"> <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="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="title"><a href="/pub/pdf/annex/ecb.sp241204_1_annex.en.pdf?ab01efa1d96787a9359caf795d27d93e" data-label="английски" >Introductory statement in three charts</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/annex/ecb.sp241204_1_annex.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241204~b385a1beca.en.pdf?76f3f9d4d7d403d242a08181d817b87f" data-label="английски" >Piero Cipollone: The case for a digital euro in the European payments landscape</a></div><div class="subtitle">Presentation by Piero Cipollone, Member of the Executive Board of the ECB, at the VII Conference on behavioural financial regulations and policies organised by the Herbert Simon Society</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2024/html/ecb.sp241204~b385a1beca.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241128~4756dc940f.en.html" data-label="английски" >Philip R. Lane: The 25th anniversary of the Euro50 Group: looking ahead to the 50th anniversary</a></div><div class="subtitle">Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the 25th Anniversary of the Euro50 Group event at the Banque de France </div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241128~4756dc940f.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html" data-label="английски" >Philip R. Lane: Monetary policy under uncertainty</a></div><div class="subtitle">Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of England Watchers’ Conference 2024, King’s College London</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html" data-label="английски"> <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="английски" class="arrow">ВСИЧКИ РЕЧИ</a></div> </div> <input id="t4" name="homepage-tab-group" type="radio"> <label for="t4"><span class="arrow"></span>Интервюта</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241204~20c888bea1.en.html" data-label="английски" >Christine Lagarde: How to turn European savings into investment, innovation and growth</a></div><div class="subtitle">Contribution by Christine Lagarde, President of the ECB to The Economist </div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241204~20c888bea1.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241128~6c39614410.en.html" data-label="английски" >Christine Lagarde: Interview with the Financial Times</a></div><div class="subtitle">Interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf, Patrick Jenkins and Olaf Storbeck on 25 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241128~6c39614410.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-27"><div class="date">27 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241127~4456781790.en.html" data-label="английски" >Isabel Schnabel: Interview with Bloomberg</a></div><div class="subtitle">Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Schrörs and Alexander Weber on 25 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241127~4456781790.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-26"><div class="date">26 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.en.html" data-label="английски" >Luis de Guindos: Interview with Helsingin Sanomat</a></div><div class="subtitle">Interview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.en.html" data-label="английски" >Philip R. Lane: Interview with Les Echos</a></div><div class="subtitle">Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Guillaume Benoit on 19 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.en.html" data-label="английски"> <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.in241125~d2994238e8.fr.html" data-label="френски"> <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="английски" class="arrow">ВСИЧКИ ИНТЕРВЮТА</a></div> </div> <input id="t5" name="homepage-tab-group" type="radio"> <label for="t5"><span class="arrow"></span>Блог на ЕЦБ</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-12-03"><div class="date">3 December 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241203~5d969f5a3b.en.html" data-label="английски" >Greece, Ireland, Portugal and Cyprus: Crisis and Recovery</a></div><div class="subtitle">At the height of the financial crisis Greece, Ireland, Portugal and Cyprus needed help. The international assistance came under the condition of economic adjustment aiming to restore financial stability, debt sustainability and growth. How did the four countries recover from their crises?</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/marinela-daniela-filip.en.html" data-label="английски" >Marinela-Daniela Filip</a></li><li><a href="/pub/research/authors/profiles/klaus-masuch.en.html" data-label="английски" >Klaus Masuch</a></li><li><a href="/pub/research/authors/profiles/ralph-setzer.en.html" data-label="английски" >Ralph Setzer</a></li><li><a href="/pub/research/authors/profiles/vilem-valenta.en.html" data-label="английски" >Vilém Valenta</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241203~5d969f5a3b.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html" data-label="английски" >Financial intermediation beyond banks: taking a macroprudential approach </a></div><div class="subtitle">The European Commission is seeking the views of stakeholders on policies to guard against the build-up of systemic risk in the financial sector beyond banks. This ECB Blog post describes the pillars of a macroprudential approach for the so-called non-bank financial sector and explains the need to further develop the policy framework.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/francois-haas.en.html" data-label="английски" >François Haas</a></li><li><a href="/pub/research/authors/profiles/cornelia-holthausen.en.html" data-label="английски" >Cornelia Holthausen</a></li><li><a href="/pub/research/authors/profiles/vasileios-madouros.en.html" data-label="английски" >Vasileios Madouros</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html" data-label="английски"> <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>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски"> <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="немски"> <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="испански"> <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="френски"> <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="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски" >Yıldız Akkaya</a></li><li><a href="/pub/research/authors/profiles/john-hutchinson.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски"> <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">ВСИЧКИ БЛОГ ПУБЛИКАЦИИ</a></div> </div> <input id="t6" name="homepage-tab-group" type="radio"> <label for="t6"><span class="arrow"></span>Публикации</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-12-12"><div class="date">12 December 2024</div></dt><dd><div class="category">MACROECONOMIC PROJECTIONS FOR THE EURO AREA</div><div class="title"><a href="/press/projections/html/ecb.projections202412_eurosystemstaff~71a06224a5.en.html" data-label="английски" >Eurosystem staff macroeconomic projections for the euro area, December 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/projections/html/ecb.projections202412_eurosystemstaff~71a06224a5.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.projections202412_eurosystemstaff~71a06224a5.en.pdf" data-label="английски"> <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="2024-12-12"><div class="date">12 December 2024</div></dt><dd><div class="category">MACROECONOMIC PROJECTIONS FOR THE EURO AREA</div><div class="title"><a href="/pub/pdf/other/ecb.projections202412_eurosystemstaff_annex~ea2e8b779c.en.xlsx?2c7ef6d129bf228be2ee4cd973adfcd2" >Projections charts and tables</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='xls' lang="en" href="/pub/pdf/other/ecb.projections202412_eurosystemstaff_annex~ea2e8b779c.en.xlsx"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-12-04"><div class="date">4 December 2024</div></dt><dd><div class="category">INTEGRATED REPORTING FRAMEWORK DOCUMENT</div><div class="title"><a href="/press/iref/pdf/ecb.iref202411_overview.en.pdf?a5ae853923c8befcf1ba1688c551f0f4" data-label="английски" >The Eurosystem Integrated Reporting Framework ‒ an overview</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/iref/pdf/ecb.iref202411_overview.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-12-03"><div class="date">3 December 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3003</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3003~78aa7cc112.en.pdf?419ba7aaad637a2efb80aa503bfe652b" data-label="английски" >Monetary policy pass-through to consumer prices: evidence from granular price data</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/anastasia-allayioti.en.html" data-label="английски" >Anastasia Allayioti</a></li><li><a href="/pub/research/authors/profiles/lucyna-grnicka.en.html" data-label="английски" >Lucyna Gόrnicka</a></li><li><a href="/pub/research/authors/profiles/sarah-holton.en.html" data-label="английски" >Sarah Holton</a></li><li><a href="/pub/research/authors/profiles/catalina-martinez-hernandez.en.html" data-label="английски" >Catalina Martínez Hernández</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3003~78aa7cc112.en.pdf" data-label="английски"> <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>We document that about 33% of the core inflation basket in the euro area is sensitive to monetary policy shocks. We assess potential theoretical mechanisms driving the sensitivity. Our results suggest that items of a discretionary nature, as reflected in a higher share in the consumption baskets of richer households, and those with larger role of credit in financing their purchase, tend to be more sensitive.Non-sensitive items are more frequently subject to administered prices and include non-discretionary items such as rents and medical services. Energy intensity does not seem to drive our results and the sensitive items are not dominated by durable goods, but are relatively evenly split between goods and services. Estimations over different samples show that the impact of monetary policy shocks on sensitive core inflation has become larger recently.</dd><dt>JEL Code</dt><dd><strong>E30</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→General<br/><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→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/></dd></dl></div></div></dd><dt isoDate="2024-12-03"><div class="date">3 December 2024</div></dt><dd><div class="category">CONSULTATION RESPONSE</div><div class="title"><a href="/press/consultationresponse/pdf/ecb.conresp202412.en.pdf?6d5febfb36aadb86ad6122ff325c798c" data-label="английски" >ECB staff contribution to the European Commission’s targeted consultation on the functioning of the EU securitisation framework</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/consultationresponse/pdf/ecb.conresp202412.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-12-02"><div class="date">2 December 2024</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter241202_Lalucq~a025b542eb.en.pdf?f6af7f820978cbb2245a40907d01f26b" data-label="английски" >Letter from Piero Cipollone to Aurore Lalucq, ECON Chair, on the second progress report on the digital euro preparation phase</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter241202_Lalucq~a025b542eb.en.pdf" data-label="английски"> <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="2024-12-02"><div class="date">2 December 2024</div></dt><dd><div class="category">DIGITAL EURO PREPARATION PHASE - PROGRESS REPORT</div><div class="title"><a href="/euro/digital_euro/progress/html/ecb.deprp202412.en.html" data-label="английски" >Progress on the preparation phase of a digital euro - Second progress report</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/euro/digital_euro/progress/html/ecb.deprp202412.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/euro/digital_euro/progress/shared/pdf/ecb.deprp202412.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-12-02"><div class="date">2 December 2024</div></dt><dd><div class="category">DIGITAL EURO PREPARATION PHASE - PROGRESS REPORT</div><div class="title"><a href="/euro/digital_euro/progress/html/ecb.deprp202412.en.html" data-label="английски" >Progress on the preparation phase of a digital euro - Second progress report</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/euro/digital_euro/progress/html/ecb.deprp202412.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/euro/digital_euro/progress/shared/pdf/ecb.deprp202412.en.pdf" data-label="английски"> <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="2024-12-02"><div class="date">2 December 2024</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter241202_Lalucq~a025b542eb.en.pdf?f6af7f820978cbb2245a40907d01f26b" data-label="английски" >Letter from Piero Cipollone to Aurore Lalucq, ECON Chair, on the second progress report on the digital euro preparation phase</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter241202_Lalucq~a025b542eb.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-12-02"><div class="date">2 December 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241202~d0b19e5e1b.en.html" data-label="английски" >ECB publishes second progress report on the digital euro preparation phase</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241202~d0b19e5e1b.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="es" href="/press/pr/date/2024/html/ecb.pr241202~d0b19e5e1b.es.pdf" data-label="испански"> <span class="ecb-full">Español</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/pr/date/2024/html/ecb.pr241202~d0b19e5e1b.fr.pdf" data-label="френски"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd></dl></div></div></div></dd><dt isoDate="2024-12-02"><div class="date">2 December 2024</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 362</div><div class="title"><a href="/pub/pdf/scpops/ecb.op362~c055a591dd.en.pdf?9692fe3bbea8484919d7465965b8fd23" data-label="английски" >Four years into NextGenerationEU: what impact on the euro area economy</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/krzysztof-bankowski.en.html" data-label="английски" >Krzysztof Bańkowski</a></li><li><a href="/pub/research/authors/profiles/nicholai-benalal.en.html" data-label="английски" >Nicholai Benalal</a></li><li><a href="/pub/research/authors/profiles/othman-bouabdallah.en.html" data-label="английски" >Othman Bouabdallah</a></li><li><a href="/pub/research/authors/profiles/roberta-de-stefani.en.html" data-label="английски" >Roberta De Stefani</a></li><li><a href="/pub/research/authors/profiles/ettore-dorrucci.en.html" data-label="английски" >Ettore Dorrucci</a></li><li><a href="/pub/research/authors/profiles/pascal-jacquinot.en.html" data-label="английски" >Pascal Jacquinot</a></li><li><a href="/pub/research/authors/profiles/wolfgang-modery.en.html" data-label="английски" >Wolfgang Modery</a></li><li><a href="/pub/research/authors/profiles/carolin-nerlich.en.html" data-label="английски" >Carolin Nerlich</a></li><li><a href="/pub/research/authors/profiles/marta-rodriguez-vives.en.html" data-label="английски" >Marta Rodríguez-Vives</a></li><li><a href="/pub/research/authors/profiles/bela-szoerfi.en.html" data-label="английски" >Béla Szörfi</a></li><li><a href="/pub/research/authors/profiles/nico-zorell.en.html" data-label="английски" >Nico Zorell</a></li><li><a href="/pub/research/authors/profiles/christoph-zwick.en.html" data-label="английски" >Christoph Zwick</a></li><li><a href="/pub/research/authors/profiles/christian-huber.en.html" data-label="английски" >Christian Huber</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op362~c055a591dd.en.pdf" data-label="английски"> <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 takes stock of the implementation of the NextGenerationEU (NGEU) programme in the euro area four years after its inception, focusing on its principal instrument, the Recovery and Resilience Facility (RRF). The paper provides an updated quantitative assessment of its past and future impact on the euro area economy, using a set of models and scenarios to account for the uncertainty that still surrounds the implementation of this programme. The public expenditures and structural reforms linked to the RRF have the potential to increase the level of euro area gross domestic product (GDP) by around 0.4-0.9% by 2026 and 0.8-1.2% by 2031, depending on capital productivity and the degree of absorption of RRF funds. The contribution of structural reforms to these output effects is expected to increase over time, while the initially prevailing impact of RRF-funded public expenditures fades away. We provide tentative empirical evidence that reforms have started to modestly improve the growth outlook of some euro area Member States by increasing their institutional quality. The expected long-run increase in output is in turn a key factor behind the decline in the government debt ratios we project for the main NGEU beneficiary euro area Member States. At the same time, we estimate that NGEU will have a limited impact on euro area inflation. Compared with previous ECB staff analysis published in 2022, the macroeconomic impact of NGEU, particularly on GDP and government debt ratios, is expected to shift over time due to widespread delays in the implementation of NGEU-linked expenditures and reforms. It is crucial that euro area Member States address implementation challenges over the remaining lifetime of this programme to fully reap its benefits.</dd><dt>JEL Code</dt><dd><strong>C54</strong> : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling<br/><strong>E02</strong> : Macroeconomics and Monetary Economics→General→Institutions and the Macroeconomy<br/><strong>E22</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity<br/><strong>E62</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy<br/><strong>F45</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance<br/><strong>H87</strong> : Public Economics→Miscellaneous Issues→International Fiscal Issues, International Public Goods<br/><strong>O52</strong> : Economic Development, Technological Change, and Growth→Economywide Country Studies→Europe<br/></dd></dl></div></div></dd><dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="category">RESEARCH BULLETIN - No. 125</div><div class="title"><a href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.html" data-label="английски" >The macroeconomic effects of liquidity supply during financial crises</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/davide-porcellacchia.en.html" data-label="английски" >Davide Porcellacchia</a></li><li><a href="/pub/research/authors/profiles/kevin-d-sheedy.en.html" data-label="английски" >Kevin D. Sheedy</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.html" data-label="английски"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.pdf" data-label="английски"> <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>Negative economic shocks can cause waves of investor pessimism about the resilience of banks, which, in turn, generate additional adverse macroeconomic effects. This is commonly cited as an explanation for the economic havoc wrought by the global financial crisis of 2007-08. We introduce the notion of pessimism in a real business cycle model, which is a standard framework for business cycle analysis. The possibility of waves of pessimism generates countercyclical demand from banks for liquid assets (e.g., bank reserves). With the model, we study the macroeconomic effects of the government supplying liquid assets and find that a policy of accommodating banks’ demand is effective in stabilising the economy. Finally, we support this finding with empirical evidence.</dd><dt>JEL Code</dt><dd><strong>E40</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→General<br/><strong>E41</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E51</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers<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/></dd></dl></div></div></dd><dt isoDate="2024-11-27"><div class="date">27 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3002</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3002~a77b495fa8.en.pdf?aaae35f796f735dd393e1e2e439e9bbd" data-label="английски" >Going NUTS: the regional impact of extreme climate events over the medium term</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/guzman-gonzalez-torres-fernandez.en.html" data-label="английски" >Guzman Gonzalez-Torres Fernandez</a></li><li><a href="/pub/research/authors/profiles/miles-parker.en.html" data-label="английски" >Miles Parker</a></li><li><a href="/pub/research/authors/profiles/sehrish-usman.en.html" data-label="английски" >Sehrish Usman</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3002~a77b495fa8.en.pdf" data-label="английски"> <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 projected increase in extreme climate events in the coming decades is likely to exacerbate the existing productivity and demographic challenges facing Europe. We study the dynamic, medium-run macroeconomic effects of heatwaves, droughts and floods in 1160 EU regions through the lens of a local projections, difference in difference framework. Summer heatwaves and droughts lower medium-term output, but the impact from floods depends on regional income levels. High-income regions witness reconstruction activity, less wealthy regions do not. We find evidence of population decline in affected regions as well as adaptation spending post-event, which lowers regional productivity.</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>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>J22</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Time Allocation and Labor Supply<br/><strong>R11</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Regional Economic Activity: Growth, Development, Environmental Issues, and Changes<br/><strong>Q54</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming<br/></dd></dl></div></div></dd><dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="category">SURVEY OF MONETARY ANALYSTS</div><div class="title"><a href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma241125_questionnaire.en.pdf?79ce2cd81dfd69f034a46885322ae4df" data-label="английски" >ECB Survey of Monetary Analysts (SMA), December 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma241125_questionnaire.en.pdf" data-label="английски"> <span class="ecb-full">English</span></a></span></div></dd><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" data-label="английски" >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" data-label="английски"> <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">FINANCIAL STABILITY REVIEW</div><div class="title"><a href="/press/financial-stability-publications/fsr/html/ecb.fsr202411~dd60fc02c3.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски"> <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" data-label="английски" >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" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/luca-mingarelli.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски" >Alessandro Cavalleri</a></li><li><a href="/pub/research/authors/profiles/giorgia-de-nora.en.html" data-label="английски" >Giorgia De Nora</a></li><li><a href="/pub/research/authors/profiles/ellen-ryan.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски" >Pablo Anaya Longaric</a></li><li><a href="/pub/research/authors/profiles/katharina-cera.en.html" data-label="английски" >Katharina Cera</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="английски" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски" >John Fell</a></li><li><a href="/pub/research/authors/profiles/sandor-gardo.en.html" data-label="английски" >Sándor Gardó</a></li><li><a href="/pub/research/authors/profiles/benjamin-klaus.en.html" data-label="английски" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/jonas-wendelborn.en.html" data-label="английски" >Jonas Wendelborn</a></li><li><a href="/pub/research/authors/profiles/stefan-wredenborg.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски"> <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="немски"> <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="испански"> <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="френски"> <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">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="английски" >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" data-label="английски"> <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" data-label="английски" >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" data-label="английски" >Daniel Dieckelmann</a></li><li><a href="/pub/research/authors/profiles/emilio-siciliano.en.html" data-label="английски" >Emilio Siciliano</a></li><li><a href="/pub/research/authors/profiles/andrzej-sowinski.en.html" data-label="английски" >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" data-label="английски"> <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></dl> </div> <div class="click-for-more"><a href="/pub/pubbydate/html/index.en.html" data-label="английски" class="arrow">ВСИЧКИ ПУБЛИКАЦИИ</a></div> </div> </div><div class="call-to-action -clear -light-blue "><a 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