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markten</a><a href="#" class="subpages" title="toggle subpages for Monetair beleid & markten"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetair beleid en markten</div> <p>Onze monetairbeleidsstrategie, de instrumenten die we gebruiken en de effecten daarvan</p><a href="/mopo/html/index.en.html">Overzicht monetair beleid en markten</a><hr> <div class="nav-title">Snelkoppelingen</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">Wat is monetair beleid?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategische evaluatie</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Programma’s voor de aankoop van activa</a></li> </ul> </div><a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Jongste persconferentie over het monetair beleid</div> <div class="image-date">30 januari 2025</div></a></div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.nl.html">Inleiding</a><a href="#" class="subpages" title="toggle subpages for Inleiding"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.nl.html">Voordelen van prijsstabiliteit</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.nl.html">Reikwijdte van het monetair beleid</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.nl.html">Transmissiemechanisme</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.nl.html">Monetairbeleidsbeslissingen</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.nl.html">Strategie</a><a href="#" class="subpages" title="toggle subpages for Strategie"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.nl.html">Strategische evaluatie</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.nl.html">Middellange termijn</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.nl.html">Inflatiedoelstelling van 2 procent</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.nl.html">Economische, monetaire en financiële ontwikkelingen</a><a href="#" class="subpages" title="toggle subpages for Economische, monetaire en financiële ontwikkelingen"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.nl.html">Economische analyse</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.nl.html">Monetaire en financiële analyse</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.nl.html">Instrumenten</a><a href="#" class="subpages" title="toggle subpages for Instrumenten"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.nl.html">Openmarkttransacties</a><a href="#" class="subpages" title="toggle subpages for Openmarkttransacties"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.nl.html">TLTRO's</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.nl.html">Aankoopprogramma's voor activa</a><a href="#" class="subpages" title="toggle subpages for Aankoopprogramma's voor activa"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.nl.html">Effectenuitlening</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.nl.html">Pandemie-noodaankoopprogramma</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.nl.html">Permanente faciliteiten</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.nl.html">Minimumreserves</a><a href="#" class="subpages" title="toggle subpages for Minimumreserves"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.nl.html">Tweeledig systeem</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.nl.html">Internationale markttransacties</a><a href="#" class="subpages" title="toggle subpages for Internationale markttransacties"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.nl.html">Liquiditeitslijnen tussen centrale banken</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.nl.html">Noodliquiditeitssteun (ELA) en monetair beleid</a></li><li class="clearfix"><a href="/mopo/liq/html/index.nl.html">Liquiditeitsanalyse</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.nl.html">Onderpand</a><a href="#" class="subpages" title="toggle subpages for Onderpand"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.nl.html">Toelatingscriteria en -beoordeling</a><a href="#" class="subpages" title="toggle subpages for Toelatingscriteria en -beoordeling"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.nl.html">Verhandelbare activa</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.nl.html">Niet-verhandelbare activa</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.nl.html">Lijst van toegelaten verhandelbare activa</a><a href="#" class="subpages" title="toggle subpages for Lijst van toegelaten verhandelbare activa"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.nl.html">Gebruiksaanwijzing</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.nl.html">Mobilisering van onderpand</a><a href="#" class="subpages" title="toggle subpages for Mobilisering van onderpand"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.nl.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.nl.html">Toegelaten afwikkelingssystemen</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.nl.html">Koppelingen naar toegelaten afwikkelingssystemen</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.nl.html">Tripartietagenten</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.nl.html">Mitigatie van risico's</a><a href="#" class="subpages" title="toggle subpages for Mitigatie van risico's"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.nl.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.nl.html">Risicobeheersing</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.nl.html">Haircut-categorieën</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.nl.html">Waardering</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.nl.html">Initiatief informatie op kredietniveau</a><a href="#" class="subpages" title="toggle subpages for Initiatief informatie op kredietniveau"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.nl.html">Rapportageformulieren</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.nl.html">Toelatingsvereisten</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.nl.html">Veelgestelde vragen</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.nl.html">Contactgegevens</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.nl.html">Economische structuur van het eurogebied</a><a href="#" class="subpages" title="toggle subpages for Economische structuur van het eurogebied"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.nl.html">Economisch beleid</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.nl.html">Begrotingsbeleid</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.nl.html">Externe handel</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.nl.html">Effectieve wisselkoersen</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.nl.html">Financiële structuur</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.nl.html">Financiële markten</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.nl.html">Financiële intermediairs</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.nl.html">Economische diversiteit</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.nl.html">Arbeidsmarkt</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.nl.html">Marktcontactgroepen</a><a href="#" class="subpages" title="toggle subpages for Marktcontactgroepen"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.nl.html">Bond Market Contact Group (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.nl.html">Moneymarket Contact Group (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.nl.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.nl.html">ECB Operations Managers Group (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.nl.html">Foreign Exchange Contact Group (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.nl.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.nl.html">Betalingsverkeer & financiële stabiliteit</a><a href="#" class="subpages" title="toggle subpages for Betalingsverkeer & financiële stabiliteit"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Betalingsverkeer & financiële stabiliteit</div> <p>Inzicht in ons werk rond financiële stabiliteit en marktinfrastructuren</p><a href="/paym/html/index.en.html">Overzicht betalingsverkeer en financiële stabiliteit</a><hr> <div class="nav-title">Snelkoppelingen</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digitale euro</a></li> <li><a href="/press/intro/html/index.en.html">Nieuws & evenementen betalingsverkeer</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Documenten en links voor professionele TARGET-gebruikers</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">Jongste Financial Stability Review</div> <div class="image-date">16 mei 2024</div></a></div></div><ul><li class="clearfix"><span>Betalingsverkeer</span></li><li class="has-subpages"><a href="/paym/target/html/index.nl.html">TARGET-diensten</a><a href="#" class="subpages" title="toggle subpages for TARGET-diensten"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.nl.html">Gedeelde functionaliteit</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.nl.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.nl.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.nl.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.nl.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.nl.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.nl.html">Feiten en cijfers</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.nl.html">Prijs</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.nl.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.nl.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.nl.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.nl.html">Feiten en cijfers</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.nl.html">Deelnemen</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.nl.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.nl.html">TARGET: documenten & links voor professioneel gebruik</a><a href="#" class="subpages" title="toggle subpages for TARGET: documenten & links voor professioneel gebruik"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.nl.html">Gedeelde functionaliteit: documenten & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.nl.html">T2: documenten & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.nl.html">T2S: documenten & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.nl.html">TIPS: documenten & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.nl.html">ECMS: documenten & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.nl.html">Integratie en innovatie</a><a href="#" class="subpages" title="toggle subpages for Integratie en innovatie"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.nl.html">Distributed-ledger-technologieën</a><a href="#" class="subpages" title="toggle subpages for Distributed-ledger-technologieën"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.nl.html">Verkennende werkzaamheden</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.nl.html">Retailbetalingen</a><a href="#" class="subpages" title="toggle subpages for Retailbetalingen"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.nl.html">Strategie voor retailbetalingen</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.nl.html">De ECB als katalysator</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.nl.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.nl.html">Instantbetalingen</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.nl.html">Harmonisatie onderpandbeheer</a><a href="#" class="subpages" title="toggle subpages for Harmonisatie onderpandbeheer"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.nl.html">Implementatie</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.nl.html">Veelgestelde vragen</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.nl.html">Cyberweerbaarheid</a><a href="#" class="subpages" title="toggle subpages for Cyberweerbaarheid"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.nl.html">Financiëlemarktinfrastructuur</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.nl.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.nl.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.nl.html">Betalingssystemen</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.nl.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.nl.html">Elektronisch betalingsverkeer</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.nl.html">Afwikkelingssystemen voor effecten en centrale tegenpartijen</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.nl.html">Aanbieders van kritieke diensten</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.nl.html">Correspondentbanken en bewaarnemende banken</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.nl.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.nl.html">Reservebeheerdiensten</a><a href="#" class="subpages" title="toggle subpages for Reservebeheerdiensten"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.nl.html">Hoofdpunten</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.nl.html">Dienstenaanbod</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.nl.html">Contantgeldverwerkers</a><a href="#" class="subpages" title="toggle subpages for Contantgeldverwerkers"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.nl.html">Geldverwerking</a><a href="#" class="subpages" title="toggle subpages for Geldverwerking"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.nl.html">Detectieapparaten</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.nl.html">Opnieuw in omloop brengen van bankbiljetten</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.nl.html">Specificaties detectorinterface</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.nl.html">Toelating bankbiljettenproducenten</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.nl.html">Marktcontactgroepen</a><a href="#" class="subpages" title="toggle subpages for Marktcontactgroepen"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.nl.html">Adviesgroepen over marktinfrastructuren</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.nl.html">Euro Cyber Resilience Board (ECRB)</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.nl.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.nl.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financiële stabiliteit</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.nl.html">Financiële stabiliteit</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.nl.html">Macroprudentiële maatregelen</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.nl.html">Contactgroepen financiële stabiliteit</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.nl.html">Statistieken</a><a href="#" class="subpages" title="toggle subpages for Statistieken"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistieken</div> <p>Toegang tot alle ECB-statistieken plus achtergrondinformatie</p><a href="/stats/html/index.en.html">Overzicht ECB-statistieken</a><hr> <div class="nav-title">Snelkoppelingen</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">De belangrijkste cijfers</a></li> <li><a href="https://data.ecb.europa.eu/">Dataportal van de ECB</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Alle datadiensten</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">ECB-blog – betere data: het effect van klimaatverandering op banken</div> <div class="image-date">18 april 2024</div></a></div></div><ul><li class="clearfix"><span>Vaak bekeken</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.nl.html">Wisselkoersen van de euro</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.nl.html">Basisrentetarieven van de ECB</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.nl.html">Kortetermijnrente voor de euro (€STR)</a><a href="#" class="subpages" title="toggle subpages for Kortetermijnrente voor de euro (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.nl.html">Referentierentetarieven</a><a href="#" class="subpages" title="toggle subpages for Referentierentetarieven"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.nl.html">Werkgroep risicovrije euroreferentierente</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.nl.html">Inflatie</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.nl.html">Rendementscurven eurogebied</a></li><li class="clearfix"><span>Alle statistieken & achtergrond</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.nl.html">Alle belangrijke statistieken</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.nl.html">Toegang tot onze gegevens</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.nl.html">Overzicht</a><a href="#" class="subpages" title="toggle subpages for Overzicht"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.nl.html">Governance- en kwaliteitskader</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.nl.html">Samenwerking en normering</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.nl.html">Datarapportage banken</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.nl.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.nl.html">AnaCredit: vragen en antwoorden</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.nl.html">Openbare raadplegingen</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.nl.html">Dialoog met bankensector over ESCB-statistieken en geïntegreerde rapportage</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.nl.html">SDMX: model voor de uitwisseling van statistische gegevens</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.nl.html">INEXDA: netwerk voor gedetailleerde data</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.nl.html">De euro</a><a href="#" class="subpages" title="toggle subpages for De euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">De euro</div> <p>Alles wat u over onze gemeenschappelijke munt moet weten</p><a href="/euro/html/index.en.html">Overzicht euro</a><hr> <div class="nav-title">Snelkoppelingen</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Contantgeldverwerkers</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Cijfers over de bankbiljetten en munten</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Eurowisselkoersen</a></li> </ul> </div><a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Onderzoek naar het betaalgedrag van consumenten in het eurogebied (SPACE) – 2024</div> <div class="image-date">19 december 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.nl.html">Digitale euro</a><a href="#" class="subpages" title="toggle subpages for Digitale euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.nl.html">Kenmerken</a><a href="#" class="subpages" title="toggle subpages for Kenmerken"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.nl.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.nl.html">Hoe werkt het?</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.nl.html">Waarom we een digitale euro nodig hebben</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.nl.html">Tijdlijn en voortgang</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.nl.html">Uitgebreide informatie</a><a href="#" class="subpages" title="toggle subpages for Uitgebreide informatie"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.nl.html">Governance en betrokkenheid van belanghebbenden</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.nl.html">Technische documentatie en onderzoek</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.nl.html">Rulebook van het schema</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.nl.html">Veelgestelde vragen</a></li></ul></li><li class="clearfix"><span>Contant geld</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.nl.html">De contantgeldstrategie van het Eurosysteem</a><a href="#" class="subpages" title="toggle subpages for De contantgeldstrategie van het Eurosysteem"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.nl.html">De rol van contant geld</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.nl.html">Uitgifte en circulatie</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.nl.html">Toegang tot en acceptatie van contant geld</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.nl.html">Veelgestelde vragen</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.nl.html">Bankbiljetten</a><a href="#" class="subpages" title="toggle subpages for Bankbiljetten"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.nl.html">Toekomstige bankbiljetten</a><a href="#" class="subpages" title="toggle subpages for Toekomstige bankbiljetten"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.nl.html">Nieuw ontwerp</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.nl.html">Huidige bankbiljetten</a><a href="#" class="subpages" title="toggle subpages for Huidige bankbiljetten"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.nl.html">Coupures</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.nl.html">Ontwerpelementen</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.nl.html">Echtheidskenmerken</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.nl.html">Bestrijding vervalsingen</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.nl.html">Productie/voorraden bankbiljetten</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.nl.html">Beschadigde en met inkt bevlekte bankbiljetten</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.nl.html">Veiligheid, gezondheid en milieu (VGM)</a><a href="#" class="subpages" title="toggle subpages for Veiligheid, gezondheid en milieu (VGM)"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.nl.html">Ecologische voetafdruk van producten</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.nl.html">Onderzoek en ontwikkeling</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.nl.html">Afbeeldingen en reproductieregels</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.nl.html">Informatie en trainingsmateriaal</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.nl.html">Munten</a><a href="#" class="subpages" title="toggle subpages for Munten"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.nl.html">2 euro</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.nl.html">1 euro</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.nl.html">50 cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.nl.html">20 cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.nl.html">10 cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.nl.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.nl.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.nl.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.nl.html">Gemeenschappelijke zijdes</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.nl.html">€2-herdenkingsmunten</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.nl.html">Echtheidskenmerken</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.nl.html">Verzamelaarsmunten</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.nl.html">De overgang op de chartale euro</a><a href="#" class="subpages" title="toggle subpages for De overgang op de chartale euro"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.nl.html">Kroatië (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.nl.html">Litouwen (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.nl.html">Letland (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.nl.html">Estland (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.nl.html">Slowakije (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.nl.html">Cyprus (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.nl.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.nl.html">Slovenië (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.nl.html">De eerste overgang op de chartale euro in 2002</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.nl.html">Omwisselen van nationale bankbiljetten en munten</a><a href="#" class="subpages" title="toggle subpages for Omwisselen van nationale bankbiljetten en munten"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.nl.html">Oostenrijk</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.nl.html">België</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.nl.html">Kroatië</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.nl.html">Cyprus</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.nl.html">Estland</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.nl.html">Finland</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.nl.html">Frankrijk</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.nl.html">Duitsland</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.nl.html">Griekenland</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.nl.html">Ierland</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.nl.html">Italië</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.nl.html">Letland</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.nl.html">Litouwen</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.nl.html">Luxemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.nl.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.nl.html">Nederland</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.nl.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.nl.html">Slowakije</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.nl.html">Slovenië</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.nl.html">Spanje</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.nl.html">Voor visueel gehandicapten</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.nl.html">Onderzoek</a><a href="#" class="subpages" title="toggle subpages for Onderzoek"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Onderzoek</div> <p>Diepgravend onderzoek en analyse van deskundigen over diverse onderwerpen en op vele gebieden</p><a href="/pub/html/index.en.html">Overzicht ECB-onderzoek</a> <hr> <div class="nav-title">Snelkoppelingen</div> <ul>  <li><a 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Maar we mogen het effect van onze balansmaatregelen op het monetair beleid en de soepele doorwerking daarvan naar de reële economie niet onderschatten.</p> <a href="/press/key/date/2025/html/ecb.sp250218~cc20f3518c.nl.html" data-label="Engels" class="button">Lees de toespraak van Piero Cipollone</a> </div> </div> </div> </div><div class="tabs-container -white-blue -homepage"> <input id="t1" name="homepage-tab-group" type="radio" checked=""> <label for="t1"><span class="arrow"></span>Uitgelicht</label> <div class="tab-content"> <div class="boxes"> <div class="box"> <div data-image="/home/shared/img/bas/box-1_3e9e10f134f6c883bcd46453bd891859.jpg" data-image-webp="/home/shared/img/bas/box-1_3e9e10f134f6c883bcd46453bd891859.webp" > </div> <div> <div> <span class="type">VERANTWOORDING</span> <span class="date">10 februari 2025</span> </div> <h3> President bezoekt het Europees Parlement <br></h3> <p>President Christine Lagarde verscheen op maandag 10 februari voor het Europees Parlement. Ze sprak er tijdens het plenaire debat naar aanleiding van het jaarverslag van de ECB over 2023.</p> <a href="/press/key/date/2025/html/ecb.sp250210~77679a7d66.nl.html" data-label="Engels">Lees de inleidende verklaring</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-2_2442ec1d6e1ef1bcb2c70fb31544314f.jpg" data-image-webp="/home/shared/img/bas/box-2_2442ec1d6e1ef1bcb2c70fb31544314f.webp" > </div> <div> <div> <span class="type">ECONOMISCH BULLETIN</span> <span class="date">13 februari 2025</span> </div> <h3> ECB publiceert Economisch Bulletin <br></h3> <p>Het Economisch Bulletin bevat de economische en monetaire informatie waarop de Raad van Bestuur zijn beleid baseert. Het komt acht keer per jaar uit, twee weken na elke monetairbeleidsvergadering.</p> <a href="/press/economic-bulletin/html/eb202501.nl.html" data-label="Engels">Lees het nieuwste nummer</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-3_a761833977d57b1125f549868e5f553a.jpg" data-image-webp="/home/shared/img/bas/box-3_a761833977d57b1125f549868e5f553a.webp" > </div> <div> <div> <span class="type">EVENEMENT</span> <span class="date">11 februari 2025</span> </div> <h3> IT Bootcamp voor meiden <br></h3> <p>Ben je een meisje? Hou je van technologie? Schrijf je dan in voor ons IT Bootcamp voor meiden van 11-17 jaar. Maak actief kennis met de spannende wereld van digitale apps en tech. Inschrijven kan tot en met 26 februari.</p> <a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.nl.html" data-label="Engels">Schrijf je nu in!</a> </div> </div></div> </div> <input id="t2" name="homepage-tab-group" type="radio"> <label for="t2"><span class="arrow"></span>Persberichten</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250218.en.html" >Consolidated financial statement of the Eurosystem as at 14 February 2025</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250218.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span 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class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250204.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250204.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250204.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2025-02-04"><div class="date">4 February 2025</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT - COMMENTARY</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fs250204.en.html" data-label="Engels" >Commentary</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fs250204.en.html" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2025-02-04"><div class="date">4 February 2025</div></dt><dd><div class="category">MFI INTEREST RATE STATISTICS</div><div class="title"><a href="/press/stats/mfi/html/ecb.mir2502~a1a1bacbdc.en.html" data-label="Engels" >Euro area bank interest rate statistics: December 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/stats/mfi/html/ecb.mir2502~a1a1bacbdc.en.html" data-label="Engels"> <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.mir2502~a1a1bacbdc.de.pdf" data-label="Duits"> <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/pdf/mfi/ecb.mir2502~a1a1bacbdc.es.pdf" data-label="Spaans"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pdf/mfi/ecb.mir2502~a1a1bacbdc.fr.pdf" data-label="Frans"> <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/pr/html/index.en.html" data-label="Engels" class="arrow">ALLE PERSBERICHTEN</a></div> </div> <input id="t3" name="homepage-tab-group" type="radio"> <label for="t3"><span class="arrow"></span>Toespraken</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250218~cc20f3518c.en.html" data-label="Engels" >Piero Cipollone: Striking the right balance: the ECB’s balance sheet and its implications for monetary policy</a></div><div class="subtitle">Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2025/html/ecb.sp250218~cc20f3518c.en.html" data-label="Engels"> <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="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250218_annex~10f361af3e.en.pdf?8257d4221b0e0681659198486484de8c" data-label="Engels" >Slides</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2025/html/ecb.sp250218_annex~10f361af3e.en.pdf" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2025-02-12"><div class="date">12 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250212~b69d86d8f2.en.html" data-label="Engels" >Frank Elderson: From concept to delivery: accounting for climate and nature in maintaining price stability and keeping banks safe and sound</a></div><div class="subtitle">Introductory remarks by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the MNI Webcast on Climate Change: Impact on Monetary Policy and Bank Supervision</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2025/html/ecb.sp250212~b69d86d8f2.en.html" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-11"><div class="date">11 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250211~bd3d2d056c.en.pdf?37fde84c24718b7e0cc8b26b525fb3db" data-label="Engels" >Isabel Schnabel: Escaping stagnation</a></div><div class="subtitle">Slides by Isabel Schnabel at the Nuremberg Talks Series' panel discussion organised by the Institut für Arbeitsmarkt- und Berufsforschung in Nürnberg, Germany</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2025/html/ecb.sp250211~bd3d2d056c.en.pdf" data-label="Engels"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span 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class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-05"><div class="date">5 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250205~94958ee099.en.html" data-label="Engels" >Philip R. Lane: A middle path for ECB monetary policy</a></div><div class="subtitle">Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Peterson Institute for International Economics (PIIE)</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2025/html/ecb.sp250205~94958ee099.en.html" data-label="Engels"> <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="2025-02-05"><div class="date">5 February 2025</div></dt><dd><div class="title"><a href="/pub/pdf/annex/ecb.sp250205_annex.en.pdf?3e30d8f99063b330f82b5c03870e0aed" data-label="Engels" >Slides</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/annex/ecb.sp250205_annex.en.pdf" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/key/html/index.en.html" data-label="Engels" class="arrow">ALLE TOESPRAKEN</a></div> </div> <input id="t4" name="homepage-tab-group" type="radio"> <label for="t4"><span class="arrow"></span>Interviews</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-06"><div class="date">6 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250206~69a68c13da.en.html" data-label="Engels" >Piero Cipollone: Interview with Reuters</a></div><div class="subtitle">Interview with Piero Cipollone, conducted by Balazs Koranyi and Francesco Canepa</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250206~69a68c13da.en.html" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-05"><div class="date">5 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250205~fdf3986704.en.html" data-label="Engels" >Luis de Guindos: Interview with Hospodárske Noviny</a></div><div class="subtitle">Interview with Luis de Guindos, Vice-President of the ECB, conducted by Mário Blaščák</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250205~fdf3986704.en.html" data-label="Engels"> <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="sk" href="/press/inter/date/2025/html/ecb.in250205~fdf3986704.sk.html" data-label="Slowaaks"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a></div></div></div></dd><dt isoDate="2025-01-17"><div class="date">17 January 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250117~ea23b381f0.en.html" >Frank Elderson: Interview with Het Financieele Dagblad</a></div><div class="subtitle">Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Arend Clahsen and Han Dirk Hekking</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250117~ea23b381f0.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="nl" href="/press/inter/date/2025/html/ecb.in250117~ea23b381f0.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div></dd><dt isoDate="2025-01-13"><div class="date">13 January 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250113~572d4d217a.en.html" data-label="Engels" >Philip R. Lane: Interview with Der Standard</a></div><div class="subtitle">Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by András Szigetvari</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250113~572d4d217a.en.html" data-label="Engels"> <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="de" href="/press/inter/date/2025/html/ecb.in250113~572d4d217a.de.html" data-label="Duits"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a></div></div></div></dd><dt isoDate="2025-01-09"><div class="date">9 January 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250109~f88fb55cf4.en.html" data-label="Engels" >Piero Cipollone: Interview with Corriere della Sera</a></div><div class="subtitle">Interview with Piero Cipollone, conducted by Federico Fubini</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250109~f88fb55cf4.en.html" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd></dl> </div> <div class="click-for-more"><a href="/press/inter/html/index.en.html" data-label="Engels" class="arrow">ALLE INTERVIEWS</a></div> </div> <input id="t5" name="homepage-tab-group" type="radio"> <label for="t5"><span class="arrow"></span>ECB-blog</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-11"><div class="date">11 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250211~b1c08a62a1.en.html" data-label="Engels" >Why a more competitive economy matters for monetary policy</a></div><div class="subtitle">At the heart of the euro area’s competitiveness challenges lies weak productivity growth. The ECB Blog looks at how this makes it more difficult to carry out monetary policy. </div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/marinela-daniela-filip.en.html" data-label="Engels" >Marinela-Daniela Filip</a></li><li><a href="/pub/research/authors/profiles/daphne-momferatou.en.html" data-label="Engels" >Daphne Momferatou</a></li><li><a href="/pub/research/authors/profiles/susana-parraga-rodriguez.en.html" data-label="Engels" >Susana Parraga Rodriguez</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250211~b1c08a62a1.en.html" data-label="Engels"> <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>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E60</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General<br/></dd></dl></div></div></dd><dt isoDate="2025-02-05"><div class="date">5 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250205~44578cf53f.en.html" data-label="Engels" >What happens when US and euro area monetary policy decouple?</a></div><div class="subtitle">The monetary policies of the ECB and the US Federal Reserve are not always in sync. But how does the Fed’s policy affect the euro area economy? This ECB Blog looks at how monetary policy in the United States travels across the Atlantic and what this means for the ECB.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/stefan-gebauer.en.html" data-label="Engels" >Stefan Gebauer</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="Engels" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/federic-holm-hadulla.en.html" data-label="Engels" >Fédéric Holm-Hadulla</a></li><li><a href="/pub/research/authors/profiles/thomas-kostka.en.html" data-label="Engels" >Thomas Kostka</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250205~44578cf53f.en.html" data-label="Engels"> <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>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<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="2025-02-01"><div class="date">1 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250201~8dbc16838e.en.html" data-label="Engels" >Europe has strengths it can build on</a></div><div class="subtitle">Remaining competitive is fundamental for Europe’s future. We need faster economic growth and higher productivity to protect the quality of life for Europeans – from their jobs and incomes to their security and welfare.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250201~8dbc16838e.en.html" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-01-20"><div class="date">20 January 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250120~00e4054399.en.html" data-label="Engels" >Luis de Guindos, Frank Elderson: Why prudent projections are the backbone of sound stress testing </a></div><div class="subtitle">Stress tests are of crucial importance to assess banks’ resilience under adverse economic conditions. In previous stress tests, however, some banks submitted overly optimistic projections. Despite thorough quality assurance by supervisors, this behaviour makes it more likely that the risks some banks face are underestimated. To address this, we are now taking a closer look at insufficiently prudent projection submissions. In line with our supervisory focus on banks’ risk data aggregation and reporting capabilities, we are also looking more closely at poor data quality issues in stress tests.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250120~00e4054399.en.html" data-label="Engels"> <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>G20</strong> : Financial Economics→Financial Institutions and Services→General<br/></dd></dl></div></div></dd><dt isoDate="2025-01-15"><div class="date">15 January 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog.20250115~f016f263dd.en.html" data-label="Engels" >Exploring an uncertain future with the help of scenarios</a></div><div class="subtitle">Central banks project future developments based on past data patterns and a set of assumptions. Crises can change economic structures, complicating this forecasting. The ECB Blog explains how scenario, risk and sensitivity analyses address the new uncertainty.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/matteo-ciccarelli.en.html" data-label="Engels" >Matteo Ciccarelli</a></li><li><a href="/pub/research/authors/profiles/matthieu-darracq-paries.en.html" data-label="Engels" >Matthieu Darracq Pariès</a></li><li><a href="/pub/research/authors/profiles/bettina-landau.en.html" data-label="Engels" >Bettina Landau</a></li><li><a href="/pub/research/authors/profiles/joao-sousa.en.html" data-label="Engels" >João Sousa</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog.20250115~f016f263dd.en.html" data-label="Engels"> <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>E37</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications<br/><strong>E47</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications<br/><strong>C15</strong> : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Statistical Simulation Methods: General<br/></dd></dl></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/blog/html/index.en.html" class="arrow">ALLE BLOGPOSTS</a></div> </div> <input id="t6" name="homepage-tab-group" type="radio"> <label for="t6"><span class="arrow"></span>Publicaties</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3031</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3031~a6e136032e.en.pdf?c621c8f418bc672d878d471e8c9113af" data-label="Engels" >Bank transparency and market efficiency</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andreas-beyer.en.html" data-label="Engels" >Andreas Beyer</a></li><li><a href="/pub/research/authors/profiles/ernest-dautovic.en.html" data-label="Engels" >Ernest Dautović</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3031~a6e136032e.en.pdf" data-label="Engels"> <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 explores the impact of bank transparency on market efficiency by comparing banks that disclose supervisory capital requirements to those that remain opaque. Due to the informational content of supervisory capital requirements for the market this opacity might hinder market efficiency. The paper estimates an average 11.5% reduction in funding costs for transparent versus opaque banks. However, there is some heterogeneity in those effects. Transparency helps the market to sort across safer and riskier banks. Conditional on disclosure, the safest quartile of banks, those with a CET1 P2R lower than 1.5% of risk-weighted assets, benefits in average from 31.1% lower funding costs. The paper concludes that supervisory transparency is beneficial, supporting the view that supervisory transparency enhances market discipline by allowing markets to better evaluate and price the risk associated with each bank.</dd><dt>JEL Code</dt><dd><strong>D5</strong> : Microeconomics→General Equilibrium and Disequilibrium<br/><strong>E5</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit<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>G18</strong> : Financial Economics→General Financial Markets→Government Policy and Regulation<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="2025-02-18"><div class="date">18 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3030</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3030~acb29d20cc.en.pdf?1d3a997c602527730dd4f67d81ef9b38" data-label="Engels" >Green and brown returns in a production economy</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/ivan-jaccard.en.html" data-label="Engels" >Ivan Jaccard</a></li><li><a href="/pub/research/authors/profiles/thore-kockerols.en.html" data-label="Engels" >Thore Kockerols</a></li><li><a href="/pub/research/authors/profiles/yves-schueler.en.html" data-label="Engels" >Yves Schüler</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3030~acb29d20cc.en.pdf" data-label="Engels"> <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>Does it pay to invest in green companies? In countries where a market for carbon is functioning, such as those within the European Union, our findings suggest that it should be beneficial. Using a sample of green and brown European firms, we initially demonstrate that green companies have outperformed brown ones in recent times. Subsequently, we develop a production economy model in which brown firms acquire permits to emit carbon into the atmosphere. We find that the presence of a well-functioning carbon market could account for the green equity premium observed in our data. Incorporating a preference for green financial assets is also unlikely to overturn our results.</dd><dt>JEL Code</dt><dd><strong>E32</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles<br/><strong>Q51</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Valuation of Environmental Effects<br/><strong>G18</strong> : Financial Economics→General Financial Markets→Government Policy and Regulation<br/></dd><dt>Network</dt><dd>Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP)</dd></dl></div></div></dd><dt isoDate="2025-02-17"><div class="date">17 February 2025</div></dt><dd><div class="category">SURVEY OF MONETARY ANALYSTS</div><div class="title"><a href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma250217_questionnaire.en.pdf?ec066f6900a0ad4c1182e860f9df48e8" data-label="Engels" >ECB Survey of Monetary Analysts (SMA), March 2025</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma250217_questionnaire.en.pdf" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-17"><div class="date">17 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3029</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3029~0ac8f8f674.en.pdf?d4cb38faafd9c9c4b2cb4e8a099b7d28" data-label="Engels" >Investment funds and euro disaster risk</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/pablo-anaya-longaric.en.html" data-label="Engels" >Pablo Anaya Longaric</a></li><li><a href="/pub/research/authors/profiles/katharina-cera.en.html" data-label="Engels" >Katharina Cera</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="Engels" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" data-label="Engels" >Christoph Kaufmann</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3029~0ac8f8f674.en.pdf" data-label="Engels"> <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 compared to all other investor groups investment funds exhibit a distinctly procyclical behavior when financial-market beliefs about the probability of a euro-related, institutional rare disaster spike. In response to such euro disaster risk shocks, investment funds shed periphery but do not adjust core sovereign debt holdings. The periphery debt shed by investment funds is picked up by investors domiciled in the issuing country, namely banks in the short term and insurance corporations and households in the medium term.</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="2025-02-17"><div class="date">17 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3028</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3028~e58ecc9133.en.pdf?fa02d5bec1aca570fc935e7491067462" data-label="Engels" >The taming of the skew: asymmetric inflation risk and monetary policy</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/ivan-petrella.en.html" data-label="Engels" >Ivan Petrella</a></li><li><a href="/pub/research/authors/profiles/andrea-de-polis.en.html" data-label="Engels" >Andrea De Polis</a></li><li><a href="/pub/research/authors/profiles/leonardo-melosi.en.html" data-label="Engels" >Leonardo Melosi</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3028~e58ecc9133.en.pdf" data-label="Engels"> <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 inflation risk in the U.S. varies significantly over time and is often asymmetric. To analyze the macroeconomic effects of these asymmetric risks within a tractable framework, we construct the beliefs representation of a general equilibrium model with skewed distribution of markup shocks. Optimal policy requires shifting agents’ expectations counter to the direction of inflation risks. We perform counterfactual analyses using a quantitative general equilibrium model to evaluate the implications of incorporating real-time estimates of the balance of inflation risks into monetary policy communications and decisions.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E31</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation<br/><strong>C53</strong> : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods<br/></dd></dl></div></div></dd><dt isoDate="2025-02-14"><div class="date">14 February 2025</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter250214_Fernandez~464be25151.en.pdf?0b11941a16864ba58de3c094c0e6744e" data-label="Engels" >Letter from the ECB President to Mr Jonás Fernández, MEP, on energy and inflation</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter250214_Fernandez~464be25151.en.pdf" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-14"><div class="date">14 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3027</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3027~e0eed68204.en.pdf?dfefc5c33d0da6ea0320d8700ae114b1" data-label="Engels" >Climate change policies and technologies: diffusion and interaction with institutions and governance</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/vincent-labhard.en.html" data-label="Engels" >Vincent Labhard</a></li><li><a href="/pub/research/authors/profiles/jonne-lehtimaeki.en.html" data-label="Engels" >Jonne Lehtimäki</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3027~e0eed68204.en.pdf" data-label="Engels"> <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>Climate change is a global-scale structural change, affecting economies across the world, alongside global fragmentation, digitalisation and demographics. This paper analyses the diffusion of climate policies and technologies and the role of institutions and governance in that process. It discusses theory, models and data available to date, and the empirical evidence for the 20 European Union and all 40 countries covered by the OECD’s Environmental Policy Stringency index. The results indicate that institutions and governance have significant effects towards a greater speed and spread of diffusion of climate policies and technologies, and that separating the speed and spread effects is essential for assessing the green transition.</dd><dt>JEL Code</dt><dd><strong>E02</strong> : Macroeconomics and Monetary Economics→General→Institutions and the Macroeconomy<br/><strong>O11</strong> : Economic Development, Technological Change, and Growth→Economic Development→Macroeconomic Analyses of Economic Development<br/><strong>Q20</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Renewable Resources and Conservation→General<br/><strong>Q55</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Technological Innovation<br/><strong>Q58</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3026</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3026~8b2199688d.en.pdf?db28dd98f5255340df66f452cf4f0ab7" data-label="Engels" >Institutional investors and house prices</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/emil-bandoni.en.html" data-label="Engels" >Emil Bandoni</a></li><li><a href="/pub/research/authors/profiles/giorgia-de-nora.en.html" data-label="Engels" >Giorgia De Nora</a></li><li><a href="/pub/research/authors/profiles/margherita-giuzio.en.html" data-label="Engels" >Margherita Giuzio</a></li><li><a href="/pub/research/authors/profiles/ellen-ryan.en.html" data-label="Engels" >Ellen Ryan</a></li><li><a href="/pub/research/authors/profiles/manuela-storz.en.html" data-label="Engels" >Manuela Storz</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3026~8b2199688d.en.pdf" data-label="Engels"> <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>Institutional investors, such as investment funds, are playing an increasingly important role in residential real estate markets. This raises the possibility that their actions might drive aggregate market outcomes and may change how and which macrofinancial shocks transmit to house prices. In a Bayesian vector autoregression setting, we show that a demand shock from institutional investors has a positive and persistent effect on aggregate euro area house price growth and mortgage lending volumes. Institutional investors also increase their purchase activity following a loosening of monetary policy. Exploiting regional heterogeneity in eight euro area countries, we show in a panel regression setting that institutional investors weaken the link between house price growth and local economic fundamentals, but strengthen the sensitivity to monetary policy and financial market developments.</dd><dt>JEL Code</dt><dd><strong>R31</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Housing Supply and Markets<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd><dt>Network</dt><dd>Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP)</dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3025</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3025~c975fbec45.en.pdf?c304ac6f29a57a05614c9e857a0bec0a" data-label="Engels" >Mitigating fragility in open-ended investment funds: the role of redemption restrictions</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/luis-molestina-vivar.en.html" data-label="Engels" >Luis Molestina Vivar</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3025~c975fbec45.en.pdf" data-label="Engels"> <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>Using supervisory data of alternative investment funds investing in bonds, I exploit the COVID-19 crisis to examine the effectiveness of redemption restrictions from a financial stability perspective. First, I find that redemption restrictions reduced outflows during the March 2020 market turmoil but did not result in higher outflows in the periods following the crisis episode. Second, I find that funds with higher redemption restrictions engaged less in procyclical cash hoarding during the COVID-19 crisis period, even after controlling for the size of their outflows. Third, I find that redemption restrictions do not have a significant impact on the sensitivity of investor inflows to good performance, but they significantly reduce the sensitivity of outflows to bad performance. These findings suggest that redemption restrictions can mitigate fragility in open-ended investment funds.</dd><dt>JEL Code</dt><dd><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<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="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN</div><div class="title"><a href="/press/economic-bulletin/html/eb202501.en.html" data-label="Engels" >Economic Bulletin Issue 1, 2025</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/html/eb202501.en.html" data-label="Engels"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/ecbu/eb202501.en.pdf" data-label="Engels"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_07~c37ab82e06.en.html" data-label="Engels" >From press conferences to speeches: the impact of the ECB’s monetary policy communication</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/yldz-akkaya.en.html" data-label="Engels" >Yıldız Akkaya</a></li><li><a href="/pub/research/authors/profiles/lea-bitter.en.html" data-label="Engels" >Lea Bitter</a></li><li><a href="/pub/research/authors/profiles/adriana-grasso.en.html" data-label="Engels" >Adriana Grasso</a></li><li><a href="/pub/research/authors/profiles/brian-amorim-cabaco.en.html" data-label="Engels" >Brian Amorim Cabaco</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_07~c37ab82e06.en.html" data-label="Engels"> <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>Monetary policy communication is important for managing policy expectations and enhancing the effectiveness of central bank policy decisions. The prevalence of topics in the ECB’s communication has shifted over time with the focus of its work: from the creation and introduction of the euro to addressing financial crises with new policy instruments, and more recently, to tackling the effects of the 2021-22 inflation surges. The analysis shows that, while press releases and monetary policy statements following Governing Council meetings lead to significant immediate changes in asset prices, communication taking place between these meetings also has a meaningful impact, with a substantial cumulative effect over time. A holistic understanding of the impact of Governing Council communication – both immediately after its meetings and between one meeting and the next – is central for managing expectations and shaping monetary policy outcomes.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<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>E61</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_06~ee8cc616b7.en.html" data-label="Engels" >Changes to the Eurosystem collateral framework to foster greater harmonisation</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/diana-gomes.en.html" data-label="Engels" >Diana Gomes</a></li><li><a href="/pub/research/authors/profiles/stephan-sauer.en.html" data-label="Engels" >Stephan Sauer</a></li><li><a href="/pub/research/authors/profiles/ioana-alexopoulou.en.html" data-label="Engels" >Ioana Alexopoulou</a></li><li><a href="/pub/research/authors/profiles/calogero-brancatelli.en.html" data-label="Engels" >Calogero Brancatelli</a></li><li><a href="/pub/research/authors/profiles/daniel-gybas.en.html" data-label="Engels" >Daniel Gybas</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_06~ee8cc616b7.en.html" data-label="Engels"> <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 collateral framework for Eurosystem credit operations contributes to an effective, robust, flexible and efficient implementation of the ECB’s monetary policy. The framework has evolved over time, primarily in response to economic and financial market developments, supporting bank lending and the provision of liquidity. Recent Governing Council decisions will increase the harmonisation of the framework, while simultaneously preserving a broad collateral basis.</dd><dt>JEL Code</dt><dd><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>E65</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Studies of Particular Policy Episodes<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_04~ff5de054b8.en.html" data-label="Engels" >The economic impact of floods</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/guzman-gonzalez-torres-fernandez.en.html" data-label="Engels" >Guzman Gonzalez-Torres Fernandez</a></li><li><a href="/pub/research/authors/profiles/miles-parker.en.html" data-label="Engels" >Miles Parker</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_04~ff5de054b8.en.html" data-label="Engels"> <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>Major floods have become recurrent events in Europe and their frequency is set to increase with climate change. Drawing on several pieces of ECB analysis, we show that the economic effects depend largely on economic and institutional factors at the regional level. There is evidence of high-income regions “building back better”, whereas lower-income regions can suffer prolonged periods of lower activity. Insurance and spending on adaptation measures like flood defences can already contain the potential damages from further extreme weather events in the near future.</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="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_03~724abc0d74.en.html" data-label="Engels" >The role of demographics in recent developments in the unemployment rate</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/clemence-berson.en.html" data-label="Engels" >Clémence Berson</a></li><li><a href="/pub/research/authors/profiles/antonio-dias-da-silva.en.html" data-label="Engels" >António Dias Da Silva</a></li><li><a href="/pub/research/authors/profiles/marco-weissler.en.html" data-label="Engels" >Marco Weißler</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_03~724abc0d74.en.html" data-label="Engels"> <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 euro area unemployment rate has been declining for the past two years. This box explores the role of labour supply factors in driving this decline. To this end, it examines in particular whether changes in the labour force composition of certain demographic groups have contributed to this trend. The results show that, even within the relatively short time frame considered, shifts in the labour force composition – and especially the rising proportions of older workers and workers with a tertiary education – have contributed to reducing the unemployment rate.</dd><dt>JEL Code</dt><dd><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>J11</strong> : Labor and Demographic Economics→Demographic Economics→Demographic Trends, Macroeconomic Effects, and Forecasts<br/><strong>J21</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Labor Force and Employment, Size, and Structure<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_02~0d9f9c54b9.en.html" data-label="Engels" >Are real incomes increasing or not? Household perceptions and their role for consumption</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/georgi-kocharkov.en.html" data-label="Engels" >Georgi Kocharkov</a></li><li><a href="/pub/research/authors/profiles/omiros-kouvavas.en.html" data-label="Engels" >Omiros Kouvavas</a></li><li><a href="/pub/research/authors/profiles/adam-baumann.en.html" data-label="Engels" >Adam Baumann</a></li><li><a href="/pub/research/authors/profiles/luca-caprari.en.html" data-label="Engels" >Luca Caprari</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_02~0d9f9c54b9.en.html" data-label="Engels"> <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 inflation surge seen in the past few years has had a negative impact on consumer perceptions about real incomes. These perceptions seem to persist even as real income has actually improved over time. This behaviour, which can be seen as a form of pessimism, is particularly strong among lower and middle-income households and has had a negative impact on actual consumption. These findings underscore the importance of perceptions in economic behaviour. As pessimism following large economic shocks typically disappears, albeit gradually, consumption should gain momentum as perceptions about real incomes improve.</dd><dt>JEL Code</dt><dd><strong>D84</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations<br/><strong>D91</strong> : Microeconomics→Intertemporal Choice→Intertemporal Household Choice, Life Cycle Models and Saving<br/><strong>E21</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth<br/><strong>G51</strong> : Financial Economics<br/></dd></dl></div></div></dd><dt isoDate="2025-02-13"><div class="date">13 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_01~6b8d50475c.en.html" data-label="Engels" >The outlook for services inflation in the United States and the United Kingdom</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/filippo-arigoni.en.html" data-label="Engels" >Filippo Arigoni</a></li><li><a href="/pub/research/authors/profiles/baptiste-meunier.en.html" data-label="Engels" >Baptiste Meunier</a></li><li><a href="/pub/research/authors/profiles/isabella-moder.en.html" data-label="Engels" >Isabella Moder</a></li><li><a href="/pub/research/authors/profiles/adrian-schmith.en.html" data-label="Engels" >Adrian Schmith</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2025/html/ecb.ebbox202501_01~6b8d50475c.en.html" data-label="Engels"> <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>While headline inflation has decelerated significantly across advanced economies in the past two years, services inflation has remained high. This box examines the key factors influencing services inflation in the United States and the United Kingdom, highlighting the role of labour market tightness and catch-up dynamics in non-rent services inflation, and the contribution of rent inflation to overall services inflation. Looking ahead, services inflation is expected to moderate amid a lower contribution from catch-up inflation dynamics, a cooling of labour markets and decreasing inflation for new rental agreements.</dd><dt>JEL Code</dt><dd><strong>E31</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation<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>C22</strong> : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes<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="2025-02-12"><div class="date">12 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3024</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3024~53ac4adc18.en.pdf?557d170133071688aaaf3553eb5b2e22" data-label="Engels" >Monetary policy and the firm-level labor share: a story about capital</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lea-steininger.en.html" data-label="Engels" >Lea Steininger</a></li><li><a href="/pub/research/authors/profiles/anna-matzner.en.html" data-label="Engels" >Anna Matzner</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3024~53ac4adc18.en.pdf" data-label="Engels"> <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 study the heterogeneous pass-through of monetary policy across firms with different labor shares. The goal is to obtain evidence on a labor-intensity transmission channel that should in fact be operating for other kinds of demand shocks as well. Our basic idea is that labor is special: unlike capital, it cannot be pledged against loans as collateral due to property rights. Based on a sample of over one million European firms, we document substantial heterogeneity in terms of firms’ investment response: when conditions tighten, fixed capital stock of labor-intensive firms decreases relative to capital-intensive production. These findings cannot be explained by other proxies for financial constraints such as age, size or financial leverage. Our results suggest that the impact of monetary policy is driven by borrowing constraints of high labor share firms, and that monetary policy is more potent in an economy characterized by a high labor share.</dd><dt>JEL Code</dt><dd><strong>D22</strong> : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>D31</strong> : Microeconomics→Distribution→Personal Income, Wealth, and Their Distributions<br/><strong>E23</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Production<br/><strong>E32</strong> : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles<br/></dd></dl></div></div></dd><dt isoDate="2025-02-12"><div class="date">12 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3023</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3023~b8b4f32e67.en.pdf?a847f721e81b2a2fd710dbc7b3dd53a1" data-label="Engels" >Distressed assets and fiscal-monetary support: are AMCs a third way?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/reiner-martin.en.html" data-label="Engels" >Reiner Martin</a></li><li><a href="/pub/research/authors/profiles/edward-obrien.en.html" data-label="Engels" >Edward O’Brien</a></li><li><a href="/pub/research/authors/profiles/m-udara-peiris.en.html" data-label="Engels" >M. Udara Peiris</a></li><li><a href="/pub/research/authors/profiles/dimitrios-p-tsomocos.en.html" data-label="Engels" >Dimitrios P. Tsomocos</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3023~b8b4f32e67.en.pdf" data-label="Engels"> <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>Following the Global Financial Crisis of 2007-8, Ireland, Slovenia, and Spain set up public Asset Management Companies (AMCs), purchasing delinquent loans equal to 44%, 16%, and 10% of GDP, respectively. Though deemed successful, it’s unclear if this was de facto traditional capital and liquidity support. We show that AMCs have a systematic advantage in reducing pecuniary externalities and costs associated with loan delinquencies. AMCs enhance average returns to bank lending, promoting additional lending (bank lending channel) and improving corporate borrowers’ balance sheets (balance sheet channel). The welfare gains of well-designed and well-managed AMCs are between 0.2% and 0.5% of steady-state consumption, independent of whether they are financed through fiscal transfers or sterilized monetary transfers; AMCs can complement traditional fiscal and monetary policies in managing financial crises.</dd><dt>JEL Code</dt><dd><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G18</strong> : Financial Economics→General Financial Markets→Government Policy and Regulation<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/></dd></dl></div></div></dd><dt isoDate="2025-02-12"><div class="date">12 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - ARTICLE</div><div class="title"><a href="/press/economic-bulletin/articles/2025/html/ecb.ebart202501_03~90ade39a4a.en.html" data-label="Engels" >Green investment needs in the EU and their funding</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/malin-andersson.en.html" data-label="Engels" >Malin Andersson</a></li><li><a href="/pub/research/authors/profiles/petra-koehler-ulbrich.en.html" data-label="Engels" >Petra Köhler-Ulbrich</a></li><li><a href="/pub/research/authors/profiles/carolin-nerlich.en.html" data-label="Engels" >Carolin Nerlich</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/articles/2025/html/ecb.ebart202501_03~90ade39a4a.en.html" data-label="Engels"> <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 green transition of the EU economy will require substantial investment to 2030 and beyond, to reduce greenhouse gas (GHG) emissions by 55% from 1990 levels by 2030 and reach net-zero emissions by 2050. Estimates of green investment needs vary and are surrounded by high uncertainty, but these all point to a requirement for faster and more ambitious action. Green investment will need to be financed primarily by the private sector, with support from the public sector. While banks are expected to make a key contribution to funding the green transition, capital markets need to deepen further, especially to support innovation financing. Public funds will be vital to complement and de-risk private green investment. Finally, structural reforms should be tailored to encourage firms, households and investors to step up their green investment activities.</dd><dt>JEL Code</dt><dd><strong>E22</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>Q41</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Demand and Supply, Prices<br/><strong>Q50</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General<br/><strong>Q58</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy<br/></dd></dl></div></div></dd><dt isoDate="2025-02-12"><div class="date">12 February 2025</div></dt><dd><div class="category">ECONOMIC BULLETIN - ARTICLE</div><div class="title"><a href="/press/economic-bulletin/articles/2025/html/ecb.ebart202501_02~05fb781826.en.html" data-label="Engels" >Wage developments during and after the high inflation period</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/colm-bates.en.html" data-label="Engels" >Colm Bates</a></li><li><a href="/pub/research/authors/profiles/katalin-bodnar.en.html" data-label="Engels" >Katalin Bodnár</a></li><li><a href="/pub/research/authors/profiles/peter-healy.en.html" data-label="Engels" >Peter Healy</a></li><li><a href="/pub/research/authors/profiles/marc-roca-i-llevadot.en.html" data-label="Engels" >Marc Roca I Llevadot</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 1, 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/articles/2025/html/ecb.ebart202501_02~05fb781826.en.html" data-label="Engels"> <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 article describes developments in wage indicators during and after the high inflation period. It illustrates that, following high volatility during the pandemic, all wage indicators recorded levels well in excess of historical averages in 2023-24. The drivers of wage growth, namely inflation, labour market tightness and productivity growth, also developed differently from how they have developed in the past, and there is a need to reassess how they are reflected in wage developments. Using the augmented wage Phillips curve we find that the inflationary shock was the main driver of wage growth dynamics in the period under investigation, while labour market tightness supported workers in recovering real wage losses. We illustrate the link between wage growth and inflation in the euro area through the lens of the Bernanke-Blanchard model. ECB wage tracker data confirm the important role of catching up in recent wage growth and point to labour market institutions having a strong role in the speed of pass-through of prices to wages. Meanwhile, wage pressures are expected to ease as real wage catch-up becomes less significant and labour demand eases.</dd><dt>JEL Code</dt><dd><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>J30</strong> : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→General<br/><strong>J52</strong> : Labor and Demographic Economics→Labor?Management Relations, Trade Unions, and Collective Bargaining→Dispute Resolution: Strikes, Arbitration, and Mediation, Collective Bargaining<br/></dd></dl></div></div></dd></dl> </div> <div class="click-for-more"><a href="/pub/pubbydate/html/index.en.html" data-label="Engels" class="arrow">ALLE PUBLICATIES</a></div> </div> </div><div class="call-to-action -clear -light-blue "><a href="/paym/digital_euro/html/index.en.html"><div class="image" data-image="../shared/img/callToAction/digitaleuro_2560x124_2.jpg"></div> <div class="wrapper"> <div class="call -logo">Digitale euro</div> <div class="action"> <div class="action-wrapper"> <div class="title">Meer informatie</div> <div class="icon"></div> </div> </div> </div></a></div><section class="statistics-box"> <div class="container"> <div class="box"> <h2>Rentetarieven</h2> <table class="stats-table"> <tr> <td class="stats-table-figure">Marginale beleningsfaciliteit</td> <td class="stats-table-percentage">3,15 %</td> </tr> <tr> <td class="stats-table-figure">Basisherfinancieringstransacties (vaste rente)</td> <td class="stats-table-percentage">2,90 %</td> </tr> <tr> <td class="stats-table-figure">Depositofaciliteit</td> <td class="stats-table-percentage">2,75 %</td> </tr> </table><span class="stats-table-footnote">Vanaf 5 februari 2025 </span> <a href="/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html">Historische rentetarieven</a> </div> <div class="box"> <script type="text/javascript"> // The chart's filters/dimensions are defined here var filters = [["Chart"]]; // Choose the default value for each filter/dimension here in the same order as above var current_state = ["Chart"]; // The text that is displayed when data is being loaded var loadingText = "Please wait, data is loading..."; var oneBalloonOnly = false; var showBalloons = true; var isDraggable = false; var cssName= 'chart_home.css'; var jsRoot = '/shared/js/'; var amChartFolder = 'amcharts_graph/'; var license = '140820'; var dateFormat = "YYYY-MM"; //Add header with var addHeader = false; var colors = ["#328dd2"]; var lineWidth = 2; var maxNumPoints = 10000; var currencyCode = 'usd'; var addInverseOption = false; var addPeriodSelector = false; var addChartSelector = false; var addExport = false; var height = 180; var showLastThreeValues = true; var d = new Date(); d.setMonth(d.getMonth() - 10); var beginDate = d.getFullYear()+'-'+d.getMonth()+'-'+d.getDay(); var ieFallBack = '<img src="http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=122.ICP.M.U2.N.000000.4.ANR&start='+d.getDay()+'-'+d.getMonth()+'-'+d.getFullYear()+'&chartOnly=Y&submitOptions.y=2&notxt=y&mrkr=MU11&avg=n&width=280&height=210" width="100%" height="'+height+'px "/>'; var homePageStyling = true; // This function should return a filename based on current filter/dimension state (in current_state) function get_filename() { var xmlpath = document.querySelector("#chart-load").getAttribute("data-chart-xml"); var result = {} result[xmlpath] = "Inflation"; return result; } </script> <h2>Inflatiecijfer</h2> <div id='chart-load' class="ecb-chart" style="width:100%;height:180px" data-chart-xml="../shared/data/inflation.xml?h=d45b21d7aa0c581c62c8a9386eb47c33"></div> <div></div><a class="arrow" href="/stats/macroeconomic_and_sectoral/hicp/html/index.en.html">Meer over inflatie</a> </div> <div class="box"> <h2>Wisselkoersen</h2><table class="stats-table"><tr> <td class="stats-table-currency-shortcode">USD</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html">US dollar</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">1.0447</td> </tr> <tr> <td class="stats-table-currency-shortcode">JPY</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-jpy.en.html">Japanese yen</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">158.55</td> </tr> <tr> <td class="stats-table-currency-shortcode">GBP</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-gbp.en.html">Pound sterling</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">0.83025</td> </tr> <tr> <td class="stats-table-currency-shortcode">CHF</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-chf.en.html">Swiss franc</a></td> <td class="stats-table-icon-rates"><span class="trend down"></span></td> <td class="stats-table-points">0.9425</td> </tr> </table> <span class="stats-table-footnote">Laatst bijgewerkt: 18 februari 2025</span> <a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" title="Wisselkoersen" class="stats-teaser-footnoteX arrow">Eurokoersen</a> </div> <div class="box"> <h2>Financiële stabiliteit</h2><a class="arrow" href="/ecb/tasks/stability/tasks/html/index.en.html">Onze taken</a> <a class="arrow" href="/ecb/tasks/stability/framework/html/index.en.html">Institutioneel kader</a> <a class="arrow" href="/pub/fsr/html/index.en.html">Financial Stability Review</a> <a class="arrow" 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