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href="/mopo/coll/coll/eligiblesss/html/index.lv.html">Atbilstošās VNS</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.lv.html">Atbilstošās saiknes</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.lv.html">Atbilstošie trīspusējie aģenti</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.lv.html">Risku mazināšana</a><a href="#" class="subpages" title="toggle subpages for Risku mazināšana"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.lv.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.lv.html">Risku kontrole</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.lv.html">Diskontu kategorijas</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.lv.html">Vērtēšana</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.lv.html">Kredītu līmeņa iniciatīva</a><a href="#" 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tirdzniecība</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.lv.html">Efektīvie kursi</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.lv.html">Finanšu struktūra</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.lv.html">Finanšu tirgi</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.lv.html">Finanšu starpnieki</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.lv.html">Ekonomiskā daudzveidība</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.lv.html">Darba tirgus</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.lv.html">Tirgus kontaktgrupas</a><a href="#" class="subpages" title="toggle subpages for Tirgus kontaktgrupas"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.lv.html">Obligāciju tirgus kontaktgrupa (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.lv.html">Naudas tirgus kontaktgrupa (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.lv.html">Parāda vērtspapīru emisijas tirgus kontaktgrupa (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.lv.html">ECB Operāciju vadītāju grupa (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.lv.html">Valūtas tirgus kontaktgrupa (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.lv.html">Institucionālo investoru dialogs (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.lv.html">Maksājumi un finanšu stabilitāte</a><a href="#" class="subpages" title="toggle subpages for Maksājumi un finanšu stabilitāte"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Maksājumi un finan&scaron;u stabilitāte</div> <p>Ieskats mūsu darbā finan&scaron;u stabilitātes un maksājumu un tirgus infrastruktūras jomā</p><a href="/paym/html/index.en.html">Pārskats par maksājumiem un finan&scaron;u stabilitāti</a><hr> <div class="nav-title">Ātrās saites</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digitālais euro</a></li> <li><a href="/press/intro/html/index.en.html">Maksājumu jaunumi un aktualitātes</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET dokumenti un saites profesionāļiem</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">Jaunākais "Finan&scaron;u Stabilitātes Pārskats"</div> <div class="image-date">16.05.2024.</div></a></div></div><ul><li class="clearfix"><span>Maksājumi</span></li><li class="has-subpages"><a href="/paym/target/html/index.lv.html">TARGET pakalpojumi</a><a href="#" class="subpages" title="toggle subpages for TARGET pakalpojumi"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.lv.html">Kopējās iezīmes</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.lv.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.lv.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.lv.html">Pārvaldība</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.lv.html">T2V</a><a href="#" class="subpages" title="toggle subpages for T2V"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.lv.html">Pārvaldība</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.lv.html">Fakti un skaitļi</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.lv.html">Cenu noteikšana</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.lv.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.lv.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.lv.html">Pārvaldība</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.lv.html">Fakti un skaitļi</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.lv.html">Piekļuves nodrošināšana</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.lv.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.lv.html">TARGET dokumenti un saites profesionāļiem</a><a href="#" class="subpages" title="toggle subpages for TARGET dokumenti un saites profesionāļiem"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.lv.html">Koplietošanas funkciju dokumenti un saites</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.lv.html">T2 dokumenti un saites</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.lv.html">T2V dokumenti un saites</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.lv.html">TIPS dokumenti un saites</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.lv.html">ECMS dokumenti un saites</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.lv.html">Integrācija un inovācijas</a><a href="#" class="subpages" title="toggle subpages for Integrācija un inovācijas"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.lv.html">Sadalītās virsgrāmatas tehnoloģijas</a><a href="#" class="subpages" title="toggle subpages for Sadalītās virsgrāmatas tehnoloģijas"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.lv.html">Izpētes darbs</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.lv.html">Neliela apjoma maksājumi</a><a href="#" class="subpages" title="toggle subpages for Neliela apjoma maksājumi"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.lv.html">Neliela apjoma maksājumu stratēģija</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.lv.html">ECB kā katalizators</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.lv.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.lv.html">Zibmaksājumi</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.lv.html">Nodrošinājuma pārvaldības saskaņošana</a><a href="#" class="subpages" title="toggle subpages for Nodrošinājuma pārvaldības saskaņošana"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.lv.html">Īstenošana</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.lv.html">Bieži uzdotie jautājumi</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.lv.html">Noturība pret kiberuzbrukumiem</a><a href="#" class="subpages" title="toggle subpages for Noturība pret kiberuzbrukumiem"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.lv.html">Finanšu tirgu infrastruktūras</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.lv.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.lv.html">Pārraudzība</a><a href="#" class="subpages" title="toggle subpages for Pārraudzība"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.lv.html">Maksājumu sistēmas</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.lv.html">TARGET2 vērtspapīriem</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.lv.html">Elektroniskie maksājumi</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.lv.html">Vērtspapīru norēķinu sistēmas un centrālie darījuma partneri</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.lv.html">Kritiski svarīgu pakalpojumu sniedzēji</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.lv.html">Korespondentbankas un vērtspapīru kontu turētājas bankas</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.lv.html">SecuRePay Forums</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.lv.html">Rezervju pārvaldīšanas pakalpojumi</a><a href="#" class="subpages" title="toggle subpages for Rezervju pārvaldīšanas pakalpojumi"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.lv.html">Galvenie aspekti</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.lv.html">Pakalpojumu klāsts</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.lv.html">Skaidrās naudas apstrādātājiem</a><a href="#" class="subpages" title="toggle subpages for Skaidrās naudas apstrādātājiem"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.lv.html">Skaidrās naudas apstrāde</a><a href="#" class="subpages" title="toggle subpages for Skaidrās naudas apstrāde"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.lv.html">Autentifikācijas iekārtas</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.lv.html">Banknošu atkārtota laišana apgrozībā</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.lv.html">Kopējā detektoru interfeisa specifikācijas</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.lv.html">Banknošu ražotāju akreditācija</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.lv.html">Maksājumu tirgus kontaktgrupas</a><a href="#" class="subpages" title="toggle subpages for Maksājumu tirgus kontaktgrupas"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.lv.html">Konsultatīvās grupas tirgus infrastruktūru jautājumos</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.lv.html">Euro kiberdrošības kolēģija</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.lv.html">Euro neliela apjoma maksājumu padome (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.lv.html">Eiropas Maksājumu inovāciju forums (EFIP)</a></li></ul></li><li class="clearfix"><span>Finanšu stabilitāte</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.lv.html">Ievads finanšu stabilitātē</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.lv.html">Makroprudenciālās uzraudzības pasākumi</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.lv.html">Finanšu stabilitātes kontaktgrupas</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.lv.html">Statistika</a><a href="#" class="subpages" title="toggle subpages for Statistika"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistika</div> <p>Piekļuve visiem ECB statistiskajiem datiem un pamatinformācijai</p><a href="/stats/html/index.en.html">Pārskats par ECB statistiku</a><hr> <div class="nav-title">Ātrās saites</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Svarīgākie dati</a></li> <li><a href="https://data.ecb.europa.eu/">ECB datu portāls</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Visi datu pakalpojumi</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 Blogs – "Uzlaboti dati: kā klimata pārmaiņas ietekmē bankas"</div> <div class="image-date">2024. gada 18. aprīlis</div></a></div></div><ul><li class="clearfix"><span>Biežāk meklētā informācija</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.lv.html">Euro kurss</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.lv.html">Galvenās ECB procentu likmes</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.lv.html">Euro īstermiņa procentu likme (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro īstermiņa procentu likme (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.lv.html">Etalona procentu likmes</a><a href="#" class="subpages" title="toggle subpages for Etalona procentu likmes"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.lv.html">Euro bezriska procentu likmju darba grupa</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.lv.html">Inflācija</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.lv.html">Eurozonas peļņas likmju līknes</a></li><li class="clearfix"><span>Visi statistiskie dati un pamatinformācija</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.lv.html">Visi svarīgākie statistikas dati</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.lv.html">Visi mūsu datu pakalpojumi</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.lv.html">Datu ziņošana un standarti</a><a href="#" class="subpages" title="toggle subpages for Datu ziņošana un standarti"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.lv.html">Pārvaldības un kvalitātes sistēma</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.lv.html">Sadarbība un standarti</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.lv.html">Banku datu pārskatu sniegšana</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.lv.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.lv.html">Bieži uzdotie jautājumi par AnaCredit</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.lv.html">Sabiedriskās apspriešanas</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.lv.html">Banku nozares dialogs par ECBS statistiku un integrēto pārskatu sniegšanu</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.lv.html">SDMX – statistisko datu apmaiņas modelis</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.lv.html">INEXDA – mikrodatu tīkls</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.lv.html">Euro</a><a href="#" class="subpages" title="toggle subpages for Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euro</div> <p>Viss, kas jums jāzina par mūsu vienoto valūtu</p><a href="/euro/html/index.en.html">Pārskats par euro</a><hr> <div class="nav-title">Ātrās saites</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Skaidrās naudas apstrādātājiem</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Bankno&scaron;u un monētu statistika</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro kursi</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">2024. gada pētījums par patērētāju maksā&scaron;anas paradumiem euro zonā (SPACE)</div> <div class="image-date">2024. gada 19. decembris</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.lv.html">Digitālais euro</a><a href="#" class="subpages" title="toggle subpages for Digitālais euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.lv.html">Iezīmes</a><a href="#" class="subpages" title="toggle subpages for Iezīmes"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.lv.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.lv.html">Kā tas darbojas</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.lv.html">Kāpēc mums tas vajadzīgs</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.lv.html">Laika grafiks un progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.lv.html">Detalizēta informācija</a><a href="#" class="subpages" title="toggle subpages for Detalizēta informācija"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.lv.html">Pārvaldība un ieinteresētās personas</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.lv.html">Tehniskie dokumenti un izpēte</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.lv.html">Shēmas noteikumu kopums</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.lv.html">Bieži uzdotie jautājumi</a></li></ul></li><li class="clearfix"><span>Skaidrā nauda</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.lv.html">Eurosistēmas skaidrās naudas stratēģija</a><a href="#" class="subpages" title="toggle subpages for Eurosistēmas skaidrās naudas stratēģija"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.lv.html">Skaidrās naudas loma</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.lv.html">Emisija un apgrozība</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.lv.html">Piekļuve skaidrajai naudai un tās pieņemšana</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.lv.html">Bieži uzdotie jautājumi</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.lv.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.lv.html">Nākotnes banknotes</a><a href="#" class="subpages" title="toggle subpages for Nākotnes banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.lv.html">Jaunā dizaina izstrādes process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.lv.html">Pašreizējās banknotes</a><a href="#" class="subpages" title="toggle subpages for Pašreizējās banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.lv.html">Nominālvērtības</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.lv.html">Dizaina elementi</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.lv.html">Pretviltošanas elementi</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.lv.html">Pretviltošanas pasākumi</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.lv.html">Banknošu ražošana un krājumi</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.lv.html">Bojātas banknotes un banknotes ar krāsas traipiem</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.lv.html">Vide, veselība un drošība</a><a href="#" class="subpages" title="toggle subpages for Vide, veselība un drošība"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.lv.html">Produkta vidiskā pēda</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.lv.html">Pētniecība un attīstība</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.lv.html">Attēli un atveidošanas noteikumi</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.lv.html">Informatīvie un mācību materiāli</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.lv.html">Monētas</a><a href="#" class="subpages" title="toggle subpages for Monētas"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.lv.html">2 euro</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.lv.html">1 euro</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.lv.html">50 centu</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.lv.html">20 centu</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.lv.html">10 centu</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.lv.html">5 centi</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.lv.html">2 centi</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.lv.html">1 cents</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.lv.html">Kopīgās puses</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.lv.html">2 euro piemiņas monētas</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.lv.html">Pretviltošanas elementi</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.lv.html">Jubilejas un piemiņas monētas</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.lv.html">Pievienošanās eurozonai</a><a href="#" class="subpages" title="toggle subpages for Pievienošanās eurozonai"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.lv.html">Horvātija (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.lv.html">Lietuva (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.lv.html">Latvija (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.lv.html">Igaunija (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.lv.html">Slovākija (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.lv.html">Kipra (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.lv.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.lv.html">Slovēnija (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.lv.html">Pirmā pāreja uz euro skaidrās naudas apriti (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.lv.html">Nacionālo valūtu skaidrās naudas apmaiņa</a><a href="#" class="subpages" title="toggle subpages for Nacionālo valūtu skaidrās naudas apmaiņa"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.lv.html">Austrija</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.lv.html">Beļģija</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.lv.html">Horvātija</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.lv.html">Kipra</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.lv.html">Igaunija</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.lv.html">Somija</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.lv.html">Francija</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.lv.html">Vācija</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.lv.html">Grieķija</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.lv.html">Īrija</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.lv.html">Itālija</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.lv.html">Latvija</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.lv.html">Lietuva</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.lv.html">Luksemburga</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.lv.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.lv.html">Nīderlande</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.lv.html">Portugāle</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.lv.html">Slovākija</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.lv.html">Slovēnija</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.lv.html">Spānija</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.lv.html">Cilvēkiem ar redzes traucējumiem</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.lv.html">Pētniecība</a><a href="#" class="subpages" title="toggle subpages for Pētniecība"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Pētniecība</div> <p>Padziļināta izpēte un ekspertu analīze, aptverot dažādas tēmas un jomas</p><a href="/pub/html/index.en.html">Pārskats par ECB pētniecību</a> <hr> <div class="nav-title">Ātrās saites</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konferences un semināri</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Pētniecības iespējas</a></li> </ul> </div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Pētījumu Biļetens</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.lv.html">Ekonomiskie pētījumi</a><a href="#" class="subpages" title="toggle subpages for Ekonomiskie pētījumi"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.lv.html">Pētījumu programma</a><a href="#" class="subpages" title="toggle subpages for Pētījumu 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class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.lv.html">Studentu pētnieciskās stažēšanās programma</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.lv.html">Juridiskie pētījumi</a><a href="#" class="subpages" title="toggle subpages for Juridiskie pētījumi"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.lv.html">Konferences un semināri par juridiskiem jautājumiem</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.lv.html">Juridisko pētījumu programma</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.lv.html">Pētījumu sērija</a><a href="#" class="subpages" title="toggle subpages for Pētījumu sērija"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.lv.html">Pētījumi pēc autora</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.lv.html">ECB pētnieki</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.lv.html">Pētniecības struktūra</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.lv.html">Jaunumi un publikācijas</a><a href="#" class="subpages" title="toggle subpages for Jaunumi un publikācijas"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Jaunumi un publikācijas</div><a href="/press/pubbydate/html/index.en.html">Visi jaunumi un publikācijas</a><hr> </div> </div><ul><li><span>Jaunumi</span></li><li><a href="/press/pr/html/index.lv.html">Paziņojumi presei</a></li><li><a href="/press/stats/html/index.lv.html">Statistisko datu paziņojumi presei</a></li><li><a href="/press/key/html/index.lv.html">Runas</a></li><li><a href="/press/inter/html/index.lv.html">Intervijas</a></li><li><a href="/press/blog/html/index.lv.html">ECB blogs</a></li><li><a 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class="slider_text_heading"> <h2>Drošu aktīvu pārpilnība un <i>r</i>*</h2> </div> </div> <div class="slider_text_content"> <p>Pāreja no globāliem uzkrājumiem uz globālo obligāciju pārpilnību rada augšupvērstu spiedienu uz reālo līdzsvara procentu likmi, norādīja Valdes locekle Izabela Šnābele <i>(Isabel Schnabel)</i>. Monetārā politika, iespējams, ir mazāk ierobežojoša un bilances politika ir mazāk efektīva, nekā tika uzskatīts.</p> <a href="/press/key/date/2025/html/ecb.sp250225~49a8dd911a.lv.html" data-label="angļu val." class="button">Lasiet Izabelas Šnābeles runu</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>Aktuāli</label> <div class="tab-content"> <div class="boxes"> <div class="box"> <div data-image="/home/shared/img/bas/box-1_199fcb6a8cb45de77291881257ca1907.jpg" data-image-webp="/home/shared/img/bas/box-1_199fcb6a8cb45de77291881257ca1907.webp" > </div> <div> <div> <span class="type">INTERVIJA</span> <span class="date">20.02.2025.</span> </div> <h3> Ņemam vērā klimata un dabas riskus <br></h3> <p>Mums jārēķinās ar zaļo pārkārtošanos, lai efektīvi īstenotu mūsu uzdevumu nodrošināt cenu stabilitāti, sacīja Valdes loceklis Franks Eldersons <i>(Frank Elderson)</i>. Tāpēc makroekonomiskajā analīzē mēs arvien vairāk ņemam vērā zaļās pārkārtošanās politiku, piemēram, ar klimatu saistīto fiskālo politiku.</p> <a href="/press/inter/date/2025/html/ecb.in250220~b64977064a.lv.html" data-label="angļu val.">Lasiet Franka Eldersona interviju</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-2_1ea5dde9e3f69aa46242dce6c89f5b67.jpg" data-image-webp="/home/shared/img/bas/box-2_1ea5dde9e3f69aa46242dce6c89f5b67.webp" > </div> <div> <div> <span class="type">PODKĀSTS</span> <span class="date">25.02.2025.</span> </div> <h3> Karjeras, inflācija un sadarbība <br></h3> <p>Atbildam uz jūsu jautājumiem – jaunākajā #AskECB epizodē, ko vada mūsu moderatore Stefanija Sekola <i>(Stefania Secola)</i>, uz klausītāju jautājumiem atbild Eglantīne Devo <i>(Eglantine Devaux)</i> un Gabriels Gleklers <i>(Gabriel Glöckler)</i>. Noklausieties epizodi, lai uzzinātu vairāk par darbu ECB un to, kā mūsu uzdevumi ietekmē jūsu dzīvi un kā mēs plānojam pārvarēt globālās grūtības.</p> <a href="/press/tvservices/podcast/html/ecb.pod250225_episode102.lv.html" data-label="angļu val.">Klausieties ECB podkāstu</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-3_232b93e773d271ec86db3a7caa6583cc.jpg" data-image-webp="/home/shared/img/bas/box-3_232b93e773d271ec86db3a7caa6583cc.webp" > </div> <div> <div> <span class="type">KRĀPŠANA</span> </div> <h3> Uzmanieties no krāpšanas! <br></h3> <p>Mēs esam informēti par viltus interneta vietnēm, kurās cilvēki tiek aicināti investēt ECB. Tā ir krāpšana. Mēs nekad nemudinām cilvēkus veikt ieguldījumus, pārskaitīt naudu vai sniegt personas datus. Ja jums šķiet, ka esat kļuvis par krāpšanas upuri, sazinieties ar policiju.</p> <a href="/services/using-our-site/disclaimer/html/misuse.lv.html">Sīkāka informācija</a> </div> </div></div> </div> <input id="t2" name="homepage-tab-group" type="radio"> <label for="t2"><span class="arrow"></span>Paziņojumi presei</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-25"><div class="date">25 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.fst250225.en.html" >Consolidated financial statement of the Eurosystem as at 21 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.fst250225.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(22)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="bg" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.bg.html"> <span class="ecb-full">Български</span><span class="ecb-short">BG</span></a><a lang="cs" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.cs.html"> <span class="ecb-full">Čeština</span><span class="ecb-short">CS</span></a><a lang="da" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.da.html"> <span class="ecb-full">Dansk</span><span class="ecb-short">DA</span></a><a lang="de" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" 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href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pl" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.pl.html"> <span class="ecb-full">Polski</span><span class="ecb-short">PL</span></a><a lang="pt" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst250225.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.fst250225.sl.html"> <span 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isoDate="2025-02-21"><div class="date">21 February 2025</div></dt><dd><div class="category">GOVERNING COUNCIL DECISIONS - OTHER DECISIONS</div><div class="title"><a href="/press/govcdec/otherdec/2025/html/ecb.gc250221~6c1e486eb9.en.html" >Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/govcdec/otherdec/2025/html/ecb.gc250221~6c1e486eb9.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(23)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="bg" href="/press/govcdec/otherdec/2025/html/ecb.gc250221~6c1e486eb9.bg.html"> <span class="ecb-full">Български</span><span 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href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/pr/date/2025/html/ecb.pr250220~eca25e4e21.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/pr/html/index.en.html" data-label="angļu val." class="arrow">VISI PAZIŅOJUMI PRESEI</a></div> </div> <input id="t3" name="homepage-tab-group" type="radio"> <label for="t3"><span class="arrow"></span>Runas</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-25"><div 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Safe asset abundance and r*</a></div><div class="subtitle">Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Bank of England’s 2025 BEAR Conference</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2025/html/ecb.sp250225~49a8dd911a.en.html" data-label="angļu val."> <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="2025-02-25"><div class="date">25 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250225_annex~f16eed0479.en.pdf?c759273d9532503fe1554cc40e379c7c" data-label="angļu val." >Slides</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2025/html/ecb.sp250225_annex~f16eed0479.en.pdf" data-label="angļu val."> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2025-02-21"><div class="date">21 February 2025</div></dt><dd><div class="title"><a href="/press/key/date/2025/html/ecb.sp250221~21883413a1.en.pdf?6a7e615861e6dc7121a137145e54eea7" data-label="angļu val." >Philip R. Lane: Europe and the world economy</a></div><div class="subtitle">Slides by Philip R. Lane, Member of the Executive Board of the ECB, at FIW-Research Conference on International Economics in Vienna, Austria</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2025/html/ecb.sp250221~21883413a1.en.pdf" data-label="angļu val."> <span class="ecb-full">English</span></a></span></div></dd><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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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/key/date/2025/html/ecb.sp250211~bd3d2d056c.de.pdf" data-label="vācu val."> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/pubbydate/html/index.lv.html?name_of_publication=Speech" class="arrow">VISAS RUNAS</a></div> </div> <input id="t4" name="homepage-tab-group" type="radio"> <label for="t4"><span class="arrow"></span>Intervijas</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250220~b64977064a.en.html" data-label="angļu val." >Frank Elderson: Interview with Nederlandse Vereniging Duurzame Energie (NVDE)</a></div><div class="subtitle">Interview with Frank Elderson, conducted by NVDE</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250220~b64977064a.en.html" data-label="angļu val."> <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.in250220~b64977064a.nl.html" data-label="holandiešu val."> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div></dd><dt isoDate="2025-02-19"><div class="date">19 February 2025</div></dt><dd><div class="title"><a href="/press/inter/date/2025/html/ecb.in250219~7ba1c7cf36.en.html" data-label="angļu val." >Isabel Schnabel: Interview with the Financial Times</a></div><div class="subtitle">Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Olaf Storbeck on 14 February 2025</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2025/html/ecb.in250219~7ba1c7cf36.en.html" data-label="angļu val."> <span class="ecb-full">English</span></a></span></div></dd><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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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="slovāku val."> <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" data-label="angļu val." >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" data-label="angļu val."> <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" data-label="holandiešu val."> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/pubbydate/html/index.lv.html?name_of_publication=Interview" class="arrow">VISAS INTERVIJAS</a></div> </div> <input id="t5" name="homepage-tab-group" type="radio"> <label for="t5"><span class="arrow"></span>ECB blogs</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="title"><a href="/press/blog/date/2025/html/ecb.blog20250220~540b80f133.en.html" data-label="angļu val." >Those who work less worry more: the effect of lower workloads on consumption</a></div><div class="subtitle">Euro area firms hold on to their workforce, despite poor economic conditions. For a significant share of workers this means a lower workload than usual. In turn, many put more money aside as they worry about job security and wages, as the ECB Blog shows.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/pedro-baptista.en.html" data-label="angļu val." >Pedro Baptista</a></li><li><a href="/pub/research/authors/profiles/colm-bates.en.html" data-label="angļu val." >Colm Bates</a></li><li><a href="/pub/research/authors/profiles/antonio-dias-da-silva.en.html" data-label="angļu val." >António Dias Da Silva</a></li><li><a href="/pub/research/authors/profiles/maarten-dossche.en.html" data-label="angļu val." >Maarten Dossche</a></li><li><a href="/pub/research/authors/profiles/marco-weissler.en.html" data-label="angļu val." >Marco Weißler</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2025/html/ecb.blog20250220~540b80f133.en.html" data-label="angļu val."> <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>J20</strong> : Labor and Demographic Economics→Demand and Supply of Labor→General<br/><strong>J30</strong> : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→General<br/><strong>J50</strong> : Labor and Demographic Economics→Labor?Management Relations, Trade Unions, and Collective Bargaining→General<br/><strong>J60</strong> : Labor and Demographic Economics→Mobility, Unemployment, Vacancies, and Immigrant Workers→General<br/></dd></dl></div></div></dd><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="angļu val." >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="angļu val." >Marinela-Daniela Filip</a></li><li><a href="/pub/research/authors/profiles/daphne-momferatou.en.html" data-label="angļu val." >Daphne Momferatou</a></li><li><a href="/pub/research/authors/profiles/susana-parraga-rodriguez.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val." >Stefan Gebauer</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="angļu val." >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/federic-holm-hadulla.en.html" data-label="angļu val." >Fédéric Holm-Hadulla</a></li><li><a href="/pub/research/authors/profiles/thomas-kostka.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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></dl> </div> <div class="click-for-more"><a href="/press/blog/html/index.en.html" class="arrow">VISI BLOGA IERAKSTI</a></div> </div> <input id="t6" name="homepage-tab-group" type="radio"> <label for="t6"><span class="arrow"></span>Publikācijas</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2025-02-26"><div class="date">26 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3034</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3034~c4c54c8e70.en.pdf?def51c5f46d5d25bb7e288635d904793" data-label="angļu val." >The heterogeneous effects of household debt relief</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/miguel-a-ferreira.en.html" data-label="angļu val." >Miguel A. Ferreira</a></li><li><a href="/pub/research/authors/profiles/manuel-adelino.en.html" data-label="angļu val." >Manuel Adelino</a></li><li><a href="/pub/research/authors/profiles/miguel-oliveira.en.html" data-label="angļu val." >Miguel Oliveira</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3034~c4c54c8e70.en.pdf" data-label="angļu val."> <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>Large-scale debt forbearance is a key policy tool during crises, yet targeting is challenging due to information asymmetries. Using transaction-level data from a Portuguese bank during COVID-19, we find that financially fragile households are more likely to enter forbearance, irrespective of income shocks. Mortgage payment suspension increases consumption and savings, but effects differ across households. Low liquid wealth and income are associated with a higher marginal propensity to consume. Additionally, ineligible households accessing forbearance show a higher propensity to consume than eligible ones. Our results suggest that observable household characteristics can help in the design of effective debt relief policies.</dd><dt>JEL Code</dt><dd><strong>E21</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth<br/><strong>E62</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/><strong>G50</strong> : Financial Economics<br/><strong>H31</strong> : Public Economics→Fiscal Policies and Behavior of Economic Agents→Household<br/></dd></dl></div></div></dd><dt isoDate="2025-02-26"><div class="date">26 February 2025</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 368</div><div class="title"><a href="/pub/pdf/scpops/ecb.op368~b6e8b76ed8.en.pdf?3fac7ace73ad8693e607196489f77670" data-label="angļu val." >Crypto-Asset Monitoring Expert Group (CAMEG) 2024 Conference - Book of abstracts</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/inaki-aldasoro.en.html" data-label="angļu val." >Iñaki Aldasoro</a></li><li><a href="/pub/research/authors/profiles/jean-barthelemy.en.html" data-label="angļu val." >Jean Barthélemy</a></li><li><a href="/pub/research/authors/profiles/pedro-bento-pereira-da-silva.en.html" data-label="angļu val." >Pedro Bento Pereira Da Silva</a></li><li><a href="/pub/research/authors/profiles/alexandra-born.en.html" data-label="angļu val." >Alexandra Born</a></li><li><a href="/pub/research/authors/profiles/marco-brandi.en.html" data-label="angļu val." >Marco Brandi</a></li><li><a href="/pub/research/authors/profiles/paola-di-casola.en.html" data-label="angļu val." >Paola Di Casola</a></li><li><a href="/pub/research/authors/profiles/giulio-cornelli.en.html" data-label="angļu val." >Giulio Cornelli</a></li><li><a href="/pub/research/authors/profiles/charles-enguerrand-coste.en.html" data-label="angļu val." >Charles-Enguerrand Coste</a></li><li><a href="/pub/research/authors/profiles/massimo-ferrari-minesso.en.html" data-label="angļu val." >Massimo Ferrari Minesso</a></li><li><a href="/pub/research/authors/profiles/pirmin-fessler.en.html" data-label="angļu val." >Pirmin Fessler</a></li><li><a href="/pub/research/authors/profiles/leonardo-gambacorta.en.html" data-label="angļu val." >Leonardo Gambacorta</a></li><li><a href="/pub/research/authors/profiles/rodney-garratt.en.html" data-label="angļu val." >Rodney Garratt</a></li><li><a href="/pub/research/authors/profiles/zakaria-gati.en.html" data-label="angļu val." >Zakaria Gati</a></li><li><a href="/pub/research/authors/profiles/maurizio-michael-habib.en.html" data-label="angļu val." >Maurizio Michael Habib</a></li><li><a href="/pub/research/authors/profiles/alexander-hodbod.en.html" data-label="angļu val." >Alexander Hodbod</a></li><li><a href="/pub/research/authors/profiles/isabel-kerner.en.html" data-label="angļu val." >Isabel Kerner</a></li><li><a href="/pub/research/authors/profiles/urszula-kochanska.en.html" data-label="angļu val." >Urszula Kochanska</a></li><li><a href="/pub/research/authors/profiles/claudia-lambert.en.html" data-label="angļu val." >Claudia Lambert</a></li><li><a href="/pub/research/authors/profiles/andrea-marini.en.html" data-label="angļu val." >Andrea Marini</a></li><li><a href="/pub/research/authors/profiles/ellen-naudts.en.html" data-label="angļu val." >Ellen Naudts</a></li><li><a href="/pub/research/authors/profiles/katja-neugebauer.en.html" data-label="angļu val." >Katja Neugebauer</a></li><li><a href="/pub/research/authors/profiles/benoit-nguyen.en.html" data-label="angļu val." >Benoît Nguyen</a></li><li><a href="/pub/research/authors/profiles/antonella-pellicani.en.html" data-label="angļu val." >Antonella Pellicani</a></li><li><a href="/pub/research/authors/profiles/antonio-perrella.en.html" data-label="angļu val." >Antonio Perrella</a></li><li><a href="/pub/research/authors/profiles/alessio-reghezza.en.html" data-label="angļu val." >Alessio Reghezza</a></li><li><a href="/pub/research/authors/profiles/esther-segalla.en.html" data-label="angļu val." >Esther Segalla</a></li><li><a href="/pub/research/authors/profiles/michael-sigmund.en.html" data-label="angļu val." >Michael Sigmund</a></li><li><a href="/pub/research/authors/profiles/david-tercero-lucas.en.html" data-label="angļu val." >David Tercero-Lucas</a></li><li><a href="/pub/research/authors/profiles/thomas-teulery.en.html" data-label="angļu val." >Thomas Teulery</a></li><li><a href="/pub/research/authors/profiles/john-theal.en.html" data-label="angļu val." >John Theal</a></li><li><a href="/pub/research/authors/profiles/alejandro-zamora-perez.en.html" data-label="angļu val." >Alejandro Zamora-Pérez</a></li><li><a href="/pub/research/authors/profiles/andrea-barbon.en.html" >Andrea Barbon</a></li><li><a href="/pub/research/authors/profiles/marco-benedetti.en.html" >Marco Benedetti</a></li><li><a href="/pub/research/authors/profiles/claire-brousse.en.html" >Claire Brousse</a></li><li><a href="/pub/research/authors/profiles/beranger-butruille.en.html" >Béranger Butruille</a></li><li><a href="/pub/research/authors/profiles/jose-manuel-carbo-martinez.en.html" >José Manuel Carbó Martinez</a></li><li><a href="/pub/research/authors/profiles/vittorio-ceparano.en.html" >Vittorio Ceparano</a></li><li><a href="/pub/research/authors/profiles/francesco-de-sclavis.en.html" >Francesco De Sclavis</a></li><li><a href="/pub/research/authors/profiles/anita-deflorio.en.html" >Anita Deflorio</a></li><li><a href="/pub/research/authors/profiles/eldin-delic.en.html" >Eldin Delić</a></li><li><a href="/pub/research/authors/profiles/daniela-della-gatta.en.html" >Daniela Della Gatta</a></li><li><a href="/pub/research/authors/profiles/miguel-diaz-lopez.en.html" >Miguel Díaz López</a></li><li><a href="/pub/research/authors/profiles/yvan-dubravica.en.html" >Yvan Dubravica</a></li><li><a href="/pub/research/authors/profiles/marco-favorito.en.html" >Marco Favorito</a></li><li><a href="/pub/research/authors/profiles/giuseppe-galano.en.html" >Giuseppe Galano</a></li><li><a href="/pub/research/authors/profiles/anton-gehem.en.html" >Anton Gehem</a></li><li><a href="/pub/research/authors/profiles/sara-giammusso.en.html" >Sara Giammusso</a></li><li><a href="/pub/research/authors/profiles/bernhard-haslhofer.en.html" >Bernhard Haslhofer</a></li><li><a href="/pub/research/authors/profiles/hossein-jahanshahloo.en.html" >Hossein Jahanshahloo</a></li><li><a href="/pub/research/authors/profiles/mikael-kalfa.en.html" >Mikaël Kalfa</a></li><li><a href="/pub/research/authors/profiles/agapi-kasimati.en.html" >Agapi Kasimati</a></li><li><a href="/pub/research/authors/profiles/eleni-koutrouli.en.html" >Eleni Koutrouli</a></li><li><a href="/pub/research/authors/profiles/polychronis-manousopoulos.en.html" >Polychronis Manousopoulos</a></li><li><a href="/pub/research/authors/profiles/sabina-marchetti.en.html" >Sabina Marchetti</a></li><li><a href="/pub/research/authors/profiles/edoardo-marchi.en.html" >Edoardo Marchi</a></li><li><a href="/pub/research/authors/profiles/guillermo-andres-marquez-musso.en.html" >Guillermo Andres Marquez Musso</a></li><li><a href="/pub/research/authors/profiles/maria-cristina-molero-blazquez.en.html" >María Cristina Molero Blazquez</a></li><li><a href="/pub/research/authors/profiles/antonio-muci.en.html" >Antonio Muci</a></li><li><a href="/pub/research/authors/profiles/mahvish-naeem.en.html" >Mahvish Naeem</a></li><li><a href="/pub/research/authors/profiles/matteo-nardelli.en.html" >Matteo Nardelli</a></li><li><a href="/pub/research/authors/profiles/laura-painelli.en.html" >Laura Painelli</a></li><li><a href="/pub/research/authors/profiles/georg-paula.en.html" >Georg Paula</a></li><li><a href="/pub/research/authors/profiles/jose-carlos-piqueras.en.html" >José Carlos Piqueras</a></li><li><a href="/pub/research/authors/profiles/tatu-raesaenen.en.html" >Tatu Räsänen</a></li><li><a href="/pub/research/authors/profiles/burkhuard-raunig.en.html" >Burkhuard Raunig</a></li><li><a href="/pub/research/authors/profiles/eugenio-rubera.en.html" >Eugenio Rubera</a></li><li><a href="/pub/research/authors/profiles/pietro-saggese.en.html" >Pietro Saggese</a></li><li><a href="/pub/research/authors/profiles/nicolas-soemer.en.html" >Nicolas Soemer</a></li><li><a href="/pub/research/authors/profiles/salim-talout-zitan.en.html" >Salim Talout Zitan</a></li><li><a href="/pub/research/authors/profiles/laura-tresso.en.html" >Laura Tresso</a></li><li><a href="/pub/research/authors/profiles/sjoerd-van-der-vaart.en.html" >Sjoerd van der Vaart</a></li><li><a href="/pub/research/authors/profiles/beat-weber.en.html" >Beat Weber</a></li><li><a href="/pub/research/authors/profiles/felix-zangerl.en.html" >Felix Zangerl</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op368~b6e8b76ed8.en.pdf" data-label="angļu val."> <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 provides an overview of recent analytical work conducted, under their own aegis, by experts from various European authorities and institutions in the field of crypto-asset monitoring. Currently, risks stemming from crypto-assets and the potential implications for central banking domains are limited and/or manageable, including as regards the existing regulatory and oversight frameworks. Nevertheless, the importance of monitoring developments in crypto-assets, raising awareness of the potential risks and fostering preparedness cannot be overstated. In light of this, this paper sets out the background to the establishment of the Crypto-Asset Monitoring Expert Group (CAMEG) in late 2023 to bring together experts from the Eurosystem’s central banks and from the European Systemic Risk Board (ESRB). It also provides abstracts of various papers and other analytical works presented at the inaugural CAMEG conference held on 24 and 25 October 2024. The conference aimed to take stock of analytical work and data issues in this area, while fostering European collaboration and monitoring in the field of crypto-assets. Finally, this paper outlines the prospective way forward for the CAMEG, focusing on gaining greater insight into data in this area and deepening analytical work on interlinkages, crypto-asset adoption and the latest trends.</dd><dt>JEL Code</dt><dd><strong>E42</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/><strong>O33</strong> : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes<br/></dd></dl></div></div></dd><dt isoDate="2025-02-25"><div class="date">25 February 2025</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter250225_Tinagli_Fernandez_Tavares_Papandreou_Regner_Ecke_Gualmini_Laureti_Bajada_Goncalves~fe30ca20e7.en.pdf?2d95fedfec3ba4ca430c1e0ad2c3aaed" data-label="angļu val." >Letter from the ECB President to Ms Irene Tinagli, Mr Jonás Fernández, Ms Carla Tavares, Mr Nikos Papandreou, Ms Evelyn Regner, Mr Matthias Ecke, Ms Elisabetta Gualmini, Ms Camilla Laureti, Mr Thomas Bajada and Mr Bruno Gonçalves, MEPs, on the collateral framework for refinancing operations</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter250225_Tinagli_Fernandez_Tavares_Papandreou_Regner_Ecke_Gualmini_Laureti_Bajada_Goncalves~fe30ca20e7.en.pdf" data-label="angļu val."> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2025-02-24"><div class="date">24 February 2025</div></dt><dd><div class="category">RESEARCH BULLETIN - No. 128</div><div class="title"><a href="/press/research-publications/resbull/2025/html/ecb.rb250224~47c8a7489c.en.html" data-label="angļu val." >Critical input disruptions – mapping out the road to EU resilience</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/dennis-essers.en.html" data-label="angļu val." >Dennis Essers</a></li><li><a href="/pub/research/authors/profiles/laura-lebastard.en.html" data-label="angļu val." >Laura Lebastard</a></li><li><a href="/pub/research/authors/profiles/michele-mancini.en.html" data-label="angļu val." >Michele Mancini</a></li><li><a href="/pub/research/authors/profiles/ludovic-panon.en.html" data-label="angļu val." >Ludovic Panon</a></li><li><a href="/pub/research/authors/profiles/jacopo-timini.en.html" data-label="angļu val." >Jacopo Timini</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/research-publications/resbull/2025/html/ecb.rb250224~47c8a7489c.en.html" data-label="angļu val."> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/research-publications/resbull/2025/html/ecb.rb250224~47c8a7489c.en.pdf" data-label="angļu val."> <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 how disruptions to the supply of foreign critical inputs (FCIs) might affect value added at different levels of aggregation. FCIs are inputs primarily sourced from extra-EU countries with highly concentrated supply, or consisting in advanced technology products, or which are key to the green transition. Using firm-level customs and balance sheet data for Belgium, Spain, France, Italy and Slovenia, our framework allows us to assess how much – and how differently – geoeconomic fragmentation might affect European economies. Our baseline calibration suggests that a 50% reduction in imports of FCIs from China and other countries with similar geopolitical orientations would result in sizeable losses of value added, with significant heterogeneity across firms, sectors, regions and countries, driven by the heterogeneous exposure of firms. Our findings show that the short-term costs of disruptions to the supply of FCIs can be substantial, especially if firms cannot easily switch away from these inputs.</dd><dt>JEL Code</dt><dd><strong>F10</strong> : International Economics→Trade→General<br/><strong>F14</strong> : International Economics→Trade→Empirical Studies of Trade<br/><strong>F50</strong> : International Economics→International Relations, National Security, and International Political Economy→General<br/><strong>F60</strong> : International Economics→Economic Impacts of Globalization→General<br/></dd></dl></div></div></dd><dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="category">ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM</div><div class="title"><a href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.en.html" >Consolidated balance sheet of the Eurosystem as at 31 December 2024</a></div><div 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class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="category">ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM</div><div class="title"><a href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.en.html" >Consolidated balance sheet of the Eurosystem as at 31 December 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(23)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div 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<span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="ro" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/annual-reports-financial-statements/annual/balance/html/ecb.eurosystembalancesheet2024~28f64426e5.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.eurosystembalancesheet2024~28f64426e5.en.pdf" data-label="angļu val."> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2025-02-20"><div class="date">20 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3033</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3033~a0050e4878.en.pdf?4d64ce933c7223824e89e3ee9b7ce906" data-label="angļu val." >Firm ownership and the macroeconomics of incentive leakages</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/yunus-aksoy.en.html" data-label="angļu val." >Yunus Aksoy</a></li><li><a href="/pub/research/authors/profiles/arup-daripa.en.html" data-label="angļu val." >Arup Daripa</a></li><li><a href="/pub/research/authors/profiles/issam-samiri.en.html" data-label="angļu val." >Issam Samiri</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3033~a0050e4878.en.pdf" data-label="angļu val."> <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>Questions about market power have become salient in macroeconomics. We consider the role of institutional structures in addressing these within a dynamic general equilibrium framework. Standard models account for monopoly profits as a lump-sum transfer to the representative agent. We label this an "incentive leakage," and show this to be a general characteristic of firm-optimal arrangements. We show that shareholder-operated or worker-operated firms that eliminate leakage can generate within-firm incentives that effectively reduce monopoly distortion in equilibrium. When all firms operate similarly, an additional general equilibrium effect arises through internalization of an aggregate demand externality. We characterize steady-state welfare across structures, and show how zero-leakage institutions lead to improvements towards the Golden Rule benchmark. Overall, our paper takes the first step towards an analysis of the macroeconomics of institutions without incentive leakage.</dd><dt>JEL Code</dt><dd><strong>E10</strong> : Macroeconomics and Monetary Economics→General Aggregative Models→General<br/><strong>E22</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, 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>E25</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Aggregate Factor Income Distribution<br/></dd></dl></div></div></dd><dt isoDate="2025-02-19"><div class="date">19 February 2025</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3032</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3032~2bb8eb5c3b.en.pdf?0e9257b3883aa14bee71384c76b665e4" data-label="angļu val." >Fiscal and macroprudential policies during an energy crisis</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/romanos-priftis.en.html" data-label="angļu val." >Romanos Priftis</a></li><li><a href="/pub/research/authors/profiles/raphael-schoenle.en.html" data-label="angļu val." >Raphael Schoenle</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3032~2bb8eb5c3b.en.pdf" data-label="angļu val."> <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 construct a New-Keynesian E-DSGE model with energy disaggregation and financial intermediaries to show how energy-related fiscal and macroprudential policies interact in affecting the euro area macroeconomy and carbon emissions. When a shock to the price of fossil resources propagates through the energy and banking sector, it leads to a surge in inflation while lowering output and carbon emissions, absent policy interventions. By contrast, imposing energy production subsidies reduces both CPI and core inflation and increases aggregate output, while energy consumption subsidies only lower CPI inflation and reduce aggregate output. Carbon subsidies instead produce an intermediate effect. Given that both energy subsidies raise carbon emissions and delay the “green transition,” accompanying them with parallel macroprudential policy that taxes dirty energy assets in bank portfolios promotes “green” investment while enabling energy subsidies to effectively mitigate the adverse effects of supply-type shocks, witnessed in recent years in the EA.</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>E62</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy<br/><strong>H23</strong> : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies<br/><strong>Q43</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy<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="2025-02-18"><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="angļu val." >Bank transparency and market efficiency</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andreas-beyer.en.html" data-label="angļu val." >Andreas Beyer</a></li><li><a href="/pub/research/authors/profiles/ernest-dautovic.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val." >Ivan Jaccard</a></li><li><a href="/pub/research/authors/profiles/thore-kockerols.en.html" data-label="angļu val." >Thore Kockerols</a></li><li><a href="/pub/research/authors/profiles/yves-schueler.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val." >Pablo Anaya Longaric</a></li><li><a href="/pub/research/authors/profiles/katharina-cera.en.html" data-label="angļu val." >Katharina Cera</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="angļu val." >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val." >Ivan Petrella</a></li><li><a href="/pub/research/authors/profiles/andrea-de-polis.en.html" >Andrea De Polis</a></li><li><a href="/pub/research/authors/profiles/leonardo-melosi.en.html" >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="angļu val."> <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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val." >Vincent Labhard</a></li><li><a href="/pub/research/authors/profiles/jonne-lehtimaeki.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >Institutional investors and house prices</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/emil-bandoni.en.html" data-label="angļu val." >Emil Bandoni</a></li><li><a href="/pub/research/authors/profiles/giorgia-de-nora.en.html" data-label="angļu val." >Giorgia De Nora</a></li><li><a href="/pub/research/authors/profiles/margherita-giuzio.en.html" data-label="angļu val." >Margherita Giuzio</a></li><li><a href="/pub/research/authors/profiles/ellen-ryan.en.html" data-label="angļu val." >Ellen Ryan</a></li><li><a href="/pub/research/authors/profiles/manuela-storz.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val."> <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="angļu val."> <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="angļu val." >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="angļu val." >Yıldız Akkaya</a></li><li><a href="/pub/research/authors/profiles/lea-bitter.en.html" data-label="angļu val." >Lea Bitter</a></li><li><a href="/pub/research/authors/profiles/adriana-grasso.en.html" data-label="angļu val." >Adriana Grasso</a></li><li><a href="/pub/research/authors/profiles/brian-amorim-cabaco.en.html" data-label="angļu val." >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="angļu val."> <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="angļu val." >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="angļu val." >Diana Gomes</a></li><li><a href="/pub/research/authors/profiles/stephan-sauer.en.html" data-label="angļu val." >Stephan Sauer</a></li><li><a href="/pub/research/authors/profiles/ioana-alexopoulou.en.html" data-label="angļu val." >Ioana Alexopoulou</a></li><li><a href="/pub/research/authors/profiles/calogero-brancatelli.en.html" data-label="angļu val." >Calogero Brancatelli</a></li><li><a href="/pub/research/authors/profiles/daniel-gybas.en.html" data-label="angļu val." >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="angļu val."> <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></dl> </div> <div class="click-for-more"><a href="/press/pubbydate/html/index.lv.html" class="arrow">VISAS PUBLIKĀCIJAS</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">Digitālais euro</div> <div class="action"> <div class="action-wrapper"> <div class="title">Lasiet vairāk</div> <div class="icon"></div> </div> </div> </div></a></div><section class="statistics-box"> <div class="container"> <div class="box"> <h2>Procentu likmes</h2> <table class="stats-table"> <tr> <td class="stats-table-figure">Noguldījumu iespēja uz nakti</td> <td class="stats-table-percentage">2.75 %</td> </tr> <tr> <td class="stats-table-figure">Galvenās refinansē&scaron;anas operācijas (ar fiksētu procentu likmi)</td> <td class="stats-table-percentage">2.90 %</td> </tr> <tr> <td class="stats-table-figure">Aizdevumu iespēja uz nakti</td> <td class="stats-table-percentage">3.15 %</td> </tr> </table><span class="stats-table-footnote">05.02.2025.</span> <a href="/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html">Iepriek&scaron;ējās galvenās ECB procentu likmes</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 "/>'; 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