Legal Research Programme

<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>Legal Research Programme</title> <meta name = "citation_title" content="Legal Research Programme"> <meta name = "citation_online_date" content="16 May 2024"> <meta property="article:published_time" content="2024-05-16"> <link rel="canonical" href="https://www.ecb.europa.eu/pub/legal-research/legal-research-programme/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency."> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'en'; ECB.isoLocalLanguageName = 'English'; ECB.isLive = true; ECB.version = '2728911'; ECB.navigationVersion = '1732551482'; ECB.clientTimeError = 1732978837 - (new Date().getTime()); ECB.availableLanguages = [{"en": "English"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2728911" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1 January 1970"> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="Legal Research Programme"> <meta property="og:url" content="https://www.ecb.europa.eu/pub/legal-research/legal-research-programme/html/index.en.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/pub/shared/img/socialmedia/social-default.jpg?3136c21846b77fd118cdbb98079cd548"> <meta property="og:image" content="https://www.ecb.europa.eu/pub/shared/img/socialmedia/social-default.jpg?3136c21846b77fd118cdbb98079cd548" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2728911"></script> </head> <body class="project-ecb section-pub sub-legal-research sub-legal-research-programme "> <div id="skip-links"> <div class="skip-links-content"> <span>Skip to:</span> <a href="#navwrapper"><span class="sr-only">Skip to </span>navigation</a> <a href="#main-content"><span class="sr-only">Skip to </span>content</a> <a href="#ecb-doc-footer"><span class="sr-only">Skip to </span>footer</a> </div> </div> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <button id="toggle-sticky-nav" aria-haspopup="true" ></button> <div class="logo-name"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.en.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_EN.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" aria-haspopup="true"><i></i><span class="ecb-full">EN</span></div> <div id="language-values"> <a href="index.bg.html" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="selected available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.en.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/mopo/html/index.en.html">Monetary policy & markets</a><a href="#" class="subpages" title="toggle subpages for Monetary policy & markets"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Monetary policy & markets</div> <p>Our monetary policy strategy, the tools we use and the impact they have</p> <a href="/mopo/html/index.en.html">Overview of monetary policy and markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">17 October 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.en.html">Introduction</a><a href="#" class="subpages" title="toggle subpages for Introduction"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.en.html">Benefits of price stability</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.en.html">Scope of monetary policy</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.en.html">Transmission mechanism</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.en.html">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.en.html">Monetary policy strategy</a><a href="#" class="subpages" title="toggle subpages for Monetary policy strategy"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.en.html">Medium-term orientation</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.en.html">Two per cent inflation target</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.en.html">Economic, monetary and financial analysis</a><a href="#" class="subpages" title="toggle subpages for Economic, monetary and financial analysis"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.en.html">Economic analysis</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.en.html">Monetary and financial analysis</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.en.html">Instruments</a><a href="#" class="subpages" title="toggle subpages for Instruments"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.en.html">Open market operations</a><a href="#" class="subpages" title="toggle subpages for Open market operations"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.en.html">TLTROs</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a><a href="#" class="subpages" title="toggle subpages for Asset purchase programmes"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.en.html">Securities lending</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.en.html">Pandemic emergency purchase programme</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.en.html">Standing facilities</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.en.html">Minimum reserves</a><a href="#" class="subpages" title="toggle subpages for Minimum reserves"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.en.html">Two-tier system</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.en.html">International market operations</a><a href="#" class="subpages" title="toggle subpages for International market operations"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html">Euro central bank liquidity lines</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.en.html">Emergency liquidity assistance (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.en.html">Liquidity analysis</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.en.html">Collateral</a><a href="#" class="subpages" title="toggle subpages for Collateral"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.en.html">Eligibility criteria and assessment</a><a href="#" class="subpages" title="toggle subpages for Eligibility criteria and assessment"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.en.html">Mobilising collateral</a><a href="#" class="subpages" title="toggle subpages for Mobilising collateral"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.en.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.en.html">Risk mitigation</a><a href="#" class="subpages" title="toggle subpages for Risk mitigation"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.en.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.en.html">Risk control</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.en.html">Haircut categories</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.en.html">Valuation</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.en.html">Loan-level requirements</a><a href="#" class="subpages" title="toggle subpages for Loan-level requirements"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.en.html">Data templates</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.en.html">Eligibility requirements</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.en.html">Contacts</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.en.html">Structure of the euro area economy</a><a href="#" class="subpages" title="toggle subpages for Structure of the euro area economy"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.en.html">Economic policy</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.en.html">Fiscal policies</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.en.html">External trade</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.en.html">Effective exchange rates</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.en.html">Financial structure</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.en.html">Financial markets</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.en.html">Financial intermediaries</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.en.html">Economic diversity</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.en.html">Labour market</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.en.html">Market contact groups</a><a href="#" class="subpages" title="toggle subpages for Market contact groups"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.en.html">Bond market (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.en.html">Money market (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.en.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.en.html">ECB Operations managers group (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.en.html">Foreign exchange (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.en.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments infrastructure</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</a></li> </ul> </div> <a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">First progress report on the preparation phase of a digital euro</div> <div class="image-date">24 June 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.en.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.en.html">Future banknotes</a><a href="#" class="subpages" title="toggle subpages for Future banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html">Redesign process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.en.html">Current banknotes</a><a href="#" class="subpages" title="toggle subpages for Current banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.en.html">Banknote production and stocks</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.en.html">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.en.html">Environment, health and safety</a><a href="#" class="subpages" title="toggle subpages for Environment, health and safety"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.en.html">Product environmental footprint</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.en.html">Research and development</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.en.html">Images and reproduction rules</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.en.html">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.en.html">Coins</a><a href="#" class="subpages" title="toggle subpages for Coins"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.en.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.en.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.en.html">50 cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.en.html">20 cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.en.html">10 cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.en.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.en.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.en.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.en.html">Common sides</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.en.html">€2 commemorative coins</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.en.html">Security features</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.en.html">Collector coins</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.en.html">Joining the euro area</a><a href="#" class="subpages" title="toggle subpages for Joining the euro area"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.en.html">Croatia (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.en.html">Lithuania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.en.html">Latvia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.en.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.en.html">Slovakia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.en.html">Cyprus (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.en.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.en.html">Slovenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.en.html">Initial changeover (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.en.html">Exchanging national cash</a><a href="#" class="subpages" title="toggle subpages for Exchanging national cash"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.en.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.en.html">Belgium</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.en.html">Croatia</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.en.html">Cyprus</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.en.html">Estonia</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.en.html">Finland</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.en.html">France</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.en.html">Germany</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.en.html">Greece</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.en.html">Ireland</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.en.html">Italy</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.en.html">Latvia</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.en.html">Lithuania</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.en.html">Luxembourg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.en.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.en.html">The Netherlands</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.en.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.en.html">Slovakia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.en.html">Slovenia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.en.html">Spain</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.en.html">Visually impaired people</a></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/pub/html/index.en.html">Research</a><a href="#" class="subpages" title="toggle subpages for Research"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Research</div> <p>In-depth studies and expert analyses covering diverse topics and fields</p> <a href="/pub/html/index.en.html">Overview of ECB research</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/press/conferences/html/index.en.html">Conferences & seminars</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a></li> </ul> </div> <a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Research Bulletin</div> </a> </div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.en.html">Economic research</a><a href="#" class="subpages" title="toggle subpages for Economic research"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.en.html">Research agenda</a><a href="#" class="subpages" title="toggle subpages for Research agenda"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.en.html">Monetary policy, strategy and implementation</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.en.html">Fiscal policy and governance within EMU</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.en.html">International macro and finance</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.en.html">Real sector and microeconomic analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.en.html">Forecasting and business cycle analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.en.html">Macro-finance, systemic risk and macroprudential policy</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.en.html">Financial institutions, microprudential policy, financial markets and payments</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.en.html">Opportunities for researchers</a><a href="#" class="subpages" title="toggle subpages for Opportunities for researchers"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.en.html">Wim Duisenberg Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.en.html">Regular Research Visitors</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.en.html">Lamfalussy Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.en.html">Summer Research Graduate Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.en.html">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages -section"><a href="/pub/legal-research/html/index.en.html">Legal Research</a><a href="#" class="subpages" title="toggle subpages for Legal Research"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.en.html">Legal conferences and seminars</a></li><li class="clearfix -current"><a href="/pub/legal-research/legal-research-programme/html/index.en.html">Legal Research Programme</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.en.html">Research papers</a><a href="#" class="subpages" title="toggle subpages for Research papers"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.en.html">Papers by authors</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.en.html">ECB researchers</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.en.html">Research networks</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.en.html">News & publications</a><a href="#" class="subpages" title="toggle subpages for News & publications"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">News & Publications</div> <a href="/press/pubbydate/html/index.en.html">Browse all news & publications</a> <hr> </div> </div><ul><li><span>News</span></li><li><a href="/press/pr/html/index.en.html">Press releases</a></li><li><a href="/press/stats/html/index.en.html">Statistical releases</a></li><li><a href="/press/key/html/index.en.html">Speeches</a></li><li><a href="/press/inter/html/index.en.html">Interviews</a></li><li><a href="/press/blog/html/index.en.html">The ECB Blog</a></li><li><a href="/press/tvservices/html/index.en.html">Podcasts & webcasts</a></li><li><a href="/press/intro/html/index.en.html">Payments news</a></li><li><a href="/press/contacts/html/index.en.html">Media contacts</a></li></ul></div><ul><li class="clearfix"><span>Publications</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.en.html">Governing Council decisions</a><a href="#" class="subpages" title="toggle subpages for Governing Council decisions"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.en.html">Monetary policy decisions</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.en.html">Other decisions</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.en.html">Monetary policy accounts</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.en.html">Economic Bulletin</a><a href="#" class="subpages" title="toggle subpages for Economic Bulletin"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.en.html">Articles</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.en.html">Focus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.en.html">Monthly Bulletin</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.en.html">Macroeconomic projections</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.en.html">Annual reports & financial statements</a><a href="#" class="subpages" title="toggle subpages for Annual reports & financial statements"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.en.html">Annual Report</a><a href="#" class="subpages" title="toggle subpages for Annual Report"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.en.html">Annual Accounts</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.en.html">Eurosystem balance sheet</a><a href="#" class="subpages" title="toggle subpages for Eurosystem balance sheet"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.en.html">Monetary policy operations</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.en.html">Weekly financial statements</a><a href="#" class="subpages" title="toggle subpages for Weekly financial statements"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.en.html">Disaggregated data</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.en.html">Financial stability publications</a><a href="#" class="subpages" title="toggle subpages for Financial stability publications"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.en.html">Financial Stability Review</a><a href="#" class="subpages" title="toggle subpages for Financial Stability Review"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.en.html">Special features & boxes</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.en.html">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.en.html">Research publications</a><a href="#" class="subpages" title="toggle subpages for Research publications"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.en.html">Research Bulletin</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.en.html">Working papers</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.en.html">Discussion papers</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.en.html">Occasional papers</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.en.html">Legal working papers</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.en.html">Statistics papers</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.en.html">Other publications</a><a href="#" class="subpages" title="toggle subpages for Other publications"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.en.html">Letters to MEPs</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.en.html">Convergence Report</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.en.html">International Role of the Euro</a></li></ul></li><li class="clearfix"><span>Events & calendars</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.en.html">Monetary policy press conference</a><a href="#" class="subpages" title="toggle subpages for Monetary policy press conference"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.en.html">Monetary policy statements</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.en.html">Monetary policy statements at a glance</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.en.html">Conferences & seminars</a><a href="#" class="subpages" title="toggle subpages for Conferences & seminars"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.en.html">Forum on Central Banking</a><a href="#" class="subpages" title="toggle subpages for Forum on Central Banking"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.en.html">Young Economist Prize</a></li><li class="clearfix"><a href="/press/conferences/ecbforum/previous_fora/html/index.en.html">Past editions</a></li></ul></li><li class="clearfix"><a href="/press/conferences/civil_society_engagement/html/index.en.html">Civil society engagement</a></li></ul></li><li class="has-subpages"><a href="/press/calendars/html/index.en.html">Calendars</a><a href="#" class="subpages" title="toggle subpages for Calendars"></a><ul><li class="clearfix"><a href="/press/calendars/weekly/html/index.en.html">Weekly schedule</a></li><li class="clearfix"><a href="/press/calendars/mgcgc/html/index.en.html">Meetings of the Governing Council and the General Council</a></li><li class="has-subpages"><a href="/press/calendars/statscal/html/index.en.html">Statistical calendars</a><a href="#" class="subpages" title="toggle subpages for Statistical calendars"></a><ul><li class="clearfix"><a href="/press/calendars/statscal/mfm/html/index.en.html">Money, banking and financial markets</a></li><li class="clearfix"><a href="/press/calendars/statscal/eaa/html/index.en.html">Euro area economic and financial developments by institutional sector</a></li><li class="clearfix"><a href="/press/calendars/statscal/ext/html/index.en.html">External transactions and positions</a></li><li class="clearfix"><a href="/press/calendars/statscal/ges/html/index.en.html">Prices, output, demand and labour</a></li><li class="clearfix"><a href="/press/calendars/statscal/gf/html/index.en.html">Government finance</a></li><li class="clearfix"><a href="/press/calendars/statscal/sps/html/index.en.html">Supervisory and prudential statistics</a></li></ul></li><li class="clearfix"><a href="/press/calendars/caleu/html/index.en.html">Eurosystem's tender operations</a></li><li class="clearfix"><a href="/press/calendars/reserve/html/index.en.html">Reserve maintenance period</a></li></ul></li></ul></div></li><li class="clearfix -ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.en.html">Banking Supervision<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.en.html">About us</a><a href="#" class="subpages" title="toggle subpages for About us"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">About us</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.en.html">All about us</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.en.html">Our leadership</a><a href="#" class="subpages" title="toggle subpages for Our leadership"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.en.html">Executive Board</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.en.html">Governing Council</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.en.html">General Council</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.en.html">Supervisory Board</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.en.html">Our organisation</a><a href="#" class="subpages" title="toggle subpages for Our organisation"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.en.html">ECB, ESCB and the Eurosystem</a><a href="#" class="subpages" title="toggle subpages for ECB, ESCB and the Eurosystem"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.en.html">ECB mission</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.en.html">Eurosystem mission</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.en.html">Strategic intents</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.en.html">Organisational principles</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.en.html">Our tasks and responsibilities</a><a href="#" class="subpages" title="toggle subpages for Our tasks and responsibilities"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.en.html">Monetary policy</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.en.html">Statistics</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.en.html">Financial stability and macroprudential policy</a><a href="#" class="subpages" title="toggle subpages for Financial stability and macroprudential policy"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.en.html">Our tasks</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.en.html">Strategy</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.en.html">Institutional framework</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.en.html">Banknotes</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.en.html">Payments & securities</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.en.html">European relations</a><a href="#" class="subpages" title="toggle subpages for European relations"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.en.html">European cooperation</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.en.html">EMU economic governance</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.en.html">International affairs</a><a href="#" class="subpages" title="toggle subpages for International affairs"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.en.html">International relations and analysis</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.en.html">International central bank cooperation</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.en.html">Foreign reserves and own funds</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.en.html">Foreign exchange operations</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.en.html">Organisation chart of the ECB</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.en.html">Capital subscription</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.en.html">Corporate governance</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.en.html">Our values</a><a href="#" class="subpages" title="toggle subpages for Our values"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.en.html">Independence</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.en.html">Transparency</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.en.html">Accountability</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.en.html">Ethics – working with integrity</a><a href="#" class="subpages" title="toggle subpages for Ethics – working with integrity"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.en.html">Ethics Network of Multilateral Organizations (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.en.html">Our history, arts and culture</a><a href="#" class="subpages" title="toggle subpages for Our history, arts and culture"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.en.html">Our history</a><a href="#" class="subpages" title="toggle subpages for Our history"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.en.html">25 years of the ECB</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.en.html">Economic and Monetary Union</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.en.html">EU enlargement</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.en.html">European Union</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.en.html">Archives</a><a href="#" class="subpages" title="toggle subpages for Archives"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.en.html">Committee of Governors</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.en.html">European Monetary Cooperation Fund</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.en.html">Delors Committee</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.en.html">European Monetary Institute</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.en.html">European Central Bank</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.en.html">Arts and culture</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.en.html">Our legal framework</a><a href="#" class="subpages" title="toggle subpages for Our legal framework"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.en.html">EUR-Lex - Frequently asked questions</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.en.html">Institutional framework</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.en.html">Climate change and the ECB</a><a href="#" class="subpages" title="toggle subpages for Climate change and the ECB"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.en.html">Our climate and nature plan</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.en.html">Climate-related financial disclosures</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.en.html">Managing climate-related risks</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.en.html">Supporting the green transition</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.en.html">Fostering wider action</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.en.html">Our approach</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.en.html">Environmental protection</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.en.html">Climate Insurance Protection Gap</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.en.html">Sanctions imposed by the ECB</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.en.html">Procurement</a><a href="#" class="subpages" title="toggle subpages for Procurement"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.en.html">Tenders</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.en.html">Archive</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.en.html">Electronic tendering system</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a><a href="#" class="subpages" title="toggle subpages for Access to documents"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.en.html">Public Register of Documents</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.en.html">Contacts</a><a href="#" class="subpages" title="toggle subpages for Contacts"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.en.html">Address</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.en.html">ECB public holidays</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.en.html">ECB & You</a><a href="#" class="subpages" title="toggle subpages for ECB & You"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">ECB & You</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.en.html">All about ECB & You</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.en.html">Explainers</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.en.html">Test your knowledge</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.en.html">Youth initiatives</a><a href="#" class="subpages" title="toggle subpages for Youth initiatives"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.en.html">Girls' IT Bootcamp</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.en.html">Everyone needs stability</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.en.html">ECB & You broadcasts</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.en.html">Ask us</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.en.html">Visit us</a><a href="#" class="subpages" title="toggle subpages for Visit us"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.en.html">Main building</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.en.html">Careers</a><a href="#" class="subpages" title="toggle subpages for Careers"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Careers</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.en.html">All about careers</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.en.html">Vacancies</a></li><li class="has-subpages"><a href="/careers/working-at-the-ecb/html/index.en.html">Who we are</a><a href="#" class="subpages" title="toggle subpages for Who we are"></a><ul><li class="clearfix"><a href="/careers/working-at-the-ecb/about/html/index.en.html">About the ECB</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/employee-portraits/html/index.en.html">Meet our people</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.en.html">Life in Frankfurt</a></li></ul></li><li class="has-subpages"><a href="/careers/why-we-value-diversity/html/index.en.html">Why we value diversity</a><a href="#" class="subpages" title="toggle subpages for Why we value diversity"></a><ul><li class="clearfix"><a href="/careers/why-we-value-diversity/women/html/index.en.html">Women@ECB</a></li><li class="clearfix"><a href="/careers/why-we-value-diversity/diversity-networks/html/index.en.html">Diversity networks</a></li></ul></li><li class="has-subpages"><a href="/careers/what-we-offer/html/index.en.html">What we offer</a><a href="#" class="subpages" title="toggle subpages for What we offer"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/benefits/html/index.en.html">Benefits & rewards</a></li><li class="has-subpages"><a href="/careers/what-we-offer/contract/html/index.en.html">Contract types</a><a href="#" class="subpages" title="toggle subpages for Contract types"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/contract/fixed/html/index.en.html">Fixed-term</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/short/html/index.en.html">Short-term</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/escb/html/index.en.html">ESCB/IO</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/other/html/index.en.html">Other</a></li></ul></li><li class="clearfix"><a href="/careers/what-we-offer/traineeship/html/index.en.html">Traineeship</a></li><li class="clearfix"><a href="/careers/what-we-offer/graduate/html/index.en.html">Graduate programme</a></li><li class="clearfix"><a href="/careers/what-we-offer/wecs/html/index.en.html">ECB Scholarship for Women</a></li><li class="clearfix"><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.en.html">ECB Scholarship for Ukrainian graduates</a></li></ul></li><li class="has-subpages"><a href="/careers/before-you-apply/html/index.en.html">How you can join us</a><a href="#" class="subpages" title="toggle subpages for How you can join us"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/how-to-apply/html/index.en.html">How to apply</a></li><li class="clearfix"><a href="/careers/before-you-apply/how-we-hire/html/index.en.html">How we hire</a></li><li class="has-subpages"><a href="/careers/before-you-apply/newcomers/html/index.en.html">You have been selected, what next?</a><a href="#" class="subpages" title="toggle subpages for You have been selected, what next?"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.en.html">Fixed-term employee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/short-term/html/index.en.html">Short-term employee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/trainee/html/index.en.html">Trainee</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/cost-free/html/index.en.html">Cost-free secondee</a></li></ul></li></ul></li><li class="clearfix"><a href="/careers/faq/html/index.en.html">FAQs</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">ANYTIME <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">PAST MONTH <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">PAST YEAR <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Search Options</div> <div id="text-image-preview" class="title-option hidden">Image Preview</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Sort by</label> <div id="dropdownFilter" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">ANYTIME </option> <option value="month" class="count-hits-month">PAST MONTH </option> <option value="year" class="count-hits-year">PAST YEAR </option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Suggestions</label> <div id="dropdownSuggestions" class="dropdown"> <span class="icon"></span> <select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="result-main-panel">  <div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"> <span id="adcat_home">Home</span> <span id="adcat_press">Media</span> <span id="adcat_explainers">Explainers</span> <span id="adcat_pub">Research & Publications</span> <span id="adcat_stats">Statistics</span> <span id="adcat_mopo">Monetary Policy</span> <span id="adcat_euro">The €uro</span> <span id="adcat_paym">Payments & Markets</span> <span id="adcat_career">Careers</span> </div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"> <span>Suggestions</span> <div id="suggestions-container"> </div> </div> <div id="result-sortBy"> <span>Sort by</span> <div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Relevance </label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Date </label> </div> </div> </div> </div> <div id="addsearch-image-container" aria-hidden="true"><img src="" id="addsearch-image" alt="" /></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/pub/shared/img/header.webp" data-image="/pub/shared/img/header.jpg"> <div data-image="/pub/shared/img/header.jpg" data-image-webp="/pub/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main >  <div class="title"> <h1>Legal Research Programme</h1> </div> <div class="section"> <p>The ECB Legal Research Programme (LRP) was launched in 2008 to foster analysis of areas of law relevant to the ECB’s statutory tasks, and to establish closer contacts between central bank lawyers and academics. Several scholarships are awarded annually. </p> </div> <div class="splitter"> <div class="content-box"> <h3>About the scholarship</h3> </div> </div> <div class="section"> <p>During their scholarship, the selected candidates are required to write a paper on a topic related to the programme’s research topics, present their papers at relevant ECB workshops and conferences and, ultimately, have them published in leading peer-reviewed journals. Past papers have been published in journals such as the Common Market Law Review, the German Law Journal, the European Business Organization Law Review, the Oxford Journal of Legal Studies, the European Law Review, the Yearbook of European Law, the European Business Law Review, the Journal of Financial Regulation, the Maastricht Journal of European and Comparative Law. </p> <p>The call for projects is published by December each year. Experienced researchers with a track record of publishing in the legal field are encouraged to apply, as are researchers at assistant professor level and advanced PhD students. The ECB aims to assign at least one-third of the scholarships to junior scholars (i.e. scholars who are doctoral candidates or who have obtained their doctoral degree within the last three years).  Applications from female candidates are highly encouraged. </p> </div> <div class="promo-box -transparent" data-image="index/light_2560x750.jpg" data-image-webp="index/light_2560x750.webp"> <div class="wrapper"> <div class="box"> <div class="content-box"> <h2>Legal Research Programme 2024</h2> <p>The application deadline for the 2024 round of the LRP was 22:00 CET on 18 February 2024. </p> <div class="button-box"> <a class="button" href="/pub/legal-research/legal-research-programme/html/lrp_call_2024.en.html">Call for papers for the 2024 LRP</a> </div> </div> </div> </div> </div> <div class="splitter"> <div class="content-box"> <h3>Past LPR Scholars</h3> </div> </div> <div class="accordion"> <div class="header"> <div class="title">2023</div> </div> <div class="content-box"> <p><a href="/pub/legal-research/legal-research-programme/html/lrp_call_2023.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td> <p>Vincenzo Troiano </p> </td> <td> <p>Suspension of voting rights in the regulation of bank ownership structures: a case for more integration? </p> </td> </tr> <tr> <td> <p>Paola Chirulli-Luca De Lucia </p> </td> <td> <p>Banking supervision and fundamental rights </p> </td> </tr> <tr> <td> <p>Aurelia Philine Birne</p> </td> <td> <p>CBDC as a liability of its issuing central bank – What are the implications for the design and distribution of CBDC? </p> </td> </tr> <tr> <td> <p>Anna Peychev</p> </td> <td> <p>The legislative role of the central bank in the creation of the European semester </p> </td> </tr> <tr> <td> <p>Anna Toniolo </p> </td> <td> <p>Paying for diversity? Diversity metrics in banks’ executive compensation </p> </td> </tr> <tr> <td> <p>Argyro Karagianni </p> </td> <td> <p>The ne bis in idem principle at the intersection between prudential and AML/CFT supervision </p> </td> </tr> <tr> <td> <p>Dimitrios Stratakos </p> </td> <td> <p>The Markets in Crypto-assets and pilot regime for market infrastructures based on distributed ledger technology regulations – Potential for innovation in the retail payments landscape and overlaps with existing Union legislation </p> </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2022</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/20220130_Legal_research_programme_2022.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td> <p>Alessio Azzutti, Pedro Batista and Georg Ringe</p> </td> <td> <p>Navigating the Legal Landscape of AI-Enhanced Banking Supervision: Protecting EU Fundamental Rights and Ensuring Good Administration </p> </td> </tr> <tr> <td> <p>Graham Butler</p> </td> <td> </td> </tr> <tr> <td> <p>Joana Mendes </p> </td> <td> <p><a href="https://kluwerlawonline.com/journalarticle/Common+Market+Law+Review/60.1/COLA2023117">Law and Discretion in Monetary Policy and in the Banking Union: Complexity between High Politics and Administration</a></p> </td> </tr> <tr> <td> <p>Kanad Bagchi</p> </td> <td>The legal transformation of international monetary coordination: institutions, surveillance and authority </td> </tr> <tr> <td> <p>Katarzyna Parchimowicz </p> </td> <td> <p><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4486264">Do Not Get Lost in the Cloud. How EU Financial Institutions Could Avoid Problems with Cloud Services Arising under DORA</a></p> </td> </tr> <tr> <td> <p>Raffaele Felicetti </p> </td> <td> <p><a href="https://academic.oup.com/jfr/advance-article/doi/10.1093/jfr/fjad010/7441586?login=true">A study on central banks and social responsibility: the case of the ESCB</a></p> </td> </tr> <tr> <td> <p>Sara Dietz </p> </td> <td> <p><a href="https://kluwerlawonline.com/journalarticle/Common+Market+Law+Review/59.2/COLA2022030">Green Monetary Policy Between Market Neutrality And Market Efficiency</a></p> </td> </tr> <tr> <td> <p>Silvia Allegrezza and Giulia Lasagni </p> </td> <td> <p>Setting the Scene: Proportionality as an Evolving Concept of Intersystemic Nature </p> </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2021</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/20210106_Legal_research_programme_2021.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td> <p>Adrian Dumitrescu, Dalvinder Singh and Oana Stefan </p> </td> <td> <p>Limits for the ECB when adopting soft law instruments in the field of banking supervision </p> </td> </tr> <tr> <td> <p>Chiara Benvenuto </p> </td> <td> </td> </tr> <tr> <td> <p>Christian Calliess and Ebru Tuncel </p> </td> <td> <p><a href="https://www.cambridge.org/core/journals/german-law-journal/article/role-of-article-11-tfeu-in-the-greening-of-the-ecbs-monetary-policy/03A7D072E1F92542187FB92DC7079198">The Role of Article 11 TFEU in the Greening of the ECB’s Monetary Policy</a></p> </td> </tr> <tr> <td rowspan="2"> <p>David Ramos Muñoz, Antonio Cabrales and Angel Sanchez </p> </td> <td>Central Banks and Climate Change <br><a href="https://gwbflr.org/volume-6-issue-2/">(Part 1). Does Climate Change Fit in Central Banks’ Mandates?</a></td> </tr> <tr> <td><a href="https://gwbflr.org/volume-6-issue-2/">(Part 2). Can Central Banks Intervene Now? And How? Arguments of “Opportunity” and “Suitability”</a></td> </tr> <tr> <td> <p>Emmanuel Castellarin </p> </td> <td> <p><a href="https://kluwerlawonline.com/journalarticle/Common+Market+Law+Review/60.1/COLA2023003">The European Central Bank, national central banks, and the unity of the international representation of the European System of Central Banks</a></p> </td> </tr> <tr> <td> <p>Marco Goldoni and Javier Solana</p> </td> <td> </td> </tr> <tr> <td> <p>Martins Rudzitis </p> </td> <td> </td> </tr> <tr> <td> <p>Susanna Cafaro </p> </td> <td> <p><a href="https://www.europeanpapers.eu/en/e-journal/international-representation-eurozone-and-eurosystem-the-role-ecb">The International Representation of the Eurozone and of the Eurosystem: The Role of the ECB</a></p> </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2020</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/20191218_Legal_research_programme_2020.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td rowspan="2"> <p>Corinne Zellweger-Gutknecht, Benjamin Geva, Seraina Neva Grünewald </p> </td> <td> <p><a href="https://academic.oup.com/ojls/article-abstract/41/4/1119/6284236?redirectedFrom=fulltext">The E-Banknote as a “Banknote”: A Monetary Law Interpreted</a></p> </td> </tr> <tr> <td><a href="https://academic.oup.com/jfr/article/7/2/284s/6375131?login=true">Digital Euro, Monetary Objects, and Price Stability: A Legal Analysis</a></td> </tr> <tr> <td> <p>Georgios Psaroudakis </p> </td> <td> <p><a href="https://kluwerlawonline.com/journalarticle/European+Business+Law+Review/32.4/EULR2021036">Corporate Restructuring Versus Financial Resolution: Benchmarks for the Lawful Treatment of Creditors and Shareholders</a></p> </td> </tr> <tr> <td rowspan="2"> <p>Helene Hayden</p> </td> <td> <p>Enforcement of Fines and Other Pecuniary Obligations Imposed by the ECB<br><a href="https://www.degruyter.com/document/doi/10.1515/ecfr-2021-0034/html">Part 1: European level</a></p> </td> </tr> <tr> <td><a href="https://www.degruyter.com/document/doi/10.1515/ecfr-2022-0003/html">Part 2: National level</a></td> </tr> <tr> <td rowspan="2"> <p>Iris H-Y Chiu</p> </td> <td> <p><a href="https://dialnet.unirioja.es/servlet/articulo?codigo=8044833">Building Out the Crypto-economy in Europe as Regulatory Capitalism: A Proposal to Integrate Central Bank Digital Euros</a></p> </td> </tr> <tr> <td> <p><a href="https://scholarlycommons.law.cwsl.edu/cgi/viewcontent.cgi?article=1588&context=cwilj">Central Bank Digital Currency for the Crypto-economy: An Experimental proposal Based on the European Single Market and Institution-Building</a></p> </td> </tr> <tr> <td> <p>Paul Dermine</p> </td> <td> <p><a href="https://www.jurisquare.be/fr/journal/cahdroiteur/2021-3/la-banque-centrale-europeenne-et-le-principe-dexclusivite-les-competences-de-lunion-europeenne-en-ma/index.html#page/667/search/">La Banque centrale européenne et le principe d’exclusivité. Les compétences de l’Union européenne en matière de politique monétaire et de surveillance financière et leurs limites</a></p> </td> </tr> <tr> <td> <p>Shruti Kashyap</p> </td> <td>Prudence and the Risks: Links between Regulatory Supervision, Accounting Rules, and Risk Control in the European Banking Sector </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2019</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/20181218_Legal_research_programme_2019.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td> <p>Andrea Magliari, Marco Macchia, Mario P. Chiti</p> </td> <td> <p><a href="https://kluwerlawonline.com/journalarticle/European+Public+Law/26.3/EURO2020059">The Principle of Proportionality and the European Central Bank</a></p> </td> </tr> <tr> <td> <p>Anton Didenko</p> </td> <td> <p><a href="https://academic.oup.com/ulr/article-abstract/25/1/125/5819173?redirectedFrom=fulltext">Cybersecurity regulation in the financial sector: prospects of legal harmonization in the European Union and beyond</a></p> </td> </tr> <tr> <td> <p>Christian Calliess and Ansgar Baumgarten </p> </td> <td> <p><a href="https://www.cambridge.org/core/journals/german-law-journal/article/cybersecurity-in-the-eu-the-example-of-the-financial-sector-a-legal-perspective/E74D7AB0D2FDF2B0017BD93BD324267C">Cybersecurity in the EU The Example of the Financial Sector: A Legal Perspective</a></p> </td> </tr> <tr> <td> <p>Elena Sedano-Varo</p> </td> <td><a href="https://kluwerlawonline.com/journalarticle/European+Business+Law+Review/33.2/EULR2022012">The Bumpy Reform of EU Interest Rates and the Rule of Law</a></td> </tr> <tr> <td> <p>Paul Weissmann </p> </td> <td> <a href="https://academic.oup.com/yel/article/doi/10.1093/yel/yeab005/6363643?login=true">Public International Law as a Refuge of (Euro-)Member States During the Financial and Economic Crisis: The Case of the Intergovernmental Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund (IGA)</a> </td> </tr> <tr> <td> <p>Tom Ruys and Cedric Ryngaert</p> </td> <td> <a href="https://academic.oup.com/bybil/advance-article/doi/10.1093/bybil/braa007/5909823?searchresult=1">Secondary Sanctions: A Weapon out of Control? The International Legality of, and European Responses to, US Secondary Sanctions</a> </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2018</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/20171220_Legal_research_programme_2018.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td> <p>Alessandro Spano and Andrea Biondi </p> </td> <td> <p><a href="https://kluwerlawonline.com/journalarticle/European+Business+Law+Review/31.6/EULR2020038">The ECB and the Application of National Law in the SSM: New Yet Old…</a></p> </td> </tr> <tr> <td> <p>Alicia Hinarejos </p> </td> <td> <p><a href="https://academic.oup.com/yel/article/doi/10.1093/yel/yez003/5529337?login=true">A Possible European Monetary Fund and the Future of the Euro Area</a></p> </td> </tr> <tr> <td> <p>Anastasia Karatzia and Theodore Konstadinides </p> </td> <td> <p><a href="https://repository.essex.ac.uk/24231/1/ECBpaperAKTK.pdf">The legal nature and character of Memoranda of Understanding as instruments used by the European Central Bank</a></p> </td> </tr> <tr> <td> <p>Dariusz Adamski </p> </td> <td>Memoranda of Understanding in the Governance of European Financial Institutions</td> </tr> <tr> <td> <p>Hossein Nabilou and Andre Prum</p> </td> <td> <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3421417">Central Banks and Regulation of Cryptocurrencies</a> </td> </tr> <tr> <td> <p>Teresa Rodríguez de las Heras Ballell </p> </td> <td> <a href="https://ir.lawnet.fordham.edu/jcfl/vol25/iss2/2/">The Layers of Digital Financial Innovation: Charting a Regulatory Response </a> </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2017</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/20161221_lrp.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td> <p>Alexander Türk and Napoleon Xanthoulis</p> </td> <td> <p><a href="https://doi.org/10.1177/1023263X19830639">Legal accountability of European Central Bank in bank supervision: A case study in conceptualizing the legal effects of Union acts</a></p> </td> </tr> <tr> <td> <p>Georgios Psaroudakis </p> </td> <td> <p><a href="https://doi.org/10.1093/jfr/fjy001">The Scope for Financial Stability Considerations in the Fulfilment of the Mandate of the ECB/Eurosystem</a></p> </td> </tr> <tr> <td> <p>Heiko Sauer </p> </td> <td> <p><a href="https://www.sweetandmaxwell.co.uk/catalogue/eDownloadDoc.aspx?filename=427_2019141_62036.pdf&sapmaterialnum=30791372&fileserver=EPIC&productid=427">The scope of the inviolability of the ECB's archives revisited</a></p> </td></tr> <tr> <td> <p>Matthias Haentjens</p> </td> <td><a href="https://www.bloomsburycollections.com/monograph-detail?docid=b-9781509919925&tocid=b-9781509919925-chapter13">European Harmonisation of Intermediated Securities Law: Dispossession and Segregation in Regulatory and Private Law </a></td> </tr> <tr> <td> <p>Stefanie Egidy</p> </td> <td>Central Banks under Judicial Review: The European Central Bank and the U.S. Federal Reserve</td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2016</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/20151209_lrp.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td> <p>Andromachi Georgosouli</p> </td> <td> <p><a href="https://heinonline.org/HOL/Page?collection=journals&handle=hein.journals/coljeul24&id=6&men_tab=srchresults">Improving the Enforceability of Cross-Border Resolution Action in the EU: Critical Reflections on the Mutual Recognition Rules of the BRRD </a></p> </td> </tr> <tr> <td> <p>Danny Busch and Mirik Ben Joost van Rijn</p> </td> <td> <p><a href="https://link.springer.com/article/10.1007/s40804-018-0107-5">Towards Single Supervision and Resolution of Systemically Important Non-Bank Financial Institutions in the European Union</a></p> </td> </tr> <tr> <td rowspan="2"> <p>David Ramos</p> </td> <td> <p><a href="https://repository.law.miami.edu/umblr/vol28/iss1/3/">Bank Resolution and Creditor Distribution: The Tension Shaping Global Banking – Part I: “External and Intra-Group Funding” and “Ex Ante planning v. Ex Post Execution” Dimensions</a></p> </td> </tr> <tr> <td><p><a href="https://repository.law.miami.edu/umblr/vol28/iss2/3/">Bank Resolution and Creditor Distribution: The Tension Shaping Global Banking –part II: The Cross-border Dimension</a></p> </td> </tr> <tr> <td> <p>Pieter van Cleynenbreugel</p> </td> <td><a href="https://journals.sagepub.com/doi/full/10.1177/1023263X18760546">Confidentiality behind transparent doors: The European Central Bank and the EU law principle of openness</a></td> </tr> <tr> <td> <p>Thomas Keijser</p> </td> <td> <a href="https://heinonline.org/HOL/Page?collection=journals&handle=hein.journals/droit2017&id=257&men_tab=srchresults">Financial Collateral Arrangements in the European Union: Current State and the Way Forward</a> </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2015</div> </div> <div class="content-box"> <p><a href="/press/conferences/html/150114_lrp.en.html">Call for papers</a></p> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td>Armin Steinbach</td> <td> <p><a href="https://cadmus.eui.eu/handle/1814/43288">Structural Reforms in EU Member States: exploring sanction-based and reward-based mechanisms</a></p> </td> </tr> <tr> <td>Bas van Bockel </td> <td> <p><a href="https://cadmus.eui.eu/handle/1814/43288">The ‘European’ Ne Bis in Idem Principle. Substance, Sources, and Scope</a></p> </td> </tr> <tr> <td rowspan="2"> <p>Marco Lamandini, David Ramos Muñoz, Javier Solana</p> </td> <td><a href="https://lamandini.org/images/pdf/articles/2016-2020/129-The-ECB-Powers-as-a-Catalyst-for-Change-in-EU-Law-Part-I.pdf">The European Central Bank (ECB) as a catalyst for change in EU Law. Part 1: The ECB's mandates</a></td> </tr> <tr> <td><a href="https://lamandini.org/images/pdf/articles/2016-2020/130-The-ECB-Powers-as-a-Catalyst-for-Change-in-EU-Law-Part-2.pdf">The European Central Bank (ECB) as a catalyst for change in EU Law. Part 2: SSM, SRM and fundamental rights</a></td> </tr> <tr> <td> <p>Roberto Cisotta</p> </td> <td> <p><a href="/pub/pdf/other/frommonetaryuniontobankingunion201512.en.pdf">Financial stability and the reconstruction of the EU legal order in the aftermath of the crisis</a></p> </td> </tr> </tbody> </table> </div> </div> </div> <div class="header"> <div class="title">2014</div> </div> <div class="content-box"> <div class="table"> <div class="wrapper"> <table> <thead> <tr> <th>Name </th> <th>Paper</th> </tr> </thead> <tbody> <tr> <td>Monica Claes and Jan-Herman Reestman </td> <td> <p><a href="https://www.cambridge.org/core/journals/german-law-journal/article/protection-of-national-constitutional-identity-and-the-limits-of-european-integration-at-the-occasion-of-the-gauweiler-case/C14BF4E4BAB7EB89040236516FF10E23">The Protection of National Constitutional Identity and the Limits of European Integration at the Occasion of the Gauweiler Case</a></p> </td> </tr> <tr> <td>Theodore Konstadinides </td> <td> <p><a href="https://academic.oup.com/yel/article/34/1/127/2362994">Dealing with Parallel Universes: Antinomies of Sovereignty and the Protection of National Identity in European Judicial Discourse </a></p> </td> </tr> </tbody> </table> </div> </div> </div> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>All pages in this section</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" id="feedback-content">Information not useful</a> <a class="button -inverted-color" id="feedback-design">Design not attractive</a> <a class="button -inverted-color" id="feedback-other">Something else</a> </div> <div class="final hidden"> <div class="title">Thank you for letting us know!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"> <a href="/home/sitedir/html/index.en.html" title="Site Directory">Site directory</a> </div> <div class="socialLinks"> <a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Official social media channels">FOLLOW US</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS news feeds"></a> </div> </div><div class="ecb-footerBottom"> <p><span>Copyright 2024, </span>European Central Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Useful links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Work with us</a></li> <li><a href="/services/glossary/html/index.en.html">Glossary</a></li> <li><a href="/services/links/html/index.en.html">Other institutions</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Using our site</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Disclaimer & Copyright</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li> <li><a href="/services/using-our-site/technical-updates/html/index.en.html">Technical updates to this site</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Corporate Policies</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Data Protection</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a></li> <li><a href="/services/responsible-disclosure/html/index.en.html">Responsible disclosure</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Contact</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li> <li><a href="/services/contacts/address/html/index.en.html">Address</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2728911" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Our website uses cookies</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons initial cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Thank you!</h2> </div> <div class="updated hidden"> <h2>We have updated our privacy policy</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">See what has changed in our privacy policy</a></p> <div class="consentButtons updated cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> <div class="expired hidden"> <h2>Your cookie preference has expired</h2> <p>We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="arrow">Learn more about how we use cookies</a></p> <div class="consentButtons expired cf"> <a class="check linkButton linkButtonLarge floatLeft highlight-medium">I understand and I accept the use of cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">I do not accept the use of cookies</a> </div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">This feature requires cookies.</div> <a href="/home/data-protection/privacy-statements/website/html/index.en.html" class="button">Privacy statement</a> </div> </div> <script src="/shared/js/analytics/pa_events.js?v=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>

CINXE.COM

Legal Research Programme