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href="/mopo/coll/standards/marketable/html/index.mt.html">Assi negozjabbli</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.mt.html">Assi mhux negozjabbli</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.mt.html">Lista ta' assi negozjabbli eliġibbli</a><a href="#" class="subpages" title="toggle subpages for Lista ta' assi negozjabbli eliġibbli"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.mt.html">Gwida għall-utent</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.mt.html">Mobilizzazzjoni ta' garanziji</a><a href="#" class="subpages" title="toggle subpages for Mobilizzazzjoni ta' garanziji"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.mt.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.mt.html">SSSs Eliġibbli</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.mt.html">Links eliġibbli</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.mt.html">Aġenti tripartiti eliġibbli</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.mt.html">Mitigazzjoni tar-riskji</a><a href="#" class="subpages" title="toggle subpages for Mitigazzjoni tar-riskji"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.mt.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.mt.html">Kontroll tar-riskji</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.mt.html">Kategoriji ta' likwidità</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.mt.html">Valutazzjoni</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.mt.html">Inizjattiva dwar livell ta' self</a><a href="#" class="subpages" title="toggle subpages for Inizjattiva dwar livell ta' self"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.mt.html">Trażmissjoni ta' dejta</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.mt.html">Rekwiżiti ta' eliġibilità</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.mt.html">Mistoqsijiet komuni</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.mt.html">Kuntatti</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.mt.html">Struttura tal-ekonomija taż-żona tal-euro</a><a href="#" class="subpages" title="toggle subpages for Struttura tal-ekonomija taż-żona tal-euro"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.mt.html">Politika ekonomika</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.mt.html">Politika fiskali</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.mt.html">Kummerċ estern</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.mt.html">Rati tal-iskambju effettivi</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.mt.html">Struttura finanzjarja</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.mt.html">Swieq finanzjarji</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.mt.html">Intermedjarji finanzjarji</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.mt.html">Diversità ekonomika</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.mt.html">Suq tax-xogħol</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.mt.html">Gruppi ta' kuntatt tas-suq (Market contact groups)</a><a href="#" class="subpages" title="toggle subpages for Gruppi ta' kuntatt tas-suq (Market contact groups)"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.mt.html">Swieq tal-Bonds (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.mt.html">Suq monetarju (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.mt.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.mt.html">Grupp ta' Maniġers tal-operazzjonijiet tal-BĊE (BĊE OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.mt.html">Kambju barrani (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.mt.html">Djalogu tal-Investituri Istituzzjonali (IID)</a></li></ul></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/paym/html/index.mt.html">Ħlasijiet u stabbiltà finanzjarja</a><a href="#" class="subpages" title="toggle subpages for Ħlasijiet u stabbiltà finanzjarja"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Ħlasijiet u stabbiltà finanzjarja</div> <p>Ħarsa lejn il-ħidma tagħna dwar l-istabbiltà finanzjarja u l-infrastrutturi tal-ħlasijiet u tas-swieq</p><a href="/paym/html/index.en.html">Ħarsa ġenerali lejn il-ħlasijiet u l-istabbiltà finanzjarja</a><hr> <div class="nav-title">Links malajr</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Euro diġitali</a></li> <li><a href="/press/intro/html/index.en.html">Aħbarijiet u avvenimenti dwar il-ħlasijiet</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Dokumenti u links dwar l-użu professjonali ta’ TARGET</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">L-Aktar Rieżami Reċenti dwar l-Istabbiltà Finanzjarja</div> <div class="image-date">16 ta' Mejju 2024</div></a></div></div><ul><li class="clearfix"><span>Ħlasijiet</span></li><li class="has-subpages"><a href="/paym/target/html/index.mt.html">Servizzi TARGET</a><a href="#" class="subpages" title="toggle subpages for Servizzi TARGET"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.mt.html">Karatteristiċi kondiviżi</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.mt.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.mt.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.mt.html">Governanza (Governance)</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.mt.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.mt.html">Governanza</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.mt.html">Fatti u figuri</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.mt.html">Ipprezzar</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.mt.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.mt.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.mt.html">Governanza</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.mt.html">Fatti u figuri</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.mt.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.mt.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.mt.html">Dokumenti u links ta' użu professjonali ta' TARGET (TARGET professional use documents & links)</a><a href="#" class="subpages" title="toggle subpages for Dokumenti u links ta' użu professjonali ta' TARGET (TARGET professional use documents & links)"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.mt.html">Għal użu professjonali</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.mt.html">Dokumenti u links ta' T2 (T2 documents & links)</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.mt.html">Għall-użu professjonali</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.mt.html">Għall-użu professjonali</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.mt.html">Għall-użu professjonali</a></li></ul></li></ul></li><li class="has-subpages -section"><a href="/paym/integration/html/index.mt.html">Integrazzjoni u innovazzjoni (Integration and innovation)</a><a href="#" class="subpages" title="toggle subpages for Integrazzjoni u innovazzjoni (Integration and innovation)"></a><ul><li class="has-subpages -current"><a href="/paym/integration/distributed/html/index.mt.html">Teknoloġiji ta' ledger distribwiti (Distributed ledger technologies)</a><a href="#" class="subpages" title="toggle subpages for Teknoloġiji ta' ledger distribwiti (Distributed ledger technologies)"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.mt.html">Xogħol esploratorju (Exploratory work)</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.mt.html">Ħlasijiet bl-imnut</a><a href="#" class="subpages" title="toggle subpages for Ħlasijiet bl-imnut"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.mt.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.mt.html">Il-BĊE bħala katalist</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.mt.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.mt.html">Ħlasijiet istantanji</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.mt.html">Armonizzazzjoni tal-ġestjoni tal-kollateral</a><a href="#" class="subpages" title="toggle subpages for Armonizzazzjoni tal-ġestjoni tal-kollateral"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.mt.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.mt.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.mt.html">Ċiber-reżiljenza</a><a href="#" class="subpages" title="toggle subpages for Ċiber-reżiljenza"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.mt.html">Infrastrutturi tas-swieq finanzjarji</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.mt.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.mt.html">Sorveljanza</a><a href="#" class="subpages" title="toggle subpages for Sorveljanza"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.mt.html">Sistemi ta' ħlas</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.mt.html">Titoli TARGET2</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.mt.html">Ħlasijiet elettroniċi</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.mt.html">Sistemi ta' saldu ta' titoli u kontropartijiet ċentrali</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.mt.html">Fornituri ta' servizzi kritiċi</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.mt.html">Banek korrispondenti u kustodji</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.mt.html">Forum SecuRe Pay</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.mt.html">Servizzi tal-ġestjoni tar-riżervi</a><a href="#" class="subpages" title="toggle subpages for Servizzi tal-ġestjoni tar-riżervi"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.mt.html">Aspetti ewlenin</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.mt.html">Firxa ta' servizzi</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.mt.html">Kaxxiera professjonali</a><a href="#" class="subpages" title="toggle subpages for Kaxxiera professjonali"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.mt.html">Ipproċessar tal-flus</a><a href="#" class="subpages" title="toggle subpages for Ipproċessar tal-flus"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.mt.html">Tagħmir għall-awtentikazzjoni</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.mt.html">Riċirkolazzjoni tal-karti tal-flus</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.mt.html">Speċifikazzjonijiet tal-Common Detector Interface</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.mt.html">Akkreditazzjoni tal-manifatturi tal-karti tal-flus</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.mt.html">Gruppi ta' kuntatt fis-swieq</a><a href="#" class="subpages" title="toggle subpages for Gruppi ta' kuntatt fis-swieq"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.mt.html">Gruppi ta' konsulenti dwar l-infrastrutturi tas-suq (Advisory groups on market infrastructures)</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.mt.html">Bord ta' Ċiber-Reżiljenza tal-Euro</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.mt.html">Bord tal-Ħlasijiet bl-Imnut tal-Euro (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.mt.html">Forum Ewropew għall-Innovazzjoni fil-Ħlasijiet (EFIP)</a></li></ul></li><li class="clearfix"><span>Stabbiltà finanzjarja</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.mt.html">Stabbiltà Finanzjarja</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.mt.html">Miżuri Makroprudenzjali</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.mt.html">Gruppi ta' kuntatt dwar l-istabbiltà finanzjarja</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.mt.html">Statistika</a><a href="#" class="subpages" title="toggle subpages for Statistika"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistika</div> <p>Aċċess għall-istatistika tal-BĊE u għall-informazzjoni ta’ sfond kollha</p><a href="/stats/html/index.en.html">Ħarsa ġenerali lejn l-istatistika tal- BĊE</a><hr> <div class="nav-title">Links malajr</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Ċifri ewlenin</a></li> <li><a href="https://data.ecb.europa.eu/">Portal tad-<i>Data</i> tal-BĊE</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Is-servizzi kollha tad-<i>data</i></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">IL-BLOG TAL-BĊE - <i>Data</i> mtejba: kif it-tibdil fil-klima jolqot lill-banek</div> <div class="image-date">18 ta' April 2024</div></a></div></div><ul><li class="clearfix"><span>Aċċessata ta' spiss</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.mt.html">Rati tal-kambju tal-Euro (Euro exchange rates)</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.mt.html">Rati tal-imgħax tal-BĊE ewlenin (Key ECB interest rates)</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.mt.html">Rata fuq perjodu ta' żmien qasir tal-euro (€STR) (Euro short-term rate (€STR))</a><a href="#" class="subpages" title="toggle subpages for Rata fuq perjodu ta' żmien qasir tal-euro (€STR) (Euro short-term rate (€STR))"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.mt.html">Punti ta' riferiment tal-imgħax</a><a href="#" class="subpages" title="toggle subpages for Punti ta' riferiment tal-imgħax"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.mt.html">Grupp ta' ħidma fuq rati mingħajr riskju tal-euro</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.mt.html">Inflazzjoni (Inflation)</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.mt.html">Kurvi ta' redditu taż-żona tal-euro (Euro area yield curves)</a></li><li class="clearfix"><span>L-istatistika kollha u l-isfond</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.mt.html">L-istatistika ewlenija kollha (All key statistics)</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.mt.html">Naċċessaw id-data tagħna</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.mt.html">Karatteristiċi ewlenin</a><a href="#" class="subpages" title="toggle subpages for Karatteristiċi ewlenin"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.mt.html">Qafas ta' governanza u kwalità</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.mt.html">Kooperazzjoni u standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.mt.html">Rappurtar tad-data tal-banek</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.mt.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.mt.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.mt.html">Konsultazzjonijiet pubbliċi</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.mt.html">Djalogu tal-Industrija Bankarja fuq l-Istatistika tas-SEBĊ u rapportar integrat</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.mt.html">SDMX – mudell ta' skambju ta' data statistika</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.mt.html">INEXDA: network tad-data granulari</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.mt.html">L-euro</a><a href="#" class="subpages" title="toggle subpages for L-euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">L-euro</div> <p>Dak kollu li għandek bżonn tkun taf dwar il-munita komuni tagħna</p><a href="/euro/html/index.en.html">Ħarsa ġenerali lejn l-euro</a><hr> <div class="nav-title">Links ta' malajr</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Professjonisti tal-flus kontanti</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistika dwar il-karti tal-flus u l-muniti</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Rati tal-kambju tal-euro</a></li> </ul> </div><a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Studju fuq l-attitudnijiet tal-konsumaturi dwar il-ħlasijiet fiż-żona tal-euro (SPACE) – 2024</div> <div class="image-date">19 ta' Diċembru 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.mt.html">Euro diġitali - Governanza</a><a href="#" class="subpages" title="toggle subpages for Euro diġitali - Governanza"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.mt.html">Karatteristiċi</a><a href="#" class="subpages" title="toggle subpages for Karatteristiċi"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.mt.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.mt.html">Kif jaħdem</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.mt.html">Għaliex għandna bżonnha</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.mt.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.mt.html">Skeda tal-proġett</a><a href="#" class="subpages" title="toggle subpages for Skeda tal-proġett"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.mt.html">Impenn tal-parteċipanti</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.mt.html">Għal użu professjonali (For professional use)</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.mt.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.mt.html">Mistoqsijiet frekwenti</a></li></ul></li><li class="clearfix"><span>Flus kontanti</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.mt.html">L-istrateġija għall-flus kontanti tal-Eurosistema</a><a href="#" class="subpages" title="toggle subpages for L-istrateġija għall-flus kontanti tal-Eurosistema"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.mt.html">Ir-rwol tal-flus kontanti</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.mt.html">Ħruġ u ċirkolazzjoni</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.mt.html">L-aċċess għall-flus kontanti u l-aċċettazzjoni tagħhom</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.mt.html">Mistoqsijiet frekwenti</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.mt.html">Karti tal-flus</a><a href="#" class="subpages" title="toggle subpages for Karti tal-flus"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.mt.html">Karti tal-flus futuri</a><a href="#" class="subpages" title="toggle subpages for Karti tal-flus futuri"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.mt.html">Proċess ta' disinn mill-ġdid</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.mt.html">Karti tal-flus attwali</a><a href="#" class="subpages" title="toggle subpages for Karti tal-flus attwali"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.mt.html">Denominazzjonijiet</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.mt.html">Elementi tad-disinn</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.mt.html">Karatteristiċi ta’ sigurtà</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.mt.html">Kontra l-falsifikazzjoni</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.mt.html">Produzzjoni u ħażniet ta' karti tal-flus</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.mt.html">Karti danneġġati u mtebbgħa bil-linka</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.mt.html">Ambjent, saħħa u sigurtà</a><a href="#" class="subpages" title="toggle subpages for Ambjent, saħħa u sigurtà"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.mt.html">Impronta ambjentali tal-prodott</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.mt.html">Riċerka u żvilupp</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.mt.html">Xbihat u regoli għar-riproduzzjoni</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.mt.html">Materjal ta' informazzjoni u taħriġ</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.mt.html">Muniti</a><a href="#" class="subpages" title="toggle subpages for Muniti"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.mt.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.mt.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.mt.html">50 ċenteżmu</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.mt.html">20 ċenteżmu</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.mt.html">10 ċenteżmi</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.mt.html">5 ċenteżmi</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.mt.html">2 ċenteżmi</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.mt.html">1 ċenteżmu</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.mt.html">Naħat komuni</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.mt.html">Muniti kommemorattivi ta' €2</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.mt.html">Karatteristiċi ta’ sigurtà</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.mt.html">Muniti għall-kollezzjonisti</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.mt.html">Bidla tal-flus</a><a href="#" class="subpages" title="toggle subpages for Bidla tal-flus"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.mt.html">Kroazja (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.mt.html">Litwanja (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.mt.html">Latvja (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.mt.html">Estonja (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.mt.html">Slovakkja (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.mt.html">Ċipru (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.mt.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.mt.html">Slovenja (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.mt.html">Bidla tal-bidu (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.mt.html">Tisrif tal-flus nazzjonali</a><a href="#" class="subpages" title="toggle subpages for Tisrif tal-flus nazzjonali"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.mt.html">Awstrija</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.mt.html">Belġju</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.mt.html">Kroazja</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.mt.html">Ċipru</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.mt.html">Estonja</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.mt.html">Finlandja</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.mt.html">Franza</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.mt.html">Ġermanja</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.mt.html">Greċja</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.mt.html">Irlanda</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.mt.html">Italja</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.mt.html">Latvja</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.mt.html">Litwanja</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.mt.html">Lussemburgu</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.mt.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.mt.html">Nederlands</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.mt.html">Portugall</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.mt.html">Slovakkja</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.mt.html">Slovenja</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.mt.html">Spanja</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.mt.html">Għal min hu nieqes mid-dawl</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.mt.html">Riċerka</a><a href="#" class="subpages" title="toggle subpages for Riċerka"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Riċerka</div> <p>Studji fil-fond u analiżijiet esperti li jkopru suġġetti u oqsma diversi</p><a href="/pub/html/index.en.html">Ħarsa ġenerali lejn ir-riċerka tal-BĊE</a> <hr> <div class="nav-title">Links malajr</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konferenzi u seminars</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Opportunitajiet għar-riċerkaturi</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">Bullettin ta’ Riċerka</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.mt.html">Riċerka ekonomika</a><a href="#" class="subpages" title="toggle subpages for Riċerka ekonomika"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.mt.html">Aġenda ta' riċerka</a><a href="#" class="subpages" title="toggle subpages for Aġenda ta' riċerka"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.mt.html">Monetary policy, strategy and implementation</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.mt.html">Fiscal policy and governance within EMU</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.mt.html">International macro and finance</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.mt.html">Real sector and microeconomic analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.mt.html">Forecasting and business cycle analysis</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.mt.html">Macro-finance, systemic risk and macroprudential policy</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.mt.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.mt.html">Opportunitajiet għar-riċerkaturi</a><a href="#" class="subpages" title="toggle subpages for Opportunitajiet għar-riċerkaturi"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.mt.html">Wim Duisenberg Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.mt.html">Regular Research Visitors</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.mt.html">Lamfalussy Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.mt.html">Summer Research Graduate Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.mt.html">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.mt.html">Riċerka legali (Legal Research)</a><a href="#" class="subpages" title="toggle subpages for Riċerka legali (Legal Research)"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.mt.html">Konferenzi u seminars legali (Legal conferences and seminars)</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.mt.html">Programm dwar ir-Riċerka Legali (Legal Research Programme)</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.mt.html">Dokumenti ta' Riċerka, Okkażjonali u Legali</a><a href="#" class="subpages" title="toggle subpages for Dokumenti ta' Riċerka, Okkażjonali u Legali"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.mt.html">Artikoli mill-awturi</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.mt.html">Riċerkaturi tal-BĊE</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.mt.html">Netwerks ta' riċerka</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.mt.html">Aħbarijiet u pubblikazzjonijiet</a><a href="#" class="subpages" title="toggle subpages for Aħbarijiet u pubblikazzjonijiet"></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">Aħbarijiet u pubblikazzjonijiet</div><a href="/press/pubbydate/html/index.en.html">Ara l-aħbarijiet u l-pubblikazzjonijiet kollha</a><hr> </div> </div><ul><li><span>Aħbarijiet dwar Pagamenti u Avvenimenti</span></li><li><a href="/press/pr/html/index.mt.html">Stqarrijiet għall-istampa</a></li><li><a href="/press/stats/html/index.mt.html">Statistika dwar iż-żona tal-euro</a></li><li><a href="/press/key/html/index.mt.html">Diskorsi u intervisti</a></li><li><a href="/press/inter/html/index.mt.html">Intervisti</a></li><li><a href="/press/blog/html/index.mt.html">Il-Blog tal-BĊE</a></li><li><a href="/press/tvservices/html/index.mt.html">Servizzi televiżivi u webcasts</a></li><li><a href="/press/intro/html/index.mt.html">Daħla</a></li><li><a href="/press/contacts/html/index.mt.html">Kuntatti għall-istampa</a></li></ul></div><ul><li class="clearfix"><span>Pubblikazzjonijiet</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.mt.html">Deċiżjonijiet tal-Kunsill Governattiv</a><a href="#" class="subpages" title="toggle subpages for Deċiżjonijiet tal-Kunsill Governattiv"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.mt.html">Deċiżjonijiet dwar il-politika monetarja</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.mt.html">Oħrajn</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.mt.html">Kontijiet tal-politika monetarja</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.mt.html">Bullettin Ekonomiku</a><a href="#" class="subpages" title="toggle subpages for Bullettin Ekonomiku"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.mt.html">Artikoli</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.mt.html">Fokus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.mt.html">Bullettin tax-Xahar</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.mt.html">Tbassir makroekonomiku</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.mt.html">Rapporti annwali u dikjarazzjonijiet finanzjarji (Annual reports & financial statements)</a><a href="#" class="subpages" title="toggle subpages for Rapporti annwali u dikjarazzjonijiet finanzjarji (Annual reports & financial statements)"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.mt.html">Rapport Annwali</a><a href="#" class="subpages" title="toggle subpages for Rapport Annwali"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.mt.html">Kontijiet Annwali</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.mt.html">Karta tal-bilanċ tal-Eurosistema</a><a href="#" class="subpages" title="toggle subpages for Karta tal-bilanċ tal-Eurosistema"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.mt.html">Operazzjonijiet tal-politika monetarja</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.mt.html">Dikjarazzjonijiet finanzjarji tal-ġimgħa (WFS)</a><a href="#" class="subpages" title="toggle subpages for Dikjarazzjonijiet finanzjarji tal-ġimgħa (WFS)"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.mt.html">Dejta disaggregata</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.mt.html">Pubblikazzjonijiet tal-istabbilta finanzjarja (Financial stability publications)</a><a href="#" class="subpages" title="toggle subpages for Pubblikazzjonijiet tal-istabbilta finanzjarja (Financial stability publications)"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.mt.html">Analiżi tal-Istabbiltà Finanzjarja</a><a href="#" class="subpages" title="toggle subpages for Analiżi tal-Istabbiltà Finanzjarja"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.mt.html">Karatteristiċi speċjali</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.mt.html">Bullettin Markroprudenzjali</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.mt.html">Pubblikazzjonijiet dwar ir-riċerka (Research publications)</a><a href="#" class="subpages" title="toggle subpages for Pubblikazzjonijiet dwar ir-riċerka (Research publications)"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.mt.html">Bullettin ta' Riċerka</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.mt.html">Sensiela Dokumenti ta' Ħidma</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.mt.html">Dokumenti għad-diskussjoni</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.mt.html">Sensiela Dokumenti Okkażjonali</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.mt.html">Sensiela Dokumenti ta' Ħidma Legali</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.mt.html">Dokumenti tal-istatistika</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.mt.html">Pubblikazzjonijiet oħrajn (Other publications)</a><a href="#" class="subpages" title="toggle subpages for Pubblikazzjonijiet oħrajn (Other publications)"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.mt.html">Ittri lill-MEPs (Letters to MEPs)</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.mt.html">Rapport tal-Konverġenza</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.mt.html">Rwol Internazzjonali tal-Euro (International Role of the Euro)</a></li></ul></li><li class="clearfix"><span>Avvenimenti u kalendarji</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.mt.html">Konferenza stampa</a><a href="#" class="subpages" title="toggle subpages for Konferenza stampa"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.mt.html">Konferenzi stampa</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.mt.html">Daqqa t’għajn lejn l-istqarrijiet dwar il-politika monetarja</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.mt.html">Konferenzi u seminars</a><a href="#" class="subpages" title="toggle 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href="/ecb/decisions/html/index.mt.html">Min jieħu d-deċiżjonijiet</a><a href="#" class="subpages" title="toggle subpages for Min jieħu d-deċiżjonijiet"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.mt.html">Bord Eżekuttiv</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.mt.html">Kunsill Governattiv</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.mt.html">Kunsill Ġenerali</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.mt.html">Bord Superviżorju</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.mt.html">Organizzazzjoni</a><a href="#" class="subpages" title="toggle subpages for Organizzazzjoni"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.mt.html">BĊE, SEBĊ u Eurosistema</a><a href="#" class="subpages" title="toggle subpages for BĊE, SEBĊ u Eurosistema"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.mt.html">Għanijiet tal-BĊE</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.mt.html">Għanijiet tal-Eurosistema</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.mt.html">Għanijiet strateġiċi</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.mt.html">Prinċipji organizzattivi</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.mt.html">Funzjonijiet</a><a href="#" class="subpages" title="toggle subpages for Funzjonijiet"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.mt.html">Politika monetarja</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.mt.html">Statistika</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.mt.html">Stabbiltà finanzjarja u politika makroprudenzjali</a><a href="#" class="subpages" title="toggle subpages for Stabbiltà finanzjarja u politika makroprudenzjali"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.mt.html">Kompiti</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.mt.html">Strateġija</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.mt.html">Qafas istituzzjonali</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.mt.html">Karti tal-flus</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.mt.html">Ħlasijiet u titoli</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.mt.html">Relazzjonijiet Ewropej</a><a href="#" class="subpages" title="toggle subpages for Relazzjonijiet Ewropej"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.mt.html">Kooperazzjoni Ewropea</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.mt.html">Qafas politika tal-UEM</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.mt.html">Affarijiet internazzjonali</a><a href="#" class="subpages" title="toggle subpages for Affarijiet internazzjonali"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.mt.html">Relazzjonijiet Internazzjonali u analiżi</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.mt.html">Kooperazzjoni teknika tal-banek ċentrali</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.mt.html">Riżervi barranin u fondi proprji</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.mt.html">Operazzjonijiet tal-kambju</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.mt.html">Organigramma tal-BĊE</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.mt.html">Sottoskrizzjoni tal-kapital</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.mt.html">Governanza korporattiva</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.mt.html">Il-valuri tagħna (Our values)</a><a href="#" class="subpages" title="toggle subpages for Il-valuri tagħna (Our values)"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.mt.html">Indipendenza</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.mt.html">Trasparenza</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.mt.html">Responsabbiltà</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.mt.html">L-etika – naħdmu bl-integrità</a><a href="#" class="subpages" title="toggle subpages for L-etika – naħdmu bl-integrità"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.mt.html">"Netwerk ta' Etika ta' Organizzazzjonijiet Multilaterali (ENMO)"</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.mt.html">L-istorja, l-arti u l-kultura tagħna (Our history, arts and culture)</a><a href="#" class="subpages" title="toggle subpages for L-istorja, l-arti u l-kultura tagħna (Our history, arts and culture)"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.mt.html">L-Istorja tagħna (Our history)</a><a href="#" class="subpages" title="toggle subpages for L-Istorja tagħna (Our history)"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.mt.html">25 sena tal-BĊE (25 years of the ECB)</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.mt.html">Unjoni Ekonomika u Monetarja</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.mt.html">Tkabbir tal-UE</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.mt.html">Unjoni Ewropea</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.mt.html">Arkivji</a><a href="#" class="subpages" title="toggle subpages for Arkivji"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.mt.html">Kumitat tal-Gvernaturi</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.mt.html">Fond Ewropew ta' Kooperazzjoni Monetarja</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.mt.html">Kumitat Delors</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.mt.html">Istitut Monetarju Ewropew</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.mt.html">Bank Ċentrali Ewropew</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.mt.html">Arti u kultura</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.mt.html">Qafas legali</a><a href="#" class="subpages" title="toggle subpages for Qafas legali"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.mt.html">Mistoqsijiet komuni</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.mt.html">Atti legali mfittxija spiss</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.mt.html">Tibdil fil-klima u l-BĊE</a><a href="#" class="subpages" title="toggle subpages for Tibdil fil-klima u l-BĊE"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.mt.html">Il-pjan tagħna għall-klima u n-natura</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.mt.html">Divulgazzjonijiet finanzjarji relatati mal-klima</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.mt.html">Ġestjoni tar-riskji relatati mal-klima</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.mt.html">Appoġġ għat-tranżizzjoni ekoloġika (Supporting the green transition)</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.mt.html">Inrawmu azzjoni akbar</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.mt.html">L-approċċ tagħna</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.mt.html">Ħarsien tal-ambjent</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.mt.html">Distakk tal-Protezzjoni tal-Assigurazzjoni tal-Klima</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.mt.html">Sanzjonijiet imposti mill-BĊE</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.mt.html">Akkwisti</a><a href="#" class="subpages" title="toggle subpages for Akkwisti"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.mt.html">Sejħiet għall-offerti</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.mt.html">Arkivju</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.mt.html">Sistema Elettronika għall-Offerti</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.mt.html">Aċċess għad-dokumenti</a><a href="#" class="subpages" title="toggle subpages for Aċċess għad-dokumenti"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.mt.html">Reġistru Pubbliku tad-Dokumenti</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.mt.html">Kuntatti</a><a href="#" class="subpages" title="toggle subpages for Kuntatti"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.mt.html">Indirizz</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.mt.html">Ħinijiet tax-xogħol</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.mt.html">Inti u l-BĊE</a><a href="#" class="subpages" title="toggle subpages for Inti u l-BĊE"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Inti u l-BĊE</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.mt.html">Materjal edukattiv</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.mt.html">Spjegazzjonijiet</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.mt.html">Ara tafx</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.mt.html">Involviment taż-żgħażagħ</a><a href="#" class="subpages" title="toggle subpages for Involviment taż-żgħażagħ"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.mt.html">Bootcamp tal-IT tal-Bniet (Girls' IT Bootcamp)</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.mt.html">Kulħadd jeħtieġ l-istabbiltà</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.mt.html">Il-BĊE u inti</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.mt.html">Staqsina</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.mt.html">Żurna</a><a href="#" class="subpages" title="toggle subpages for Żurna"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.mt.html">Bini ewlieni</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.mt.html">Karrieri</a><a href="#" class="subpages" title="toggle subpages for Karrieri"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Karrieri</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.mt.html">Dak kollu dwar il-karrieri (All about carreers)</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.mt.html">Postijiet 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title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class="toBeUpdated" id="language-not-available">Mhux disponibbli bil-Malti</div> <div class="title"> <h1>Innovations based on distributed ledger technologies</h1> </div> <div class="section"> <div class="info-box"> <p>Payments and market infrastructures have benefited in recent years from various technical innovations and new technologies. For example, ever-increasing computing power and network access have encouraged the wide adoption of instant payments, and the ubiquity of smartphones, combined with biometric authentication, is revolutionising electronic payments. Artificial intelligence is also being used to combat fraud by detecting anomalies and flagging scams in real-time. The ECB has taken these technological developments into consideration when shaping its <a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html" data-label="L-Ingliż">retail payments strategy</a>.</p><p>In this section we will take a closer look at distributed ledger technologies, crypto-assets and stablecoins.</p> </div> <h2>Distributed ledger technology</h2> <p>Payments and securities settlement systems are generally based on centralised infrastructures where market participants connect to a central database to settle transactions. Distributed ledger technology is a new technological development where a database is shared across a network and its data is accessible to the network’s members. There are different types of assets that can be transferred using distributed ledger technology.<br><br></p> <h3><strong>What is distributed ledger technology?</strong></h3> <p>A <a href="/press/intro/mip-online/2016/html/mip_qr_1_article_3_distributed_ledger_tech.mt.html" data-label="L-Ingliż">distributed ledger</a> is a record of information, or database, that is shared across a network. </p> <p>The best-known type of distributed ledger is a blockchain, so named because it stores individual transactions in groups, or blocks, attached to each other in chronological order to form a chain.</p> <p>Distributed ledger technology has been used to transfer different types of assets between buyer and seller. These include new types of assets, such as crypto-assets and stablecoins, as well as long-established financial assets, such as securities.</p> <p>The ECB is currently exploring the potential of these emerging technologies, monitoring market developments in this area and analysing the possible interactions between its own infrastructures – <a href="/paym/target/html/index.en.html" data-label="L-Ingliż">TARGET Services</a> – and market distributed ledger technology platforms.</p> <a href="/paym/integration/distributed/exploratory/html/index.en.html" data-label="L-Ingliż">Eurosystem exploratory work on new technologies for wholesale central bank money settlement</a> <p>Different types of assets have emerged alongside the new technologies and are being researched, monitored and assessed at the European and international level. </p> <h3>Crypto-assets and stablecoins</h3> <p>In recent years, we have seen many new types of assets popping up that are recorded on blockchains or other distributed ledgers. This started with bitcoin and similar crypto-assets. Later, stablecoins were introduced in an attempt to address the high volatility of other crypto-assets.<br><br></p> <h3>What are crypto-assets?</h3> <p>Crypto-assets are recorded in digital form, enabled by the use of cryptography and distributed ledger technology. They are also known as cryptocurrencies, though this name is misleading, as they don’t fulfil the three functions of money: a reliable medium of exchange, a store of value and a unit of account.</p> <p>Unlike euro banknotes or money held on a payment account, crypto-assets typically do not represent a financial claim on, or a liability towards, any identifiable entity.</p> <p>Moreover, crypto-assets are typically not backed or managed by any central institution. You have no guarantee that you will be able to exchange them for money when you need to. The specific risk profile and high volatility of crypto-assets results from this absence of any underlying fundamental value.</p> <h3>What is bitcoin?</h3> <p>Bitcoin is one of the many private crypto-assets available on the market. Essentially, it is a digital token that can be exchanged electronically and that does not exist in a physical form.</p> <h3>What are stablecoins?</h3> <p>Like bitcoin and similar crypto-assets, stablecoins are recorded on a distributed ledger. Stablecoins are designed to try to maintain a stable value by being pegged to a reference asset. Stablecoins that are backed by a reserve in an official currency are called e-money tokens: electronic money recorded on a distributed ledger. Stablecoins that are backed by other assets, such as gold, are called asset-referenced tokens. There are also crypto-assets that rely on algorithms to minimise fluctuations in their prices, called algorithmic stablecoins, but these have proven to be unsuccessful in maintaining a stable value.</p> <h3>What is being done at the international and European levels?</h3> <p>A significant amount of work on distributed ledger technology and crypto-assets has been undertaken in Europe and at the international level.</p> <p>A uniform legal framework for the crypto-asset market in Europe has been adopted. <a href="https://data.consilium.europa.eu/doc/document/PE-54-2022-INIT/en/pdf">Markets in Crypto-Assets (MiCA) </a>covers crypto-assets that are not regulated by existing financial services legislation. Key provisions for those issuing and trading crypto-assets (including asset-referenced tokens and e-money tokens) cover the transparency, disclosure, authorisation and supervision of transactions. The new legal framework supports market integrity and financial stability by regulating public offers of crypto-assets. </p> <a href="https://www.consilium.europa.eu/en/press/press-releases/2023/05/16/digital-finance-council-adopts-new-rules-on-markets-in-crypto-assets-mica/">Press release: Digital finance: Council adopts new rules on markets in crypto-assets (MiCA)</a> <h3>International initiatives</h3> <p>Standard-setting bodies and international institutions are undertaking analytical and policy work on crypto-assets, stablecoins and decentralised finance in the areas of their respective mandates. </p> <p>The Bank for International Settlement’s <a href="https://www.bis.org/cpmi/about/overview.htm">Committee on Payments and Market Infrastructures (CPMI)</a> is conducting work on the applications of distributed ledger technology and is also analysing and monitoring other payment innovations. </p> <h3>Other initiatives</h3> <p>The CPMI and the International Organization of Securities Commissions (IOSCO) are assessing the application of the Principles for Financial Market Infrastructures to different stablecoin arrangements. In addition, the CPMI are studying how stablecoin arrangements could potentially improve cross-border payments. </p> <a href="https://www.bis.org/cpmi/cross_border/bb18.htm">Building block 18: Fostering the soundness of global stablecoin arrangements for cross-border payments</a> <h3>BIS Innovation Hub</h3> <p>The Bank for International Settlements and the central banks of the euro area are working together at the <a href="https://www.bis.org/about/bisih/locations/eurosystem.htm">BIS Innovation Hub Eurosystem Centre</a> to develop <a href="https://www.bis.org/about/bisih/topics/suptech_regtech/atlas.htm">Project Atlas</a>. This project will create an open-source data platform that can shed light on the macroeconomic relevance of crypto-asset markets, combining different data sources to offer regulators and policymakers reliable insights. In the first phase, Project Atlas will visualise cross-border flows by mapping the geographic locations of blockchain transactions between crypto exchanges.</p> <h3>Publications on crypto-assets and stablecoins </h3> <ul><li><a href="/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html" data-label="L-Ingliż">ECB blog: ETF approval for bitcoin – the naked emperor’s new clothes</a></li><li><a href="/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html" data-label="L-Ingliż">ECB blog: Bitcoin’s last stand</a></li><li><a href="/pub/pdf/scpops/ecb.op247~fe3df92991.en.pdf" data-label="L-Ingliż">Occasional Paper Series: Stablecoins: Implications for monetary policy, financial stability, market infrastructure and payments, and banking supervision in the euro area</a></li><li><a href="/pub/pdf/scpops/ecb.op223~3ce14e986c.en.pdf?a31360223fb32f0e50a82ce649a8b7fc" data-label="L-Ingliż">Occasional paper series: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures</a></li></ul> <a href="/press/pubbydate/html/index.mt.html?topic=Crypto-assets">Explore additional publications on crypto-assets and stablecoins</a> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>Il-paġni kollha f’din it-taqsima</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Kuntent/a b’din il-paġna?</div><a class="button -inverted-color" id="feedback-yes">Iva</a> <a class="button -inverted-color" id="feedback-no">Le</a></div> <div class="second hidden"> <div class="title">X’ma għoġbokx?</div><a class="button -inverted-color" id="feedback-broken">Paġna ma taħdimx</a> <a class="button -inverted-color" id="feedback-content">Informazzjoni mhux utli</a> <a class="button -inverted-color" id="feedback-design">Disinn mhux attraenti</a> <a class="button -inverted-color" id="feedback-other">Xi ħaġa oħra</a></div> <div 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