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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 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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 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class="definition-list "><dl><dt isoDate="2022-11-15"><div class="date">15 November 2022</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2022/html/ecb.blog221115~cc6d23739c.en.html" >Can Europe be a green innovation leader?</a></div><div class="subtitle">Europe is punching below its weight in the climate-technology competition. The continent needs to facilitate risk capital markets and to invest more in research and development. This is the 4th post in a series of climate-related entries on the occasion of COP27. </div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/philippe-aghion.en.html" >Philippe Aghion</a></li><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/johannes-breckenfelder.en.html" >Johannes Breckenfelder</a></li><li><a href="/pub/research/authors/profiles/luc-laeven.en.html" >Luc Laeven</a></li><li><a href="/pub/research/authors/profiles/conny-olovsson.en.html" >Conny Olovsson</a></li><li><a href="/pub/research/authors/profiles/alexander-popov.en.html" >Alexander Popov</a></li><li><a href="/pub/research/authors/profiles/elena-rancoita.en.html" >Elena Rancoita</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221115~cc6d23739c.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2022-11-09"><div class="date">9 November 2022</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2022/html/ecb.blog221109~6ad307c8cf.en.html" >Turning down the heat: how the green transition supports price stability</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/carolin-nerlich.en.html" >Carolin Nerlich</a></li><li><a href="/pub/research/authors/profiles/miles-parker.en.html" >Miles Parker</a></li><li><a href="/pub/research/authors/profiles/irene-heemskerk.en.html" >Irene Heemskerk</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221109~6ad307c8cf.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2022-11-02"><div class="date">2 November 2022</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2022/html/ecb.blog221102~7599e5851e.en.html" >Banks need to be climate change proof</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221102~7599e5851e.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2022-11-07"><div class="date">7 November 2022</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2022/html/ecb.blog221107~1dd017c80d.en.html" >Painting the bigger picture: keeping climate change on the agenda</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221107~1dd017c80d.en.html"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2022-11-18"><div class="date">18 November 2022</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2022/html/ecb.blog221118~e416e71aba.en.html" >From “orderly transition” to “hot house world” – how climate scenarios can facilitate action</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/laura-parisi.en.html" >Laura Parisi</a></li><li><a href="/pub/research/authors/profiles/paula-gonzalez-escribano.en.html" >Paula González Escribano</a></li><li><a href="/pub/research/authors/profiles/cornelia-holthausen.en.html" >Cornelia Holthausen</a></li><li><a href="/pub/research/authors/profiles/livio-stracca.en.html" >Livio Stracca</a></li><li><a href="/pub/research/authors/profiles/clement-payerols.en.html" >Clément Payerols</a></li><li><a href="/pub/research/authors/profiles/jean-boissinot.en.html" >Jean Boissinot</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221118~e416e71aba.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2022-07-26"><div class="date">26 July 2022</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 2686</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp2686~c5be9e9591.en.pdf?20e3f7cf0507dde69ccb5a8904c97c36" >Financial Markets and Green Innovation</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/philippe-aghion.en.html" >Philippe Aghion</a></li><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/johannes-breckenfelder.en.html" >Johannes Breckenfelder</a></li><li><a href="/pub/research/authors/profiles/luc-laeven.en.html" >Luc Laeven</a></li><li><a href="/pub/research/authors/profiles/conny-olovsson.en.html" >Conny Olovsson</a></li><li><a href="/pub/research/authors/profiles/alexander-popov.en.html" >Alexander Popov</a></li><li><a href="/pub/research/authors/profiles/elena-rancoita.en.html" >Elena Rancoita</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp2686~c5be9e9591.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Fulfilling the commitments embedded in the Paris Agreement requires a climate-technologyrevolution. Patented innovation of low-carbon technologies is lower in the EU than in selectedpeers, and very heterogeneous across member states. We motivate this fact with anendogenous model of directed technical change with government policy and financialmarkets. Variations in carbon taxes, R&D investment, and venture capital investment explaina large share of the variation in green patents per capita in the data. We discuss implicationsfor policy, concluding that governments can play a catalytic role in stimulating greeninnovation while the role of central banks is limited.</dd><dt>JEL Code</dt><dd><strong>E5</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit<br/><strong>G1</strong> : Financial Economics→General Financial Markets<br/><strong>O4</strong> : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity<br/><strong>Q5</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics<br/></dd><dt>Network</dt><dd>Discussion papers</dd></dl></div></div></dd><dt isoDate="2022-07-26"><div class="date">26 July 2022</div></dt><dd><div class="category">DISCUSSION PAPER SERIES - No. 19</div><div class="title"><a href="/pub/pdf/scpdps/ecb.dp19~5abdffa09d.en.pdf?7eff77ba4b8deb86fe2097bd1203edda" >Financial Markets and Green Innovation</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/philippe-aghion.en.html" >Philippe Aghion</a></li><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/johannes-breckenfelder.en.html" >Johannes Breckenfelder</a></li><li><a href="/pub/research/authors/profiles/luc-laeven.en.html" >Luc Laeven</a></li><li><a href="/pub/research/authors/profiles/conny-olovsson.en.html" >Conny Olovsson</a></li><li><a href="/pub/research/authors/profiles/alexander-popov.en.html" >Alexander Popov</a></li><li><a href="/pub/research/authors/profiles/elena-rancoita.en.html" >Elena Rancoita</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpdps/ecb.dp19~5abdffa09d.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Fulfilling the commitments embedded in the Paris Agreement requires a climate-technologyrevolution. Patented innovation of low-carbon technologies is lower in the EU than in selectedpeers, and very heterogeneous across member states. We motivate this fact with anendogenous model of directed technical change with government policy and financialmarkets. Variations in carbon taxes, R&D investment, and venture capital investment explaina large share of the variation in green patents per capita in the data. We discuss implicationsfor policy, concluding that governments can play a catalytic role in stimulating greeninnovation while the role of central banks is limited.</dd><dt>JEL Code</dt><dd><strong>E5</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit<br/><strong>G1</strong> : Financial Economics→General Financial Markets<br/><strong>O4</strong> : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity<br/><strong>Q5</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics<br/></dd></dl></div></div></dd><dt isoDate="2021-11-24"><div class="date">24 November 2021</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 285</div><div class="title"><a href="/pub/pdf/scpops/ecb.op285~be7d631055.en.pdf?ddcbc43ab00d4c7a96e9d27aaa972748" >To be or not to be “green”: how can monetary policy react to climate change?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/gianluigi-ferrucci.en.html" >Gianluigi Ferrucci</a></li><li><a href="/pub/research/authors/profiles/francesco-paolo-mongelli.en.html" >Francesco Paolo Mongelli</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op285~be7d631055.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Climate change has profound effects not only for societies and economies, but also for central banks’ ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the monetary policy stance, it interacts with fiscal and structural responses and it can generate dislocations in financial markets, which are impossible for monetary policy to ignore. Next, we survey several possible ways central banks can respond to climate change. These range from protective actions to more proactive measures aimed at mitigating climate change and supporting green finance and the transition to sustainable growth. We also discuss the constraints and trade-offs faced by central banks as they respond to climate risks. Finally, focusing on the specific challenges faced by inflation-targeting central banks, we consider how certain design features of this regime might interact with, and evolve in response to, the climate challenge.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>Q54</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming<br/></dd></dl></div></div></dd><dt isoDate="2021-09-21"><div class="date">21 September 2021</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 271</div><div class="title"><a href="/pub/pdf/scpops/ecb.op271~36775d43c8.en.pdf?c29941b5e2dbeb3168b6e48f362a2b87" >Climate change and monetary policy in the euro area</a></div><div class="authors"><div class='accordion'><div class="header"><div class="title">Work stream on climate change</div></div><div class="content-box"><ul><li><a href="/pub/research/authors/profiles/francesco-drudi.en.html" >Francesco Drudi</a></li><li><a href="/pub/research/authors/profiles/emanuel-moench.en.html" >Emanuel Moench</a></li><li><a href="/pub/research/authors/profiles/cornelia-holthausen.en.html" >Cornelia Holthausen</a></li><li><a href="/pub/research/authors/profiles/pierre-francois-weber.en.html" >Pierre-François Weber</a></li><li><a href="/pub/research/authors/profiles/gianluigi-ferrucci.en.html" >Gianluigi Ferrucci</a></li><li><a href="/pub/research/authors/profiles/ralph-setzer.en.html" >Ralph Setzer</a></li><li><a href="/pub/research/authors/profiles/bernardino-adao.en.html" >Bernardino Adao</a></li><li><a href="/pub/research/authors/profiles/stephane-dees.en.html" >Stéphane Dées</a></li><li><a href="/pub/research/authors/profiles/spyros-alogoskoufis.en.html" >Spyros Alogoskoufis</a></li><li><a href="/pub/research/authors/profiles/mar-delgado-tellez.en.html" >Mar Delgado Téllez</a></li><li><a href="/pub/research/authors/profiles/malin-andersson.en.html" >Malin Andersson</a></li><li><a href="/pub/research/authors/profiles/virginia-di-nino.en.html" >Virginia Di Nino</a></li><li><a href="/pub/research/authors/profiles/jana-aubrechtova.en.html" >Jana Aubrechtova</a></li><li><a href="/pub/research/authors/profiles/arturo-diez-caballero.en.html" >Arturo Diez-Caballero</a></li><li><a href="/pub/research/authors/profiles/aris-avgousti.en.html" >Aris Avgousti</a></li><li><a href="/pub/research/authors/profiles/claudia-duarte.en.html" >Claudia Duarte</a></li><li><a href="/pub/research/authors/profiles/francesca-barbiero.en.html" >Francesca Barbiero</a></li><li><a href="/pub/research/authors/profiles/angel-estrada.en.html" >Ángel Estrada</a></li><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/donata-faccia.en.html" >Donata Faccia</a></li><li><a href="/pub/research/authors/profiles/andreas-breitenfellner.en.html" >Andreas Breitenfellner</a></li><li><a href="/pub/research/authors/profiles/ivan-faiella.en.html" >Ivan Faiella</a></li><li><a href="/pub/research/authors/profiles/giovanna-bua.en.html" >Giovanna Bua</a></li><li><a href="/pub/research/authors/profiles/matyas-farkas.en.html" >Mátyás Farkas</a></li><li><a href="/pub/research/authors/profiles/maurice-bun.en.html" >Maurice Bun</a></li><li><a href="/pub/research/authors/profiles/alessandro-ferrari.en.html" >Alessandro Ferrari</a></li><li><a href="/pub/research/authors/profiles/francesco-caprioli.en.html" >Francesco Caprioli</a></li><li><a href="/pub/research/authors/profiles/fabio-fornari.en.html" >Fabio Fornari</a></li><li><a href="/pub/research/authors/profiles/matteo-ciccarelli.en.html" >Matteo Ciccarelli</a></li><li><a href="/pub/research/authors/profiles/alberto-fuertes-mendoza.en.html" >Alberto Fuertes Mendoza</a></li><li><a href="/pub/research/authors/profiles/matthieu-darracq-paries.en.html" >Matthieu Darracq Pariès</a></li><li><a href="/pub/research/authors/profiles/pablo-garcia-sanchez.en.html" >Pablo Garcia-Sanchez</a></li><li><a href="/pub/research/authors/profiles/alessandro-giovannini.en.html" >Alessandro Giovannini</a></li><li><a href="/pub/research/authors/profiles/niki-papadopoulou.en.html" >Niki Papadopoulou</a></li><li><a href="/pub/research/authors/profiles/patrick-gruening.en.html" >Patrick Grüning</a></li><li><a href="/pub/research/authors/profiles/miles-parker.en.html" >Miles Parker</a></li><li><a href="/pub/research/authors/profiles/paolo-guarda.en.html" >Paolo Guarda</a></li><li><a href="/pub/research/authors/profiles/filippos-petroulakis.en.html" >Filippos Petroulakis</a></li><li><a href="/pub/research/authors/profiles/gerbert-hebbink.en.html" >Gerbert Hebbink</a></li><li><a href="/pub/research/authors/profiles/anamaria-piloiu.en.html" >Anamaria Piloiu</a></li><li><a href="/pub/research/authors/profiles/sarah-jane-hlaskova-murphy.en.html" >Sarah Jane Hlásková Murphy</a></li><li><a href="/pub/research/authors/profiles/gasper-ploj.en.html" >Gasper Ploj</a></li><li><a href="/pub/research/authors/profiles/michael-ioannidis.en.html" >Michael Ioannidis</a></li><li><a href="/pub/research/authors/profiles/wolfgang-pointner.en.html" >Wolfgang Pointner</a></li><li><a href="/pub/research/authors/profiles/lorenzo-isgro.en.html" >Lorenzo Isgro</a></li><li><a href="/pub/research/authors/profiles/alexander-popov.en.html" >Alexander Popov</a></li><li><a href="/pub/research/authors/profiles/daniel-kapp.en.html" >Daniel Kapp</a></li><li><a href="/pub/research/authors/profiles/doris-prammer.en.html" >Doris Prammer</a></li><li><a href="/pub/research/authors/profiles/melissa-kasongo-kashama.en.html" >Mélissa Kasongo Kashama</a></li><li><a href="/pub/research/authors/profiles/ricardo-queiroz.en.html" >Ricardo Queiroz</a></li><li><a href="/pub/research/authors/profiles/paloma-lopez-garcia.en.html" >Paloma Lopez-Garcia</a></li><li><a href="/pub/research/authors/profiles/omar-rachedi.en.html" >Omar Rachedi</a></li><li><a href="/pub/research/authors/profiles/matija-lozej.en.html" >Matija Lozej</a></li><li><a href="/pub/research/authors/profiles/lavinia-rognone.en.html" >Lavinia Rognone</a></li><li><a href="/pub/research/authors/profiles/reamonn-lydon.en.html" >Reamonn Lydon</a></li><li><a href="/pub/research/authors/profiles/oke-roehe.en.html" >Oke Röhe</a></li><li><a href="/pub/research/authors/profiles/otso-manninen.en.html" >Otso Manninen</a></li><li><a href="/pub/research/authors/profiles/madelaine-roos.en.html" >Madelaine Roos</a></li><li><a href="/pub/research/authors/profiles/andres-manzanares.en.html" >Andrés Manzanares</a></li><li><a href="/pub/research/authors/profiles/simone-russo.en.html" >Simone Russo</a></li><li><a href="/pub/research/authors/profiles/niall-mcinerney.en.html" >Niall McInerney</a></li><li><a href="/pub/research/authors/profiles/daniel-santabarbara.en.html" >Daniel Santabárbara</a></li><li><a href="/pub/research/authors/profiles/christoph-meinerding.en.html" >Christoph Meinerding</a></li><li><a href="/pub/research/authors/profiles/guido-schotten.en.html" >Guido Schotten</a></li><li><a href="/pub/research/authors/profiles/katri-mikkonen.en.html" >Katri Mikkonen</a></li><li><a href="/pub/research/authors/profiles/beatriz-sotomayor.en.html" >Beatriz Sotomayor</a></li><li><a href="/pub/research/authors/profiles/alessandro-mistretta.en.html" >Alessandro Mistretta</a></li><li><a href="/pub/research/authors/profiles/livio-stracca.en.html" >Livio Stracca</a></li><li><a href="/pub/research/authors/profiles/francesco-paolo-mongelli.en.html" >Francesco Paolo Mongelli</a></li><li><a href="/pub/research/authors/profiles/fabio-tamburrini.en.html" >Fabio Tamburrini</a></li><li><a href="/pub/research/authors/profiles/carlos-montes-galdon.en.html" >Carlos Montes-Galdón</a></li><li><a href="/pub/research/authors/profiles/anastasia-theofilakou.en.html" >Anastasia Theofilakou</a></li><li><a href="/pub/research/authors/profiles/georg-mueller.en.html" >Georg Müller</a></li><li><a href="/pub/research/authors/profiles/pinelopi-tsalaporta.en.html" >Pinelopi Tsalaporta</a></li><li><a href="/pub/research/authors/profiles/carolin-nerlich.en.html" >Carolin Nerlich</a></li><li><a href="/pub/research/authors/profiles/jan-willem-van-den-end.en.html" >Jan Willem van den End</a></li><li><a href="/pub/research/authors/profiles/malgorzata-osiewicz.en.html" >Malgorzata Osiewicz</a></li><li><a href="/pub/research/authors/profiles/lia-vaz-cruz.en.html" >Lia Vaz Cruz</a></li><li><a href="/pub/research/authors/profiles/boris-osorno-torres.en.html" >Boris Osorno-Torres</a></li><li><a href="/pub/research/authors/profiles/mark-andreas-weth.en.html" >Mark Andreas Weth</a></li><li><a href="/pub/research/authors/profiles/jean-francois-ouvrard.en.html" >Jean-François Ouvrard</a></li><li><a href="/pub/research/authors/profiles/gonzalo-yebes-gomez.en.html" >Gonzalo Yebes Gomez</a></li><li><a href="/pub/research/authors/profiles/adrian-page.en.html" >Adrian Page</a></li></ul></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op271~36775d43c8.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal effects of reducing carbon emissions. In this context, it assesses the need to adapt macroeconomic models and the Eurosystem/ECB staff economic projections underlying the monetary policy decisions. It further considers the implications of climate change for the conduct of monetary policy, in particular the implications for the transmission of monetary policy, the natural rate of interest and the correct identification of shocks. Model simulations using the ECB’s New Area-Wide Model (NAWM) illustrate how the interactions of climate change, financial and fiscal fragilities could significantly restrict the ability of monetary policy to respond to standard business cycle fluctuations. The paper concludes with an analysis of a set of potential monetary policy measures to address climate risks, insofar as they are in line with the ECB’s mandate.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>Q54</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming<br/></dd></dl></div></div></dd><dt isoDate="2020-06-09"><div class="date">9 June 2020</div></dt><dd><div class="category">THE INTERNATIONAL ROLE OF THE EURO - BOX</div><div class="title"><a href="/pub/pdf/ire/focus/ecb.irebox202006_01~6821644022.en.pdf?dc4479fd0456ba8ee5de917b4c4b15e5" >The role of the euro in global green bond markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/fabio-tamburrini.en.html" >Fabio Tamburrini</a></li></ul></div><div class="main-publication">The international role of the euro 2020</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/ire/focus/ecb.irebox202006_01~6821644022.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2019-09-23"><div class="date">23 September 2019</div></dt><dd><div class="category">ECONOMIC BULLETIN - ARTICLE</div><div class="title"><a href="/press/economic-bulletin/articles/2019/html/ecb.ebart201906_01~dd0cd7f942.en.html" >Derivatives transactions data and their use in central bank analysis</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/benjamin-boeninghausen.en.html" >Benjamin Böninghausen</a></li><li><a href="/pub/research/authors/profiles/elisa-letizia.en.html" >Elisa Letizia</a></li><li><a href="/pub/research/authors/profiles/linda-rousova.en.html" >Linda Rousová</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 6, 2019</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/articles/2019/html/ecb.ebart201906_01~dd0cd7f942.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Data on derivatives transactions have recently become available at a number of central banks, including the ECB, and have opened up new avenues for analysis. Collected as a result of reforms of the over-the-counter (OTC) derivatives market, which were primarily designed to counter systemic risk, the data have numerous applications beyond the domain of financial stability. This article presents two such applications. It demonstrates how data gathered under the European Market Infrastructure Regulation (EMIR) can be used to better understand two types of derivatives market that are of particular importance for central bank analysis, namely the interest rate derivatives and inflation-linked swap markets. For the interest rate derivatives market, the article shows how investor expectations for interest rates may be inferred through “positioning indicators” that track how a set of “informed investors” take positions in the market in anticipation of future interest rate movements. Such quantity-based indicators can complement other, more established indicators of interest rate expectations, such as forward rates or survey-based measures. For euro area inflation-linked swap markets, the article exploits the fact that EMIR data allow a first systematic look at trading activity in these markets, which can provide valuable and timely information on investors’ inflation expectations. It highlights a number of structural features of activity in these markets and discusses their possible implications for the monitoring of market-based measures of inflation compensation.</dd><dt>JEL Code</dt><dd><strong>G10</strong> : Financial Economics→General Financial Markets→General<br/><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/><strong>G12</strong> : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates<br/></dd></dl></div></div></dd><dt isoDate="2019-05-29"><div class="date">29 May 2019</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2019/pdf/ecb~aade2dd586.fsrbox201905_08.pdf?ddeee0455f0f1279c9d145aa12a5367d" lang="fixed" >The Eurosystem’s asset purchase programme, risk-taking and portfolio rebalancing</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/margherita-giuzio.en.html" >Margherita Giuzio</a></li><li><a href="/pub/research/authors/profiles/daniel-kapp.en.html" >Daniel Kapp</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" >Christoph Kaufmann</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 1, 2019</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/financial-stability-publications/fsr/focus/2019/pdf/ecb~aade2dd586.fsrbox201905_08.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The Eurosystem’s asset purchase programme (APP) has contributed to a portfolio rebalancing of securities holdings within the euro area. The ECB’s asset purchases, with their largest component initiated in March 2015, have compressed the yields of securities across a wide range of asset classes. In line with the portfolio rebalancing transmission channel of monetary policy, many investors responded to these lower yields by shifting their holdings towards riskier securities with higher expected returns. Non-banks, in particular, have moved increasingly into less-liquid and lower-rated bonds as well as longer-term securities in a search for yield. To the extent that a slowdown in growth or other market or policy developments lead to an increase in term or risk premia, investors may rebalance back towards safer assets.</dd></dl></div></div></dd><dt isoDate="2019-04-23"><div class="date">23 April 2019</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2019/html/ecb.ebbox201903_03~f9ad0f5ca9.en.html" >Exploring the factors behind the 2018 widening in euro area corporate bond spreads</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/lena-boneva.en.html" >Lena Boneva</a></li><li><a href="/pub/research/authors/profiles/gregory-kidd.en.html" >Gregory Kidd</a></li><li><a href="/pub/research/authors/profiles/ine-van-robays.en.html" >Ine Van Robays</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 3, 2019</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2019/html/ecb.ebbox201903_03~f9ad0f5ca9.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Over the course of 2018, euro area non-financial corporate (NFC) spreads widened notably. This box explores the factors underpinning this widening, including deteriorating corporate credit fundamentals, a weaker macroeconomic outlook, spillovers from abroad and a reassessment of global risk appetite. Most importantly, against the backdrop of the end of net asset purchases in December 2018, the box also focuses on the role that monetary policy has played.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G12</strong> : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/></dd></dl></div></div></dd></dl></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; 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