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href="/mopo/implement/app/html/index.mt.html">Programmi ta' xiri tal-assi</a><a href="#" class="subpages" title="toggle subpages for Programmi ta' xiri tal-assi"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.mt.html">Self ta' titoli</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.mt.html">Programm ta' xiri ta' emerġenza tal-pandemija</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.mt.html">Faċilitajiet permanenti</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.mt.html">Riżervi minimi</a><a href="#" class="subpages" title="toggle subpages for Riżervi minimi"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.mt.html">Sistema ta' żewġ saffi</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.mt.html">Operazzjonijiet tas-suq internazzjonali (International market operations)</a><a href="#" class="subpages" title="toggle subpages for Operazzjonijiet tas-suq internazzjonali (International market operations)"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.mt.html">Linji ta' likwidità tal-bank ċentrali</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.mt.html">Assistenza tal-likwidità ta' emerġenza (ELA) u l-politika monetarja</a></li><li class="clearfix"><a href="/mopo/liq/html/index.mt.html">Analiżi tal-likwidità</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.mt.html">Garanziji (Kollateral)</a><a href="#" class="subpages" title="toggle subpages for Garanziji (Kollateral)"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.mt.html">Kriterji u valutazzjoni tal-eliġibbiltà</a><a href="#" class="subpages" title="toggle subpages for Kriterji u valutazzjoni tal-eliġibbiltà"></a><ul><li class="clearfix"><a 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 -section"><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 -current"><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" 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"><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"><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>Economic policy</h1> </div> <div class="section"> <h2>Economic reforms</h2> <p> Economic reforms in the goods, capital and labour markets which remove barriers to competition and increase market flexibility are essential for the smooth functioning of the Economic and Monetary Union (EMU). Such reforms are key to raising productivity and employment in the euro area, thereby supporting the growth potential of the euro area in the long run. At the same time, such reforms will contribute to lowering price pressures by enhancing competition and fostering innovation. By making the euro area markets more flexible, they also help countries to adapt faster and at lower cost to economic shocks. The case for structural economic reforms is very strong in a monetary union, such as the euro area, since there are no longer national monetary and exchange rate policies to respond to country-specific shocks and to improve competitiveness. </p> <h2>Lisbon Strategy for Growth and Jobs</h2> <h3> Launch in March 2000: economic, social and environmental reforms </h3> <p> The economic reform agenda for Europe has been laid down in the so-called Lisbon Strategy for Growth and Jobs. In this context, the EU Heads of State or Government (European Council) launched a wide-ranging and ambitious programme of economic, social and environmental reforms in March 2000 covering policies at both the national and the EU level to enhance the standard of living of European citizens. To achieve this goal, the Lisbon Strategy aimed to transform the European Union into a highly competitive and knowledge-based economy while maintaining a high degree of social cohesion and environmental sustainability. </p> <h3>Relaunch in March 2005: refocused on four priorities</h3> <p> As the results obtained in the first five years of implementation were rather mixed, partly due to a lack of clear focus, the Lisbon Strategy was relaunched in March 2005. While acknowledging the continuing relevance of the social and environmental pillars, the European Council streamlined the governance framework (see below) and refocused the strategy on ‘growth and jobs’ by identifying four main priority areas: </p> <ul> <li>Promoting knowledge and innovation</li> <li>Making the EU an attractive area to invest and work in</li> <li>Fostering growth and employment based on social cohesion</li> <li>Promoting sustainable development.</li> </ul> <h3>Institutional arrangements</h3> <p> The institutional framework for implementing the Lisbon Strategy consists mainly of two processes spelled out in Articles 121 and 148 of the Treaty on the Functioning of the European Union (TFEU). These pertain to the EU Council of Ministers' adoption of Broad Economic Policy Guidelines (BEPGs) and Employment Guidelines (EGs) , which are proposed by the European Commission and cover macroeconomic, microeconomic and employment policies. </p> <p> In order to improve the consistency of the BEPGs and EGs, and to focus on the implementation of structural reforms, the 2005 reform of the Lisbon Strategy brought the two sets of guidelines together under the single heading of the Integrated Guidelines . The guidelines are endorsed for a three-year period (see below for details). The first three-year period was 2005-07. The second three-year period is 2008-10. </p> <p> On the basis of the Integrated Guidelines, each EU Member State draws up its <a href="http://ec.europa.eu/growthandjobs/documentation/index_en.htm#national" title="Go to:">National Reform Programme</a> describing key priorities for economic reforms, planned reforms and own targets in a single document. National parliaments, social partners and civil society are invited to participate in the formulation of the programme. This is intended to improve the national ownership of the structural reform agenda of each Member State. </p> <p> As a complement to the National Reform Programmes, the Commission presents a <a href="http://europa.eu/legislation_summaries/employment_and_social_policy/growth_and_jobs/c10528_en.htm" title="Go to:">Community Lisbon Programme</a> covering all actions to be undertaken at the Community level. The implementation of the Community Lisbon Programme largely entails the adoption of Community legislation by the EU Council and European Parliament, on the basis of proposals by the Commission. </p> <p> The Heads of State or Government hold a <a href="http://www.consilium.europa.eu/cms3_fo/showPage.asp?id=429&lang=EN&mode=g" title="Go to:">Spring European Council</a> every year in order to provide political impetus and direction to the strategy. </p> <h2>The three-year EU economic policy cycle</h2> <p> In March 2008, a new policy cycle started. The general set-up is always the same: each cycle begins with a strategic report by the Commission which puts forward the priorities of EU economic policy for the ensuing three years. The report is accompanied by a proposal for a set of Integrated Guidelines which is adopted by the Council. </p> <p> On the basis of the Integrated Guidelines , each Member State puts forward a <a href="http://ec.europa.eu/growthandjobs/documentation/index_en.htm#national" title="Go to:">National Reform Programme</a> and gives account of its progress in autumn of each year in an <a href="http://ec.europa.eu/growthandjobs/documentation/index_en.htm#implementation" title="Go to:">Implementation Report</a> . The Commission assesses the Implementation Reports in its <a href="http://ec.europa.eu/growthandjobs/documentation/index_en.htm#annual" title="Go to:">Annual Progress Report</a> in December. If deemed necessary, the country-specific recommendations (including euro area specific recommendations), which are an essential part of the Integrated Guidelines, may be adopted in the course of the annual review process. </p> <p> At the end of the third year, the Integrated Guidelines, the National Reform Programmes and the Community Lisbon programme are renewed, on the basis of an overall assessment of progress during the cycle. </p> <h3>Europe 2020 Strategy</h3> <p> Against this background, the EU leaders adopted, at the European Council meeting in June 2010, the <a href="https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-economic-governance-monitoring-prevention-correction/european-semester/framework/europe-2020-strategy_en">‘Europe 2020 Strategy’</a> . </p> <p> This is the Union’s strategy for creating jobs and promoting growth through economic and social reforms, while respecting environmental limitations. Under the three headings of smart, sustainable and inclusive growth, the strategy covers policy actions at both national and EU level aimed at enhancing the welfare of European citizens. </p> <p> The ambition of the Europe 2020 Strategy is expressed in five <a href=" http://ec.europa.eu/europe2020/targets/eu-targets/index_en.htm">headline targets</a> for the EU (e.g. 75% of 20 - 64 year olds to be employed). On the basis of EU-level targets, Member States set national targets in each area to suit their particular situation, taking account of different starting positions, different growth potentials and country-specific circumstances. </p> <p> Under the Strategy, Member States will align their economic policies with redrafted Integrated Guidelines adopted at EU level (see below). They will also design structural reform strategies to overcome country-specific growth and employment bottlenecks. At EU level, seven <a href="http://ec.europa.eu/europe2020/tools/flagship-initiatives/index_en.htm">flagship initiatives</a> developed and suggested by the Commission will also support the strategy. One of them is the ‘ <a href="http://ec.europa.eu/research/innovation-union/index_en.cfm">Innovation Union</a> ’, which aims to improve the framework conditions and access to finance for research and innovation. Other initiatives focus on areas such as education, competitiveness and raising skill levels. </p> <p>Three flanking policies at EU level are also foreseen:</p> <ol> <li>the re-launch of the Single Market,</li> <li> aligning the EU budget and EIB lending with the Strategy, and </li> <li> a new trade strategy improving global market access for EU companies. </li> </ol> <p> The Europe 2020 Strategy is a follow-up to the Lisbon Strategy, which is generally considered to have been only moderately successful, mainly because of weak governance arrangements, a lack of clear focus and deficiencies in communication. The Europe 2020 Strategy tries to correct these weaknesses, most importantly by giving the European Council a strong role in steering the implementation of the reform agenda and by reinforcing the surveillance of Member States’ reform policies. </p> <h3>Integrated guidelines</h3> <p> The Treaty stipulates that Member States are to regard their economic policies as a matter of common concern and coordinate them within the Council. The institutional framework for implementing the Europe 2020 Strategy consists mainly of two processes spelled out in Articles 121 and 148 of the Treaty on the Functioning of the European Union (TFEU). These pertain to the EU Council of Ministers’ adoption of the <a href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:191:0028:0034:EN:PDF">Broad Economic Policy Guidelines (BEPG)</a> and <a href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2010:308:0046:0051:EN:PDF">Employment Guidelines (EG)</a> , which have been proposed by the European Commission and cover macroeconomic, microeconomic and employment policies. </p> <p> Since 2005, the two sets of guidelines have been brought together under the single heading of the Integrated Guidelines. They were revised in July 2010 as part of the adoption of the Europe 2020 Strategy and also contain a specific guideline for the euro area. They are endorsed at the highest political level by EU leaders. </p> <p> The Integrated Guidelines set out the framework for the strategy at Member State level. On the basis of the guidelines, each EU country draws up its <a href="http://ec.europa.eu/europe2020/documents/documents-and-reports/index_en.htm">National Reform Programme (NRP)</a> setting out in detail the economic reforms it will take under the new strategy, with a particular emphasis on efforts to meet the national targets and to remove the bottlenecks that constrain sustainable growth at national level. </p> <p> National parliaments, social partners and civil society are invited to participate in the formulation of the programme. This is intended to improve the national ‘ownership’ of the structural reform agenda of each Member State. Building on monitoring by the Commission and surveillance by the Council, every year the European Council will assess the overall progress achieved both at EU and national level in implementing the strategy in line with the timetable of the European Semester. </p> <h3>European Semester of policy coordination</h3> <p> A key new element of the governance of the Europe 2020 Strategy is the introduction of a “European Semester” which started in January 2011. Under this new process, both economic and fiscal policy coordination – i.e. the two strands of economic surveillance in the EU - will be aligned, while remaining legally separate. Macroeconomic, structural, and competitiveness developments and overall financial stability will be examined simultaneously in order to enhance the overall consistency of policy advice to Member States. </p> <p> The European Semester starts in January with the publication of a European Commission report, the <a href="http://ec.europa.eu/europe2020/pdf/en_final.pdf">Annual Growth Survey</a> , which aims to identify the main policy challenges for the EU and the euro area as a whole. An annual economic summit of the European Council in March then provides strategic guidance on policies to be taken into account by Member States in their stability and convergence programmes (SCPs), which are submitted in April. In parallel, and as part of the Europe 2020 Strategy to strengthen growth and employment, Member States identify in their NRPs the appropriate reform strategy to foster employment and sustainable, socially inclusive economic growth. </p> <p> Based on the SCPs and the NRPs, the Council issues policy recommendations focused on the following year, before national budgets are finalised in the autumn. Finally, the cycle ends with the publication of the Annual Growth Survey in the following year, in which the Commission assesses the extent to which Member States have taken EU recommendations into account. </p> <h3>The Euro Plus Pact</h3> <p> The <a href="http://register.consilium.europa.eu/pdf/en/11/st00/st00010.en11.pdf">Euro Plus Pact</a> was agreed by euro area leaders in March 2011. It aims to further strengthen the economic pillar of monetary union by improving competitiveness and enhancing economic policy coordination, thereby leading to a higher degree of convergence. Several non-euro area countries have joined the Pact on a voluntary basis (Bulgaria, Denmark, Latvia, Lithuania, Poland and Romania) and the Pact still remains open to the other four non-members (the Czech Republic, Hungary, Sweden and the UK). </p> <p> The Pact focuses primarily on areas that fall under national competence and are key to increasing competitiveness and avoiding harmful imbalances. The common policy objectives are: fostering competitiveness and employment, contributing further to the sustainability of public finances and reinforcing financial stability. </p> <p> The countries that have signed up to the Pact are committed to including specific policy actions in their SCPs and NRPs to reach these goals within the next 12 months. The choice of actions to achieve the common objectives remains the responsibility of each country. </p> <p> The implementation of commitments and progress towards the common policy objectives will be monitored politically by the heads of state and government of the euro area and participating countries on a yearly basis on the basis of a series of indicators. 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