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href="/mopo/coll/standards/marketable/html/index.et.html">Turukõlblikud varad</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.et.html">Turukõlbmatud varad</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.et.html">Kõlblike turustatavate varade loetelu</a><a href="#" class="subpages" title="toggle subpages for Kõlblike turustatavate varade loetelu"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.et.html">Kasutajajuhend</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.et.html">Tagatise mobiliseerimine</a><a href="#" class="subpages" title="toggle subpages for Tagatise mobiliseerimine"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.et.html">Keskpankadevaheline piiriüleste tagatiste haldamise raamistik</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.et.html">Kõlblikud väärtpaberiarveldussüsteemid</a></li><li 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href="/mopo/eaec/eer/html/index.et.html">Efektiivsed vahetuskursid</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.et.html">Finantsstruktuur</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.et.html">Finantsturud</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.et.html">Finantsvahendajad</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.et.html">Majanduslik mitmekesisus</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.et.html">Tööturg</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.et.html">Turgude kontaktrühmad</a><a href="#" class="subpages" title="toggle subpages for Turgude kontaktrühmad"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.et.html">Võlakirjaturu kontaktrühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.et.html">Rahaturu kontaktrühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.et.html">Võlakirjade emiteerimise turu kontaktrühm (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.et.html">EKP operatsioonihaldurite rühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.et.html">Välisvaluuta kontaktrühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.et.html">Institutsiooniliste investorite vaheline dialoog</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.et.html">Maksed & finantsstabiilsus</a><a href="#" class="subpages" title="toggle subpages for Maksed & finantsstabiilsus"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Maksed ja finantsstabiilsus</div> <p>Ülevaade meie tööst finantsstabiilsuse ja maksete infrastruktuuri valdkonnas</p><a href="/paym/html/index.en.html">Ülevaade maksete ja finantsstabiilsuse teemadest</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digitaalne euro</a></li> <li><a href="/press/intro/html/index.en.html">Maksete valdkonna uudised</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Dokumendid ja lingid TARGETi ekspertidele</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">Värskeim finantsstabiilsuse ülevaade</div> <div class="image-date">16. mai 2024</div></a></div></div><ul><li class="clearfix"><span>Maksed</span></li><li class="has-subpages"><a href="/paym/target/html/index.et.html">TARGETi teenused</a><a href="#" class="subpages" title="toggle subpages for TARGETi teenused"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.et.html">Ühised elemendid</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.et.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.et.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.et.html">Juhtimine</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.et.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.et.html">Juhtimine</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.et.html">Faktid ja arvud</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.et.html">Hinnakujundus</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.et.html">TARGETi välkmaksete arveldussüsteem (TIPS)</a><a href="#" class="subpages" title="toggle subpages for TARGETi välkmaksete arveldussüsteem (TIPS)"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.et.html">Juhtimine</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.et.html">Faktid ja arvud</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.et.html">Ühinemine</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.et.html">Eurosüsteemi tagatiste haldamise süsteem</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.et.html">TARGETi dokumendid ja lingid eksperdile</a><a href="#" class="subpages" title="toggle subpages for TARGETi dokumendid ja lingid eksperdile"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.et.html">Ühised elemendid: dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.et.html">T2 dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.et.html">T2S dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.et.html">TIPS: dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.et.html">Ekspertidele</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.et.html">Lõimumine ja innovatsioon</a><a href="#" class="subpages" title="toggle subpages for Lõimumine ja innovatsioon"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.et.html">Hajusraamatu tehnoloogia</a><a href="#" class="subpages" title="toggle subpages for Hajusraamatu tehnoloogia"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.et.html">Uurimistegevus</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.et.html">Jaemaksed</a><a href="#" class="subpages" title="toggle subpages for Jaemaksed"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.et.html">Jaemakseteenuste strateegia</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.et.html">EKP kiirendav roll</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.et.html">Ühtne euromaksete piirkond (SEPA)</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.et.html">Välkmaksed</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.et.html">Tagatiste haldamise ühtlustamine</a><a href="#" class="subpages" title="toggle subpages for Tagatiste haldamise ühtlustamine"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.et.html">Rakendamine</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.et.html">Korduma kippuvad küsimused</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.et.html">Kübervastupidavusvõime</a><a href="#" class="subpages" title="toggle subpages for Kübervastupidavusvõime"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.et.html">Finantsturutaristud</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.et.html">ELi TIBER-raamistik</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.et.html">Järelevaatamine</a><a href="#" class="subpages" title="toggle subpages for Järelevaatamine"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.et.html">Maksesüsteemid</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.et.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.et.html">E-maksed</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.et.html">Väärtpaberiarveldussüsteemid ja kesksed vastaspooled</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.et.html">Kriitilise tähtsusega teenusepakkujad</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.et.html">Korrespondent- ja depoopangad</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.et.html">SecuRe Pay foorum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.et.html">Reservihaldusteenused</a><a href="#" class="subpages" title="toggle subpages for Reservihaldusteenused"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.et.html">Põhiaspektid</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.et.html">Teenused</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.et.html">Sularahakäitlejad</a><a href="#" class="subpages" title="toggle subpages for Sularahakäitlejad"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.et.html">Sularahakäitlus</a><a href="#" class="subpages" title="toggle subpages for Sularahakäitlus"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.et.html">Pangatähtede ehtsust kontrollivad seadmed</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.et.html">Pangatähtede taasringlus</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.et.html">Standardse detektorliidese kirjeldus</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.et.html">Tootjate atesteerimine</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.et.html">Maksete kontaktrühmad</a><a href="#" class="subpages" title="toggle subpages for Maksete kontaktrühmad"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.et.html">Turuinfrastruktuuride nõuanderühmad</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.et.html">Euro kübervastupidavusvõime nõukogu</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.et.html">Eurojaemaksete nõukogu</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.et.html">Euroopa makseuuenduste foorum</a></li></ul></li><li class="clearfix"><span>Finantsstabiilsus</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.et.html">Ülevaade</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.et.html">Makrotasandi usaldatavusmeetmed</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.et.html">Finantsstabiilsusega tegelevad kontaktrühmad</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.et.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>Juurdepääs EKP statistikale ja taustteabele</p><a href="/stats/html/index.en.html">EKP statistika ülevaade</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Olulised näitajad</a></li> <li><a href="https://data.ecb.europa.eu/">EKP andmeportaal</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Kõik andmeteenused</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">EKP BLOGI – Tõhustatud andmed: kuidas mõjutavad kliimamuutused panku</div> <div class="image-date">18. aprill 2024</div></a></div></div><ul><li class="clearfix"><span>Enim vaadatud</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.et.html">Euro vahetuskursid</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.et.html">EKP baasintressimäärad</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.et.html">Euro lühiajaline intressimäär (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro lühiajaline intressimäär (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.et.html">Viiteintressimäärad</a><a href="#" class="subpages" title="toggle subpages for Viiteintressimäärad"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.et.html">Euro riskivabade intressimäärade töörühm</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.et.html">Inflatsioon</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.et.html">Euroala tulukõverad</a></li><li class="clearfix"><span>Kogu statistika ja taustteave</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.et.html">Kõik olulised statistikaandmed</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.et.html">Juurdepääs andmetele</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.et.html">Põhiteemad</a><a href="#" class="subpages" title="toggle subpages for Põhiteemad"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.et.html">Statistika haldamine ja kvaliteediraamistik</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.et.html">Koostöö ja standardid</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.et.html">Pankade aruandlus</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.et.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.et.html">AnaCredit: küsimused ja vastused</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.et.html">Avalikud konsultatsioonid</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.et.html">Pangandussektori dialoog EKPSi statistika ja integreeritud aruandluse küsimustes</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.et.html">Statistiliste andmete vahetuse mudel (SDMX)</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.et.html">Granulaarsete andmete võrgustik (INEXDA)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.et.html">Euro</a><a href="#" class="subpages" title="toggle subpages for Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euro</div> <p>Ühisvääringuga seotud teemad</p><a href="/euro/html/index.en.html">Ülevaade eurost</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Sularahakäitlejad</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistika pangatähtede ja müntide kohta</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro vahetuskursid</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">Esimene eduaruanne digitaalse euro ettevalmistusetapi kohta</div> <div class="image-date">24. juuni 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.et.html">Digitaalne euro</a><a href="#" class="subpages" title="toggle subpages for Digitaalne euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.et.html">Põhiomadused</a><a href="#" class="subpages" title="toggle subpages for Põhiomadused"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.et.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.et.html">Kuidas digitaalne euro toimib</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.et.html">Miks on digitaalne euro vajalik?</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.et.html">Ajakava ja kulg</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.et.html">Projektist lähemalt</a><a href="#" class="subpages" title="toggle subpages for Projektist lähemalt"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.et.html">Juhtimine ja sidusrühmade kaasamine</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.et.html">Tehniline teave ja uurimistöö</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.et.html">Projekti reeglistik</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.et.html">Korduma kippuvad küsimused</a></li></ul></li><li class="clearfix"><span>Sularaha</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.et.html">Eurosüsteemi sularahastrateegia</a><a href="#" class="subpages" title="toggle subpages for Eurosüsteemi sularahastrateegia"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.et.html">Sularaha roll</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.et.html">Emiteerimine ja ringlus</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.et.html">Juurdepääs sularahale ja selle aktsepteerimine maksevahendina</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.et.html">Korduma kippuvad küsimused</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.et.html">Pangatähed</a><a href="#" class="subpages" title="toggle subpages for Pangatähed"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.et.html">Uued pangatähed</a><a href="#" class="subpages" title="toggle subpages for Uued pangatähed"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.et.html">Kujunduse muutmise protsess</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.et.html">Praegu ringluses olevad pangatähed</a><a href="#" class="subpages" title="toggle subpages for Praegu ringluses olevad pangatähed"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.et.html">Nimiväärtused</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.et.html">Kujunduselemendid</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.et.html">Turvaelemendid</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.et.html">Võltsimisvastane tegevus</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.et.html">Pangatähtede tootmine ja varud</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.et.html">Kahjustatud ja tindiplekkidega pangatähed</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.et.html">Keskkond, tervishoid ja ohutus</a><a href="#" class="subpages" title="toggle subpages for Keskkond, tervishoid ja ohutus"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.et.html">Toote keskkonnajalajälg</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.et.html">Teadus- ja arendustegevus</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.et.html">Pangatähtede pildid ja reprodutseerimiseeskirjad</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.et.html">Teabe- ja koolitusmaterjalid</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.et.html">Mündid</a><a href="#" class="subpages" title="toggle subpages for Mündid"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.et.html">2 €</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.et.html">1 €</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.et.html">50 senti</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.et.html">20 senti</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.et.html">10 senti</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.et.html">5 senti</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.et.html">2 senti</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.et.html">1 sent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.et.html">Ühine külg</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.et.html">2-eurosed mälestusmündid</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.et.html">Turvaelemendid</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.et.html">Meenemündid</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.et.html">Sularahale üleminek</a><a href="#" class="subpages" title="toggle subpages for Sularahale üleminek"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.et.html">Horvaatia (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.et.html">Leedu (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.et.html">Läti (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.et.html">Eesti (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.et.html">Slovakkia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.et.html">Küpros (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.et.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.et.html">Sloveenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.et.html">Sularahale üleminek 2002. aastal</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.et.html">Liikmesriigi vääringu vahetamine euro vastu</a><a href="#" class="subpages" title="toggle subpages for Liikmesriigi vääringu vahetamine euro vastu"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.et.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.et.html">Belgia</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.et.html">Horvaatia</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.et.html">Küpros</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.et.html">Eesti</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.et.html">Soome</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.et.html">Prantsusmaa</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.et.html">Saksamaa</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.et.html">Kreeka</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.et.html">Iirimaa</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.et.html">Itaalia</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.et.html">Läti</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.et.html">Leedu</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.et.html">Luksemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.et.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.et.html">Madalmaad</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.et.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.et.html">Slovakkia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.et.html">Sloveenia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.et.html">Hispaania</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.et.html">Teave vaegnägijatele</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.et.html">Uurimistegevus</a><a href="#" class="subpages" title="toggle subpages for Uurimistegevus"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Uurimistegevus</div> <p>Põhjalikud uuringud ja ekspertanalüüsid, mis hõlmavad erinevaid teemasid ja valdkondi</p> <a href="/pub/html/index.en.html">EKP uuringute ülevaade</a> <hr> <div class="nav-title">Lingid</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konverentsid ja seminarid</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Võimalused majandusuurijatele</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">Uuringute bülletäänid</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.et.html">Majandusuuringud</a><a href="#" class="subpages" title="toggle subpages for Majandusuuringud"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.et.html">Uuringute kava</a><a href="#" class="subpages" title="toggle subpages for Uuringute kava"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.et.html">Rahapoliitika, strateegia ja rakendamine</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.et.html">Eelarvepoliitika ja juhtimine majandus- ja rahaliidus</a></li><li class="clearfix"><a 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title="toggle subpages for Võimalused majandusuurijatele"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.et.html">Wim Duisenbergi stipendium</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.et.html">Korralised külalisteadlased</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.et.html">Lamfalussy stipendium</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.et.html">Suvine teadusuuringute programm</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.et.html">Üliõpilaste praktikavõimalused</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.et.html">Õigusalased uuringud</a><a href="#" class="subpages" title="toggle subpages for Õigusalased uuringud"></a><ul><li class="clearfix"><a 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class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.et.html">Aasta- ja finantsaruanded</a><a href="#" class="subpages" title="toggle subpages for Aasta- ja finantsaruanded"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.et.html">Aastaaruanne</a><a href="#" class="subpages" title="toggle subpages for Aastaaruanne"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.et.html">Raamatupidamise aastaaruanne</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.et.html">Eurosüsteemi konsolideeritud bilanss</a><a href="#" class="subpages" title="toggle subpages for Eurosüsteemi konsolideeritud bilanss"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.et.html">Rahapoliitilised operatsioonid</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.et.html">Iganädalased finantsaruanded</a><a href="#" class="subpages" title="toggle subpages for Iganädalased finantsaruanded"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.et.html">Struktureeritud andmed</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.et.html">Finantsstabiilsuse valdkonna väljaanded</a><a href="#" class="subpages" title="toggle subpages for Finantsstabiilsuse valdkonna väljaanded"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.et.html">Finantsstabiilsuse ülevaade</a><a href="#" class="subpages" title="toggle subpages for Finantsstabiilsuse ülevaade"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.et.html">Teemakäsitlused</a></li></ul></li><li class="clearfix"><a 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Samal ajal ei ole märgatavat ohtu, et inflatsioon alaneks eesmärgist sedavõrd allapoole, et see nõuaks rahapoliitiliste meetmete võtmist.</p> <a href="/press/inter/date/2024/html/ecb.in241127~4456781790.et.html" data-label="inglise keel">Loe intervjuud</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-2_2d4ee491e65bbd54d9b32c5cbd4878df.jpg" data-image-webp="/home/shared/img/bas/box-2_2d4ee491e65bbd54d9b32c5cbd4878df.webp" > </div> <div> <div> <span class="type">INTERVJUU</span> <span class="date">26. november 2024</span> </div> <h3> Andmepõhiselt hinnastabiilsuseni <br></h3> <p>Jätkame oma rahapoliitika kursi leevendamist, kuna inflatsioon on lähenemas meie seatud eesmärgile, sõnab EKP asepresident Luis de Guindos ajalehele Helsingin Sanomat. Otsuseid teeme siiski igal istungil lähtuvalt olukorrast, mis aitab meil säilitada vajalikku paindlikkust ebakindluse keskkonnas.</p> <a href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.et.html" data-label="inglise keel">Loe intervjuud</a> </div> </div> <div class="box"> <div data-image="/home/shared/img/bas/box-3_c8f859e9b2c58f0dd6d65c4a62e14713.jpg" data-image-webp="/home/shared/img/bas/box-3_c8f859e9b2c58f0dd6d65c4a62e14713.webp" > </div> <div> <div> <span class="type">EKP BLOGI</span> <span class="date">28. november 2024</span> </div> <h3> Mittepangast finantsasutuste makrotasandi usaldatavusjärelevalve poliitika <br></h3> <p>Euroopa Komisjon on taotlenud arvamust pangandusvälise finantssektori makrotasandi usaldatavusjärelevalve poliitika kohta. Blogiartiklis antakse ülevaade sellest, milline see lähenemisviis peaks olema, ning rõhutatakse poliitikaraamistiku edasise arendamise vajadust.</p> <a href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.et.html" data-label="inglise keel">Loe blogiartiklit</a> </div> </div></div> </div> <input id="t2" name="homepage-tab-group" type="radio"> <label for="t2"><span class="arrow"></span>Pressiteated</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="category">MONETARY DEVELOPMENTS IN THE EURO AREA</div><div class="title"><a href="/press/stats/md/html/ecb.md2410~9e01d5dea4.en.html" data-label="inglise keel" >Monetary developments in the euro area: October 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/stats/md/html/ecb.md2410~9e01d5dea4.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="es" href="/press/pdf/md/ecb.md2410~9e01d5dea4.es.pdf" data-label="hispaania keel"> <span class="ecb-full">Español</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="fr" href="/press/pdf/md/ecb.md2410~9e01d5dea4.fr.pdf" data-label="prantsuse keel"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="category">MONETARY DEVELOPMENTS IN THE EURO AREA</div><div class="title"><a href="/press/pdf/md/ecb.md2410_annex~aa40d10ce9.en.pdf?f83b0b33ac07cd7f2abab506b36f6479" data-label="inglise keel" >Table: Annex to the press release on monetary developments in the euro area</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/pdf/md/ecb.md2410_annex~aa40d10ce9.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-26"><div class="date">26 November 2024</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.en.html" >Consolidated financial statement of the Eurosystem as at 22 November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241126.en.html"> <span 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class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="es" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241126.es.pdf" data-label="hispaania keel"> <span class="ecb-full">Español</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.en.html" data-label="inglise keel" >Euro area financial stability vulnerabilities remain elevated in a volatile environment</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241120~63b6e2f737.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" 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href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.ro.html"> <span class="ecb-full">Română</span><span class="ecb-short">RO</span></a><a lang="sk" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fst241119.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">WEEKLY FINANCIAL STATEMENT - COMMENTARY</div><div class="title"><a href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.en.html" data-label="inglise keel" >Commentary</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="es" href="/press/annual-reports-financial-statements/wfs/2024/html/ecb.fs241119.es.pdf" data-label="hispaania keel"> <span class="ecb-full">Español</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" data-label="inglise keel" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.de.pdf" data-label="saksa keel"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.es.pdf" data-label="hispaania keel"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.fr.pdf" data-label="prantsuse keel"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FAQ</div><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" data-label="inglise keel" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="inglise keel" >Can our financial system support the green transition when the going gets tough?</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/pr/html/index.en.html" data-label="inglise keel" class="arrow">KÕIK PRESSITEATED</a></div> </div> <input id="t3" name="homepage-tab-group" type="radio"> <label for="t3"><span class="arrow"></span>Kõned</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241128~4756dc940f.en.html" data-label="inglise keel" >Philip R. Lane: The 25th anniversary of the Euro50 Group: looking ahead to the 50th anniversary</a></div><div class="subtitle">Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the 25th Anniversary of the Euro50 Group event at the Banque de France </div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241128~4756dc940f.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html" data-label="inglise keel" >Philip R. Lane: Monetary policy under uncertainty</a></div><div class="subtitle">Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of England Watchers’ Conference 2024, King’s College London</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241125~df4c5a69c7.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241122_1~bb56860134.en.html" data-label="inglise keel" >Isabel Schnabel: Reassessing monetary policy tools in a volatile macroeconomic environment</a></div><div class="subtitle">Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the BIS Colloquium in honour of Claudio Borio, Head of the Monetary and Economic Department, in Basel, Switzerland</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241122_1~bb56860134.en.html" data-label="inglise keel"> <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="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241114~af51032e63.en.html" data-label="inglise keel" >Reassessing monetary policy tools in a volatile macroeconomic environment</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241114~af51032e63.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241122~fb84170883.en.html" data-label="inglise keel" >Christine Lagarde: Follow the money: channelling savings into investment and innovation in Europe</a></div><div class="subtitle">Speech by Christine Lagarde, President of the ECB, at the 34th European Banking Congress: "Out of the Comfort Zone: Europe and the New World Order"</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(4)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="de" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.de.html" data-label="saksa keel"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="es" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.es.html" data-label="hispaania keel"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.fr.html" data-label="prantsuse keel"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="it" href="/press/key/date/2024/html/ecb.sp241122~fb84170883.it.html" data-label="itaalia keel"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a></div></div></div></dd><dt isoDate="2024-11-21"><div class="date">21 November 2024</div></dt><dd><div class="title"><a href="/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf?0a074e9d5dd77aa234f5fff02e030156" data-label="inglise keel" >Philip R. Lane: Navigating a fragmenting global trading system: insights for central banks</a></div><div class="subtitle">Slides by Philip R. Lane, Member of the Executive Board of the ECB, at the 27th Annual Research Conference “The Macroeconomic Effects of Geopolitical Uncertainty” organised by De Nederlandsche Bank in Amsterdam, Netherlands</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/key/date/2024/html/ecb.sp241121_2~a4cbddd0f2.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd></dl> </div> <div class="click-for-more"><a href="/press/key/html/index.en.html" data-label="inglise keel" class="arrow">KÕIK KÕNED</a></div> </div> <input id="t4" name="homepage-tab-group" type="radio"> <label for="t4"><span class="arrow"></span>Intervjuud</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241128~6c39614410.en.html" data-label="inglise keel" >Christine Lagarde: Interview with the Financial Times</a></div><div class="subtitle">Interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf, Patrick Jenkins and Olaf Storbeck on 25 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241128~6c39614410.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-27"><div class="date">27 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241127~4456781790.en.html" data-label="inglise keel" >Isabel Schnabel: Interview with Bloomberg</a></div><div class="subtitle">Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Schrörs and Alexander Weber on 25 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241127~4456781790.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-26"><div class="date">26 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.en.html" data-label="inglise keel" >Luis de Guindos: Interview with Helsingin Sanomat</a></div><div class="subtitle">Interview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241126~e616a1e482.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.en.html" data-label="inglise keel" >Philip R. Lane: Interview with Les Echos</a></div><div class="subtitle">Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Guillaume Benoit on 19 November 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="fr" href="/press/inter/date/2024/html/ecb.in241125~d2994238e8.fr.html" data-label="prantsuse keel"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-10-31"><div class="date">31 October 2024</div></dt><dd><div class="title"><a href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.en.html" data-label="inglise keel" >Christine Lagarde: Interview with Le Monde </a></div><div class="subtitle">Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(1)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="fr" href="/press/inter/date/2024/html/ecb.in241031~b75e4399e8.fr.html" data-label="prantsuse keel"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/inter/html/index.en.html" data-label="inglise keel" class="arrow">KÕIK INTERVJUUD</a></div> </div> <input id="t5" name="homepage-tab-group" type="radio"> <label for="t5"><span class="arrow"></span>EKP blogi</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html" data-label="inglise keel" >Financial intermediation beyond banks: taking a macroprudential approach </a></div><div class="subtitle">The European Commission is seeking the views of stakeholders on policies to guard against the build-up of systemic risk in the financial sector beyond banks. This ECB Blog post describes the pillars of a macroprudential approach for the so-called non-bank financial sector and explains the need to further develop the policy framework.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/francois-haas.en.html" data-label="inglise keel" >François Haas</a></li><li><a href="/pub/research/authors/profiles/cornelia-holthausen.en.html" data-label="inglise keel" >Cornelia Holthausen</a></li><li><a href="/pub/research/authors/profiles/vasileios-madouros.en.html" data-label="inglise keel" >Vasileios Madouros</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241128~09c5bff32d.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="inglise keel" >Luis de Guindos: Can our financial system support the green transition when the going gets tough?</a></div><div class="subtitle">Meeting the EU’s climate neutrality targets calls for deep structural changes and significant private funding, requiring a healthy financial system. That’s why we’ve tested how resilient banks, investment funds and insurers are to stresses arising during the green transition. ECB Vice-President Luis de Guindos explains the findings.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="inglise keel"> <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="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" data-label="inglise keel" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.de.pdf" data-label="saksa keel"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.es.pdf" data-label="hispaania keel"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.fr.pdf" data-label="prantsuse keel"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" data-label="inglise keel" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog241114~6a3182c0bd.en.html" data-label="inglise keel" >Quantitative Tightening: How do shrinking Eurosystem bond holdings affect long-term interest rates?</a></div><div class="subtitle">The Eurosystem has started to reduce its bond holdings. This ECB Blog post investigates how strongly the shrinking balance sheet affects long-term interest rates. Estimates based on the Survey of Monetary Analysts suggest: an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 bps.</div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/yldz-akkaya.en.html" data-label="inglise keel" >Yıldız Akkaya</a></li><li><a href="/pub/research/authors/profiles/john-hutchinson.en.html" data-label="inglise keel" >John Hutchinson</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog241114~6a3182c0bd.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>JEL Code</dt><dd><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd><dt isoDate="2024-11-12"><div class="date">12 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241112~8eff6b9405.en.html" data-label="inglise keel" >Christine Lagarde: Mind the gap: what it takes to finance a greener future</a></div><div class="subtitle">Complacency in fighting climate change and preserving biodiversity is endangering our economic survival. The longer we wait, the higher the costs will be. Christine Lagarde, President of the European Central Bank, warns of the growing gap between the commitments made and the investment needed.</div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241112~8eff6b9405.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-01"><div class="date">1 November 2024</div></dt><dd><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html" >Piero Cipollone: The digital euro: what’s in it for you?</a></div><div class="subtitle">As they juggle various cards, apps and devices, most Europeans find that digital payments have fallen short of their promise to provide a convenient euro area-wide solution. The ECB’s Piero Cipollone explains how a digital euro would blend the simplicity of cash with digital convenience. </div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.en.html"> <span class="ecb-full">English</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(15)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="de" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.de.html"> <span class="ecb-full">Deutsch</span><span class="ecb-short">DE</span></a><a lang="el" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.el.html"> <span class="ecb-full">Eλληνικά</span><span class="ecb-short">EL</span></a><a lang="es" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.es.html"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="et" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.et.html"> <span class="ecb-full">Eesti keel</span><span class="ecb-short">ET</span></a><a lang="fi" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.fi.html"> <span class="ecb-full">Suomi</span><span class="ecb-short">FI</span></a><a lang="fr" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.fr.html"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a><a lang="hr" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.hr.html"> <span class="ecb-full">Hrvatski</span><span class="ecb-short">HR</span></a><a lang="it" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.it.html"> <span class="ecb-full">Italiano</span><span class="ecb-short">IT</span></a><a lang="lt" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.lt.html"> <span class="ecb-full">Lietuvių</span><span class="ecb-short">LT</span></a><a lang="lv" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.lv.html"> <span class="ecb-full">Latviešu</span><span class="ecb-short">LV</span></a><a lang="nl" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.nl.html"> <span class="ecb-full">Nederlands</span><span class="ecb-short">NL</span></a><a lang="pt" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.pt.html"> <span class="ecb-full">Português</span><span class="ecb-short">PT</span></a><a lang="sk" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sk.html"> <span class="ecb-full">Slovenčina</span><span class="ecb-short">SK</span></a><a lang="sl" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sl.html"> <span class="ecb-full">Slovenščina</span><span class="ecb-short">SL</span></a><a lang="sv" href="/press/blog/date/2024/html/ecb.blog20241101~785751026d.sv.html"> <span class="ecb-full">Svenska</span><span class="ecb-short">SV</span></a></div></div></div></dd></dl> </div> <div class="click-for-more"><a href="/press/blog/html/index.en.html" class="arrow">KÕIK BLOGIARTIKLID</a></div> </div> <input id="t6" name="homepage-tab-group" type="radio"> <label for="t6"><span class="arrow"></span>Väljaanded</label> <div class="tab-content"> <div class="definition-list -zebra"> <dl> <dt isoDate="2024-11-28"><div class="date">28 November 2024</div></dt><dd><div class="category">RESEARCH BULLETIN - No. 125</div><div class="title"><a href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.html" data-label="inglise keel" >The macroeconomic effects of liquidity supply during financial crises</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/davide-porcellacchia.en.html" data-label="inglise keel" >Davide Porcellacchia</a></li><li><a href="/pub/research/authors/profiles/kevin-d-sheedy.en.html" data-label="inglise keel" >Kevin D. Sheedy</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/press/research-publications/resbull/2024/html/ecb.rb241128~c90a770d44.en.pdf" data-label="inglise keel"> <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>Negative economic shocks can cause waves of investor pessimism about the resilience of banks, which, in turn, generate additional adverse macroeconomic effects. This is commonly cited as an explanation for the economic havoc wrought by the global financial crisis of 2007-08. We introduce the notion of pessimism in a real business cycle model, which is a standard framework for business cycle analysis. The possibility of waves of pessimism generates countercyclical demand from banks for liquid assets (e.g., bank reserves). With the model, we study the macroeconomic effects of the government supplying liquid assets and find that a policy of accommodating banks’ demand is effective in stabilising the economy. Finally, we support this finding with empirical evidence.</dd><dt>JEL Code</dt><dd><strong>E40</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→General<br/><strong>E41</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E51</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/></dd></dl></div></div></dd><dt isoDate="2024-11-27"><div class="date">27 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3002</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3002~a77b495fa8.en.pdf?aaae35f796f735dd393e1e2e439e9bbd" data-label="inglise keel" >Going NUTS: the regional impact of extreme climate events over the medium term</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/guzman-gonzalez-torres-fernandez.en.html" data-label="inglise keel" >Guzman Gonzalez-Torres Fernandez</a></li><li><a href="/pub/research/authors/profiles/miles-parker.en.html" data-label="inglise keel" >Miles Parker</a></li><li><a href="/pub/research/authors/profiles/sehrish-usman.en.html" data-label="inglise keel" >Sehrish Usman</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3002~a77b495fa8.en.pdf" data-label="inglise keel"> <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 projected increase in extreme climate events in the coming decades is likely to exacerbate the existing productivity and demographic challenges facing Europe. We study the dynamic, medium-run macroeconomic effects of heatwaves, droughts and floods in 1160 EU regions through the lens of a local projections, difference in difference framework. Summer heatwaves and droughts lower medium-term output, but the impact from floods depends on regional income levels. High-income regions witness reconstruction activity, less wealthy regions do not. We find evidence of population decline in affected regions as well as adaptation spending post-event, which lowers regional productivity.</dd><dt>JEL Code</dt><dd><strong>D24</strong> : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity<br/><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>J22</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Time Allocation and Labor Supply<br/><strong>R11</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Regional Economic Activity: Growth, Development, Environmental Issues, and Changes<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="2024-11-25"><div class="date">25 November 2024</div></dt><dd><div class="category">SURVEY OF MONETARY ANALYSTS</div><div class="title"><a href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma241125_questionnaire.en.pdf?79ce2cd81dfd69f034a46885322ae4df" data-label="inglise keel" >ECB Survey of Monetary Analysts (SMA), December 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/stats/ecb_surveys/sma/shared/pdf/ecb.sma241125_questionnaire.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-22"><div class="date">22 November 2024</div></dt><dd><div class="category">OTHER PUBLICATION</div><div class="title"><a href="/pub/pdf/other/ecb.eurosystem_response_EUcommission_on_macroprudential_policies_NBFI_202411~a38ef4423d.en.pdf?2997f7ff2386e7d174deab18354444cd" data-label="inglise keel" >Eurosystem response to EU Commission’s consultation on macroprudential policies for non-bank financial intermediation (NBFI)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.eurosystem_response_EUcommission_on_macroprudential_policies_NBFI_202411~a38ef4423d.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW</div><div class="title"><a href="/press/financial-stability-publications/fsr/html/ecb.fsr202411~dd60fc02c3.en.html" data-label="inglise keel" >Financial Stability Review, November 2024</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/html/ecb.fsr202411~dd60fc02c3.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/fsr/ecb.fsr202411~dd60fc02c3.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW</div><div class="title"><a href="/pub/pdf/fsr/ecb.fsr202411_annex~630e55881a.en.zip?64eecdcb71228cecf6a16fd9ad963e9a" >Statistical data</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='download' lang="en" href="/pub/pdf/fsr/ecb.fsr202411_annex~630e55881a.en.zip"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_05~1327f6cf66.en.html" data-label="inglise keel" >The potential impact on the euro area bond market of forced asset sales by euro area investment funds</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/andrzej-sowinski.en.html" data-label="inglise keel" >Andrzej Sowiński</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_05~1327f6cf66.en.html" data-label="inglise keel"> <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>Structural liquidity mismatches within euro area investment funds are both a source and an amplifier of systemic risk. These funds often offer more favourable redemption terms than the liquidity of their holdings justifies, potentially creating financial stability risks. Negative market shocks can quickly lead to large investor outflows, necessitating substantial asset sales that exert downward pressure on asset prices. This can result in a self-reinforcing cycle of further outflows and increased volatility. Investment funds have a larger footprint in euro area corporate bonds, which tend to be less liquid than other assets. This makes corporate bonds especially susceptible to sharp price declines under forced sale conditions, heightening the likelihood of disorderly market corrections. By contrast, euro area sovereign bonds are relatively resilient due to their higher liquidity and the more diversified investor base, reducing the market impact of sales by specific types of investors. This analysis highlights the need for regulatory adjustments to better safeguard financial stability. Extending redemption notice periods for funds with less liquid assets is a key recommendation, as such measures can help stabilise markets during times of stress by allowing more orderly liquidation and reducing abrupt price impacts.</dd><dt>JEL Code</dt><dd><strong>G17</strong> : Financial Economics→General Financial Markets→Financial Forecasting and Simulation<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_04~9a4d04b582.en.html" data-label="inglise keel" >Euro area banks as intermediators of US dollar liquidity via repo and FX swap markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/benjamin-klaus.en.html" data-label="inglise keel" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/luca-mingarelli.en.html" data-label="inglise keel" >Luca Mingarelli</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_04~9a4d04b582.en.html" data-label="inglise keel"> <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 box examines the role of euro area banks in the intermediation of US dollar liquidity and maps the global structure of funding markets and their evolution. Euro area banks have significantly increased their involvement in US dollar repo and FX swap markets, particularly since the onset of the monetary policy tightening cycle in 2022. This increased intermediation exposes euro area banks and their counterparties to potential liquidity risks, especially during periods of market stress. The short-term nature of these markets, combined with high market concentration and the off-balance-sheet nature of FX swaps, can amplify the transmission of shocks. Central bank swap lines are crucial for providing dollar liquidity and mitigating these financial stability risks during times of stress.</dd><dt>JEL Code</dt><dd><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/><strong>F31</strong> : International Economics→International Finance→Foreign Exchange<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_02~7d5aa38bbd.en.html" data-label="inglise keel" >Rents or rates: what is driving the commercial real estate market?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/alessandro-cavalleri.en.html" data-label="inglise keel" >Alessandro Cavalleri</a></li><li><a href="/pub/research/authors/profiles/giorgia-de-nora.en.html" data-label="inglise keel" >Giorgia De Nora</a></li><li><a href="/pub/research/authors/profiles/ellen-ryan.en.html" data-label="inglise keel" >Ellen Ryan</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_02~7d5aa38bbd.en.html" data-label="inglise keel"> <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>Understanding the drivers of the current downturn in commercial real estate (CRE) can provide insights into the outlook for the market and potential spillovers to the financial system and wider economy. This box uses a BVAR model to show that monetary policy and adverse CRE demand shocks have been the main factors pushing CRE prices down since the start of 2022. Alongside falling prices, asset write-downs have been the primary driver of the recent sharp drop in the headline profits of real estate firms. Moreover, in many cases real estate firms’ revenue growth has not kept pace with their financing costs, which has potential implications for their repayment capacity.</dd><dt>JEL Code</dt><dd><strong>R30</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→General<br/><strong>R33</strong> : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Nonagricultural and Nonresidential Real Estate Markets<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_01~f8e75ebd78.en.html" data-label="inglise keel" >Financial markets and investor behaviour in times of stress in euro area sovereign bond markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/pablo-anaya-longaric.en.html" data-label="inglise keel" >Pablo Anaya Longaric</a></li><li><a href="/pub/research/authors/profiles/katharina-cera.en.html" data-label="inglise keel" >Katharina Cera</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" data-label="inglise keel" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/christoph-kaufmann.en.html" data-label="inglise keel" >Christoph Kaufmann</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_01~f8e75ebd78.en.html" data-label="inglise keel"> <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>Recent episodes of widening sovereign bond spreads have led to renewed concerns about financial stability related to sovereign risk in the euro area. Against this backdrop, this box presents an empirical analysis of the shifts in financing conditions for both sovereigns and non-financial corporations, as well as changes in the sovereign bond holdings of domestic and foreign investors following a sovereign stress shock. The analysis finds that financing conditions for sovereigns and firms deteriorate after sovereign stress events, while financial and political uncertainty increase. When sovereign stress events occur, investment funds and global investors withdraw from euro sovereign debt markets, while domestic investors step in.</dd><dt>JEL Code</dt><dd><strong>F34</strong> : International Economics→International Finance→International Lending and Debt Problems<br/><strong>F45</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-20"><div class="date">20 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - ARTICLE</div><div class="title"><a href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_01~9942a246e3.en.html" data-label="inglise keel" >Communication for financial crisis prevention: a tale of two decades</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/john-fell.en.html" data-label="inglise keel" >John Fell</a></li><li><a href="/pub/research/authors/profiles/sandor-gardo.en.html" data-label="inglise keel" >Sándor Gardó</a></li><li><a href="/pub/research/authors/profiles/benjamin-klaus.en.html" data-label="inglise keel" >Benjamin Klaus</a></li><li><a href="/pub/research/authors/profiles/jonas-wendelborn.en.html" data-label="inglise keel" >Jonas Wendelborn</a></li><li><a href="/pub/research/authors/profiles/stefan-wredenborg.en.html" data-label="inglise keel" >Stefan Wredenborg</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_01~9942a246e3.en.html" data-label="inglise keel"> <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 edition of the ECB’s Financial Stability Review (FSR) marks the 20th anniversary of its inaugural publication. The FSR was originally launched to help in preventing financial crises, and this special feature draws lessons from two decades of experience in identifying, analysing and communicating about systemic risks via this publication. Although risk analysis and risk communication are distinct processes, the special feature emphasises that they are inextricably intertwined in a seamless cycle where each informs and enhances the other. Effective risk identification is founded on the ability to combine structured, data-driven assessments with qualitative insights and expert judgement. Such an approach requires a comprehensive and adaptive framework that continuously integrates broad reviews of indicators with focused analyses on emerging risks. Early identification of vulnerabilities enables timely intervention, but the complex, non-linear way that the financial system functions means that flexibility remains essential. Clear and transparent communication of systemic risks supports this analytical process by shaping expectations and enhancing market discipline, creating a feedback loop that strengthens both policy response and risk awareness. However, central banks face the challenge of balancing communication frequency and depth in order to avoid false alarms while at the same time maintaining credibility. As the ECB’s FSR has evolved, it has sought to become more accessible and data-driven, while utilising diverse media channels to broaden its audience. Experience confirms that targeted, proactive communication reinforces financial stability by aligning policymakers and markets, underscoring the symbiotic relationship between risk analysis and effective communication in maintaining financial system resilience.</dd><dt>JEL Code</dt><dd><strong>D81</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty<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/></dd></dl></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">OTHER PUBLICATION</div><div class="title"><a href="/pub/pdf/other/ecb.report_fit-for-55_stress_test_exercise~7fec18f3a8.en.pdf?4ac4d9871ed7c8e8eaa9cde5c3452dcf" data-label="inglise keel" >Fit-for-55 climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.report_fit-for-55_stress_test_exercise~7fec18f3a8.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Annexes</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">ANNEX</div><div class="title"><a href="/pub/pdf/annex/ecb.report_fit-for-55_stress_test_exercise_chartdata.en.xlsx?031d230fa955218cdef7ed314d6b9a96" >Underlying chart data</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='xls' lang="en" href="/pub/pdf/annex/ecb.report_fit-for-55_stress_test_exercise_chartdata.en.xlsx"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FAQ</div><div class="title"><a href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" data-label="inglise keel" >FAQ on one-off “Fit-for-55” climate scenario analysis</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/publications/html/ecb.faq_fit_for_55_stress_test.en.html" data-label="inglise keel"> <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="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">PRESS RELEASE</div><div class="title"><a href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" data-label="inglise keel" >Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="de" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.de.pdf" data-label="saksa keel"> <span class="ecb-full">Deutsch</span></a></span><div class="moreLanguages"> <span class="lnglabel">OTHER LANGUAGES</span> <span class="lang-counter">(2)</span> <span class="ecb-plus">+</span> </div> <div class="ecb-langPopup"> <div class="ecb-closeBtn"></div> <div class="ecb-langHead">Select your language</div> <div class="otherlang"><a lang="es" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.es.pdf" data-label="hispaania keel"> <span class="ecb-full">Español</span><span class="ecb-short">ES</span></a><a lang="fr" href="/press/pr/date/2024/html/ecb.pr241119~10b6083ce0.fr.pdf" data-label="prantsuse keel"> <span class="ecb-full">Français</span><span class="ecb-short">FR</span></a></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="inglise keel" >Can our financial system support the green transition when the going gets tough?</a></div><div class="authors"></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2024/html/ecb.blog20241119~cccee738e1.en.html" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2024-11-19"><div class="date">19 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - BOX</div><div class="title"><a href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_03~87408e7fb3.en.html" data-label="inglise keel" >Passive investing and its impact on return co-movement, market concentration and liquidity in euro area equity markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/daniel-dieckelmann.en.html" data-label="inglise keel" >Daniel Dieckelmann</a></li><li><a href="/pub/research/authors/profiles/emilio-siciliano.en.html" data-label="inglise keel" >Emilio Siciliano</a></li><li><a href="/pub/research/authors/profiles/andrzej-sowinski.en.html" data-label="inglise keel" >Andrzej Sowiński</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/focus/2024/html/ecb.fsrbox202411_03~87408e7fb3.en.html" data-label="inglise keel"> <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 continuing shift from active to passive investing in equity markets over the past decade raises questions about the implications for financial stability along three dimensions. First, empirical evidence suggests that passive investing may increase co-movement among stock returns, making markets more volatile. Second, passive funds may increase equity market concentration, potentially exposing investors to heightened idiosyncratic risks from the largest companies. And third, the ability of equity markets to absorb shocks may be inhibited by the growing concentration of liquidity at closing auctions impacted by passive investing. In summary, passive investing continues to provide benefits to individual investors but might also adversely affect market functioning, thus highlighting the importance of investor heterogeneity.</dd><dt>JEL Code</dt><dd><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/><strong>G14</strong> : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/></dd></dl></div></div></dd><dt isoDate="2024-11-18"><div class="date">18 November 2024</div></dt><dd><div class="category">FINANCIAL STABILITY REVIEW - ARTICLE</div><div class="title"><a href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_02~4161cc6124.en.html" data-label="inglise keel" >Low firm productivity: the role of finance and the implications for financial stability</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/desislava-andreeva.en.html" data-label="inglise keel" >Desislava Andreeva</a></li><li><a href="/pub/research/authors/profiles/vasco-botelho.en.html" data-label="inglise keel" >Vasco Botelho</a></li><li><a href="/pub/research/authors/profiles/alessandro-ferrante.en.html" data-label="inglise keel" >Alessandro Ferrante</a></li><li><a href="/pub/research/authors/profiles/lucyna-grnicka.en.html" data-label="inglise keel" >Lucyna Gόrnicka</a></li><li><a href="/pub/research/authors/profiles/francesca-lenoci.en.html" data-label="inglise keel" >Francesca Lenoci</a></li></ul></div><div class="main-publication">Financial Stability Review Issue 2, 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/financial-stability-publications/fsr/special/html/ecb.fsrart202411_02~4161cc6124.en.html" data-label="inglise keel"> <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>Productivity growth in the euro area has been declining for several decades. In light of the importance of bank lending as a source of external funding for euro area firms, this special feature investigates the link between firm productivity and bank credit allocation. Bank credit in the euro area has been skewed towards sectors that have contributed only marginally to aggregate productivity growth, such as real estate. Additionally, bank loans tilted towards less-productive firms within the same sectors during the COVID-19 pandemic, supported by state credit guarantees. Banks with weaker balance sheets lent more to less-productive firms during this period than other banks did. The tilt towards less-productive firms could have an indirect effect on aggregate productivity if the survival of less-productive firms suppresses the profitability of more-productive competitors, discouraging market entry and investment. A more diversified external funding structure could help boost the productivity of euro area firms, to the benefit of financial stability.</dd><dt>JEL Code</dt><dd><strong>D24</strong> : Microeconomics→Production and Organizations→Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity<br/><strong>E22</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/></dd></dl></div></div></dd><dt isoDate="2024-11-15"><div class="date">15 November 2024</div></dt><dd><div class="category">LETTERS TO MEPS</div><div class="title"><a href="/pub/pdf/other/ecb.mepletter241115_Zijlstra~344bb2c155.en.pdf?473b5d69c44caeaffbae78e95d68a60d" data-label="inglise keel" >Letter from the ECB President to Mr Auke Zijlstra, MEP, on the digital euro</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/other/ecb.mepletter241115_Zijlstra~344bb2c155.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-15"><div class="date">15 November 2024</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 361</div><div class="title"><a href="/pub/pdf/scpops/ecb.op361~145e704503.en.pdf?6d703007dff111e961aa41059ae93eca" data-label="inglise keel" >Keep calm, but watch the outliers: deposit flows in recent crisis episodes and beyond</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/luisa-fascione.en.html" data-label="inglise keel" >Luisa Fascione</a></li><li><a href="/pub/research/authors/profiles/koen-oosterhek.en.html" data-label="inglise keel" >Koen Oosterhek</a></li><li><a href="/pub/research/authors/profiles/beatrice-scheubel.en.html" data-label="inglise keel" >Beatrice Scheubel</a></li><li><a href="/pub/research/authors/profiles/livio-stracca.en.html" data-label="inglise keel" >Livio Stracca</a></li><li><a href="/pub/research/authors/profiles/nadya-wildmann.en.html" data-label="inglise keel" >Nadya Wildmann</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op361~145e704503.en.pdf" data-label="inglise keel"> <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>Since the March 2023 banking turmoil, a policy debate has emerged concerning the unprecedented scale and speed of the observed deposit outflows. Have recent stress episodes and developments in technology structurally changed depositors’ behaviour? Are the Basel III liquidity coverage ratio (LCR) run-off assumptions for cash outflows still fit for purpose? Leveraging on monthly liquidity reporting for a sample of 110 significant institutions (SIs) between 2016 and 2024, we shed light on some stylised facts pertaining to the composition of deposit flows in the banking union. Overall, we find limited evidence of a structural change in the statistical behaviour of deposit flows to date. For all but one of the deposit classes included in the analysis, more than 90% of observable net outflows remained below the LCR run-off assumptions during the whole sample period. Some extreme deposit outflows recorded during the COVID-19 pandemic and for a few SIs assessed as failing or likely to fail (FOLTF) remain rare tail events for which the LCR standard was not designed.</dd><dt>JEL Code</dt><dd><strong>G20</strong> : Financial Economics→Financial Institutions and Services→General<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><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_gui_2024_37.en.pdf?bd579990e66a7e6ab6973080664906e0" data-label="inglise keel" >Guideline ECB_2024_37 repealing Guideline ECB_2024_23 and amending Guideline ECB_2014_60 (Gen_Doc)</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_gui_2024_37.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">LEGAL ACT</div><div class="title"><a href="/pub/pdf/legal/ecb.leg_gui_2024_36.en.pdf?835a920e7da23b6b9e4911e53967eca4" data-label="inglise keel" >Guideline ECB_2024_36 amending Guideline ECB_2024_22 on the management of collateral in Eurosystem credit operations</a></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/legal/ecb.leg_gui_2024_36.en.pdf" data-label="inglise keel"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3001</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3001~2650b4b003.en.pdf?10f15586e9ccf06b6ad71338f95814a6" data-label="inglise keel" >Real effects of credit supply shocks: evidence from Danish banks, firms, and workers</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/christofer-schroeder.en.html" data-label="inglise keel" >Christofer Schroeder</a></li><li><a href="/pub/research/authors/profiles/simon-juul-hviid.en.html" data-label="inglise keel" >Simon Juul Hviid</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3001~2650b4b003.en.pdf" data-label="inglise keel"> <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>Contractions in credit supply can lead firms to reduce their level of employment, yet little is known about how these shocks affect the composition of firms’ employees and outcomes at the worker level. This paper investigates how bank distress affects credit provision and its effects on employment beyond firm-level aggregates. To do so, we use a novel dataset built from administrative and tax records linking all banks, firms, and workers in Denmark. We show that banks that were particularly exposed to the 2008-09 financial crisis cut lending to firms, and firms were unable to fully compensate with financing from alternate sources. The decrease in credit supply led to a drop in firm-level employment, with effects concentrated among firms with low pre-crisis liquidity, and on employment of low-educated and nonmanagerial workers. At the worker level, we find that positive effects on unemployment were driven by effects on low-educated, non-managerial and short-tenured workers. Our estimates suggest that cuts in bank lending can account for at least 5% of the fall in employment of low-educated workers in our sample, and are an important factor behind heterogeneous employment dynamics in times of contractionary credit.</dd><dt>JEL Code</dt><dd><strong>E24</strong> : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>J23</strong> : Labor and Demographic Economics→Demand and Supply of Labor→Labor Demand<br/></dd></dl></div></div></dd><dt isoDate="2024-11-14"><div class="date">14 November 2024</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 3000</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp3000~33d4540ff4.en.pdf?8cf4cb94ad950937d58d32074c6f2830" data-label="inglise keel" >Banks and non-banks stressed: liquidity shocks and the mitigating role of insurance companies</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/matthias-sydow.en.html" data-label="inglise keel" >Matthias Sydow</a></li><li><a href="/pub/research/authors/profiles/gabor-fukker.en.html" data-label="inglise keel" >Gábor Fukker</a></li><li><a href="/pub/research/authors/profiles/tomasz-dubiel-teleszynski.en.html" data-label="inglise keel" >Tomasz Dubiel-Teleszynski</a></li><li><a href="/pub/research/authors/profiles/fabio-franch.en.html" data-label="inglise keel" >Fabio Franch</a></li><li><a href="/pub/research/authors/profiles/helmut-gruendl.en.html" data-label="inglise keel" >Helmut Gründl</a></li><li><a href="/pub/research/authors/profiles/debora-miccio.en.html" data-label="inglise keel" >Debora Miccio</a></li><li><a href="/pub/research/authors/profiles/michela-pellegrino.en.html" data-label="inglise keel" >Michela Pellegrino</a></li><li><a href="/pub/research/authors/profiles/sebastien-gallet.en.html" data-label="inglise keel" >Sébastien Gallet</a></li><li><a href="/pub/research/authors/profiles/stelios-kotronis.en.html" data-label="inglise keel" >Stelios Kotronis</a></li><li><a href="/pub/research/authors/profiles/sebastian-schluetter.en.html" data-label="inglise keel" >Sebastian Schlütter</a></li><li><a href="/pub/research/authors/profiles/matteo-sottocornola.en.html" data-label="inglise keel" >Matteo Sottocornola</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp3000~33d4540ff4.en.pdf" data-label="inglise keel"> <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 documents the extension of the system-wide stress testing framework of the ECB with the insurance sector for a more thorough assessment of risks to financial stability. The special nature of insurers is captured by the modelling of the liability side and its loss absorbing capacity of technical provisions as the main novel feature of the model. Leveraging on highly granular data and information on bilateral exposures, we assess the impact of liquidity and solvency shocks and demonstrate how a combined endogenous reactions of banks, investment funds and insurance companies can further amplify losses in the financial system. The chosen hypothetical scenario and subsequent simulation results show that insurers’ ability to transfer losses to policyholders reduces losses for the entire financial sector. Furthermore, beyond a certain threshold, insurance companies play a crucial role in mitigating both direct and indirect contagion.</dd><dt>JEL Code</dt><dd><strong>D85</strong> : Microeconomics→Information, Knowledge, and Uncertainty→Network Formation and Analysis: Theory<br/><strong>G01</strong> : Financial Economics→General→Financial Crises<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G23</strong> : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors<br/><strong>L14</strong> : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Transactional Relationships, Contracts and Reputation, Networks<br/></dd></dl></div></div></dd></dl> </div> <div class="click-for-more"><a href="/pub/pubbydate/html/index.en.html" data-label="inglise keel" class="arrow">KÕIK VÄLJAANDED</a></div> </div> </div><div class="call-to-action -clear -light-blue "><a href="/paym/digital_euro/html/index.en.html"><div class="image" data-image="../shared/img/callToAction/digitaleuro_2560x124_2.jpg"></div> <div class="wrapper"> <div class="call -logo">Digitaalne euro</div> <div class="action"> <div class="action-wrapper"> <div class="title">Loe lähemalt</div> <div class="icon"></div> </div> </div> </div></a></div><section class="statistics-box"> <div class="container"> <div class="box"> <h2>Intressimäärad</h2> <table class="stats-table"> <tr> <td class="stats-table-figure">Laenamise püsivõimalus</td> <td class="stats-table-percentage">3,65 %</td> </tr> <tr> <td class="stats-table-figure">Põhilised refinantseerimisoperatsioonid (fikseeritud intressimääraga)</td> <td class="stats-table-percentage">3,40 %</td> </tr> <tr> <td class="stats-table-figure">Hoiustamise püsivõimalus</td> <td class="stats-table-percentage">3,25 %</td> </tr> </table><span class="stats-table-footnote">23. oktoober 2024</span> <a href="/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html">EKP baasintressimäärad</a> </div> <div class="box"> <script type="text/javascript"> // The chart's filters/dimensions are defined here var filters = [["Chart"]]; // Choose the default value for each filter/dimension here in the same order as above var current_state = ["Chart"]; // The text that is displayed when data is being loaded var loadingText = "Please wait, data is loading..."; var oneBalloonOnly = false; var showBalloons = true; var isDraggable = false; var cssName= 'chart_home.css'; var jsRoot = '/shared/js/'; var amChartFolder = 'amcharts_graph/'; var license = '140820'; var dateFormat = "YYYY-MM"; //Add header with var addHeader = false; var colors = ["#328dd2"]; var lineWidth = 2; var maxNumPoints = 10000; var currencyCode = 'usd'; var addInverseOption = false; var addPeriodSelector = false; var addChartSelector = false; var addExport = 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href="/stats/macroeconomic_and_sectoral/hicp/html/index.en.html">Inflatsioonist lähemalt</a> </div> <div class="box"> <h2>Vahetuskursid</h2><table class="stats-table"><tr> <td class="stats-table-currency-shortcode">USD</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html">US dollar</a></td> <td class="stats-table-icon-rates"><span class="trend up"></span></td> <td class="stats-table-points">1.0542</td> </tr> <tr> <td class="stats-table-currency-shortcode">JPY</td> <td class="stats-table-currency"><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-jpy.en.html">Japanese yen</a></td> <td class="stats-table-icon-rates"><span class="trend up"></span></td> <td class="stats-table-points">159.89</td> </tr> <tr> <td class="stats-table-currency-shortcode">GBP</td> <td class="stats-table-currency"><a 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